StrikePoint Acquires Hercules Gold Project in Nevada's Walker Lane

Rhea-AI Summary

StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) has acquired the Hercules Gold Project in Nevada's Walker Lane through the acquisition of Alcmene Mining Inc., a subsidiary of Elevation Gold Mining , for $250,000 plus legal expenses. The project covers approximately 100 square kilometers of prospective geology, including 1,323 unpatented and 4 patented mining claims. Located just 20 kilometers east of the historic Comstock Gold Mine, Hercules is a low sulphidation epithermal gold target with significant drill results across multiple target areas. CEO Michael G. Allen highlighted the potential for a generational mine discovery on the property, which now represents StrikePoint's second district-scale land package in the Walker Lane.

Positive

• Acquisition of a large-scale gold project in a prolific mining region
• Existing drill permits in place for both northern and southern portions of the property
• Significant gold mineralization already identified across multiple target areas
• Consolidation of previously fragmented ownership, allowing for unrestricted exploration
• Proximity to historic Comstock Gold Mine, which produced 14 million gold ounces

Negative

• Additional annual payments of $50,000 required from 2025 to 2032 for a portion of the claims
• Royalties up to 3% on certain claims, potentially impacting future profitability

Vancouver, British Columbia--(Newsfile Corp. - September 3, 2024) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to announce that it has acquired the Hercules Gold Project by way of the acquisition agreement signed August 30, 2024 of all of the issued and outstanding common shares of Alcmene Mining Inc., a wholly-owned subsidiary of Elevation Gold Mining Corporation in consideration for $250,000, plus a re-imbursement of reasonable legal expenses. The transaction was arms length, and no finder's fees were paid.

"This acquisition represents our second district scale land package in the Walker Lane," said CEO Michael G. Allen. "Multiple operators have drilled showings across a property and encountered significant mineralization, giving the possibility of a generational mine being discovered on the property."

The Hercules Gold Project consists of 1,323 unpatented mining claims and four patented mining claims covering approximately 100 square kilometers of prospective Walker Lane geology located approximately one hour from Reno, Nevada. The property is just 20 kilometers East of the Comstock Gold Mine where historically 14 million gold ounces have been recovered(Wikipedia).

Figure 1: Hercules Project Location Map

To view an enhanced version of this graphic, please visit:
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Hercules Gold Project Highlights:

The Hercules Gold Project is a low sulphidation epithermal gold target. Potentially economically significant gold grades/thicknesses have been drilled by multiple operators over a large area suggesting a strong gold mineralizing system. Drilling has largely been focussed on the northern portion of the property focussed on 5 target areas, Hercules, Cliffs, Loaves, Northeast and Rattlesnakes. The property has a Plan of Operations drill permit in place on the northern portion of the property, and two Notice of Intent drill permits on the southern portion of the property. Historically, ownership of the property was divided between multiple operators, hindering exploration. StrikePoint Gold will be able to explore the property without boundary constraints.

Figure 2: Hercules Gold Project Select Drillholes

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Table 1, Highlight Drill Intervals

Eclipse Gold, Hercules Gold Project, Nevada,  Drill Highlights
Hole ID	Target	From (m)	To (m)	Length	Au g/t	Ag g/t	Date of Release
H20010	Hercules	27.43	117.35	89.92	0.65	12.51	6/10/2020
including	Hercules	51.82	82.30	30.48	1.10	26.17	6/10/2020
H20031	Hercules	0.00	30.48	30.48	1.63	18.27	3/22/2021
including	Hercules	6.10	9.14	3.05	5.55	47.9	3/22/2021
H20040*	Cliffs	184.40	224.03	39.62	1.12	5.38	3/22/2021
including	Cliffs	185.93	192.02	6.1	5.04	14.93	3/22/2021
H20002	Northeast	1.52	47.24	45.72	0.33	1.87	6/10/2020
H20003	Loaves	71.63	85.34	13.72	0.40	6.01	6/10/2020
H20006	Rattlesnakes	15.24	38.10	22.86	0.32	1.93	6/10/2020​

 

Length is sample length; true thickness was estimated in the above news releases between 60% and 90% of sample length.

Certain claims have reserved royalties to a maximum of 3%, with associated buy downs. A portion of the claims are under option with an annual payment of $50,000 per year to be made between 2025 and 2032.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Qualified Person Statement

All technical data, as disclosed in this press release, has been verified by Michael G. Allen, P. Geo, President and CEO of the Company. Mr. Allen is a qualified person as defined under the terms of National Instrument 43-101.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building precious metals resources in Canada and the Western United States.

The Cuprite Gold Project consists of approximately 574 unpatented claims covering approximately 44-square kilometers, located 15-kilometers south of Goldfield Nevada, and 85-kilometers northwest of Beatty. The project is easily accessible by Highway 95 on the western margin of the property. The project is located within the Walker Lane Gold Trend, which hosts AngloGold's exciting Silicon Gold and Merlin discoveries approximately 75-kilometers southeast of Cuprite. In addition, the Walker Lane hosts Tier 1 gold mines including Kinross's Round Mountain Mine located approximately 130-kilometers North of Cuprite Gold Project.

In addition to Cuprite Gold Project, the Company controls two advanced-stage exploration assets in British Columbia's Golden Triangle: the past-producing high-grade silver Porter-Idaho Project and the high-grade gold Willoughby Project.

ON BEHALF OF THE BOARD OF DIRECTORS OF STRIKEPOINT GOLD INC.

"Michael G. Allen"

Michael G. Allen
President, Chief Executive Officer & Director

For more information, please contact:

StrikePoint Gold Inc.
Knox Henderson, Investor Relations
T: (604) 551-2360
E: kh@strikepointgold.com
W: www.strikepointgold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221915

FAQ

What is the acquisition cost of the Hercules Gold Project for StrikePoint Gold (STKXF)?

StrikePoint Gold Inc. (STKXF) acquired the Hercules Gold Project for $250,000, plus reimbursement of reasonable legal expenses.

How large is the Hercules Gold Project acquired by StrikePoint Gold (STKXF)?

The Hercules Gold Project covers approximately 100 square kilometers and consists of 1,323 unpatented mining claims and 4 patented mining claims.

What are the key target areas identified in the Hercules Gold Project?

The key target areas identified in the Hercules Gold Project are Hercules, Cliffs, Loaves, Northeast, and Rattlesnakes, with drilling focused primarily on the northern portion of the property.

What type of gold deposit is the Hercules Gold Project classified as?

The Hercules Gold Project is classified as a low sulphidation epithermal gold target.