Strike Graphite intersects graphitic zone on 148 meters in #2 well on the Simon Lake property
May 10, 2012: Vancouver, BC - Strike Graphite Corp. (TSX-V: SRK) (the “Company”) is pleased to provide an update on exploration activity on the Simon Lake Property in north central Saskatchewan.
To date, the Company has drilled two diamond drill holes within historic Simon Lake and commenced the drilling of a third hole along the same conductive trend approximately 10 kilometers southwest of Simon Lake. The company is pleased to announce that further achievements have been made; the second hole of the program has intersected a 148,7 meter powerful graphitic zone.
Photos of the core will be available on the company's website or can be viewed at the following link: http://strikegraphite.com/core-photo-gallery.html.
Highlights:
• Bore SL-12-001 intersected three graphitic sections that start at the beginning of the pending rock;
• Bore SL-12-002 intersected an 148,7 meter powerful graphitic zone.
The recently drilled SL-12-002 intersected approximately 72 meters of graphite-bearing rock in a 1 meter thick zone at depths of 220,8, 132,5 and 148,7 meters. The thickness of the seven individual graphite-bearing sections is between 5,0 and 40,5 meters. These are separated from thinner sections, which have little to no graphite content, with a thickness of 0,9 to 6,0 meters. The hole ended at a depth of 240,9 meters. SL-12-002 was oriented at right angles to the strike of the graphite-bearing units at Simon Lake at 153 ° and an incline of -45 °. Flake graphite was intersected in both wells drilled to date. Measurements on site suggest the presence of graphite flakes with a length of up to 4 millimeters.
Hole SL-12-002 should serve as confirmation of the historic 2-72 hole, which historically reports at a depth of 90 meters to the end of the hole (depth of 160 meters) a section described as "rich in graphite" was, was intersected. The description of "rich" graphite in the historical hole 2-72 seems relevant to the current hole SL-12-002.
Bore SL-12-001, which in the press release from the 2. May 2012 was announced intersected graphite mineralization at the beginning of the hole, with the most notable section between 10,2 and 23,9 meters (section of 13,7 meters). A second graphite-containing zone lies at a depth of 45,7 to 69,5 meters (section of 23,8 meters), while a third graphite-containing zone has been intersected at a depth from 93,5 to 102,2 meters (section of 8,7 meters). The hole ended at a depth of 240,9 meters and was aligned at a right angle to the strike of the graphite units at the target Simon Lake West with 141 ° and a slope of -45 °.
The drill intercepts reported herein are not true widths that currently can not be determined due to the unknown geometry of the mineralization.
The Morell Lake target, which is currently drilling down the SL-12-003 well, is located in the southwestern portion of the property located approximately 6 kilometers east of Saskatchewan Highway 905. The goal is a large, highly conductive structure designed as a hinge of a fault. The strike length of this conductive structure, which has a thickness of more than 2 kilometers, is more than 5 kilometers here. The structure could represent the strike extension of the graphitic lithologies known at Simon Lake. The geophysical modeling of this conductive body suggests a slightly submerged, near-surface conductive zone.
All relevant graphite sections will be submitted for routine carbon content analysis and multiple element analysis. In addition, the core will be examined for its mineralogical properties and initial metallurgical test work to determine the size distribution, purity and recovery rate of the graphite flakes.
Blair Way, CEO, stated, "The drill results so far meet our expectations for the discovery of significant zones of large flake graphite. The second hole has intersected nearly 150 meters of graphitic material. We look forward to receiving the results of the laboratory testing in the coming weeks. "
The Simon Lake graphite project covers a total area of 11.800 hectares and is located approximately 300 kilometers northeast of La Ronge (Saskatchewan). It is crossed by Highway 905. The property has several historical drill holes that have indicated the presence of fuzzy graphite mineralization multiple times. Drilling was completed during base metal exploration in the 1960 and 1970 years.
Neil G. McCallum (P.Geo.) Is the Qualified Person as defined by NI 43-101, who has reviewed and approved the technical information contained in this news release.
* Readers are cautioned that determination of on-site floc size is based on optical measurements of the core. The reported floc sizes could be clusters of individual smaller graphite flakes. During the determination of the mineral properties, the floc size will be determined by optical mineralogy.
About the company:
Strike Graphite Corp. is a progressive exploration company with an experienced leadership team focused on acquiring strategic projects on a global scale. In addition to his graphite concessions Deep Bay East and Simon
Lake is also working hard on further development of the Wagon graphite project in Quebec, which is adjacent to the Timcal graphite mine. In addition, the Company is developing the Satterly Lake gold project in northwestern Ontario, west of the Gold Canyon Resources Inc. project.
On behalf of the Board of Directors,
Blair Way, CEO
For more information on the content of this announcement or a presentation of the company's existing and planned graphite projects, visit the company's Web site at www.strikegraphite.com.
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