Strike Graphite intersects significant graphite intersections at Simon Lake Graphite Property
May 03.05.2012, 10,2 Vancouver, BC - Strike Graphite Corp. (TSX-V: SRK) (the “Company”) is pleased to announce that it has intersected graphite-bearing gneiss in the first hole on the Company's Simon Lake Property. To date, graphite mineralization has been intersected at the beginning of the hole with the richest intersection at depths of 23,9 to 13,7 meters (45,7 meter intersection). A second graphite-bearing zone lies at a depth of 69,5 to 23,8 meters (section of 93,5 meters), while a third graphite-bearing zone lies at a depth of 102,2 to 8,7 meters (section of 4 meters ) was cut. Flake sizes of up to 240 millimeters have been documented on site. * Drilling of the first borehole will continue to a depth of approximately XNUMX meters or until a final potential graphite-bearing zone is reached.
The current hole, SL-12-001, has confirmed historical graphite intersections in hole 42-5 at the Simon Lake West target. The historic hole E42-5 intersected a graphitic biotite gneiss. The core of this hole was described as containing "blasted graphite" or "coarse graphite flakes" as well as narrower sections described as "rich in graphite flakes" and "heavy graphite in 6 to 12 inch long strips".
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.
The second hole at the Simon Lake target is to confirm the graphite reported in the historic 2-72 hole. This historic hole intersected a graphitic biotite gneiss on a section of 68 meters described as "rich in graphite".
The third target, located approximately 6 kilometers east of the Saskatchewan Highway 905, is located in the southwestern portion of the property. The Morell Lake target, a large, highly conductive structure, is 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. 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.
Blair Way, CEO, stated, "The results of this first drilling are very encouraging. Verifying the historical data and interpreting very large flocs in this initial well enhances our ability to interpret the historical work, which in turn should lead to further success. In the coming weeks, the company will be extremely active. With the continuation of our work program, we expect to be able to provide our shareholders with further details on the grade and nature of the graphite and the extent of the mineralization shortly. "
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 its graphite concessions Deep Bay East and Simon Lake, the company is also intensively involved in the further development of the graphite project Wagon in Quebec, which lies next to the graphite mine Timcal. 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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