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North of Missinabie, Ontario
Recent Highlights (May 1, 2008 – April 30, 2009)
- Recently Strike acquired the Nicholson option after initial surface grab sampling included a result of 189 gpt. See Background below for additional details of the Option Agreement. See Press Release dated Oct. 2, 2008 for grab sample results.
- A second stage of exploration included cutting fifteen channel samples. Sampling of the southeast portion of the showing returned a grade of 14.77 grams per tonne over 1.52 meters for 57.3 meters. In addition, sampling of the northwest portion of the showing returned a grade of 8.95 grams per tonne over 1.52 meters for 16.3 meters.
- A program of stripping to further expose the shear system and quartz veining to the northwest and southeast has begun in the spring of 2009. A diamond drill program is has been initiated which would include up to 18 holes for 810 meters at a cost of $140,000 to test the potential zone on 15 metre sections at vertical depths of 15, 30 and 45 meters.
- Two additional exploration drill holes for 900 meters are also recommended to test for potential zones across the entire area of the main showing from northeast to southwest at a cost of $160,000.
Background
The Nicholson property is located north of Missinabie, Ontario. This option consists of mining claim 3015635 (1 unit) in West Township and mining claim 4210360 (4 units) straddling Meath and West Townships. All claims are contiguous. The property lies in the eastern portion of the Wawa (Michipicoten) Greenstone belt and is underlain predominantly by felsic to intermediate metavolcanics. Northwest trending shear zones and tension shears have been identified hosting quartz veining with sulphides, and in some instances visible gold.
The terms of the option agreement required an initial payment of $10,000, the issuance of 250,000 common shares and the commitment of $100,000 exploring the property in the first year. If the option were fully exercised over a period of five years there would be a total issuance of up to 1,850,000 shares, a cumulative exploration expenditure of $550,000 and the payment of an additional $10,000. A NSR of 3% would remain on the property held by T. Nicholson.
History
The main showing on the Nicholson property had previously been stripped intermittently for approximately 115 meters. Pinch and swell quartz veining, from a few centimetres to 40 centimetres in width, inhabits a tension- shear which trends at 140º and may be traced across the entire showing before disappearing into shallow overburden to the north-west and into a hill to the south-east.
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