STRIKE MINERALS INC. STK.V

Edwards



Edwards Mine
On-going bulk sampling with 1000 tonnes on surface; 
dewatered to 140 meters; and updated infrastructure in place.
Strike acquired the Edwards Mine property in 2002. From 1996-2002, the mine had produced some 144,000 ounces grading 0.35 opt. Since then, Strike has performed surface diamond drilling identifying five new high grade vein structures. The Company has now partially dewatered the decline (140m) and has followed up with underground exploration on the 60m level and delineated the Edwards #1 and #5 veins. The #1 vein has been identified over a length of 23.3m grading 25.45gpt over mining width of 1.5m. The #5 vein has been identified over a length of 24m grading 15.14gpt over mining width of 1.5m.
Mining plans for these veins have been completed with mining to commence after the completion of the raising of working capital.

Refer to latest news releases for current activities.Background

History

Gold was discovered within the GLDZ in 1918 by James Cline and later in 1924 at the Edwards, and numerous companies have explored the property.   Vencan Gold Corporation outlined nine auriferous zones branching from the main shear from 1988 through 1996. River Gold Mines Ltd. recovered 144,000+ ounces from mining operations on three of these zones from 1996 through 2001 with an average mined value of 0.39 oz/ton.
In April of 2002 Strike acquired the Edwards Mine Property from River Gold Mines.   The Edwards Mine at the time it was purchased had existing on-site infrastructure including ramp access and underground development to 281 meters, work camp, shop, roads and electrical sub-station.   The claims are located 50 kms  northeast of Wawa, Ontario.
Geologically the property lies in the center of the Goudreau-Lochalsh Deformation Zone (GLDZ), which hosts the majority of known gold deposits in the region. The Edwards-Cline Shear zone, which crosses the Edwards Mine property, is the dominant structure in the area. Numerous tension shear/fracture zones branch obliquely from this feature and several tested zones contain known high grade gold in quartz vein type deposits. Strike has proven the existence of 5 veins with significant grades parallel to the mined Porphyry and Carbonate veins.

Subsequent drilling on the property (41,000 ft.) has delineated an additional four zones that have significant gold mineralization. At present Strike has dewatered the underground workings below the 140m level and is now continuing underground drifting and X-Cutting on both the 60m and 90m level and has drifted on both the Edwards #1 and #5 zones with the plan to be in production in 2012.

At the Edwards mine, surface infrastructure has been updated with overhead power lines from the main substation to a new secondary substation installed.   Additional support equipment has been purchased as well as underground truck, scoop and drills.  Strike’s recent underground exploration program included X-cutting on both the 60 M level and 90 M level. A majority of the exploration has been on the 60 M level where 87.5 meters of X-cutting has intersected the Edwards #1 and Edwards #5 vein and has been extended to the Rusty Weathered zone and is continuing to the Plowman #1 vein. There has been 30.7 meters of X-cutting on the 90 meter level.

Drifting along the Edwards #1 and Edwards #5 veins has been completed with very positive results. Drifting of 57.3m along Edwards #1 has exposed a 23.3m long section that averages 25.45 g/t over a 1.5m mining width. Drifting of 60.4m along Edwards #5 has exposed a 24.0m long section that averages 15.14 g/t over a 1.5m mining width.  The Company has reviewed the results and assessed the feasibility of mining the block of material to generate revenue for future exploration and development.   Currently (Sept 7, 2012) there is about 1100 tonnes of material on surface grading approximately 13 gpt.

Gold sample from Vein #5
Visible Gold in Ore from Edwards

The following 2 slides show the extent of the Edwards #1 and #5 veins. Both veins connect together on the West end.
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