Monday, April 23, 2012

Calgary firm hopes to strike gold near capital


20 Apr 2012 03:43AM
A Calgary-based company plans to spend the next year hunting for gold and copper on a large tract of land west of Fredericton, the first of 15 properties StrikePoint Gold is eyeing for exploration in Atlantic Canada.
StrikePoint (TSXV:SKP) will launch its exploration work on the Pokiok project within the next month. The hunt will take place over 5,468 hectares of land located 45 kilometres west of the New Brunswick capital.
Ideally, StrikePoint will find the Pokiok property “stuffed” full of gold and copper, says company chairman and CEO Richard Boulay.
“We’re looking for very, very large footprint deposits,” he said from Calgary on Thursday. “It is exploration, so there is risk. But if you look at the risk versus potential reward … it’s really, really excellent.”
Boulay says the Pokiok area is strewn with large boulders and rocky outcrops that reveal the presence of numerous elements and metals, including gold, silver, copper, molybdenum, lead, zinc and antimony.
“We’ve found a whole menu of metallic stuff just lying in big boulders on the ground,” he said.
To this point, StrikePoint’s activity has been restricted to “reconnaissance operations”. But the company will soon start more detailed exploration of the Pokiok property.
Boulay says the company will spend at least $200,000 exploring the property over the next 12 months. Additional exploration dollars could flow depending on the company’s findings.
“The contribution into the local economy in the first year will be fairly modest,” he said. “It starts off pretty small, but if you have success, it ramps up quickly in terms of costs and local impact.
“I want to be positive, but I don’t want to mislead anyone … It’s an exploration play.”
According to Boulay, the property is rugged but easily accessible. An aerial map of the area reveals the Pokiok property spans both sides of the St. John River. The Trans-Canada Highway slices across the northern end of the property.
“The infrastructure is incredible. There’s cell phone coverage. You can walk into it. It’s great,” Boulay said.
The Pokiok property is just the first of many “targets” StrikePoint is aiming for in Atlantic Canada.
Last October, the company pulled away from an investment it held in the Dufferin gold mine near Sheet Harbour, N.S. According to Boulay, the company decided to push its cash into exploring new areas.
StrikePoint is now eyeing up to 15 properties across New Brunswick, Nova Scotia and Newfoundland. Boulay said StrikePoint could secure three or four of those properties within the next year.
“We believe it’s an unexplored area,” Boulay said of the Atlantic region. “That is a strange thing to say because it was the area first explored going back 300 to 400 years. But technology changes everything. Old land becomes new land.”

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