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StrikePoint Intersects 2,980 g/t Silver over 0.51 meters at Porter and Discovers Potential Roots to the Vein System returning 116 g/t Silver and 3.14 g/t Gold over 1.0 meters

Press Release

Vancouver, British Columbia — December 19, 2022, StrikePoint Gold Inc. (“StrikePoint” or the “Company”) (SKP: TSX.V) (STKXF: OTCQB) is pleased to announce the results of the diamond drilling as well as the results for reconnaissance channel samples and grab samples from the 2022 exploration program at the 100%-owned Porter-Idaho project, located near Stewart in British Columbia’s prolific Golden Triangle. The 2022 program was designed to drill test extensions to high-grade silver mineralization outlined in historic resource estimates and explore for gold-silver-rich intrusive-related mineralization.

Drilling was successful in confirming high-grade silver mineralization within the historic resource block and demonstrated potential for gold-silver-rich intrusion-related mineralization at the underexplored Red Reef prospect.  The Red Reef prospect is located 850 meters below the elevation of the Porter-Idaho/Silverado mineralization and may be the root of the system.

Highlights from the 2022 field program includes:

  • DrillholePIP22-031 returned 2,980 g/t Ag and 0.74 g/t Au over 0.51 m, confirming the historic resource at the past-producing Porter-Idaho mine
    • Channel P22-CH01 returned 116 g/t Ag and 3.14 g/t Au over 1.0 meter   at the Red Reef prospectoutlining the potential for gold-silver-rich mineralization.
    • ChannelP22-CH02 returned 108.55 g/t Ag and 1.13 g/t Au over 2.09 meters at the Red Reef prospectoutlining the potential for gold-silver-rich mineralization.

Michael G. Allen, President and CEO of Strikepoint states, “As the highest-grade historic pure-silver mine in the Stewart area, these results confirm the tenor of silver grade that can be expected at the Porter project, however the discovery of strong, disseminated gold-silver, located less than a kilometer from the town is very encouraging.  This intrusive-related style of mineralization may suggest a source or root to the high-grade veins at the Porter-Idaho and Silverado mines, located several hundred meters above the outcrops”

2022 Porter-Idaho Drilling

The 2022 drilling program at the Porter-Idaho Silver project was designed to extend and confirm mineralization identified within the historical resource on the D-Vein and Prosperity Vein structures. In 2022, 520 metres of drilling in four holes was completed. The program successfully intersected high-grade silver mineralization within the historic resource at the D-vein with hole PIP22-031 returning 2,980 g/t Ag and 0.74 g/t Au over 0.51 m. Due difficult ground conditions the holes targeting the Prosperity vein didn’t adequately test their intended targets. Limited drilling has been completed by the Company to date at the historic Porter-Idaho mine and many targets remains untested, notably the down-dip extension of the mine which may extend to the Red Reef prospect 850 meters below the elevation of the mine.

Figure 1. Silver-rich mineralization encountered in hole PIP22-031

Hole-ID Zone From (m) To (m) Length (m) Gold (g/t) Silver (g/t)
PIP22-028 Prosperity Did not reach target depth
PIP22-029 Prosperity Did not reach target depth
PIP22-030 D-Vein Did not reach target depth
PIP22-031 D-Vein 211.03 222.00 10.97 0.08 245.6
Incl. 216.10 219.00 2.90 0.17 643.2
Incl. 216.10 216.61 0.51 0.74 2980.0

Table 1: Highlight drill intercepts from oriented core diamond drilling at the Porter-Idaho project

**True widths are not known at this time. All widths reported are drilled widths.

Hole-ID Easting Northing Elevation Azimuth Dip Length
PIP22-028 441524 6195845 1663.00 85 -68 63.00
PIP22-029 441524 6195845 1663.00 75 -78 45.00
PIP22-030 441782 6195962 1598.00 130 -88 143.00
PIP22-031 441782 6195962 1598.00 115 -69 269.00

Table 2:  Porter-Idaho Silver property 2022 drill hole locations and orientations (NAD83 Zone 9N)

Red Reef Channel Sampling & Regional Surface Exploration

At total of 86 surface grab samples and twenty-two meters of channel sampling were collected as part of the 2022 Porter-Idaho project exploration program. Values returned ranged from 0.25 to 116 g/t Ag and 0.005 to 3.14 g/t Au from the channel samples and 0.25 to 77.5 g/t Ag and 0.005 to 1.63 g/t Au from the grab samples, with 10 samples returning gold values of greater than 0.1 g/t Au. The program targeted the roots of the silver veins and gold-silver-rich intrusive-related mineralization at the Red Reef prospect where the channel sampling was completed. Encouraging results returned P22-CH01 116 g/t Ag and 3.14 g/t Au over 1.0 meter andP22-CH02 108.55 g/t Ag and 1.13 g/t Au over 2.09 meters. These results highlight the potential for gold-silver-rich mineralization 850 meters below the elevation of the defined mineralization at the past-producing Porter-Idaho mine. Mineralization consists of semi-massive to massive veins of pyrrhotite-pyrite with a strong silica-sericite-iron oxide halo and is thought to be similar to larger Jurassic-age mineralized systems in the Golden Triangle which would of predate the younger Eocene-aged Porter-Idaho mineralization.

Channel-ID Zone From (m) To (m) Length (m) Gold (g/t) Silver (g/t)
P22-CH01 Red Reef 2.00 3.00 1.00 3.14 116.00
P22-CH02 Red Reef 0.99 3.08 2.09 1.13 108.55
P22-CH03 Red Reef No significant Results
P22-CH04 Red Reef No significant Results
P22-CH05 Red Reef No significant Results
P22-CH06 Red Reef No significant Results

Table 3: Highlight channel sampling intercepts at the Red reef zone – Porter-Idaho project.

**True widths are not known at this time. All widths reported are channel widths.

Channel-ID Easting Northing Azimuth Length (m)
P22-CH01 439752 6198066 309.00 4.00
P22-CH02 439745 6198068 303.00 3.08
P22-CH03 439741 6198060 280.00 6.32
P22-CH04 439738 6198058 234.00 2.48
P22-CH05 439738 6198056 227.00 2.78
P22-CH06 439737 6198054 267.00 3.02

Table 4: Porter-Idaho project – Red Reef Channel Sampling locations and orientations (NAD83 Zone 9)

Sample-ID Prospect Easting Northing Gold (g/t) Silver (g/t)
B0017164 Red Reef 439671 6198080 0.837 53.8
B0017163 Red Reef 439665 6198078 1.39 77.5
B0017162 Red Reef 493702 6198067 0.145 5.8
B0017158 Red Reef 439687 6198072 0.266 6.1
B0017157 Red Reef 439696 6198073 0.434 1.8
B0016297 Red Reef 439750 6198073 1.63 18.9
B0016279 Regional 445176 6197204 0.337 1.3
B0016278 Regional 445180 6197161 0.416 3.3
B0017048 Regional 443580 6195361 0.283 0.7
B0017028 Regional 443500 6195350 0.114 1.3

Table 5: Porter-Idaho project – Select exploration grab samples results (NAD83 Zone9)

Porter-Idaho Project

The Porter-Idaho Project contains two shears-hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2.35 km apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access.

The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter-Idaho veins were the focus of the initial work. The mineralization is hosted in six parallel dipping shear zones, traced 200 metres on the surface and one kilometre down dip with widths between 2 and 13 metres. The vein system was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). Direct shipping ore was transported to the port at Stewart via aerial tramway.

QA/QC

Samples for the 2022 drilling exploration program were all NQ-sized (47.6 mm diameter) drill core was labeled, sawn in half, with one-half placed in sealed bags, and shipped with a chain of custody controls to the laboratory. The remaining drill core is securely stored in Stewart, BC. The surface samples for the 2022 exploration program were labelled and shipped to the laboratory using industry standard chain of custody controls. The company implements a rigorous Quality Control/Quality Assurance program, including the insertion of standards, blanks, and duplicates at regular intervals in the sample stream to monitor laboratory performance.

All samples were submitted to the ALS Chemex and underwent preparation at their Langley, BC facility with all analytical work carried out at their North Vancouver, BC laboratory.  The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into representative sub-samples using a riffle splitter, and subsequently, 250g is pulverized. Analysis for gold is by 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and an upper limit of 10 ppm. Samples with gold assays greater than 10ppm are re-analyzed using a 30g fire assay fusion with a gravimetric finish. Analysis for silver is by 30g fire assay fusion with gravimetric finish with a lower limit of 2ppm and upper limit of 100ppm. Samples with silver assays higher than 100ppm are re-analyzed using a gravimetric silver concentrate method. All samples are also analyzed using a 33 multi-elemental geochemical package by 4-acid digestion (ICP-AES).

Qualified Person

The Qualified Person for this news release for National Instrument 43-101 is Andrew Hamilton P. Geo, technical advisor to StrikePoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced-stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter-Idaho Project and the high-grade gold Willoughby Project, adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

“Michael G. Allen”

Michael G. Allen

President, Chief Executive Officer & Director

For more information, please contact:

StrikePoint Gold Inc.

Michael G. Allen, President CEO & Director

T: (604) 609-6107

E: [email protected]

W: www.strikepointgold.com

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