CALGARY, Oct. 19 /CNW/ - StrikePoint Gold Inc. (SKP-TSXV and STKXF - OTCQX), ("the Company") is pleased to release 2010 exploration results to date from four of its exploration projects in Manitoba's Rice Lake gold belt. A summary of exploration progress on the Dufferin Mine project in Nova Scotia will be issued shortly.

StrikePoint Joint Venture with San Gold Corporation

An initial orientation drill program of 12 diamond drill holes totalling 3,425 metres was completed at the Strike Point Property. In total, 1,130 samples, including 107 as QA/QC duplicate, standard and blank samples, were sent for gold fire assay and multi-element ICP-MS analysis to TSL Laboratories Inc, Saskatoon, SK. The Strike Point property is held 100% by StrikePoint Gold and is subject to an option agreement whereby San Gold Corporation can earn a 50% interest by performing exploration work (see StrikePoint Press Release January 15, 2010). The Strike Point claims are located immediately west of San Gold's Rice Lake Mine at Bissett, Manitoba.

The 2010 Strike Point Property diamond drilling focused on evaluating the potential of the Townsite and Round Lake volcanic sections to host northeast-trending 16-type shear vein structures, which host significant gold mineralization at the Rice Lake Mine. Drilling between 500 and 1,000 metres to the west along strike of San Gold's Cartwright Zone at the Rice Lake Mine (see San Gold Corporation Press Release December 13, 2006) intersected intensely sheared chlorite and locally pervasively sericite altered massive basalt and andesitic volcaniclastic rocks within drill holes 10SP-02, 10SP-03, 10SP-04 and 10SP-11.

The remaining 8 drill holes (10SP-01, 10SP-05, 10SP-06, 10SP-07, 10SP-08, 10SP-09, 10SP-10 and 10SP-12) targeted dacitic-andesitic volcaniclastic rocks of the Round Lake section within the hanging-wall of the Rice Lake Mine. Recent diamond drill intersections of high grade gold reported by San Gold Corporation at the Hinge, 007, Cohiba, L13 and Emperor Zones indicate significant gold mineralization occurs within hanging-wall volcanic rocks of the Rice Lake Mine. Orientation drilling by StrikePoint has defined a west-northwest trending zone of intensely sheared potassic-silica-ankerite altered andesitic volcaniclastic rocks within the hanging-wall over a strike length of 2,000 metres. Drill hole 10SP-08 intersected a 26 metre wide zone of intense deformation and potassic-silica-ankerite alteration, containing quartz veins of 0.42 and 0.44 metres width at a downhole depth of 69 metres.

Analytical results have been received for the first 5 drill holes and did not return significant assays. The results from the remaining 7 drill holes will be released as soon as they are received.

Due to the successful identification and localization of altered volcanic rocks, StrikePoint and San Gold have agreed to initiate a follow-up program that has just started to investigate additional structures to the west along strike with intermediate to mafic volcanic rocks of the Bidou Assemblage. The program is designed to test ground magnetic lows that strike northeast and parallel to the 16-type structures, and eastward. A possible anticlinal folds axis through Round Lake volcanic rocks will also be targeted.

Vanson Grid

The Vanson Grid lies 3 km to the north of the Rice Lake mine along the northern margin of the Wanipigow Shear Zone within a strongly deformed belt of metamorphosed sediments, felsic volcanic and mafic-ultramafic rocks. In August 2010 crews completed geologic mapping, prospecting, humus soil and rock geochemical sampling over a 5 x 1 km area at the Vanson Grid. A total of 194 rock grab and 798 humus soil geochemical (including 10% QA/QC duplicate samples) samples have been collected to date. In addition, a 75 line-km ground magnetic geophysical survey is currently underway.

Between 1924 and 1934 a shaft was sunk at the Vanson Property and drifting was completed on four levels. Underground diamond drilling proved minor amounts of high grade gold mineralization; however production records are not available. A distance of 1 km to the west historic rock grab samples at the Lyn Showing returned assays of 93.3 g/t Au. At the western end of the Vanson Grid at the Luana Showing a 6 metre wide shear zone and quartz vein complex returned historic assays of 72.1 g/t Au.

The results of geologic mapping within the Vanson Grid indicate quartz-sulphide veining and gold mineralization are in part associated with sheared mafic-ultramafic dykes and mylonitized tonalite lenses. Once available, the results of ground magnetic surveys, humus soil and rock geochemical sampling will be integrated to prioritize exploration targets.

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