Lucky Strike Resources Ltd. ("Lucky Strike" or the "Company") (TSX
VENTURE: LKY) announces that it has retained Norwest Corporation
("Norwest") in Salt Lake City, Utah, USA to prepare a Canadian
National Instrument 43-101 ("NI 43-101") compliant Technical Report
on the CN Coal Properties covering six mining exploration licenses
located within the Choir-Nyalga coal basin of central Mongolia on
the terms set out below. This announcement is further to the
Company's news release dated July 11, 2011, in which Lucky Strike
announced that it has signed definitive agreements to acquire an 80
percent interest in the CN Coal Properties subject to the
completion of legal and technical due diligence and acceptance by
the TSX Venture Exchange.
Norwest has been engaged to provide a preliminary assessment of
the reportable coal resource estimates based on the results of a
2,000 meter exploration drill program supervised by Norwest in 2009
on three of the six CN coal properties. This data has not
previously been interpreted and could be used along with the
historical data to assess the quantity of coal for the six licensed
properties, if any, which may be classified as a coal resource in
accordance with NI 43-101 standards.
All work required to complete the NI 43-101 Technical Report,
including the three-dimensional geological model and resource
assessment, will be undertaken by Norwest in a two-phase program.
In Phase I, Norwest will complete the analysis of data from the
exploration drill program that was carried out in 2009, perform
seam correlation, geological modeling and preliminary resource
assessment, which is expected to be completed by August 2011. Phase
I efforts are intended to provide Lucky Strike with a preliminary
assessment of reportable coal resource estimates that could be
included in a NI 43-101 compliant resource calculation. Based on
results of the Phase I work program, Lucky Strike may elect to
proceed with Phase II, which would include completion and filing of
a NI 43-101 compliant Technical Report.
2009 Drill and Assay Results
In 2009, Norwest completed a historic data compilation and
interpretation study of the 2,156 hectare area from three of the
six properties and surrounding area and prepared a NI 43-101
Technical Report on behalf of Gulfside Minerals Ltd, entitled
Onjuul Property, Tov Aimag, Mongolia, dated August 12, 2009. Upon
the integration of all available data, Norwest then determined
prospective targets for the 2,000-meter drilling program, which was
carried out in the winter of 2009. Results of the 2009 exploration
program include:
Table 1
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Drill Drill Total Thickest Thickest
Hole Northing Easting Depth Coal Seam Seam
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Interval
(Meters) (Meters) (Meters) (Meters)
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NJ-09-22C 5167713 538626 204.0 56.4 38.1 46.5-84.6
--------------------------------------------------------------------------
NJ-09-23C 5168344 538133 181.2 48.7 28.8 37.6-66.4
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NJ-09-24C 5168000 539034 201.4 34.4 12.1 26.8-38.9
--------------------------------------------------------------------------
NJ-09-25R 5168220 539363 280.0 28.2 10.4 85.8-96.2
--------------------------------------------------------------------------
NJ-09-26C 5167220 539324 192.5 30.3 10.4 174.4-184.8
--------------------------------------------------------------------------
NJ-09-27 5167941 537787 No Coal
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NJ-09-28C 5166830 538748 51.5 13.9 13.9 36.5-50.4
--------------------------------------------------------------------------
NJ-09-29C 5165790 538236 233.2 16.8 12.3 42.1-54.4
--------------------------------------------------------------------------
NJ-09-30R 5166840 538742 186.0 38.1 28.8 33.4-62.2
--------------------------------------------------------------------------
NJ-09-31R 5168050 538380 162.0 57.3 42.40 62.7-105.1
--------------------------------------------------------------------------
NJ-09-32R 5167891 538866 200.0 16.5 8.1 61.1-69.2
--------------------------------------------------------------------------
Stewart Group Labs (UK Company), a global provider of
geochemical & assay solutions to the exploration industry,
analyzed 128 coal quality samples obtained during the 2009 drilling
program in their certified testing facility in Ulaanbaatar,
Mongolia. The analytical suite included total and air-dried
moisture, ash, volatile matter, fixed carbon, sulphur content, and
calorific value. The samples were defined to represent the various
coal benches within each seam. The samples for the various coal
benches were mathematically composited to provide an estimated,
weighted average of seam coal quality. The weighted averages for
the individual seams are presented on an air-dried basis in Table 2
below.
2009 Coal Quality on Air-Dried Basis Table 2
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Seam ID 1 2U 2L 2.5 3 Average Minimum Maximum
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Moisture % 9.0 8.6 8.6 8.0 8.2 8.5 8.0 9.0
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Ash % 22.1 13.3 15.5 24.3 19.6 19.0 13.3 24.3
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S % 1.5 1.7 1.2 0.6 1.0 1.2 0.6 1.7
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Volatile Matter % 31.5 34 33.5 27.1 32.9 31.8 27.1 34
--------------------------------------------------------------------------
Fixed Carbon % 37.4 44.1 42.5 32.9 39.3 39.3 32.9 44.1
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Calorific Value
(KCal/Kg) 4,488 5,411 5,290 4,004 4,929 4,824 4,004 5,411
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The three coal exploration properties under study represent
2,156 hectares of the contiguous 13,096-hectare block which is
comprised of six mining exploration licenses and coal properties
representing the CN coal properties.
In accordance with a summary table of coal inventory titled
'Mongolian Coal Basins and Deposits', the potential coal tonnage
within and surrounding the CN Coal Properties including licensed
and non-licensed areas in the vicinity is estimated to contain
Mongolian P1 resources of 232 million tonnes, P2 resources of
1,017.9 million tonnes and P3 resources of 271.4 million tonnes for
a total of 1.52 billion tonnes historical resource. A qualified
person has not done sufficient work to classify the historical
estimate as current mineral resources; the Company is not treating
the historical estimate as current mineral resources and the
historical estimate should not be relied upon.
Edwin Ullmer, P. Geo., a Qualified Person as defined by National
Instrument 43-101 and an independent consultant of the Company, has
read and approved the technical information in this news
release.
ON BEHALF OF LUCKY STRIKE RESOURCES LTD.
Cathy Fong, P.Eng, Chairman & CEO
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as the completion of the acquisition of the properties described
above, potential future exploration activities on such properties,
the completion of technical reports in respect of such properties,
future business strategy, competitive strengths, goals, expansion,
growth of the Company's businesses, operations, plans and with
respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including the results of the Company's due
diligence investigations in respect of the transaction, that the
Sellers perform their obligations under the Definitive Agreements,
receipt of all necessary regulatory approvals, including that of
the TSX Venture Exchange, the result of drilling and exploration
activities, that contracted parties provide goods and/or services
on the agreed timeframes, that equipment necessary for exploration
is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred, that plant
and equipment function as specified, that no unusual geological or
technical problems occur, and that laboratory and other related
services are available and perform as contracted. Forward-looking
statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of minerals; possible variations in grade or
recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Contacts: Lucky Strike Resources Ltd. Investor Relations
604-360-8199 604-669-6180 (FAX) info@luckystrikeresources.com
www.luckystrikeresources.com
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