StrikePoint Completes Sale of Porter Idaho Project to Dolly Varden Silver

Rhea-AI Summary

StrikePoint Gold Inc. (STKXF) has completed the sale of its Porter Idaho Project to Dolly Varden Silver Corporation for $1,100,000, paid through 295,699 Dolly Varden common shares at $3.72 per share. The transaction allows StrikePoint to focus on its gold projects in Nevada's Walker Lane region, particularly the Hercules Gold project, where recent spring drilling yielded significant gold grades. CEO Michael G. Allen emphasized the strategic importance of their near-surface oxide gold deposits in Nevada, noting their increasing rarity in Tier 1 jurisdictions.

Positive

• Sale of non-core asset generates $1.1 million in value through Dolly Varden shares
• Recent drill program at Hercules Gold project showed significant gold grades
• Strategic focus on rare near-surface oxide gold deposits in Tier 1 jurisdiction (Nevada)

Negative

• Payment received in shares rather than cash, subject to market volatility

Vancouver, British Columbia--(Newsfile Corp. - May 23, 2025) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to announce that further to its news release dated May 8, 2025, it has completed the sale of the Porter Idaho Project to Dolly Varden Silver Corporation ("Dolly Varden").

StrikePoint completed the sale of the Porter Idaho Project to Dolly Varden for consideration of $1,100,000, which was satisfied through the issuance of 295,699 common shares in the capital of Dolly Varden at a deemed price of $3.72 per share.

Michael G. Allen, President and CEO of StrikePoint said, "The sale of this non-core asset to Dolly Varden allows us to focus on our gold projects in Nevada's Walker Lane. We recently completed a successful spring drill program on the Hercules Gold project with all holes returning significant gold grades. Near surface oxide gold deposits in Tier 1 jurisdictions are increasingly rare, but recent exploration successes in the Walker Lane have highlighted the potential of this part of Nevada."

For further information on recent drilling on the Hercules Gold Project, please refer to the Company's May 5, 2025 new release.

About StrikePoint

Headed by CEO Michael G. Allen, StrikePoint is a multi-asset gold exploration company focused on building precious metals resources in the Western United States and in Canada.

Mr. Allen has been working in the Walker Lane for the last 15 years, with multiple transactions completed in that timeframe including the acquisition of the Sterling Gold Project, located near Beatty, Nevada, and the sale of Northern Empire to Coeur Mining for approximately $120 million. The Sterling Gold Project is now part of AnglogGold Ashanti's "Expanded Silicon" project. In addition, Mr. Allen was the past President and CEO of Elevation Gold Mining Corporation, which operated Arizona's largest gold mine.

The Management and Board of StrikePoint has strong expertise in exploration, finance and engineering.

StrikePoint is rapidly becoming one of its largest holders of mineral claims with approximately 145 square kilometers of prospective geology under claim, encompassing two district scale projects, the Hercules Gold Project and the Cuprite Gold Project.

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.
Knox Henderson
T: (604) 551-2360
E: kh@strikepointgold.com
W: www.strikepointgold.com

Cautionary Statement on Forward-Looking Information

Certain statements made and information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "speculates", "could" or "would".

All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253178

FAQ

What is the value of StrikePoint Gold's (STKXF) Porter Idaho Project sale to Dolly Varden?

StrikePoint Gold sold the Porter Idaho Project for $1,100,000, paid through 295,699 Dolly Varden shares at $3.72 per share.

Why did StrikePoint Gold (STKXF) sell its Porter Idaho Project?

StrikePoint sold the Porter Idaho Project to focus on its gold projects in Nevada's Walker Lane, particularly the Hercules Gold project where recent drilling showed significant gold grades.

What are the recent developments at StrikePoint Gold's (STKXF) Hercules Gold project?

StrikePoint recently completed a successful spring drill program at the Hercules Gold project, with all holes returning significant gold grades.

How was the payment structured for StrikePoint's (STKXF) Porter Idaho Project sale?

The payment was structured as an all-stock transaction, with StrikePoint receiving 295,699 Dolly Varden common shares at a deemed price of $3.72 per share.