Goldstrike Discovers New Gold Zones on the Hot Spot and Bull's Eye Properties, White Gold District, Yukon
VANCOUVER, British Columbia, Nov.21, 2017(GLOBE NEWSWIRE) -- Goldstrike Resources Ltd. (TSX-V:GSR) (OTC PINK:APRAF) (FRANKFURT:KCG1) is pleased to report two significant gold-in-soil discoveries, the “Sure Bet” gold zone on the newly staked Hot Spot property and the “Gold Crest” zone on the newly staked Bull’s Eye property. Both gold mineralized zones remain wide open for expansion. Discovery of these projects comes as result of Goldstrike’s in-house project generation efforts, led by a world class team with a proven track record of success. Successful project generation resulting in discovery continues to add assets to the company’s portfolio for long term growth.
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HOT SPOT PROPERTY
Sure Bet zone – 150 by 150 metre high grade gold-in-soil anomaly that remains open. Reconnaissance soil sampling in 2017 returned three multi-gram values as high as 4.1 grams per tonne gold. The soil grid contained 97 samples. From this grid:
- Three samples contained gold ranging from 1021 ppb gold to 4110 ppb.
- Three samples contained gold ranging from 330 ppb gold to 867 ppb.
- Ten samples contained gold ranging from 99.8 ppb gold to 245 ppb.
- Fourteen samples contained gold ranging from 34 ppb gold to 71 ppb.
Rock chip grab samples from hand dug pits near soil sample sites have also returned up to 389 ppb gold.
Recommended follow-up exploration includes expanding the soil grid to define the full extent of the gold anomaly, mechanized trenching and ground geophysics, all in preparation for drilling. Soil geochemical results from the Sure Bet zone exceed those seen early on at Goldstrike’s Lucky Strike property. The company will apply the same cost effective, proven techniques to the Hot Spot property that resulted in a discovery at Lucky Strike. See Figure 1 below for a summary of the results.
The Hot Spot property overlies a steeply incised gold bearing placer creek, coincident with a major contact between a regionally mapped Eocene felsic volcanic plug (porphyritic rhyolite) and older Permian to Proterozoic basement schists. A regional stream sediment sample containing 123 ppb gold (a 99th percentile sample within the Yukon regional stream sediment database) was collected from a stream draining from the property. The source of this anomalous sample remains to be located. Follow-up exploration of the catchment area is a key priority for the next phase of exploration.
See Figure 1 - Hot Spot Property, 2017 Exploration Summary:
http://www.globenewswire.com/NewsRoom/AttachmentNg/19627baa-4b07-46c7-a3a8-39d7db3cd0f4
BULL’S EYE PROPERTY
Gold Crest zone – 250 by 200 metre high-grade gold-in-soil anomaly that remains open. 2017 soil sampling returned values up to 215 ppb gold in soils from 121 samples collected. Of the samples collected from this grid, twenty-eight samples contained gold ranging from 31.9 ppb gold to 215 ppb. Rock grab samples from the Gold Crest zone contained up to 253 ppb Au.
Recommended follow-up exploration includes expanding the soil grid to define the full extent of the gold anomaly, mechanized trenching and ground geophysics, all in preparation for drilling. See Figure 2 below for a summary of the 2017 results.
http://www.globenewswire.com/NewsRoom/AttachmentNg/57a7c97c-8276-48ae-91a8-9664645b18cd
The Bull’s Eye property is adjacent to and contiguous with K2 Gold Corporation’s Wels property where recent drilling intersected 2.37 g/t Au over 28.5 m in 2017 (August 10, 2017 – K2 Gold Corporation News Release). The southern portion of the property is drained by creeks containing anomalous gold values in regional stream sediment samples.
Both the Gold Crest and Sure Bet zones are original discoveries on ground with no recorded historical work.
STATEMENTS
Message from Terry King, President and CEO:
“The Goldstrike team members are top tier project generators with a long, proven track record of success, as demonstrated by the Plateau and Lucky Strike discoveries. Lucky Strike is one of the most important new discoveries in the White Gold Camp in 2017. The newly added Hotspot and Bulls Eye properties will complement our portfolio of properties in the White Gold District, all of which are 100% owned without the burden of underlying royalties or property payments. This model for project generation has been the catalyst for Goldstrike’s growth and has allowed us to create important new strategic relationships and partnerships such as our current joint venture with Newmont Mining. We look forward to expanding on all of our exciting new discoveries in 2018.”
Message from Chief Geologist Stefan Kruse, Ph.D., P.Geo:
“These early-stage results from the Hot Spot and Bull’s Eye properties are extremely encouraging. Positive gold-in-soil anomalies are one of the best predictors for discovering new gold deposits in the White Gold district.”
OTHER
Sample analysis and assaying for all of Goldstrike's projects have been conducted by Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd) in Vancouver, BC, which is ISO 9001 accredited laboratory. Soil samples are dried at 60C, and 100 grams are sieved to -80 mesh. A 15 gram sample split is then leached in aqua regia at 95 degrees C, and analyzed by a 36-element ICP package that includes semi-quantitative gold. Rock and drill core samples are crushed to 80% -10 mesh, and a 500 gram sample split is pulverized to 85% -200 mesh. 50 gram charges are then assayed for gold using fire assay fusion and ICP-ES finish with a lower detection limit of 2 ppb, and an upper detection limit of 10 ppm Au. In addition, 0.5 mg charges are digested by modified 1:1:1 aqua regia (HCl-HNO3-H20) and analyzed by 36-element ICP-MS that also includes semi-quantitative gold with a lower detection limit of 0.5 ppb Au and an upper detection limit of 100 ppm Au. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Independent reference standards and blank were not used due to the reconnaissance nature of this work. Top-tier soil samples were sent for reanalysis to confirm grades. Grab samples are selective by nature and are unlikely to represent average grades on the property.
Stefan Kruse, Ph.D., P.Geo., Chief Geologist, is a qualified person as defined by National Instrument 43-101 for Goldstrike's Yukon exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Please visit the website at http://www.goldstrikeresources.com to see new maps and drill sections under what's new on the home page.
ON BEHALF OF THE BOARD
Terrence E. King
President and Chief Executive Officer
For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com. For further information follow the Goldstrike’s tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.
GOLDSTRIKE RESOURCES LTD.
1300 - 1111 West Georgia Street
Vancouver, British Columbia
Canada, V6E 4M3
Telephone: 604 681 1820
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IR: 604 210 2150
GoldStrikeResources.com
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Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting; and the plans for completion of the contemplated transactions with Newmont as set out above. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.