Goldstrike Resources Ltd. (GSR.V) is pleased to
provide details of the upcoming 2018 exploration program at its
100%-owned Lucky Strike Property, located in the heart of The White
Gold District, Yukon. The program comes as a highly anticipated
follow-up to 2017’s first ever drill program on the Monte Carlo
zone and the discovery drill hole that returned 5.36 grams per
tonne gold over 22 metres (November 20, 2017 news release). It is
anticipated that the program will be carried out in its entirety by
Lucky Strike Resources Ltd., which is proposed to be spun-off by
Goldstrike as a new publicly traded company pursuant to the
Arrangement Agreement announced on May 16, 2018.
Lucky Strike DrillingThe
advanced exploration permit recently issued to the Company by the
Yukon Government will accommodate the most extensive diamond drill
program to date. The 2018 program will focus on the expanding
the Monte Carlo discovery Zone, which remains open. (Lucky Strike
Property Map). Targeting will be based on previous drill results,
previous trench results, data from ground and airborne geophysical
surveys, and soil geochemistry. Using that data, Goldstrike plans
to both define the orientation of the mineralization and determine
the extent of the strike length of the zone. Initial drilling will
occur over ~700 meters along strike and ~300 meters across
strike.
GeophysicsIn addition to
diamond drilling, the 2018 exploration program will include a nine
kilometre induced polarization (IP) survey. The IP survey will be
conducted on the Monte Carlo zone where a previous IP survey was
successful in identifying key mineralized structures that remain
open. IP has proven to be one of the key tools used in
delineating drill targets and was used in 2017 to plan the
discovery hole. The 2018 IP survey will expand upon the 2017
survey, extending it to the north where the anomaly remains
open.
TrenchingBased on the success
at the Monte Carlo Zone, additional mechanical trenching is planned
for all the zones along the ten kilometre Lucky Strike gold trend,
focused on delineating additional drill targets (detailed below).
Trenching will be primarily focused on untested areas of soil
geochemistry and is planned to exceed 1000 meters.
Prospecting/Soil
SamplingExtensive areas with strong gold potential on the
Lucky Strike Property remain unexplored. A large area of strategic
staking was done southeast of the Maverick zone which is thought to
have strong gold potential and also remains completely
unexplored. A systematic program of prospecting and soil
sampling is planned for this area to confirm its gold potential.
The 2017 property wide LiDAR survey identified numerous key
structures that will also receive follow-up prospecting and
sampling to test for gold potential during the 2018 program.
Lucky Strike 10 Kilometre Gold
Mineralized TrendThe Lucky Strike Property lies 30
kilometres northwest of Goldcorp’s Coffee Creek deposit and 15
kilometres east of White Gold Corp.’s Golden Saddle deposit, and is
156 square kilometres in size.
There are five large gold-in-soil anomalies on
the Lucky Strike property within a ten kilometre long
northwest–southeast oriented trend of gold mineralization. All five
anomalies remain open for expansion and four have yet to be
drilled. This trend is coincident with a magnetic geophysical
anomaly which is now believed to represent a regional-scale shear
zone. Highlights of the zones are summarized below (See October
12th, 2017 News Release ):
Monte Carlo
- 1450x450 metre geochemical anomaly with samples containing up
to 1.9 g/t Au in soil; remains open
- Returned 5.36 grams per tonne gold over 22 metres from
drilling. The zone remains open and true thickness is not
known.
- Returned 0.42 grams per tonne gold over 154 metres from
trenching, true thickness is unknown.
- Early stage results indicate the presence of a structurally
controlled zone of mineralization that remains open.
- First drilled in 2017 and all nine holes successfully
intersected gold mineralization.
Belmont
- 1500 x 800 metre geochemical anomaly with soil samples
containing up to 254 ppb gold.
- Similar magnetic feature to the Monte Carlo Zone
- Remains to be drilled
Samson
- 600 x 300 metre geochemical anomaly with up to 91 ppb Au in
soil samples.
- Returned 0.32 grams per tonne gold over 12 metres from
trenching including six meters of 0.41 grams per tonne gold. True
thickness of this zone is not known.
- Visible gold was observed in rock from a hand dug pit. A grab
sample from this location returned 1.1 grams per tonne gold.
- Remains to be drilled
Boss
- 1000 x 1000 metre geochemical anomaly with soil samples
containing up to 700 ppb gold and 9.9 ppm silver.
- Returned up to 41.7 grams per tonne gold from rock grab
samples
- Remains to be drilled
Maverick
- 150 x 200 metre geochemical anomaly with up to 90 ppb Au in
soil samples
- Remains to be drilled
100 % Owned Hotspot Property Exploration
ProgramIn addition to the Lucky Strike program,
exploration will also be conducted on Goldstrike’s Hotspot
Property; located 80 kilometres west-northwest of Lucky Strike, in
the White Gold District on the Yukon-Alaska border. The inaugural
2017 program at Hotspot yielded very promising early stage results.
The Sure Bet discovery zone is a 100 x 150 metre geochemical
anomaly that yielded soil samples assaying up to 4.1 grams per
tonne gold and rock samples from hand pits assaying up to 0.39
grams per tonne gold (November 21 news release). The zone remains
open to the north and south.
A mechanical trenching program is planned at the
Sure Bet zone to determine the source and extent of the high-grade
soil samples and the nature of the mineralization in preparation
for drilling.
Outside of the Sure Bet zone, exploration will
focus on the catchment area of a creek which yielded a regional
stream sediment sample containing 123 ppb gold (a 99th percentile
sample in the Yukon regional stream sediment database). This
area is believed by the Company’s geological team to have excellent
potential to produce another discovery.
Additional reconnaissance prospecting and soil
sampling is also planned for the rest of the property located in
key geologic terrane.
Four Other 100 % owned White Gold
District Properties
Goldstrike Resources also holds the King’s
Ransom, Goldsource, BRC and Bullseye properties in the White Gold
District. Although multiple anomalies were discovered on each of
those properties during the 2017 season (see aforementioned news
releases), the 2018 White Gold program will be focused on Lucky
Strike and Hotspot (White Gold Properties Map).
Message from Terry King, President and
CEO:
“We look forward to an exciting exploration
season for our White Gold properties. The excellent exploration
results to date, coupled with the fact that all six properties are
100% owned with no underlying royalties or property payments, make
these assets a solid foundation on which to build Lucky Strike
Resources Ltd. as a stand-alone public company while Goldstrike
focuses on its joint venture with Newmont on Goldstrike’s Plateau
Project.”
OTHERSample 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. Rock and drill core samples are
crushed, split and pulverized to 250 g pulp, 200 mesh.
Analysis includes AQ200 modified 1:1:1 aqua regia (HCl-HNO3-H20)
digestion and 36-element ICP-MS which includes semi-quantitative
gold with a lower detection limit of 0.5 ppb Au and an upper
detection limit of 100 ppm Au. In addition gold content is
analysed using the ICP-ES FA350-Au fire assay procedure. Over-limit
samples are analysed using the FA530-Au fire assay with gravimetric
finish and FA652-Au metallic screen fire assay procedures.
Rigorous procedures are in place regarding sample collection, chain
of custody and data entry. Certified QA/QC assay standards
samples and blanks are routinely inserted into the sample stream to
ensure integrity of the assay process. The reader is cautioned that
grab samples are spot samples which are typically, but not
exclusively, constrained to mineralization. Grab samples are
selective in nature and collected to determine the presence or
absence of mineralization and are not intended to be representative
of the material sampled.
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 had supervised the
preparation of, and has reviewed and approved, the technical
information in this release.
ON BEHALF OF THE BOARD
Terrence E. KingPresident 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.
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.
Forward-Looking StatementsStatements 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. Forward-Looking
Information includes, but is not limited to, the timing and
completion of the Arrangement and proposed financings of
Luckystrike, the satisfaction of the conditions under the Agreement
and the expected benefits of the Arrangement. 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 and risks 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 and risks that cause actions, events or results not to be
as anticipated, estimated or intended, including, without
limitation: not receiving the requisite shareholder or regulatory
approvals for completion of the Arrangement or otherwise satisfying
the conditions thereto; failure to complete the proposed financings
on acceptable terms or at all; inherent risks involved in the
exploration and development of mineral properties; the
uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or
development activities; the geology, grade and continuity of
mineral deposits; the possibility that future exploration,
development or mining results will not be consistent with
Goldstrike’s expectations; accidents, equipment breakdowns, title
and permitting matters; labour disputes or other unanticipated
difficulties with or interruptions in operations; fluctuating metal
prices; unanticipated costs and expenses; uncertainties relating to
the availability and costs of financing needed in the future,
including to fund any exploration programs on its projects; that
Goldstrike may not be able to confirm historical exploration
results and other risks set forth in Goldstrike's public filings at
www.sedar.com. In making the forward-looking statements in this
news release, 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.
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