Goldstrike Plans Summer Exploration at Plateau and Lucky Strike
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) -
Goldstrike Resources Ltd.
(TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is planning to
further advance its flagship Yukon gold properties during the 2014
exploration season with a high resolution three dimensional induced
polarization (IP) survey of the VG zone at Plateau South, and a
program of mechanized trenching, ground magnetics, mapping, and
prospecting at Lucky Strike. These programs are specifically
designed to delineate additional drill targets on both
properties.
Plateau South
Initial drilling on the VG zone in 2013 intersected a blind,
gold-mineralized shoot 3.25 metres below surface, with visible gold
in three of eight drill holes, and a best intersection grading 7.60
grams per tonne gold over 9.03 metres, including 14.58 grams per
tonne over 4.0 metres, and the zone remains open (News Release
September 9, 2013). Host rocks are strongly silicified rhyolite of
Proterozoic age that form part of a district-scale gold-bearing
deformation system associated with a major structure along the Hess
River.
Previously reported surface grab and channel samples assaying up
to 15.45 ounces per ton (529.86 grams per ton - News Release
October 30, 2012) have been taken along the 25 kilometre Yellow
Giant Trend that includes the VG, Goldbank and Goldstack zones. At
the Goldstack zone, a 2013 drill hole targeting gold-mineralized
outcrop intersected visible gold, and averaged 2.28 grams per tonne
gold over 53.0 metres, including 10.91 grams per tonne gold over
10.0 metres, including 16.19 grams per tonne gold over 6.0 metres
(News Releases August 14 and September 9, 2013). Along the 11
kilometre Goldbank zone, surface grab samples from outcrop have
assayed up to 9 ounces per ton (308.49 grams per tonne - News
Release September 9, 2013). Each of these zones warrants a
significant drill program in order to trace the full extent of the
gold mineralization that remains open to depth and along
strike.
Gold mineralization in the area of the VG zone is associated
with arsenopyrite, pyrite, and hematite that are disseminated in
strongly silicified and altered rhyolite. Petrochemical studies
have shown that the silica-flooded rhyolite contains up to 95%
silica and is therefore highly resistive. IP is believed to be an
ideal method for identifying higher concentrations of these
pathfinder minerals in such host rocks. A multi-scale DC
resistivity/IP survey is planned for the felsenmeer-covered Gold
Dome, using a high powered IP system that can investigate targets
up to 200 metres deep. Local grids have been designed to
characterize the near-surface in detail over the high gold
mineralization discovered in the VG, Ben, and VG Southwest areas.
Superimposed on the detailed grids, a larger scale survey with a
different orientation has been designed to expand the search area,
detect mineralization at greater depths, and produce a fully
three-dimensional data set that can be inverted and combined with
rock physics data from drill core to produce an integrated,
three-dimensional model. The 3D model is intended to outline the
full extent of the known gold mineralized shoot, and confirm the
presence of additional mineralized shoots in preparation for
drilling.
Lucky Strike
On the Lucky Strike gold prospect in the White Gold District, a
program of mechanical trenching, ground magnetics, and prospecting,
mapping and geochemical sampling is planned to further advance the
property and define additional drill targets. Because the Lucky
Strike property is largely covered by overburden and volcanic ash,
trenching, deep sampling, or drilling are required to obtain
samples of bedrock. However, exploration to date shows it resembles
other gold properties in the district, including the Coffee deposit
(37 kilometres southwest) and the Golden Saddle (15 kilometres
west). Gold mineralization found on the Lucky Strike property shows
strong structural control, correlates with arsenic, silver,
antimony, barium, molybdenum, and occurs in altered quartz-mica
schist and gneiss. Grab samples from bedrock pits and trenches have
assayed up to 41.69 grams per tonne gold (News Release October 1,
2012).
Financing
The Company is pleased to announce that it has qualified for a
Yukon Government (YMEP) grant to help offset the cost of the
planned 2014 exploration. The Company plans to supplement that
grant with a non-brokered private placement of up to 4,000,000
flow-through units (each a "FT Unit") at the price of $0.05 per FT
Unit to raise gross proceeds of up to $200,000. Each FT Unit will
be comprised of one "flow-through" common share (a "FT Share") and
share purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to purchase one additional common share (which is not a FT
Share) at the price of $0.10 for a period of two years after
closing.
No finder's fee or commission will be paid in connection with
the proposed financing. All FT Shares and any shares issued on the
exercise of the Warrants will be subject to a four-month hold
period from the closing date. Proceeds from the offering will be
used only for exploration of the Company's Yukon mineral
properties. The proposed private placement is subject to acceptance
of required filings by the TSX Venture Exchange.
"These two programs are a cost-effective way to significantly
advance both the Plateau and Lucky Strike projects," said
Goldstrike CEO and President Terry King. "Both areas have blind,
high grade gold mineralization near surface in favourable host
rocks, and both are associated with well-defined structures. Our
flagship Plateau claims are in good standing until 2021, so it is
not necessary that we conduct out a program this year. However, we
have had requests for detailed information about both Plateau and
Lucky Strike from several senior mining companies leading into this
exploration season, and with the recent renewal of interest in the
Yukon we feel that this additional work will significantly enhance
the Company's prospects in the near term. We look forward to
outlining additional targets and setting the stage for a
significant drill program on each property."
Sample analysis and assaying for all of Goldstrike's projects
are being conducted by Acme Analytical Laboratories Ltd in
Vancouver, BC, which is ISO 9001 accredited. Soil samples are dried
at 60C, and 100 grams is 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
samples are crushed to 80% -10 mesh, and a 250 gram sample split is
pulverized to 85% -200 mesh. 30 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. All samples
containing visible gold or returning assays of more than 10 ppm
gold are subjected to metallic fire assays, for which the plus
fraction is finished gravimetrically and the minus fraction is
finished with AA. Rigorous procedures are in place regarding sample
collection, chain of custody and data entry. Certified assay
standards, duplicate samples and blanks are routinely inserted into
the sample stream to ensure integrity of the assay process.
Note: Grab samples are selective by nature, and are unlikely to
represent average grades on the property.
Trevor J. Bremner, P. Geo., Chief Consulting Geologist and
Goldstrike Board Member, 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.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive
Officer
For new sections and maps showing the discovery holes on the
Summit property, please visit Goldstrike's website at GoldstrikeResources.com. For
further information follow the Company's tweets at Twitter.com/GoldstrikeRes or
contact Jeff Stuart of King James Capital Corporation, handling
Investor Relations for the Company, by telephone at (604) 805-0375
or by email at jstuart@kingjamescapital.com.
Neither 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.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. The Company will require additional funding to carry out
additional drilling and there can be no certainty that such funding
will be available on acceptable terms or at all. Forward-looking
statements address future events and conditions, and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such
statements. The reader is cautioned not to place undue
reliance on forward-looking statements.
King James Capital CorporationJeff StuartInvestor Relations(604)
805-0375jstuart@kingjamescapital.com
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