Goldstrike Resources and Newmont Mining Commence Drilling at Plateau Property, Yukon
TSX VENTURE: GSR
VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- Goldstrike Resources Ltd. (GSR.V) is pleased to announce that it has completed a 10,000 line kilometre airborne magnetic survey and a district-scale geochemical program. The programs were completed utilizing Newmont Mining Corporation’s (NYSE:NEM) exploration team and equipment combined with Newmont’s proprietary techniques and technologies. The company has now commenced the largest drill campaign to date on the Plateau Property - Goldstrike’s flagship project - which hosts a newly discovered district-scale gold system that extends for 50 km in Canada’s Yukon; 130 kilometres southeast of Mayo, Yukon.
Primary drill targets at the outset of the program are the Goldstack and Bonanza Zones and further targets are planned to be added as results from the geophysical and geochemical surveys are received and interpreted. Program planning will also allow for additional drilling to expand on positive results on Bonanza and Goldstack, as well as test newly discovered mineralized Zones at Plateau such as Big Bang, Bullion, Gold Dome, Goldbank and Goldrush as they evolve during the exploration program.
The drilling program for the Goldstack Zone is designed to expand known mineralization with pierce points at a 25 metre spacing along strike and at depth beyond previously drilled intervals such as that from Hole PSGS-16-01 (6.05 grams per tonne (gpt) gold over 45.5 metres, including 34.4 gpt gold over 6.75 metres - News Release, September 6, 2016). Previous drilling in the Goldstack Zone outlined a large tabular body of mineralization over 130 metres long, 40 metres wide and 10 to 17.5 metres thick that remains open for expansion along strike and at depth. Gold is hosted in parallel, sub-vertical fractures oriented similarly to the high-grade gold mineralized veins in the Bonanza Zone, located four kilometres to the northwest (News Release, September 6, 2016).
The newly discovered Bonanza Zone will be drilled for the first time. Surface mapping and sampling has outlined a 20 metre wide zone of auriferous quartz veins that remains open. Channel sampling of the veins during 2016 yielded prospective results including 15.1 gpt gold over 1.13 metres, 14.4 gpt gold over 0.9 metres, 6.9 gpt gold over 1.3 metres and 2.22 gpt gold over 2.75 metres (News release, October 3, 2016). The Bonanza Zone will be tested both along strike and down dip with a series of 25 metre spaced drill holes.
The Plateau Property covers over 570 square km and contains a new and undeveloped district-scale gold-mineralized system known as the Yellow Giant Trend. Through its brief history, starting in 2011 with the initial discovery by the Goldstrike team, the Plateau Property has year after year revealed an ever-expanding gold mineralized system that has now been identified over an area 50 kilometres in length and that remains open for expansion in all directions. Goldstrike formed a strategic alliance for the further exploration of the Plateau property with a Canadian subsidiary of Newmont Mining Corporation during March, 2017.
Message from the President: "We are delighted with the new partnership with Newmont and are very excited to receive the results from the proprietary, proven mine finding technologies and techniques that Newmont has implemented at the Plateau Property.”
Goldstrike is committed to transparency and the promotion of health, safety, environmental and community interests, which are integral to the conduct of its business. The Company supports the rights of workers and the communities in which it operates. It respects the traditional rights and culture of the First Nations and their concern for the environment and preservation of their cultural heritage. The Company is committed to building relationships based on honesty, openness, mutual trust and involvement, and to working with local communities to develop relationships that focus on creating value for everyone. WORKING TOGETHER, WE SUCCEED.
James Moors, 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.