Goldstrike Resources Mobilizes for Lucky Strike Drilling and Exploration Program
TSX VENTURE: GSR
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- 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 Drilling
The 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.
In 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.
Based 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.
Extensive 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 Trend
The 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 ):
- 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.
- 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
- 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
- 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
- 150 x 200 metre geochemical anomaly with up to 90 ppb Au in soil samples
- Remains to be drilled
100 % Owned Hotspot Property Exploration Program
In 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.”
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. 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. King
President and Chief Executive Officer
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.
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. 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.