Goldstrike Resources 2018 program update on the Plateau Property, Yukon
TSX VENTURE: GSR
VANCOUVER, British Columbia, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Goldstrike Resources Ltd. (TSX-V: GSR) is pleased to announce the successful completion of all of the exploration goals set out for the 2018 program on Goldstrike’s 100% owned Plateau Property in the Yukon. The 2018 exploration program was fully financed and operated by Newmont Mining Corporation. Results have been received and preliminary interpretations have been made, but detailed compilation and interpretation work is ongoing.
The work completed in 2018 included 26 drill holes totaling 7,753 meters of diamond drilling, 310 rock grabs, 1377 geochemical soil samples, 5 km of ground geophysical surveying (IP) and extensive property wide mapping and prospecting.
Drill holes were focused on geologic and geophysical targets to gain a better understanding of controls on the widespread gold mineralization seen at surface along the 70 km Yellow Giant trend. Ten of the drill holes were successful in intersecting gold mineralization of > 0.5 g/t Au, with intercepts of up to o 7.17 g/t Au over 0.85 meters at Gold Dome. No significant gold mineralization was returned in the other drill holes.
Zones of anomalous gold mineralization were intersected by the exploratory drilling, but did not explain widespread gold mineralization recognized at surface. Further compilation and interpretation of the large data set will provide the base for additional modeling focused on identifying targets along the 70 km corridor that have potential to host significant gold mineralization.
Message from Terrence King, President and CEO:
“We are very pleased that goals set for the ambitious 2018 exploration program were achieved. It is a pleasure for our team to work with Newmont and to have the support of the Yukon government, First Nations and local stakeholders. Goldstrike and Newmont now have the benefit of a very extensive data base to guide plans going forward; and with the US$1MM cash payment to be made by Newmont in December, 2018, Goldstrike will be well funded with non-dilutive working capital to continue working for the net benefit of all of its stakeholders.”
Stephen Roach, P. Geo is the qualified person, as defined by National Instrument 43- 101, for Goldstrike’s Yukon projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Sample analysis and assaying for all of Goldstrike's projects have been conducted by at ALS Canada Ltd.'s lab in Vancouver, B.C. ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. The resulting core and rock sample pulps were analyzed for gold by fire assay in Vancouver, BC. The pulps were also assayed using multi-element four acid digestion at ALS Canada Ltd.'s lab in Vancouver, BC. The coarse reject portions of the rock samples, as well as the pulps, were shipped to ALS Chemex storage facility in Vancouver, B.C. All samples were analyzed using ALS Canada Ltd.'s assay procedure Au-AA24 lead collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish, ME-MS61, a four acid digestion with an inductively-coupled plasma mass spectrometry (ICP-MS) finish for 48 elements, and Hg-MS42, trace mercury (Hg) by aqua regia with a coupled plasma mass spectrometry (ICP-MS) finish. Any results greater than 3.0 g/t for gold triggers both an Au-GRA22 method gravity which includes a fire-assay fusion procedure with a gravimetric finish and an Au-SCR24 metallic screen. For the rock samples, ALS Chemex OG62 method was utilized for over the limit 10,000 ppm lead (Pb) with an HNO3-HCl digestion followed by ICP-AES (or titrimetric and gravimetric analysis) and OA-GRA08b method was used for specific gravity measurements. For the soils, Au-ICP21 method was used with a fire assay and an ICP-AES finish procedure. A 53 multi-element analysis was used with an aqua regia digestion and a super trace ICP-MS analysis. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.
Full drill results are available on the Company’s website. 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.
Please visit the website at https://www.goldstrikeresources.com/
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 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.