Goldstrike Resources Ltd. is pleased to report that it will acquire 100% ownership of its flagship "Plateau" property upon making the final option payment this fall.
"We are extremely pleased to be progressing from option to full ownership in a year that has returned such excellent drill results," said Goldstrike President and CEO Terry King. "We are now in a position to realize the full value of this project, which has recently attracted considerable attention from the mining community. Goldstrike has been invited to showcase its Plateau discovery with a presentation at the Yukon Geoscience Forum in November."
Goldstrike's Chief Geologist and former Yukon Chief Geologist Trevor Bremner considers this to be an exciting discovery. "It's a unique opportunity to have something of this size" he says. "The gold mineralization we're seeing at Plateau South is part of a district scale system at least 25 kilometres long that remains open and largely unexplored. With 2015 drill intersections returning grades as high as 13.3 grams gold per tonne over 17.5 metres true width, I believe we have barely scratched the surface. Assays from that core interval included 20.42 grams per tonne gold over 11.20 metres, including 35.28 grams per tonne (1.03 ounces per tonne) over 5.7 metres. Drilling to date has demonstrated that the gold mineralization extends from surface to more than 100 metres vertically below surface, widens at depth and remains open. This is the result of only 15 weeks of total field exploration, and the project just keeps getting better."
The Company's original filing in respect of the Plateau Option was accepted by the TSX Venture Exchange during June, 2011. The Option Agreement requires the issuance of 750,000 shares and a $500,000 cash payment to exercise the Option, and provides that, subject to prior approval of the Exchange, the Company may issue shares in lieu of making the cash payment at the deemed issue price of $0.616 each based on the Market Price of the Company's shares when the Option Agreement was first announced. The Company has therefore applied to the Exchange for approval to issue 811,688 shares in lieu of the cash payment.
Lucky Strike Results
Goldstrike also reports positive results from a short exploration program on the Lucky Strike property in the White Gold District. A series of limited hand pits in a new area located 7 kilometres northwest of the previously explored Lucky Shot zone was successful in outlining a 50 by 40 metre gold anomaly on a northwest trending structure. The rock samples contain dark blue - grey quartz veining in schist and orthogneiss that assayed up to 4.26 grams per tonne gold, and the zone remains open in all directions. Samples were consistently anomalous across the zone over a width of 40 metres, with numerous samples returning over 0.5 grams per tonne. Five kilometres to the northwest, soil sampling outlined a new 1,200 by 250 metre zone of strongly anomalous soil, which returned values up to 1,989 parts per billion (1.99 grams per tonne) gold. The newly discovered soil anomaly is coincident with a buried geophysical anomaly previously identified by airborne geophysical survey and remains open in all directions. Both new zones are considered to be strong targets for follow-up trenching in preparation for drilling. Goldstrike is grateful to the Yukon Government for a YMEP grant that helped to offset the cost of its 2015 work.
Goldstrike was also pleased to learn that Kaminak Gold Corp.'s proposed access road to Coffee Creek is planned to pass within six kilometres of Goldstrike's Lucky Strike property, which is anticipated to greatly enhance the prospects for further exploration and development of Lucky Strike. The Lucky Strike property is owned as to 70% by Goldstrike and as to the remaining 30% by Petro One Energy Corp. (POP.V).
A total of 63 rock grab samples and 128 soil samples were taken on the Lucky Strike property in 2015. Rock grab samples ranged from detection level to 4,263 parts per billion (4.26 grams per tonne) gold, and soil samples ranged from detection level to 1,989 parts per billion (1.99 grams per tonne) gold.
Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property.
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. Soil samples are dried at 60C, and 100 grams are 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 and drill core samples are crushed to 80% -10 mesh, and a 500 gram sample split is pulverized to 85% -200 mesh. 50 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. 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.
Trevor J. Bremner, P. Geo., Chief 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.
For information on the Lucky Strike project, including assay results, maps, and the underlying NSR, please visit Goldstrike's website at www.GoldstrikeResources.com.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer