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Goldstrike Drilling Intersects 10.91 Grams Per Tonne Gold Over 10.0 Metres at the Goldstack Zone and 7.60 Grams Per Tonne Over 9.03 Metres at the VG Zone, Remain Open

09.09.2013  |  Marketwire

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 9, 2013) - GoldStrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report that initial exploration drilling has resulted in the discovery of high grade gold mineralized shoots at both the VG Zone and the Goldstack Zone, 17 kilometres apart on its Plateau South property in Yukon. Both shoots remain open, confirming the significant potential of this extensive new gold mineralized system. Drill highlights are set out below. Full drill results are set out in the table following the description of the 2013 program at Plateau South.

DRILL HIGHLIGHTS

Goldstack Zone (Discovery Hole PSGS13-04)

  • 2.28 grams per tonne gold over 53.0 metres
    • including 4.05 grams per tonne gold over 28.0 metres
    • including 10.91 grams per tonne gold over 10.0 metres
    • including 16.19 grams per tonne gold over 6.0 metres
    • including 25.87 grams per tonne gold over 3.0 metres

Gold Dome - VG Zone (Discovery Hole PSVG13-03)

  • 7.60 grams per tonne gold over 9.03 metres
    • including 8.85 grams per tonne gold over 7.0 metres
    • including 14.58 grams per tonne gold over 4.0 metres

GOLDSTACK ZONE

The discovery drill hole at Goldstack was the last hole drilled in 2013, and intersected a high grade gold mineralized shoot averaging 10.91 grams per tonne gold over 10 metres within a larger intersection of 2.28 grams per tonne gold over 53 metres. This gold mineralized shoot was intersected at a shallow downhole depth of 8 to 61 metres and remains open. It is hosted within felsic metavolcanic rocks and hydrothermal breccia, associated with variable amounts of arsenopyrite and specks of visible gold found in rock and channel grab samples on surface. Last year's orientation hole and three other holes drilled in 2013 all intersected a mineralized gold-arsenic halo surrounding the high grade gold mineralized shoot that was intersected by hole PSGS13-04. Drill results to date indicate that the gold mineralized shoot plunges in a southeasterly direction, parallel to regional fold axes. Additional new areas of surface gold mineralization associated with macroscopic folds that have been found adjacent to and on trend 4 kilometres northwest of the Goldstack discovery present strong targets for the discovery of additional new gold mineralized shoots.

GOLD DOME - VG ZONE

The VG Zone discovery hole on Gold Dome was collared in gold-mineralized felsenmeer, and encountered gold at the bedrock interface only 3.55 metres below surface. This is the eroded top of a blind, high grade gold mineralized shoot grading 7.60 grams per tonne gold over 9.03 metres that extended from 4.57 metres to 13.6 metres downhole. The gold is hosted in felsic metavolcanic rocks cut by quartz stockwork and numerous quartz veinlets, some containing specks of visible gold and up to 5 per cent arsenopyrite and pyrite that form a halo around the gold mineralized shoot. As at Goldstack, the high grade mineralized shoot at VG is indicated to plunge in a southeast direction. It is aligned with the hinge of a large macroscopic fold that is exposed in a cliff face on Gold Dome northwest of the discovery area. In addition, several new target areas with high grade gold mineralization on surface were discovered on Gold Dome this summer outside the VG zone. New rock grab samples containing visible gold and assaying 351.49 grams per tonne (10.25 ounces per ton), 317.55 grams per tonne (9.26 ounces per ton), 157.87 grams per tonne (4.61 ounces per ton), 82.91 grams per tonne (2.42 ounces per ton), 55.52 grams per tonne (1.62 ounces per ton), 54.00 grams per tonne (1.58 ounces per ton), 45.05 grams per tonne (1.31 ounces per ton) and 21.26 grams per tonne (0.62 ounces per ton) show that there is a strong possibility of discovering additional gold mineralized shoots in the Gold Dome area.

GOLDBANK ZONE

Prospecting on the 11 kilometre long Goldbank trend has resulted in the discovery of new gold mineralization with rock grab samples grading up to 101.11 grams per tonne (2.94 ounces per tonne). In addition, a new gold trend with a strike length with of more than 400 metres was discovered running parallel to the original Goldbank trend and regional fold axes, with rock grab samples grading up to up to 308.49 grams per tonne (9.0 ounces per tonne) gold. The new trend remains open in both directions. Forty-seven of 73 rock samples taken from this new zone assayed between 1 and 308.49 grams per tonne (9 ounces per ton) gold, and six of 35 channel grab samples returned values between 1 and 13.23 grams per tonne (0.39 ounces per ton) gold. The grades of the newly discovered samples grading over one ounce per tonne gold at Goldbank resemble those seen on both Gold Dome and Goldstack. An initial program of four exploratory holes was drilled to test two of multiple targets along the 11 kilometre Goldbank trend. These holes all targeted areas where high grade gold mineralization had been found in outcrop, but were collared prior to receiving assay results from 2013 surface sampling, and the last holes were drilled without key data on subsurface structure obtained from the initial holes. Nonetheless, all four Goldbank drill holes did intersect a gold-arsenic halo that suggests close proximity to gold mineralized shoots. This is a similar geological setting to the gold halo seen at the VG zone, and also to the gold halo that was intersected at Goldstack zone in a single drill hole at the end of the 2012 season. The discovery of that gold halo initiated a follow-up drill program that led directly to the discovery hole at Goldstack this season. Given the extensive high grade gold mineralization confirmed in bedrock, and numerous fold hinges outlined by surface mapping and geophysics, it is clear that there are multiple targets along the 11 kilometre Goldbank trend. Results to date along that trend and the new parallel structure demonstrate that these zones have very strong potential to host multiple high grade gold mineralized shoots.

Goldstrike's technical team is very pleased to see that the company is on track with discovery after less than 10 weeks of cumulative exploration on the Plateau South property to date. The initial exploratory drill program has already confirmed the existence of high grade gold mineralized shoots in both the Goldstack and Gold Dome VG zones, as well as the Company's interpretation that the property is part of a regional-scale mesothermal gold system with a strike length of more than 25 kilometres. More than sixty per cent of Canada's gold production comes from mesothermal gold camps of this type. The Company's geological team has strongly recommended further drilling to fully outline the geometry of the Goldstack and VG discoveries and to test the gold potential of numerous newly identified targets along the Goldbank trend and other portions of the 25 kilometre Yellow Giant trend.

"We are very excited about the success of this initial drill program", said Goldstrike CEO and President Terry King. "The discovery of high grade gold mineralized shoots at both the Goldstack and VG zones and the discovery of high grade gold mineralization at Goldbank are excellent starting points from which to expand the gold potential of the 25 kilometre long Yellow Giant trend at Plateau South."

TABLE OF DRILL RESULTS

(All holes drilled with BQ core)

Zone Interpretation Drill hole Azimuth Dip From To Downhole width (metres)1 Composite gold (uncut, grams per tonne)
Goldstack Au-As halo PSGS13-01 164 70 10.00 28.00 19.0 1.142
including 23 25 2.0 8.292
and (lower zone) 41 51 10.0 1.55
including 43.18 43.5 1.82 4.33
and 49.8 51.0 1.2 4.27
Goldstack Au-As halo PSGS13-02 360 60 4.0 14.0 10.0 1.43
including 7.0 14.0 7.0 2.0
including 7.0 9.0 2.0 5.46
Goldstack Au-As halo PSGS13-03 308 70 5.0 12 7.0 0.48
Goldstack High grade gold mineralized shoot PSGS13-04 128 65 8.0 61 53.0 2.28
including 8.0 36.0 28.0 4.05
including 17.0 27.0 10.0 10.91
including 17.0 23.0 6.0 16.19
including 17.0 20.0 3.0 25.87
and including 22.6 26.0 3.4 8.47
Gold Dome (VG) Au-As halo PSVG13-01 86 45 10.65 11.5 0.85 1.512
and 13.1 13.65 0.55 2.582
Gold Dome (VG) Au-As halo PSVG13-02 90 45 24.38 24.75 0.37 0.14
and 26.8 27.2 0.40 21.622
Gold Dome (VG) Au-As halo PSVG13-02a 90 60 44.91 45.50 0.59 0.11
Gold Dome (VG) High grade gold mineralized shoot PSVG13-03 90 45 4.57 13.6 9.03 7.60
including 5.0 12.0 7.0 8.85
including 5.0 9.5 4.5 13.71
including 5.0 9.0 4.0 14.58
Gold Dome (VG) Au-As halo PSVG13-04 90 45 6.0 7.0 1.0 0.76
and 16.0 16.5 0.5 0.1
Gold Dome (VG) Au-As halo PSVG13-05 90 45 6.6 7.0 0.4 11.92
and 14.0 14.5 0.5 0.22
Gold Dome (VG) Au-As halo PSVG13-06 90 45 3.25 4.0 0.75 1.04
and 27.6 29.5 1.9 0.60
and 36.5 44.05 2.45 0.19
Gold Dome (VG) Au-As halo PSVG13-07 90 45 15.24 15.8 0.56 0.122
and 19.8 20.67 0.87 1.01
and 25.0 26.0 1.0 0.11
Gold Dome (New target) Orientation hole PSVG13-09 90 45 8.0 8.63 0.63 0.142
Goldbank(New target) Orientation hole, Au-As halo in bedrock and core PSSW13-01 316 45 12.0 12.5 0.5 0.36
Goldbank(New target) Orientation hole, Au-As halo in bedrock and core PSSW13-02 297 45 9.95 11.0 1.05 0.28
and 17.85 18.5 0.65 0.242
and 44.0 44.5 0.5 0.35
Goldbank Orientation hole, RS zone PSRS13-01 183 45 No significant values
Orientation hole, RS zone PSRS13-02 183 45 No significant values

Note that hole PSVG13-08 was not drilled.

(1) The reported intersections are drilled thicknesses. True widths in the VG zone are believed to be between 78 and 100 per cent of these values. Due to structural complexity, true widths in the Goldstack zone have not been established at this time. Accordingly, the true width is estimated to range from 27 and 65 per cent of these values.
(2) Where ICP and fire assay values are about the same, the fire assay is normally quoted. Where the ICP gold value is many times larger than the fire assay, it is likely due to a nugget effect caused by uneven distribution of coarse gold in the original sample. Many metallics assays taken on the property have already confirmed this, but in a few cases where a metallics assay is not available, the ICP value has been quoted.

A total of 376 rock grab samples, 1013 drill core samples, 81 channel samples, 304 soil samples, and 3 silt samples were taken on the Plateau South property in 2013. Rock grab samples ranged from below detection level to greater than the upper detection limit levels of 10,000 and 100,000 parts per billion (10 and 100 grams per tonne) gold for Fire Assay and Inductively Coupled Plasma Mass Spectrometry results respectively. Re-analysis of rock grab samples that returned over 600 parts per billion (0.6 grams per tonne) gold returned results ranging up to 351.49 grams per tonne (10.25 ounces per ton) gold using Metallics Fire Assay. Drill core samples ranged from below detection level to greater than the upper detection limit levels of 10,000 and 100,000 parts per billion (10 to 100 grams per tonne) gold for Fire Assay and Inductively Coupled Plasma Mass Spectrometry results respectively. Re-analysis of over-the- limit drill core samples by Metallics Fire Assay returned values up to 90.12 grams per tonne (2.63 ounces per tonne) gold. Channel samples ranged from below detection level to 18.35 grams per tonne (0.54 ounces per ton) gold, soil samples ranged from below detection level to 375.0 parts per billion gold, and silt samples ranged from below detection to 6.6 parts per billion gold. There are no sample assays outstanding.

Goldstrike holds an option to acquire a 100% interest in the Plateau property subject to a 3% NSR, of which 2/3 (i.e. 2%) may be purchased for $1,000,000. Details of the option are set out in the Company's financial statements filed on SEDAR at www.sedar.com.

All of Goldstrike's summer exploration results have now been released except for the Summit property in the eastern Selwyn Basin, where bedrock grab samples taken in 2012 returned up to 9.92 grams per tonne gold in a quartz breccia cutting calcareous sediments of the Lower Hyland Group in a Carlin-style setting (News Release October 1, 2012). A program of mapping, prospecting, trenching, and geophysics was carried out in 2013. New zones of mineralization were identified in the field, and assay results are pending.

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

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 proces7.60ses, etc. 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.



Contact

Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805-0375
jstuart@kingjamescapital.com
GoldStrike Resources Ltd.
www.GoldstrikeResources.com
www.Twitter.com/GoldstrikeRes


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