Goldstrike Samples 9.92 Grams Per Tonne Gold at Solomon's Summit Property, and Samples 1.216 Ounces Per Ton Gold at Lucky Strike Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/01/12 -- Goldstrike Resources Ltd. (TSX VENTURE: GSR) (PINKSHEETS: APRAF) (FRANKFURT: KCG1) is pleased to report a fire assay of 9.92 grams per tonne gold, in a grab sample of decomposed bedrock from its Solomon's Summit property, located in the Selwyn Basin, 160km northeast of Ross River, Yukon. The high grade sample was taken in an area of limited outcrop from a north-south mineralized structure that has been traced on the ground for 400 metres and remains open. A total of five rock grab samples that include quartz vein material and breccia have now been taken from exposed bedrock along a 10 metre gold mineralized segment of the same structure that is drill ready and remains open. New assays from this segment include 9.92 grams per tonne gold, 8.7 grams per tonne, 2.78 grams per tonne gold, and 1.8 grams per tonne gold, in addition to 5.3 grams per tonne gold reported in the Company's November 2, 2011 news release. This gold-mineralized zone was discovered by Goldstrike's team in the summer of 2011 on a ridge known as Solomon's Summit, and cuts calcareous sandstone, limestone, limestone breccia, and siltstone. The gold shows a close spatial association with pathfinder elements arsenic, antimony, mercury, and thallium.
A strong multi-element geochemical anomaly 2,000 metres long, and up to 800 metres wide, extends northwest along Solomon's Summit, and remains open. This geochemical anomaly coincides with the hinge zone of a northwest-plunging fold mapped by government in lower Hyland Group clastic and calcareous sediments, below a cap rock of maroon and green shale typical of the Upper Hyland Group. A rock grab sample taken close to the trace of the fold hinge 1 kilometre northwest of the main showing area assayed 1.4 grams per tonne gold. A total of 88 anomalous soil samples taken along the ridge contained between 25 and 100 parts per billion gold, and 15 soil samples returned values between 100 and 500.8 parts per billion gold.
The gold anomaly on Solomon's Summit covers a large area with limited outcrop with high grade bedrock samples taken to date of 5.3, 8.7 and 9.92 grams per tonne gold within a well defined gold mineralized structure that remains open. The geological age, host lithology, structure, and geochemistry resemble ATAC's recent description of its Conrad zone, and Goldstrike's team believes Solomon's Summit has many indicators for a significant new gold discovery. Trenching and diamond drilling is planned.
A total of 140 rock grab samples, 235 soil samples, and 4 silt samples were collected on the Summit property in 2012. Rock samples ranged from below detection level to 9.92 grams per tonne, soil samples ranged from below detection level to 508.2 parts per billion, and silt samples ranged from below detection level to 29.4 parts per billion. There are no samples outstanding.
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LUCKY STRIKE PROPERTY (WHITE GOLD DISTRICT, YUKON)
GOLDSTRIKE SAMPLES 41.687 GRAMS PER TONNE GOLD (1.216 OUNCES PER TON GOLD) ON 410 METRE GOLD MINERALIZED STRUCTURE THAT REMAINS OPEN
Goldstrike has just received fire assay results of 41.687 grams per tonne (1.216 ounces per ton) gold from a rock grab sample taken from bedrock on its Lucky Strike property, Yukon. The high grade sample was taken along a gold-mineralized structure that trends east-northeast for 410 metres and remains open. This new discovery has been named "Lucky Shot". The Lucky Shot structure was discovered by follow up prospecting of strong gold in soil anomalies .The structure was traced in an area of little outcrop using high resolution ground geophysics that confirms it passes through the mineralized outcrop and beyond. The Lucky Strike property contains widespread gold soil anomalies over a 7 kilometre strike length, returning values up to 703.7 parts per billion gold to date. These gold anomalies coupled with high resolution airborne geophysics indicate excellent potential for additional gold-mineralized structures to be discovered on the property.
The Lucky Strike property is located in the heart of the White Gold District. It is contiguous with the Kinross Golden Saddle property, 12 kilometres south-southeast of Comstock's QV property, and 30 kilometres north-northeast of Kaminak's Coffee Creek property. The gold-mineralized Lucky Shot structure has the same east-northeast orientation reported for the Golden Saddle deposit, as well as Comstock's recently announced trench intersections (3.31 grams per tonne gold over 95 metres, and 3.74 grams per tonne gold over 75 metres), and many of the main mineralized zones at Coffee Creek.
The new 41.687 gram per tonne (1.216 ounces per ton) gold sample consists of sheared, brecciated felsic schist, with strong silica, sericite, and pyrite alteration and contains finely disseminated dark grey sulphides. The assay record shows elevated values of silver, molybdenum, antimony, lead, and arsenic, all of which are also reported to be anomalous on the Golden Saddle property (Underworld Resources NI43-101 Report).
Goldstrike is very excited to have already established such a strong drill target in exposed highly gold-mineralized bedrock on the Lucky Shot structure. The host rock, gold mineralization, geochemistry, and structure closely resembling those on the Kaminak, Kinross, and Comstock properties. The Company looks forward to a program of additional high resolution ground geophysics and trenching, in order to define the full lateral extent of this new gold mineralized structure, and a drill program to define the full geometry of the gold mineralization to depth and along strike. The company is also planning a program of follow up prospecting on multiple gold soil anomalies along a 7 km strike.
A total of 37 rock grab samples, 44 soil samples, and 2 silt samples were collected on the Lucky Strike property in 2012. Rock grab sample assays ranged from below detection level to 41.687 grams per tonne, soil samples ranged from below detection level to 71.2 parts per billion, and the silt samples ranged from below detection level to 7.2 parts per billion. Assay results for 5 soil and no rock samples remain outstanding.
Big One Property, Yukon
Fifty-one follow-up soil samples taken on Goldstrike's Big One property in 2012 have returned values ranging from 1 to 400.8 parts per billion gold, including four samples that returned 76.9, 99.3, 237.2 and 400.8 parts per billion gold, and two others that were also over 50 parts per billion. Rock samples returned values ranging from below detection level to 0.34 grams per tonne gold. The new samples were taken over a soil anomaly that was discovered by first pass exploration in 2011.
The Big One property is located 15 kilometres southeast of Solomon's Summit, and covers a series of northwest trending folds in a sedimentary sequence of sandstone, grit, quartz pebble and lithic conglomerate, shale, phyllite, limestone, and quartzite that show varying amounts of hydrothermal alteration, silicification, quartz veining, and stockworks. Sulphides are mainly disseminated pyrite, arsenopyrite, pyrrhotite, galena, and stibnite. This geological setting closely resembles that seen on Goldstrike's Plateau and Summit properties, and the silicified sedimentary units seen at Big One are considered highly prospective because of their lateral extent. A tight spaced soil grid and mapping is planned for follow up.
Goldstrike looks forward to receiving drill results from its flagship Plateau property in the immediate future. Based on overall results from the 2012 season, the Company is planning an aggressive exploration program including trenching and diamond drilling on the Plateau, Lucky Strike and Summit properties.
The Company is also pleased to report it has accepted an invitation to speak on its Selwyn Basin prospects at the Yukon Geoscience Forum, to be held in Whitehorse November 18 to November 21.
Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd in Vancouver, BC and AGAT Laboratories Limited in Mississauga, Ontario, both of which are ISO 9001 accredited. Soil samples are dried at 60 degrees C, reduced to 100 grams, and sieved to -80 mesh. A 15 gram charge is then dissolved with a 1:1:1 aqua regia digestion, and analyzed by a 72-element combination ICP-MS and ICP-AES package that includes gold. Rock samples are crushed, split, and 250 gram samples are sieved to 200 mesh. 30 gram charges are then assayed for gold using fire assay fusion and ICP-ES, and in addition, 0.5 mg charges are dissolved with a 1:1:1 aqua regia digestion, and analyzed by 37-element ICP-MS that also includes gold. 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., Senior Consulting Geologist and Advisor to Goldstrike's Board, is a qualified person, as defined by National Instrument 43-101, for Goldstrike's Yukon exploration projects and supervised the preparation of the technical information in this release.
For more detailed new information and maps on Summit and Lucky Strike properties, see Goldstrike's web site at GoldstrikeResources.com.
ON BEHALF OF THE BOARD
Terrence E. King
President and Chief Executive Officer
For further information, please visit Goldstrike's website at GoldstrikeResources.com and follow the Company's tweets at Twitter.com/GoldstrikeRes.
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
Contacts:
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805-0375
jstuart@kingjamescapital.com