Goldstrike Resources Ltd.
TSX VENTURE : GSR
PINKSHEETS : APRAF
FRANKFURT : KCG1

Goldstrike Resources Ltd.

August 20, 2012 07:45 ET

Goldstrike Cuts 14.25 GPT Gold Over 2.4 Metres With Visible Gold: Drilling Under Way

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report positive initial results from its 100% controlled Plateau Property in Yukon. Significant extensions have been added to zones of gold mineralization discovered by Goldstrike in 2011 and the teams currently in the field continue to discover multiple new zones of mineralization. This demonstrates the strong gold potential of this property. No historical work has ever been documented on the Plateau property. All gold mineralization discovered to date is original.

Team One

Plateau North - Goldrush Zone

Soil sampling has extended the Goldrush trend (first discovered in late 2011) from 400 metres to 1.8 kilometres to date and the trend remains open. Sampling in 2012 has so far returned values from background up to 26 grams per tonne gold from decomposed rock in pits. Multiple additional assays are pending. Further soil sample grids 3 and 4 kilometres to the west and southwest have been completed, with the focus on expanding the area of known gold mineralization. These assays are also pending.

Gold mineralization in the Goldrush zone appears to be hosted in multiple stacked carbonaceous biotite-sericite shear zones that cut the property in a north-south direction and remains open. Initial shallow exploratory drilling on the Goldrush zone was recently completed to trace the geometry and extent of the gold mineralization. Assays are pending.

Plateau Northeast

A new mineralized quartz stockwork was recently discovered within an extensive area of mineralized limestone and calcareous sediments named the Golden Arc zone. The limestone host rock has been outlined over a length of more than 600 metres, and is up to 40 metres thick. It is silicified and fractured, with 15% quartz stringers that contain sulphides, and the zone remains open. A coincident magnetic feature 250 to 300 metres long is associated with the showing, and early soil sampling has returned values from background up to 564 parts per billion gold. Follow up prospecting, mapping, and sampling were recently completed in the area to trace the full extent of the gold mineralization. Assays are pending.

Plateau South - Goldstack Zone

A gold mineralized zone identified by local prospector Tom Morgan while staking early in 2012 to increase Goldstrike's landholdings in the area has been confirmed as a new discovery. The showing in the "Goldstack Zone" is a structurally controlled quartz breccia within an area of extensive quartz veining, stockwork and brecciation that has produced numerous samples containing coarse visible gold. Three channel samples cut across the strike of the zone have returned average values of 14.25 grams per tonne over a total length of 2.4 metres. Individual channel sample results include 23.82 grams per tonne over 1 metre and 7.71 grams per tonne over 1 metre. Another channel sample cut across strike 7 metres to the east returned a weighted average of 7.29 grams per tonne gold over 1.3 metres, including 40.1 grams over 10 cm. The current true thickness of the Goldstack mineralized zone has been measured at 9 metres in core. Additional channel samples have been taken along strike, and results are pending. Prospecting has discovered gold mineralization on trend 3.5 km to the west and 1 km to the east of the Goldstack showing, and the zone remains open. The Goldstack zone is being drilled to trace the gold mineralization to depth and along strike, and it remains open in all directions. Assays are pending.

Plateau South - Yellow Giant Trend

Prospecting and mapping has confirmed that the Yellow Giant Trend is a major new regional scale system of parallel gold-bearing structures at least 25 kilometres long and 5.5 km wide, and that it remains open in all directions. This large system contains extensive quartz veining, gossans, and mineralization throughout. Gold mineralization has been confirmed up to 28 grams per tonne in initial rock grab samples at the newly named Goldbank zone. The bulk of assays taken along and across the Yellow Giant Trend remain pending.

VG Zone

Follow up prospecting and sampling in 2012 of the area around the previously reported sample containing visible gold and grading 4.6 ounces per ton gold has defined an area of structurally controlled gold mineralization measuring about 225 by 100 metres. This has been named the VG Zone, and it remains open in all directions. Within the VG Zone several samples containing coarse visible gold were taken from weathered outcrop/subcrop. The VG Zone continues to be expanded daily, with new mineralization having now been discovered up to 1000 metres away both to the northeast and the southwest. Infill mapping and sampling continues, and assays are pending. Reconnaissance sampling and prospecting continue on trend, and new mineralization continues to be found, expanding the dimensions of the VG Zone.

Team Two

Solomon's Summit

Solomon's Summit is a zone of gold mineralization that was discovered in 2011 within a 3 by 1.5-kilometre limestone unit. A rock chip sample from outcrop assayed 5.3 grams per tonne gold. Additional mineralization was identified within a larger, northwest-trending zone known as Solomon's Trend. New results from 2012 sampling have outlined a strong 2.5 by 1.6 kilometre multi-element gold soil anomaly with 14 of 235 samples (6%) between 100 and 508 parts per billion gold, within a large halo of 69 anomalous samples (29%) ranging from 25 to 99.9 parts per billion gold. The remainder of the soils returned values between background and 24.99 parts per billion gold. Rock assays from this zone are pending, and follow up trenching and drilling have been recommended.

Team Two has also completed 2012 mapping, prospecting, and sampling programs on Big One, Lucky Strike, and Livingstone, and has identified new mineralization on all properties. Assay results are pending.

Assays from a total of 1454 rock, 596 soil, and 11 silt samples, and assays from all drill core from the 2012 exploration programs remain outstanding.

"We are very pleased with the results of the 2012 program to date," said Goldstrike President and CEO Terry King. "With the bulk of the assays still outstanding we look forward to the future with great anticipation."

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°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 new maps and photos on the Plateau project, refer to Goldstrike's web site at GoldstrikeResources.com.

ON BEHALF OF THE BOARD

Terrence E. King

For further information, please visit the company's website at GoldstrikeResources.com.

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.

Contact Information