Goldstrike Resources Ltd.
TSX VENTURE : GSR
PINK SHEETS : APRAF
FRANKFURT : KCG1

Goldstrike Resources Ltd.

November 02, 2011 09:30 ET

Goldstrike Discovers 5.3 Grams Per Tonne Gold in Outcrop on New 4 km Gold Trend

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2011) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINK SHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report that first pass reconnaissance sampling on its 100% controlled Summit property in Yukon Territory has identified a new gold showing within a 4 kilometer by 2 kilometer anomalous gold trend that remains open. This new showing has been named Solomon's Summit. The main gold anomaly is located within a band of clastic limestone that is roughly 3 kilometers by 1.5 kilometers in extent. Samples taken along this trend are anomalous in gold, arsenic, antimony, mercury, and thallium, and have a Carlin-like geochemical signature. A grab sample of decomposed conglomerate with iron oxide matrix taken from outcrop in the southeast part of the property assayed 5.30 grams per tonne gold. The Summit property is located 15 km northwest of the Big One property and is on trend between Northern Tiger's 3ACE discovery 83 km to the southeast, and ATAC's Osiris discovery, 250 km to the northwest.

Thirty per cent of three hundred reconnaissance soil samples taken on the Summit property returned gold values greater than 15 parts per billion, including 89 samples over 15 parts per billion gold, 64 samples over 20 parts per billion gold, 46 samples over 30 parts per billion gold, 18 samples over 50 parts per billion gold, 10 samples over 70 parts per billion gold, and 6 samples over 100 parts per billion gold. Soil highlights include 318.5 parts per billion (0.32 grams per tonne) gold, and 228.9 parts per billion (0.23 grams per tonne) gold.

Three of 110 reconnaissance rock samples taken on the property returned values ranging from 35.38 parts per billion gold to 5.30 grams per tonne gold. The remainder of the rock samples returned values ranging from below detection to 28 ppb Au. Gold in rock correlates well with arsenic, mercury, and thallium, and gold in soil shows a strong correlation with arsenic.

Host rocks consist of a sedimentary sequence of phyllite, siltstone, shale, conglomerate, limestone, and chert in the hinge zone of a northwest-plunging regional anticline. These sedimentary units are considered highly prospective because of their lateral extent. Within this sequence, areas of brecciation have been identified by ground mapping. The main gold anomaly is located within a band of clastic limestone that is roughly 3 kilometers by 1.5 kilometers in extent. Geological Survey of Canada gold silt anomalies were used to vector in on potentially mineralized areas, along with Aster satellite imagery that highlights hydrothermal alteration zones.

The Summit property was staked to cover the inferred source of a Yukon Government regional silt anomaly with 62 ppm gold as well as strongly anomalous arsenic and antimony. This anomaly is 5 kilometers downstream of Solomon's Summit, near an area of strongly anomalous soil values at the northwest end of the newly outlined gold trend. A geochemically anomalous reconnaissance sample of silicified limestone from this area returned 18 parts per billion gold and 31 parts per million antimony. A second creek draining Solomon's Summit contained 9 parts per billion gold in silt, along with anomalous arsenic and thallium.

The Summit property is located 6 km from a trail that connects to the all weather Nahanni Range Road. An aggressive Phase 2 exploration program is planned for the Summit property in 2012 to include detailed geochemical sampling, geological mapping, trenching, and drilling.

Goldstrike has completed first pass exploration on all of its twenty-four 100% controlled projects, covering more than 4,000 claims and over 80,000 hectares. Quick follow-up exploration was also completed on six of the properties. The Company anticipates a steady flow of news as significant results become available.

Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd. in Vancouver, B.C., which is ISO 9001 accredited. Soil samples are dried at 60C, 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.

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 on the Summit property, refer to recent associated links on Goldstrike's web site at www.goldstrikeresources.com.

ON BEHALF OF THE BOARD

Reimar Koch, President

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.

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