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

Goldstrike Resources Ltd.

January 23, 2012 08:00 ET

Goldstrike Discovers New Gold Zones at Plateau, Yukon/Appoints COO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2012) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report positive results from the final seven soil samples that were taken in 2011 from the Gold Rush Zone on its 100% controlled Plateau North property. Three of the seven samples returned over 1,000 parts per billion (1 gram per tonne) gold, and the remainder were all anomalous. The highest gold value was 4,375 parts per billion (4.375 grams per tonne). Results are summarized in the following table:

Sample Gold (parts per billion) Arsenic
(parts per million)
Antimony (parts per million) Mercury (parts per million) Thallium (parts per million)
1236761 83.5 295.5 11.6 <0.01 0.1
1236762 4,375 >10,000 314.5 0.03 0.2
1236763 24.4 266.9 31.8 0.03 0.1
1236764 1,438.3 3,983.9 87.1 0.04 0.1
1236765 204.2 426.1 32.7 0.03 0.2
1236766 16.8 83.3 3.2 0.02 0.1
1236767 1,974.4 8,957.6 138.9 0.04 <0.1

Background values for all 1,060 soil samples taken to date on the Plateau North property are: gold 10 parts per billion, arsenic 20 parts per million, antimony 3 parts per million, mercury 0.02 parts per million, thallium 0.1 parts per million.

The Gold Rush structure is a recessive zone that has been traced for one kilometre and remains open. 350 metres of the structure were sampled in detail late last fall at approximately 15 metre intervals. The results from the seven additional samples confirm consistent and anomalous gold, arsenic, mercury, antimony, and thallium values found in earlier samples (see Goldstrike news release dated November 17, 2011), and are consistent with Carlin-style mineralization. The Gold Rush Zone is only one of a number of recessive zones that have been identified and remain to be explored on the Plateau North property along a 12.5 kilometre strike length.

In addition, a rock grab sample taken during additional staking in the Plateau South area has assayed 1.15 grams per tonne gold. It was taken from a gossan that was traced for over 700 metres along an intrusive-sedimentary contact, where mineralized veins and veinlets are hosted by a pyritic quartzite unit. This new gold discovery is 6.7 kilometres east of the Yellow Giant trend, where previously reported rock grab samples assayed 159.5 grams per tonne (4.65 ounces per tonne) and 30.15 grams per tonne (0.88 ounces per tonne) gold. Two creeks at Plateau South that returned anomalous gold values in silt between 4.2 and 47.1 parts per billion have also been covered by the staking. Extensive quartz veining was also identified while staking this ground.

Assays have now been received for all of Goldstrike's samples taken in the Plateau area in 2011, including 1,060 soil samples, 191 rock grab samples, and 9 silt samples. As previously reported, soil samples ranged from below detection to 11,343.3 parts per billion gold. At least 157 of the soil samples are considered to be anomalous, with 18 samples returning values of more than 1,000 parts per billion gold, 35 samples between 100 and 1,000 parts per billion, 45 samples between 20 and 100 parts per billion, and 59 samples between 10 and 20 parts per billion. Rock samples ranged from below detection to 8,692.4 parts per billion (8.6924 grams per tonne) gold, including 15 samples that assayed over 123.7 parts per billion. All of the silt samples returned gold values above detection, ranging from 1.8 parts per billion to 47.1 parts per billion, including four samples above 10 parts per billion.

Based on the extremely positive results coming from the Plateau area, Goldstrike has increased its land holdings five-fold from the original 180 claims in 2011 to 1,062 claims today, equivalent to approximately 22,000 hectares (54,850 acres). During follow-up staking to cover the widespread gold mineralization identified in the area, company prospector Tom Morgan observed multiple areas of massive quartz veining, stockwork, and alteration that are planned to be fully explored in 2012. An aggressive exploration program that is planned to include trenching, diamond drilling, prospecting and mapping is slated for 2012 to trace the full extent of the gold mineralization on the Plateau property. The widespread gold mineralization already discovered at this early stage clearly demonstrates the potential for the Plateau area to evolve into a new gold district.

Emerald Property

Goldstrike is also pleased to announce positive initial results from its first pass exploration of the Emerald and Canol properties.

Goldstrike's Emerald property is contiguous with the TUT property owned by Carlin Gold and Constantine Metals, where a large gold and arsenic anomaly 6.5 kilometres long and 300 to 1200 metres wide has been reported. On the Emerald property, Goldstrike collected a total of 147 reconnaissance soil samples and 80 rock grab samples over a three-day period late in the exploration season. Seventeen of the soil samples returned anomalous values between 20.1 parts per billion and 56.2 parts per billion gold, while the remainder returned values from 20.1 parts per billion to below detection. Eight of the soil samples were anomalous in arsenic, returning values between 20 and 100 parts per million. Values above 20 parts per billion gold and 100 parts per million arsenic are considered to be anomalous in this area, based on the local geochemistry.

Government geochemical data show that a number of streams draining the Emerald property are anomalous in gold, arsenic, mercury, and antimony, which are considered to be pathfinder elements for Carlin-style mineralization (along with thallium, which was not analyzed). Geological maps show that the property is flanked by a major fault and cut by limy and dolomitic units that are considered to be favorable host rocks for Carlin-style gold mineralization. Follow-up exploration is currently being planned.

Canol Property

The Canol property is adjacent to the North Canol Road, and was staked to cover the strongest government silt anomaly in the area. Ryan Gold Corp. has since staked the area surrounding the Canol property, such that the Canol property now sits in the centre of a large block of contiguous claims over 67 kilometres long. Goldstrike collected a total of 133 soil samples, 32 rock grab samples, and 6 silt samples over a 3-day period on the Canol property in 2011. Six of the 133 soil samples were anomalous with values between 21.9 and 29.2 parts per billion gold, and the remainder returned values from below detection to 21.9 parts per billion. A follow-up program is being planned for 2012.

"We are excited to see even more evidence of consistent and widespread gold mineralization in the Plateau area, and very encouraged by such positive initial results resulting from very short first pass reconnaissance sampling on the Emerald and Canol properties" said Goldstrike CEO Terrence King. Like Plateau, Emerald and Canol are strong targets that were staked early on, and are now in the heart of new emerging gold camps".

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.

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 the Plateau, Canol, and Emerald properties, see Goldstrike's web site at goldstrikeresources.com.

Appointment of Chief Operating Officer

The Company is also pleased to report the appointment of William Chornobay as Chief Operating Officer. Bill has extensive experience managing public company resource exploration programs. He will work with other members of management on planning and budgeting for exploration programs, and will assist in the daily oversight of the Company's operations.

Goldstrike is a well-financed mineral exploration company with multiple discrete exploration projects in the Yukon. For more detailed information on these properties and the Company, refer to Goldstrike's web site at goldstrikeresources.com.

ON BEHALF OF THE BOARD

Terrence E. King, Director and CEO

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