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

Goldstrike Resources Ltd.

July 15, 2013 07:45 ET

Goldstrike Drilling Update-Visible Gold Intersected in Three Holes at Plateau South

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report that early exploratory drilling at the VG Zone on its flagship 100% owned Plateau South property in Eastern Yukon has intersected mineralization with visible gold in three of the first six holes (PSVG13-02, PSVG03, PSVG-06), and sulphide mineralization in every hole drilled to date, and the zone remains open. PSVG13-06 was drilled on trend 32 metres southwest of Hole PSVG13-03, and 20 metres southwest of Hole PSVG13-02. All holes have targeted locations where visible gold and gold mineralization were previously discovered in surface felsenmeer confirmed to be two to five metres thick. The gold-bearing structure strikes northeast-southwest, and cuts a 25 metre layer (true thickness) of intensely quartz-flooded and albitized rhyolite volcanics. Some drill holes contain multiple mineralized quartz stockworks and veins up to three metres in true thickness. Based on these initial results, the 2013 drilling program has been expanded and is ongoing.

Different styles of mineralization discovered to date across the Gold Dome are associated with intense quartz flooding and bleaching, veining, stockworks, and brecciation. Free crystalline and wire gold occur alone or are associated with disseminated arsenopyrite and pyrite.

The Plateau South property covers the 25 kilometre long Yellow Giant Trend discovered by Goldstrike in 2012 - a regional scale, gold bearing deformation system and felsic volcanic complex where numerous high grade grab samples, including one returning 15.45 ounces of gold per ton (529.86 grams per tonne gold), have been documented in bedrock and subcrop in multiple zones of mineralization (News Release October 30, 2012).

Detailed geophysics shows that the VG Zone is located within part of a magnetic low trend about 1,200 metres long and 300 metres wide that remains open. This zone strikes obliquely across a broad flat-topped ridge measuring approximately 2 by 1 kilometres that is now referred to as the "Gold Dome". The magnetic low trend is associated with the intense silica and albite alteration of the host volcanics described above. Within the magnetic low trend the gold mineralization appears to be controlled by a grid of subvertical east-northeast fractures and west-northwest structures, both of which are thought to be related to an episode of northeast-directed thrust faulting and associated folding. Careful prospecting along several of the other geophysically indicated structures has already resulted in the discovery of numerous additional rock grab samples containing visible gold and/or sulphide minerals in silicified volcanic subcrop. Prospecting, mapping, and drilling are ongoing within the Gold Dome area, and all zones currently remain open.

Armed with new data compiled from the 2012 and 2013 programs to date, initial exploration of several other high priority targets within the 25 kilometre long Yellow Giant Trend is well underway, and has already resulted in several new discoveries along the Goldbank trend, several kilometres to the northwest of the VG Zone. Mapping and prospecting in the Goldbank East area, the Ron Stack zone in the Central Goldbank area, and the Goldbank West zone, have demonstrated that previously reported high grade bedrock grab samples from each of these zones (up to 34.25, 26.99 and 24.70 grams per tonne gold respectively) are associated with arsenopyrite that is concentrated in dilational northwest-southeast trending fold hinges, as well as in cross-cutting veins and breccias that strike northeast-southwest. Surface dimensions of individual target areas along the Goldbank Zone are up to 1 kilometre long, and 600 metres wide, and remain open. Detailed surface exploration at the Ron Stack prospect located in the Central Goldbank area has substantially expanded this zone, with the discovery of new quartz stockworks and arsenopyrite-rich veins west of the original showing. A new quartz stockwork up to 5 metres wide and 160 metres long has also been discovered in the area of the 34.25 gram per tonne sample in the Goldbank East Zone. The new stockwork at Goldbank East contains arsenopyrite and pyrite and remains open along strike in both directions, significantly expanding the potential of this zone. Prospecting, mapping, and drilling are ongoing along the 11 kilometre Goldbank trend.

The bonanza grade of gold mineralization discovered on the property, the intensity and extent of silica flooding and albitization of the previously unmapped felsic volcanic sequence, and the extensive network of gold-bearing structures that were identified during less than three months of surface exploration to date all confirm the tremendous potential of this new district-scale system.

"Initial drilling at our flagship Plateau South property has met the Company's high expectations," said Goldstrike CEO and President Terry King. "Drilling is ongoing, and with visible gold seen in drill cores and in multiple new surface samples taken above well-defined subsurface structures, we look forward to receiving the assay results with great anticipation."

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 the technical information in this release.

ON BEHALF OF THE BOARD

Terrence E. King, President and Chief Executive Officer

For new photos and maps on the Plateau South property, please visit Goldstrike's website at www.GoldstrikeResources.com, or follow the Company's tweets at www.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.

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 processes, 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.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/gsr715i.pdf

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