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

Goldstrike Resources Ltd.

September 09, 2015 09:55 ET

Goldstrike Drills 13.25 Grams per Tonne Gold Over 17.5 Metres True Width Including 35.28 Grams per Tonne (1.03 Ounces per Ton) Over 5.7 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2015) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(OTC PINK:APRAF)(FRANKFURT:KCG1) is pleased to report that 2015 drilling intersected 13.25 grams per tonne gold over 17.5 metres true width, including 35.28 grams per tonne (1.03 ounces per tonne) over 5.7 metres true width at Goldstack. Metallic fire assays have confirmed the high grade mineralized drill intersections containing visible gold that were reported in the Company's July 1, 2015 News Release.

GOLDSTACK RESULTS

Three shallow holes were drilled at Goldstack. The first hole (PSGS15-01) stepped out 30 metres southeast of the 7 metre wide discovery outcrop that contains abundant free native gold, and intersected 13.25 grams per tonne gold over 17.5 metres, including 20.42 grams per tonne gold over 11.20 metres, including 35.28 grams per tonne (1.03 ounces per tonne) over 5.7 metres, including 62.68 grams per tonne (1.83 ounces per tonne) over 3.0 metres, and remains open. The dip angle between the discovery outcrop and the top of the high grade zone intersected in Hole PSGS-02 is 20 degrees to the southeast, and PSGS-01 was drilled with a dip of 70 degrees to the northwest. The data indicates that the intersections measured in hole PSGS-01 are true widths.

Hole PSGS15-02 was drilled vertically from the same setup, and intersected 2.35 grams per tonne gold over 40.5 metres (38.1 metres true width), including 8.10 grams per tonne gold over 10.8 metres (10.2 metres true width, including 18.09 grams per tonne gold over 4.00 metres (3.80 metres true width). The data show that the drill intersections are 94% of true width. This hole confirmed that the gold mineralization is getting thicker to depth, and remains open.

Hole PSGS15-03 was set up on the discovery outcrop, and drilled approximately down dip. The hole was not drilled to establish true width, but to confirm continuity and consistency of the gold mineralized zone. It shows that the mineralization is consistent over wide intervals, extends from surface to 94.5 metres, and remains open. The hole averaged 1.78 grams per tonne gold over its entire 94.5 metre length, including 2.51 grams per tonne over 66 metres, including 2.84 grams per tonne over 57 metres. An upper high grade section assayed 11.26 grams per tonne over 8 metres, a middle section averaged 1.84 grams per tonne gold over 19 metres, and a lower section returned 2.60 grams per tonne over 13 metres. The true width of the gold mineralized zone has been established by PSGS15-01 and PSGS15-02 and cannot be determined by a down dip hole.

These three drill holes show that the gold mineralized body is consistent and widens to depth, and have significantly expanded its dimensions that remain open. Further drilling is planned to trace the full extent of the high grade gold mineralized system. It is also planned to test other newly discovered gold showings and structures that have been discovered along the same 4 kilometre northwest-southeast Goldstack trend that remains underexplored. The 2015 drill results confirm the strong gold potential of the Goldstack zone, which is located within the 25 kilometre Yellow Giant Trend, a district scale gold system that remains largely unexplored and indicates enormous upside potential.

GOLD DOME RESULTS

Seventeen kilometres east of Goldstack, eight exploratory holes with various azimuths and a dip of 45 degrees were drilled to test some of the targets generated within a 450 by 450 metre area on Gold Dome, and to follow up Discovery Hole PSVG13-03 (7.6 grams per tonne gold over 9.03 metres - News Release 9 September, 2013). The 2015 holes were designed to test a variety of blind targets generated beneath felsenmeer. Seven of the eight holes intersected mineralized stockworks that remain open, and in addition, two of the holes (PSVG15-06 and PSVG15-08) contained multiple grains of coarse native gold (News Release July 21, 2015).

On Gold Dome, Hole PSVG15-06 was collared 63 metres south of Discovery Hole PSVG13-03 and was drilled to the north to test a blind, deep anomaly. It intersected four previously unknown gold mineralized zones downhole, including 9.09 grams per tonne gold over 1.5 metres near surface, and 12.65 grams per tonne gold over 0.5 metres within a 12.5 metre zone of mineralized stockwork and arsenopyrite at a downhole depth of 117 metres. The hole terminated in a previously untested area 30 metres north of Discovery Hole PSVG15-03, at a vertical depth of 93 metres below surface, and demonstrates strong upside potential for the discovery of additional new gold zones at depth within the largely unexplored 9 square kilometre Gold Dome area.

Hole PSVG15-02 was collared 45 metres south-southeast of the Discovery Hole PSVG13-03 and drilled in a southwest direction that was previously unexplored. This hole intersected 3.48 grams per tonne gold over 2 metres at a downhole depth of 71.5 metres, including 6.45 grams per tonne gold over 1 metre, again confirming the widespread distribution of gold on Gold Dome, both on surface and at depth, and demonstrating the strong potential for discovery of additional gold zones. Additional drilling is recommended in the next phase of exploration in order to trace the extent of the gold intersected in holes PSVG15-02, PSVG13-03, and PSVG15-06 that remain open.

Hole PSVG15-08 was collared 11 metres north of Discovery Hole PSVG13-03, and drilled in a downdip direction to test the continuity and consistency of the mineralization in Discovery Hole PSVG13-03. This hole intersected 18 metres of quartz stockwork with abundant arsenopyrite, and assayed 3.67 grams per tonne gold over 1 metre. It was drilled parallel to the southeast plunging gold-mineralized structure, with an 11 metre offset, and intersected the halo around the main gold mineralization in the Discovery Hole (7.6 grams per tonne gold over 9.03 meters). Further drilling is required to delineate the full extent of the gold-mineralized structure confirmed in the Discovery Hole that remains open.

All Gold Dome exploratory drilling tested different targets at various azimuths, and as a result, the true widths of the gold mineralization intersected cannot be accurately estimated at this time.

Follow up exploration is also recommended on multiple new shallow and deep targets on Gold Dome that have been identified within broad areas containing free native gold, with rock grab samples up to 184.4 grams per tonne (5.38 ounces per ton) gold. This includes a large 800 by 100 metre anomaly that remains open, with soil samples assaying up to 1,234.9 parts per billion (1.23 grams per tonne) gold. Numerous surface targets and subsurface geophysical anomalies remain to be tested to determine the full gold potential of the entire nine square kilometre Gold Dome area. Many of these targets are planned to be tested in the next phase of drilling.

These findings provide additional evidence of high grade gold mineralization over 1,000 metres of vertical relief between Gold Dome and Goldbank, and along the 25 kilometre Yellow Giant Trend, providing for strong gold potential in both the vertical and horizontal dimensions. Further drilling is recommended to follow up these new discoveries, and to define additional mineralized zones in order to realize the full upside potential of this new district scale gold system.

"These drill results indicate that the Plateau property is a significant original discovery with district-scale potential," said Goldstrike Director and Chief Geologist Trevor Bremner. "Seven drill holes show that the mineralized body at Goldstack has substantial dimensions, has consistency and continuity, and widens to depth. Similar structures and numerous surface showings on the property with metallic gold, and grades as high as 18.66 ounces per ton in bedrock, are widespread on the property. They have been found over a 25 kilometre strike length, and 1,000 metres of vertical extent, indicating that this is a very large gold system with tremendous potential for further discoveries like Goldstack. The gold seen to date is coarse, free milling, and likely amenable to gravity separation. With four float-accessible lakes on or adjacent to the property and an airstrip nearby, it has excellent access, making exploration very cost-effective. Goldstrike's local Yukon team has achieved all of the results to date in only 15 weeks of cumulative exploration on the ground. The Company looks forward to its next phase of drilling with great anticipation."

GOLDSTACK DRILL HOLES

Hole From (m) To (m) Length (m) Gold (g/t)
PSGS15-01 22.00 39.50 17.5(true width) 13.25
Including 24.80 36.00 11.20 20.42
Including 23.50 25.50 2.00 11.53
and 28.00 36.00 8.00 25.80
Including 29.80 35.50 5.70 35.28
(1.03 ounces per ton)
Including 29.80 32.80 3.00 62.68
(1.83 ounces per ton)
PSGS15-02 25.00 65.50 40.50
(38.1 m true width)
2.35
Including 26.20 37.00 10.80 8.10
Including 33.00 37.00 4.00 18.09
Including 34.30 37.00 2.70 25.80
PSGS15-03 0.00 94.49 94.49 1.78
0.00 66.00 66.00 2.51
0.00 57.00 57.00 2.84
Including 0.00 8.00 8.00 11.26
and 20.50 39.50 19.00 1.84
and 45.50 58.50 13.00 2.60

GOLD DOME (EXPLORATORY HOLES)

Hole From (m) To (m) Length (m) Gold (g/t)
PSVG15-01 0.75 1.75 1.00 0.20
and 24.50 25.00 0.50 0.32
PSVG15-02 26.90 27.40 0.50 1.8
and 72.00 74.00 2.00 3.48
Including 71.50 72.50 1.00 6.45
PSVG15-03 35.00 36.00 1.00 0.39
PSVG15-04 26.20 26.60 0.40 0.17
PSVG15-05 3.40 4.00 0.60 0.24
and 8.50 9.00 0.50 1.35
and 12.50 12.90 0.40 1.63
PSVG15-06 4.00 5.50 1.50 9.09
and 23.00 24.00 1.00 0.51
and 74.60 75.00 0.40 3.04
and 118.20 118.70 0.50 12.65
PSVG15-07 No significant gold values
PSVG15-08 9.50 10.50 1.00 3.67
Notes:
The 2015 drill program consisted of 11 holes totalling 924.16 metres.
Gold mineralization in PSGS-01 is true width.
True width of gold mineralized intersection in PSGS15-02 is 94% of downhole width.
PSGS15-03 and PSVG15-08 were drilled approximately down dip and all of the other Gold Dome exploratory drilling tested different targets at various azimuths. As a result, true widths cannot be reliably estimated at this time.
Grades are uncut.

GOLDBANK RESULTS

Numerous grab samples containing visible gold or gold mineralization grading up to 639.75 grams per tonne (18.66 ounces per ton) gold have been taken from bedrock in areas of stockwork and hydrothermal breccia along the 11 kilometre Goldbank zone, and the zone remains open (News Release July 21, 2015). New high resolution ground geophysics on the Goldbank zone this summer shows an association between high grade gold in bedrock, and geophysically indicated structural intersections. These are considered to be excellent targets with strong potential for the next phase of exploration.

"We have consistently maintained that the Plateau property has tremendous potential for a major high grade gold discovery," said Goldstrike President and CEO Terry King. "Our exploration results exceeded our expectations, and suggest that we could be seeing only the tip of the iceberg. We look forward to releasing further results after balance of this year's data is received, compiled and interpreted."

A total of 109 rock grab samples, 168 soil samples, and 710 drill core samples were taken on the Plateau South property in 2015. Rock grab samples ranged from detection level to 639.75 grams per tonne (18.66 ounces per ton) gold, soil samples ranged from detection level to 1,234.9 parts per billion (1,23 grams per tonne) gold, and core samples ranged from detection level to 116.87 grams per tonne (3.41 ounces per tonne).

Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property. Due to the coarse nature of the gold, the company is using metallics fire assays to capture the gold in the coarse fraction, providing the most accurate representation of the gold mineralization. Historically, regular fire assays have underestimated the grade of gold in coarse gold systems, and metallic fire assays and bulk samples can more accurately represent the true grade because they capture all gold including the coarse fraction, which otherwise could have been discarded.

Updated maps and drill sections are available under the header "What's New" on the home page of Goldstrike's web site (www.goldstrikeresources.com).

The Plateau property is 100% controlled and consists of 1,597 quartz mining claims covering approximately 352.5 square kilometres in the Mayo Mining District. All claims are located on Crown Land within the Traditional Territory of the Na Cho Nyak Dun First Nation, which has a settled land claim. The property was chosen as one of only six projects to be showcased by the Yukon Government in its 2014 Media Tour sponsored by the Yukon Government. It was written up by in 2014 by Northern Miner, Mining News North of 60, and Resource World. Yukoner Ron Stack received "Prospector of the Year" award for his discovery of the Goldbank zone on the property.

Sample analysis and assaying for all of Goldstrike's projects have been conducted by Acme Analytical Laboratories Ltd in Vancouver, BC, which is ISO 9001 accredited. Soil samples are dried at 60C, and 100 grams are 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 and drill core samples are crushed to 80% -10 mesh, and a 500 gram sample split is pulverized to 85% -200 mesh. 50 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. Selected samples are subjected to 500 gram 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. Trevor J. Bremner, P. Geo., Chief 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, and has reviewed and approved, the technical information in this release.

ON BEHALF OF THE BOARD

Terrence E. King, President and Chief Executive Officer

For new information from this program, please visit Goldstrike's website at GoldstrikeResources.com. For further information follow the Company's tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the 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.

Contact Information