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

Goldstrike Resources Ltd.

February 24, 2016 07:45 ET

Goldstrike Files for Advanced Permit on Plateau Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2016) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(OTC PINK:APRAF)(FRANKFURT:KCG1) is pleased to announce that based on the strong drill results and interest in its new district-scale Plateau gold discovery, it has now filed for a 5 year advanced exploration permit. This permit will cover all of the planned exploration activities that are required to systematically unlock the full potential of this underexplored, district scale gold system. It will also allow Goldstrike the flexibility to ramp up exploration programs and move the project forward at a much accelerated pace. Having such a permit in place will also enhance the appeal of the project to prospective senior partners and accommodate a significant investment in the project. The Plateau gold project has attracted widespread attention, including from major gold producers, and Goldstrike is focused on optimizing its exploration and financial options going forward to grow its asset value for its stakeholders.

In recognition of the significance of its Plateau discovery, Goldstrike has been invited to display drill core from its discovery hole in the Core Shack at the Prospectors and Developers Association (PDAC) conference in Toronto on March 6-7, 2016. The Company generated a significant amount of interest with its core display in the Core Shack at the Roundup in Vancouver last month.

ABOUT PLATEAU

The Plateau property is 100% owned by Goldstrike and covers a district scale gold-mineralized system known as the Yellow Giant Trend located in the Yukon Territory Canada. Multiple high grade gold showings (rock grab samples up to 18.66 ounces per ton) have been exposed along the Hess River valley over a strike length of more than 25 kilometers and a vertical extent of more than 1,000 meters, and significant drill results have been obtained in multiple holes (best intersection to date 13.25 grams per tonne gold over 17.5 metres true width in the Goldstack Zone, including 35.88 grams per tonne gold over 5.7 metres remains open) (News Release September 9, 2015). Fifty per cent of the holes drilled in 2015 intersected grains of native gold in the core. The gold is coarse and appears to be free milling.

Goldstrike plans to arrange funding to resume exploration at Plateau in late June or early July. The planned program calls for follow up sampling and mapping of bedrock gold anomalies in the Goldstack area to establish new drill targets similar to those identified by using the same proven process in the Goldstack discovery zone. This is intended to be followed by additional drilling at the Goldstack discovery zone designed to expand the known gold mineralization to depth and along strike. The Company also plans to take rock samples from Goldstack for initial metallurgical testing to assess the gold recovery.

MULTIPLE DRILL-READY TARGETS ON YELLOW GIANT TREND (PLATEAU SOUTH)

GOLDSTACK ZONE: Best drill intersection: 13.25 g/t Au over 17.5 m true width, including 35.28 g/t Au over 5.7 m. true width remains open.

GOLD DOME: Mineralized zone 9 square kilometres in extent. Blind drill holes through felsenmeer.

Best drill intersection 7.6 g/t Au over 9.03 m downhole width, and a second blind zone at a vertical depth of 83 m with 12.65 g/t Au over 0.5 m. Remains open.

GOLDBANK: Open 11 km long trend of high grade gold in bedrock chip samples assaying up to 639.75 g/t Au.

PLATEAU NORTH

GOLD RUSH: 2 km mineralized zone with up to 26.82 g/t Au in soil and 8.99 g/t Au in bedrock including a chip sample that averaged 5.56 g/t Au over 1 m. Remains open.

The Plateau property consists of 350 square kilometres of Crown Land with a settled first nation Land Claim, good access - four float-accessible lakes on and adjacent to property - and an airstrip 12 kilometres to south, and is in good standing with Yukon assessment work filings until 2029. It remains largely unexplored and has excellent potential for additional gold discoveries. The Fraser Institute currently ranks Yukon as the No. 1 jurisdiction in the world for mineral potential.

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.

Note: Grab samples are selective by nature and are unlikely to represent average grades on the property. 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.

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.

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