Goldstrike Resources Ltd.

Goldstrike Resources Ltd.

November 15, 2011 07:45 ET

Goldstrike Identifies Drill Target on Oliver Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINK SHEETS:APRAF)(FRANKFURT:KCG1) is pleased to announce that follow-up sampling of its Oliver property has confirmed previous results which included 4.003 grams per tonne gold in a grab sample (see news release August 9th, 2011). Another grab sample taken from outcrop five metres from the first sample during a short second pass program late in the season has just been reported at 3.154 grams per tonne gold. Both samples were taken from what is now known as the "Midas Touch Gold Zone".

The Midas Touch Zone strikes northeast-southwest for 880 metres and remains open. It is clearly recognizable as a dark silicified mafic volcanic layer in contact with a dark colored metasedimentary rock. As a result of the second program, a drill target has been identified along the northwest extension of the zone. The drilling will confirm the full extent of the gold zone where two of the highest grade samples have been found to date, and trenching is also recommended to expose the true thickness and the downdip extent of the open gold mineralized unit. The target is accessible by an existing trail that extends 2.3 two kilometres from a four wheel drive road along Bear Creek.

Sixteen rock grab samples collected during the follow-up program returned values between 1.9 parts per billion and 3,154 parts per billion (3.154 grams per tonne) gold. Every one of these grab samples showed elevated levels of one or more of the following elements: copper, cobalt, lead, zinc, silver, arsenic, antimony, and bismuth, with multiple samples exceeding the upper detection limit of the analysis. Assays from 321 soil samples are still pending.

The Oliver property is primarily underlain by metasedimentary rocks of the Proterozoic to Lower Cambrian Hyland Group, in proximity to several high level granite and quartz monzonite intrusions of Cretaceous age. Metamorphic grade appears to decrease across the property, with muscovite schist with phyllite and quartzite clasts on the east side to lower grade phyllite and quartzite in the west. Areas of brecciation and quartz veining in the north and south parts of the property are considered to be favorable target areas that require follow-up, as well as a 2.2 km long soil anomaly running northeast-southwest across the centre of the property, parallel to and six kilometres southeast of the Midas Zone that was identified as a result of the Phase I sampling.

Oliver is a large property covering more than 94.5 square kilometres, and is densely vegetated. The results of the 2011 reconnaissance sampling program have been very encouraging to date, and most of the property has yet to be explored. A program for summer 2012 is planned to consist of drilling, trenching, and detailed mapping, prospecting, and sampling.

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.

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 on the Oliver property, refer to recent associated links on Goldstrike's site at


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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