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

Goldstrike Resources Ltd.

July 21, 2015 07:45 ET

Goldstrike Update-Gold in Multiple Drill Holes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 21, 2015) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(OTC PINK:APRAF)(FRANKFURT:KCG1) is pleased to report that it has intersected mineralization containing coarse visible gold in 5 drill holes (50 per cent of the holes drilled) at Gold Dome and Goldstack. Holes in both areas of the Plateau project, Yukon, intersected several zones of mineralized stockwork and breccia that remain open along strike and to depth. The drilling was based on compilation of all surface and subsurface data. Assays are pending on all holes.

GOLD DOME INITIAL RESULTS

On Gold Dome, Hole PSVG15-08 targeted the discovery zone (7.6 grams per tonne gold over 9.03 metres - News Release 9 September, 2013) and intersected 18 metres of strongly mineralized quartz stockwork containing abundant arsenopyrite, as well as coarse grains of native gold in multiple locations. The true width of the mineralized zone in Hole PSVG15-08 is 9 metres. Hole PSVG15-06, which targeted a blind, deep anomaly, intersected 12.5 metres (true width) of mineralized stockwork with arsenopyrite at a downhole depth of 117 metres. Core from that hole contains coarse visible gold ranging from 1.5 mm to 3 mm in size in multiple locations. This new discovery significantly expands the area of known gold mineralization, and shows that Gold Dome has strong potential to host multiple new gold bearing stockwork zones at depth and along strike. Seven of eight holes drilled on Gold Dome during this program intersected quartz stockworks that remain open. 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.

Eight selected rock grab samples containing coarse native gold were taken from subcrop within a newly expanded area of 500 by 500 metres that remains open (News Release June 22, 2015). These selected grab samples assayed 184.4 grams per tonne (5.37 ounces per ton), 129.51 grams per tonne (3.78 ounces per ton) (sample 1769103), 70.40 grams per tonne (2.05 ounces per ton), 66.0 grams per tonne (1.93 ounces per ton), 52.33 grams per tonne gold (1.53 ounces per ton gold), 35.26 grams per tonne (1.02 ounces per ton), 11.47 grams per tonne (0.33 ounces per ton), and 0.33 grams per tonne (0.01 ounces per ton).

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

Many targets identified at depth and many areas returning surface samples containing coarse free gold or gold mineralization remain to be drill tested within a 9 square kilometre area of strong gold potential on Gold Dome. Many of these targets are planned to be tested in the next phase of drilling.

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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.

GOLDSTACK INITIAL RESULTS

The Goldstack zone is exposed on surface over a width of 7 metres, where extensive visible gold has been observed. The 2015 drilling targeted the Goldstack zone at depth below Hole PSGS13-04, which intersected 10.91 grams per tonne gold over 10.0 metres in 2013 (News Release September 9, 2013). 2015 drilling has intersected mineralization with visible gold in all three holes, and significantly expanded the dimensions of the Goldstack zone, which remains open to depth and along strike. Hole PSGS15-01 intersected 21 metres (true width) of mineralized stockwork and hydrothermal breccia with arsenopyrite. This zone includes a 15 metre interval with abundant coarse free gold. A total of 56 grains of native gold ranging up to four millimetres in size were identified within this interval. Hole PSGS15-02 also produced drill core with numerouscoarse gold grains up to 2.5 millimetres in size within 22 metres of mineralized stockwork and breccia (true width 21 metres). Hole PSGS15-03 intersected 77 metres of mineralized stockwork and also contained numerous grains of coarse free gold. This hole was drilled to confirm the consistency and continuity of the mineralization in preparation for the next phase of drilling. The true width of the stockwork intersected in Hole PSGS15-03 is 21 metres.

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GOLDBANK INITIAL RESULTS

Numerous grab samples containing visible gold or gold mineralization have been taken from bedrock in areas of stockwork and hydrothermal breccia along the 11 kilometre Goldbank zone, and the zone remains open. Eight new selected grab samples containing coarse native gold returned 639.75 grams per tonne gold (18.66 ounces per ton), 287.71 grams per tonne gold (8.39 ounces per ton), 47.83 grams per tonne gold (1.40 ounces per ton), 35.91 grams per tonne gold (1.05 ounces per ton gold), 33.43 grams per tonne gold (0.98 ounces per ton gold), 16.74 grams per tonne gold, 11.50 grams per tonne gold, and 7.66 grams per tonne gold from metallics assays, and on re-examination, several other samples that returned high gold assays in 2013 were also found to contain coarse free gold. These and many other strong gold targets identified in bedrock remain to be drill tested. Free native gold was previously not known to occur on Goldbank. The discovery of free gold on Goldbank is very significant, as it shows that the mineralogy of Gold Dome, Goldbank and Goldstack is the same, and demonstrates that all three zones are part of one district-scale gold system (the 25 kilometre Yellow Giant Trend).

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

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The gold found in subcrop, outcrop and drill holes is crystalline and occurs in a wide variety of lithologies, including hydrothermal breccia, quartz-albite stockworks, bull quartz veins, fine sugary-textured quartz, arsenopyrite veins, and disseminated in silicified wall rocks. The distribution of gold shows strong structural and stratigraphic controls. Mineralization is trapped in brittle, highly deformed and silicified felsic host rocks that are capped by impermeable shale layers. The felsic rocks occur in the upper plates of multiple stacked thrust faults and associated vertical tear faults that occur at all levels over a vertical extent of more than 1,000 metres within a regional deformation zone that remains open. This geological setting explains the multiple layers of mineralized stockwork and breccia, the large volume of fluid that has been documented, and the widespread concentrations of bonanza grade gold over such a wide area and depth range.

Additional information, maps, and photographs, are available under the header "What's New" on the home page of Goldstrike's web site (www.goldstrikeresources.com).

"The discovery of widespread coarse gold along the Yellow Giant Trend continues to demonstrate the tremendous upside potential of Goldstrike's Plateau property," said Goldstrike's Chief Geologist and Director Trevor Bremner. "We have intersected visible gold in 50% of the holes drilled this year. The presence of coarse high grade gold in all three zones and in multiple stacked layers that remain open shows that the entire property is part of a new district scale gold system that is underexplored, and presents a unique opportunity. We look forward to releasing assay results when they are available and to the next phase of drilling."

"These results have significantly advanced the property, and show many indicators of an evolving new gold camp", said Goldstrike President and Chief Executive Officer Terry King. "The geological team believes we have barely scratched the surface, and the best is yet to come. These strong results have exceeded our expectations, and we look forward to the assay results with great anticipation."

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.

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