Goldstrike Resources Ltd.

Goldstrike Resources Ltd.
Petro One Energy Corp.

Petro One Energy Corp.

June 21, 2011 09:15 ET

Goldstrike's Yukon Exploration Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2011) -Goldstrike Resources Ltd. (TSX VENTURE:GSR) and Petro One Energy Corp. (TSX VENTURE:POP) (FRANKFURT:C6K) After a comprehensive review of data, and analysis of the results of previous work, Goldstrike has commenced its exploration program covering twenty four gold exploration properties in Yukon totaling 3756 claims 78000 hectares. Estimated expenditures will be approximately $3.5 million during 2011. All technical teams and equipment are in place to complete these programs by summer's end. Descriptions of the principal properties are set out below.


White Gold District

The BRC property is contiguous with Kinross's White Gold property, and appears to contain many of the key indicators that led to the discovery of the 1.1 million ounce Golden Saddle deposit. Previous reconnaissance soil sampling outlined two 1 km long gold geochemical anomalies approximately on trend with and 5 km from the Golden Saddle discovery. Those anomalies remain to be explained, but gold values are comparable to the initial geochemistry over the Golden Saddle deposit, and streams flowing from the BRC and Kinross properties contain active placer claims. Enhanced satellite imagery and ground observations show that the geochemical target is associated with strong potassic and inferred clay alteration, flanked by on both sides by a halo of iron oxide. The 2011 work program includes prospecting, ground geophysics, detailed infill soil and deep auger sampling, with follow-up excavator trenching to confirm key horizons for drilling. On the LUCKY STRIKE property 5 km east of BRC, the focus will be on numerous gold soil anomalies up to 6 km long with values up to 75 ppb Au. These anomalies outline a series of linear structures that cut a similar of package of metamorphic rocks and resemble the geometry of the main vein systems outlined on Kaminak's Coffee Creek property. Recent drilling of extensive orogenic vein and breccia systems at Coffee Creek has returned intersections up to 2.83 g/t Au over 62 meters including 17.36 g/t Au over 7 meters. Like Coffee Creek, LUCKY STRIKE is located in an active placer mining area. A program of prospecting, mapping, ground geophysics, and deep auger sampling is underway to further define targets for excavator trenching and follow-up drilling. As soon as the results of the Phase I exploration are known, Phase II exploration is planned to begin on the BRC and LUCKY STRIKE properties.

Other orogenic gold projects, Yukon Tanana metamorphic belt

Phase I exploration will also be conducted on seven other orogenic gold targets in other parts of the Yukon Tanana metamorphic belt. BR and ARIES are located on the Coffee Creek trend, ROSEBUD SOUTH and CHANCES cover multiple strong gold silt anomalies in similar rocks east of the Stewart River. MORLEY and JIMMY were staked to cover favorable geology and multiple strong gold silt anomalies in Southeast Yukon, including two 99th percentile gold anomalies on the MORLEY property. LIVINGSTONE covers the inferred source of several of the most productive creeks in the Livingstone Creek placer gold camp. A quartzite amphibolite found in outcrop at the head of these creeks is thought to be a strong geological indicator to the source of the coarse placer deposits in the creeks draining the property. The initial exploration programs on these properties include reconnaissance silt, soil, and rock sampling, structure mapping, overburden drilling, backpack drilling, and ground magnetic and resistivity/IP surveys where appropriate, to be followed by excavator trenching of quartz veins and geophysical anomalies in preparation for drill target definition.


Nadaleen Gold Trend/Rackla Gold Belt

The STEN NW property ties onto the north boundary of ATAC's high profile gold belt, northwest of the Osiris discovery, where the first positively identified Carlin-style mineralization in Yukon has returned drill intersections of up to 65.2 m grading 4.65 g/t Au in calcareous sedimentary rocks. The gold mineralization at Osiris is associated with highly anomalous pathfinder elements including arsenic, thallium, and mercury. The STEN NW claims cover the inferred source of multiple gold silt anomalies, some with coincident arsenic, in creeks that drain from all sides of a mountain ridge 5 km north of ATAC's main geochemical trend. Regional geology maps show that the STEN NW claims are underlain by the same unit of Upper Proterozoic-Lower Cambrian shale, sandstone, siltstone and limestone that hosts the Osiris deposit. The RACKLA property also ties onto ATAC's claim block, midway between the Osiris and Tiger Zone discoveries, and is flanked on the east by a large block that was subsequently staked by Radius Gold. The RACKLA property covers the inferred source of the highest regional gold silt anomaly in the area.It also covers the core of an open 16 x 3 km anticline with the same type of rocks that host the gold at Osiris in the core, and the younger dolostone that hosts the Tiger Zone resource on the flanks. Thallium is anomalous in the same rock units on trend to the east, but was not analyzed as part of the regional geochemical survey that covers the RACKLA property. Phase I exploration on the STEN NW and RACKLA properties, includes reconnaissance geochemistry, prospecting, and mapping, to be followed up by a Phase II program of detailed geochemistry, trenching, and drilling based on the initial results.

Other Carlin-style projects, Selwyn Basin

Nine other Carlin-style targets will also undergo exploration, including BIG ONE, CANOL, EMERALD, GULL, MAC, PLATEAU, RUSSELL, SPEARHEAD, and SUMMIT. They were all staked to cover areas of favorable geology, geochemistry, and structure in the Selwyn Basin between the Osiris discovery and Northern Tiger's properties in the Hyland River gold belt (best results to date on the 3ACE property 4.3 g/t Au over 30.3 m, 14.8 g/t Au over 10.9 m, and a high grade chip sample of 29.56 ounces per ton (1,013 g/t) over 1.1 m). Goldstrike's properties are characterized by strong multielement geochemistry in multiple drainages, including gold, arsenic, antimony, mercury, and thallium. Initial exploration includes reconnaissance silt, soil, and rock geochemistry, prospecting, mapping, and geophysics, to be followed up immediately by a Phase II program of detailed geochemistry, trenching, and drilling as warranted.


Red Mountain-Dublin Gulch district

The ARIZONA property covers the west end of a structural corridor that includes AM Gold's Red Mountain and Victoria Gold's Dublin Gulch intrusive-related gold deposits (4 million ounces combined). It is located 600 m west and on trend with the Red Mountain deposit, and covers several active placer creeks.A government silt sample on the property returned 83 ppb Au with coincident As and Sb, and historic soil sampling in the southwest part of the property returned values up to 380 ppb Au and 922 ppm As that remains to be explained. The geological setting of the ARIZONA property also resembles Golden Predator's Brewery Creek and Ryan Gold's Ida/Oro properties approximately 30 km on trend to the west-northwest. Golden Predator recently reported an intersection of 74 m grading 7.08 g/t Au at the east end of the Brewery Creek property. The OLIVER property is adjacent to Golden Predator's extensive Scheelite Dome property south of Red Mountain (best drill intersection to date 25.40 m grading 11.12 g/t Au). It covers four regional gold silt anomalies, and several active placer creeks. One prolific placer creek drains a newly discovered quartz-sulphide breccia that has been identified as a potential source of coarse angular placers with nuggets reported up to 4.5 ounces. Both the ARIZONA and OLIVER properties cover metasedimentary rocks that also have potential for Carlin-style as well as intrusive-related mineralization (Murphy, 1997), and both properties have direct road access. Initial exploration includes reconnaissance geochemistry, prospecting, and mapping, to be followed up immediately by a Phase II program of detailed geochemistry, trenching, and drilling as warranted.

Rockhaven Klaza area

The STRIKE and KZ properties tie on to Rockhaven's newly reported Klaza discovery and Wolverine's high grade gold properties at the north end of the Nansen Gold Camp. Rockhaven has outlined four parallel gold-mineralized zones within a 1500 m wide northwest-trending structural corridor, and drill holes have intersected grades as high as 7.2 g/t Au and 260 g/t Ag over 15.3 m. The STRIKE property covers a 500 ppb gold anomaly and three other gold silt anomalies including 55 ppb Au on trend with the Rockhaven gold corridor, and is contiguous with one of Wolverine's claim blocks where strong silt and soil anomalies have outlined multiple linear structures. The KZ property covers the inferred source of three strong (99th, 98th and 95th percentile) regional gold silt anomalies of 17 ppb, 30 ppb and 767 ppb Au taken from three separate drainages. Those claims tie on to Rockhaven's Klaza property and are surrounded on the other three sides by Wolverine's AAA, BBB, and CCC properties. A linear structure outlined by 5 strong gold anomalies on Wolverine's BBB property projects south onto Goldstrike's claims, and the property is also cut by a major northwest-trending fault.

These exploration programs are planned to extend into late September or mid October.

"With the funding and an experienced Yukon team in place, and exploration underway covering some 24 Yukon gold properties, we look forward to a steady flow of news with much anticipation," said Goldstrike President Reimar Koch.

Petro One President Peter Bryant added, "Petro One is very excited to be a part of this ambitious gold exploration program in this emerging world class gold camp. On completion of the COB, Petro One received 4,000,000 Goldstrike shares, 5 year warrants exercisable to purchase up to 4,000,000 Goldstrike shares for $0.25 each and additional 5 year warrants exercisable to purchase up to another 3,000,000 Goldstrike shares for $0.70 each. If Goldstrike exercises its options on both the Lucky Strike and BRC properties in full, Petro One will receive, including the aforementioned shares and warrants, a total of 10,000,000 Goldstrike shares and 10,000,000 Goldstrike warrants, and Petro One's 30% interest in the Lucky Strike property will be a carried interest to production. As a significant shareholder in Goldstrike Resources, Petro One will have exposure to 22 highly prospective properties in addition to the two properties optioned to Goldstrike by Petro One, for a total of 24 properties that cover all of the most active gold camps in the Yukon at this time, and are expected to add significant shareholder value. We look forward to receiving the exploration results as they become available."

The technical data in this news release has been reviewed and approved by Trevor J. Bremner, P. Geo., who is a qualified person as defined in National Instrument 43-101. For more detailed information on these properties, refer to Goldstrike's web site at

Goldstrike also reports that it inadvertently referred to June 22, 2011 as the effective date for its change of name and change of trading symbol in its June 20, 2011 news release. The effective date for those changes is June 21, 2011.

Reimar Koch, President

Goldstrike Resources Ltd.

Peter Bryant President

Petro One Energy Corp.

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.

Contact Information