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.
NINE OROGENIC GOLD PROPERTIES
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.
ELEVEN CARLIN-STYE GOLD PROPERTIES
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.
FOUR INTRUSIVE-RELATED GOLD PROPERTIES
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
www.goldstrikeresources.com.
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.
Contacts: Goldstrike Resources Ltd. Reimar Koch President (604)
688 8656 info@accelrate.com www.goldstrikeresources.com Petro One
Energy Corp. Jeff Stuart (604) 566 9089 info@petrooneenergy.com
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