Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is
pleased to report that it has mobilized for its 2012 exploration program in the
Yukon. Two exploration teams will run two programs simultaneously. The diamond
drill has been secured for Goldstrike's entire exploration season and has
arrived in Dawson, ready for deployment.
Team One's program will include trenching, mapping, prospecting, ground
geophysics and diamond drilling on the Company's 100% controlled Plateau
project, which is considered the Company's flagship project based on results
from the 2011 program. The team will focus on expanding the gold discovery made
on the Plateau North grid, using trenching and diamond drilling. Team One will
simultaneously test the gold potential of multiple similar zones or structures
observed on the Plateau North property along the 12-kilometre Gold Rush Trend.
These structures are all believed to be related or connected to a much larger
regional gold system, thus having excellent gold potential.
Team One will also follow up on Plateau South, where a high-grade rock grab
sample containing visible gold assaying 4.65 ounces per tonne (159.5 grams per
tonne) (News Release November 7, 2011) was found in sandstone. That sample is
believed to be associated with a favorable stratigraphic gold horizon indicated
by both the geology and a gold mineralized zone identified by multiple anomalous
gold soil samples. Team One is to also follow up on a large, newly discovered
gold bearing quartz stockwork measuring 2 kilometres by 600 metres that remains
open in the Plateau West area, as well as numerous other targets identified
along the 25 kilometre underexplored Yellow Giant Trend. Initial indications
suggest that all of the targets in this area are related to a large regional
gold system.
Team Two will focus on expanding on multiple other new gold discoveries made in
2011 on the Summit, Big One, Cando 2, Livingstone, Lucky Strike, as well as
lower priority properties. The Company has dropped the BR property.
TEAM ONE 2012 EXPLORATION: PLATEAU (FLAGSHIP PROJECT)
Plateau North Gold Rush Zone
The Gold Rush Zone measures 12.5 kilometres by 1.5 kilometres and runs in a
west-southwest to east-northeast direction. Numerous strongly anomalous gold
values are associated with a Carlin-like geochemical signature along a three to
five metre wide shallow-dipping layer or structure within a favorable package of
calcareous and clastic sedimentary rocks. Stratigraphically controlled
mineralization is generally considered to have good tonnage potential because
sedimentary layers typically have consistent thickness and good lateral
continuity. The gold-mineralized layer has been traced for one kilometre on
surface and remains open. A 350-metre length of this structure that was sampled
in detail during 2011 has confirmed strong gold mineralization and is considered
drill ready. Soil sample highlights include 11,343.3 parts per billion (11.343
grams per tonne) gold, 9,914 parts per billion (9.914 grams per tonne) gold,
7,518 parts per billion (7.518 grams per tonne) gold, 4,375 parts per billion
(4.375 grams per tonne) gold, 2,549.3 parts per billion (2.5493 grams per tonne)
gold, 2,538 parts per billion (2.538 grams per tonne) gold, 2,432.8 parts per
billion (2.4328 grams per tonne) gold, 2,389.6 parts per billion (2.3896 grams
per tonne) gold, 2,389.1 parts per billion (2.3891 grams per tonne) gold,
2,348.7 parts per billion (2.348.7 grams per tonne) gold, 1,974.4 parts per
billion (1.9744 grams per tonne gold), 1,651.7 parts per billion (1.6517 grams
per tonne) gold, 1,438.3 parts per billion (1.4383 grams per tonne) gold,
1,204.7 parts per billion (1.2047 grams per tonne) gold, and 1,204.70 parts per
billion (1.2047 grams per tonne) gold (News Releases January 23, 2012 and
November 17, 2011).
Several strong outlying gold anomalies and structures that remain to be followed
up and explained are believed to be potentially associated with a much larger
regional gold system. These untested structures are thought to have very strong
gold potential and are all found along the Gold Rush Trend.
Plateau South (centre of 25 kilometre Yellow Giant Trend)
Several showings that were discovered during 2011 first pass exploration along
the 25-kilometre Yellow Giant trend have produced results that include a
previously reported rock grab sample taken on Plateau South with visible gold
assaying 159.5 grams per tonne (4.65 ounces per tonne) gold in sandstone (News
Release November 7, 2011). The sandstone host rock suggests the mineralization
could be stratigraphically controlled, and tonnage can be built rapidly with
this geologic model.
Plateau West: (western extent of 25 kilometre Yellow Giant Trend)
During the 2011 exploration program, a new zone of gold mineralization within a
2 kilometre by 600 metre area with quartz stockwork and massive veining was
identified in a newly staked western extension to the Plateau South property. A
rock grab sample of grey gold-mineralized quartz taken from subcrop/outcrop
assayed 4.738 grams per tonne gold and 6,852 parts per million arsenic (News
Release March 5, 2012). This extensive area of massive quartz veining and
stockwork remains open, and further confirms the significant gold potential of
the Yellow Giant Trend, which extends for at least 25 kilometres, is largely
unexplored along its entire length, and remains open.
Plateau East: (eastern extent of 25 kilometre Yellow Giant Trend)
During first pass exploration in 2011, gold mineralization was discovered in the
Plateau East area, within a large area of gossan 700 m long that remains open. A
rock grab sample taken here during 2011 assayed 1.133 grams per tonne gold.
(News Release March 5, 2012). Systematic follow up exploration is planned to
trace the full extent of the gold mineralization.
Team One Summary
The 2012 exploration program has been designed to outline the full extent of
these new gold zones, all of which appear to be related to, and potentially part
of, a much larger camp-scale gold system. These multiple new gold discoveries in
the Plateau area are all found along the Yellow Giant and Gold Rush trends,
collectively measuring some 37 kilometres that remain open and are underexplored
with strong gold potential. Multiple other areas of quartz veining and stockwork
that were noted along the Yellow Giant Trend during staking are also considered
to have excellent gold potential and remain to be sampled. These areas are to be
explored in 2012 by prospecting, mapping, trenching, ground geophysics and
diamond drilling, to outline the full extent of these systems.
TEAM TWO 2012 PHASE 2 EXPLORATION: OTHER PRINCIPAL PROJECTS
Summit:
Goldstrike's first pass reconnaissance sampling in 2011 on its 100% controlled
Summit property in Yukon resulted in the discovery of a new gold showing within
a 4 kilometre by 2 kilometre anomalous gold trend that remains open. A grab
sample of decomposed conglomerate with iron oxide matrix taken from outcrop in
the southeast part of the trend assayed 5.30 grams per tonne gold (News Release
November 2, 2011). This new showing has been named Solomon's Summit. The main
gold anomaly is located within a band of clastic limestone that is roughly 3
kilometres by 1.5 kilometres in extent, and is stratigraphically controlled
mineralization which, as noted above in relation to Plateau North, is generally
considered to have good tonnage potential because sedimentary layers typically
have consistent thickness and good lateral continuity. Samples taken along this
trend are anomalous in gold, arsenic, antimony, mercury, and thallium, and have
a Carlin-like geochemical signature. The 2012 exploration program is focused on
tracing the full extent of the limestone-hosted gold mineralization, in
preparation for diamond drilling.
Big One:
First pass exploration program on Goldstrike's 100% controlled Big One property
in 2011 resulted in the discovery of 18.56 grams per tonne gold in a rock sample
taken from subcrop, within a newly identified gold trend 11 kilometres long by
1.5 kilometres wide that remains open to the northwest and southeast (News
Release October 31, 2011). Samples taken from the southeast part of the trend
show a Carlin-like geochemical signature with consistently anomalous gold,
arsenic, antimony, mercury, and thallium values over a strike length of 1.8
kilometres. The 2012 exploration will consist of mapping and prospecting
designed to outline the full extent of the gold mineralization, and delineate
diamond drill targets.
New target area on Cando 2 property:
Limited exploration in 2011 resulted in a major new breccia zone being
discovered late in the season by Yukon prospector Tom Morgan while staking. The
claims cover Mt. Sheldon, and extend within 300 m of the North Canol Road.
Goldstrike's new discovery is described as a large area of brecciation and
quartz stockwork containing gold mineralization. Also observed during staking
was a four metre wide vein on the southeast side of the property that remains to
be sampled.
While staking, Morgan took two grab samples from the mineralized zone that
assayed 0.27 grams per tonne gold, and 0.31 grams per tonne gold, and traced it
for approximately 400 metres along strike (News Release November 3, 2011). The
vein itself was not sampled, and there is no record of any previous sampling in
this immediate area. The new showing comprises part of a larger 2.3 kilometre by
1.2 kilometre gold trend with a west-northwest orientation that remains open.
Government filings made in respect of historic first pass exploration elsewhere
on the property by Consolidated Ramrod Gold Corporation between 1992 and 1994
report 33 grab samples that assayed between 15 parts per billion and 6,167 parts
per billion (6.167 grams per tonne) gold, including twelve that returned values
over 250 parts per billion gold. The best of these returned gold values of 2,180
parts per billion (2.180 grams per tonne), 1,160 parts per billion (1.160 grams
per tonne), 983 parts per billion (0.983 grams per tonne), and 833 parts per
billion (0.833 grams per tonne). The historic samples were reported to be
anomalous in silver, copper, lead, arsenic, and bismuth, and were associated
with arsenopyrite, pyrite, pyrrhotite, molybdenite, and chalcopyrite, which are
all typical indicators of intrusive-related gold deposits. Consolidated Ramrod
also reported up to 65 parts per billion gold in reconnaissance soil samples.
The host rock is described as megacrystic granite of mid Cretaceous age, similar
to the large bulk-tonnage gold deposits at Dublin Gulch (Yukon) and Fort Knox
(Alaska). The 2012 program will include detailed mapping, prospecting and
sampling designed to outline the full extent of the gold mineralization and
delineate diamond drill targets.
Livingstone:
Newly discovered gold zones found during the first pass 2011 exploration program
appear to be potential sources for coarse placers that are actively being mined
downstream. One of the zones produced a grab sample that returned 8,226.5 parts
per billion (8.2265 grams per tonne/0.2 ounces per ton) gold from a structure
that is over 600 metres long and 70 metres wide (November 9, 2011). The other
zone produced a grab sample that returned 802 parts per billion (0.802 grams per
tonne) from a structure over 400 metres long. Both gold-mineralized structures
both remain open, and cover the headwaters of several prolific placer creeks,
including Cotoneva, Lake, and Summit Creeks, which together account for most of
the 50,000 ounces of recorded placer production in the Livingstone Gold Camp. A
total of seven parallel structures have been identified on the property in a 5
kilometre by 3-kilometre area, providing multiple targets with strong potential
for gold mineralization for follow-up exploration. The 2012 exploration program
is to consist of mechanized trenching, mapping and sampling, and is designed to
trace the extent of the gold mineralization in order to delineate additional
diamond drill targets.
Lucky Strike and Strike:
The Lucky Strike property is located in Yukon's White Gold District. It is less
than 1 kilometre from active placer operations, and is bisected by a surveyed
placer baseline. Previously reported trenching on the Lucky Strike property
uncovered Coffee Creek-style mineralization with samples as high as 3.06 grams
per tonne gold in silicified bedrock along a 7 kilometre northwest-trending
structure with strong gold potential that was outlined by geophysics (GSR-POP
joint news release August 18, 2011). Numerous gold anomalies are concentrated
along northeast, east-northeast, and north-south extensional structures similar
to those seen at Kaminak's Coffee Creek gold discovery. Additional positive
results have now identified three new gold-mineralized zones on the property
that require follow-up exploration. Grab samples taken from seven pits dug
upslope of the initial trench over a distance of 100 metres assayed 1031, 573,
542, 457, 282, 229, and 183 parts per billion gold respectively (News Release
November 3, 2011). These samples consist of oxidized, brecciated, and silicified
schist similar to the rocks that host the gold at Coffee Creek. A total of 554
soil, 150 rock, and 4 silt samples were taken on the Lucky Strike property in
2011, in addition to 2,713 soil samples taken by Petro One Energy Corp. in 2009.
A total of 101 soil samples collected to date have returned values ranging from
15 to 256 parts per billion gold, which is considered to be anomalous in this
area.
Gold in soil geochemistry and geophysics indicate that the Lucky Strike gold
anomaly and the key structure indicated by geophysics both extend onto claims
held by Atocha Resources Inc. (TSX VENTURE:ATT), which are contiguous to the
Lucky Strike claims. The Company has therefore secured an option from Atocha
entitling it to acquire up to an 80% interest in fourteen mineral claims
collectively known as the "Strike" claims. The new ground is considered by the
Company's consulting geologists to have strong gold potential, and this option
secures a key land package indicated by the significant exploration results to
date. The Atocha option is subject to acceptance by the TSX Venture Exchange.
The 2012 exploration program on Lucky Strike, which is now proposed to include
the Strike claims, is to consist of additional prospecting, mapping and
trenching designed to expand the gold anomalies and delineate diamond drill
targets.
"The results from the 2011 exploration season far exceeded our expectations and
there are many indications that we are seeing a new emerging gold district,"
said Goldstrike President Terrence King. "Several significant new gold
discoveries were made last year, including four on our principal Plateau
properties, and others on Summit, Big One, Cando 2, Livingston, and Lucky
Strike. We look forward to a steady stream of results from what will be a very
busy exploration season."
The essential terms of the option agreement on the "Strike" claims are as follows:
1. Upon payment of $5,000 and issuance of 50,000 Goldstrike shares to
Atocha, Goldstrike will have the right and option (the "Initial Option")
to acquire a 30% interest in the Property by:
a. payment to Atocha of an additional $5,000 on or before September 30,
2012;
b. the issuance to Atocha on or before September 30, 2012 of the lesser
of:
i. 50,000 Goldstrike shares; or
ii. that number of Goldstrike shares which is equal to the quotient
obtained by dividing $50,000 by the "Issue Price" (as defined
below) on September 30, 2012; and
c. incurring exploration expenditures of $100,000 on or before December
15, 2013.
2. Subject to exercise of the Initial Option, Goldstrike will have the
right and option (the "First Additional Option") to acquire an
additional 20% interest in the Property (for a total of 50%) by:
a. the issuance to Atocha on or before December 15, 2013 of the lesser
of:
i. 100,000 Goldstrike shares; or
ii. that number of Goldstrike shares which is equal to the quotient
obtained by dividing $100,000 by the Issue Price on December 15,
2013; and
b. the issuance to Atocha on or before December 15, 2014 of the lesser
of:
i. 100,000 Goldstrike shares; or
ii. that number of Goldstrike shares which is equal to the quotient
obtained by dividing $100,000 by the Issue Price on December 15,
2014.
3. Subject to exercise of the First Additional Option, Goldstrike will have
the further right and option (the "Second Additional Option") to acquire
an additional 30% interest in the Property (for a total of 80%) by
incurring additional Expenditures of $700,000 on or before December 15,
2016.
4. For the purposes of the Option Agreement, "Issue Price" means the
greater of the Minimum Deemed Share Price and the market price of such
Goldstrike Shares at the applicable time; and:
a. "Minimum Deemed Share Price" means $0.285, which was the Discounted
Market Price (as defined in the policies of the TSX-V) of
Goldstrike's shares on the last trading day prior to the date of
this news release; and
b. "market price" means the volume weighted average trading price of
Goldstrike shares on the TSXV or such other exchange on which
Goldstrike may then be listed for the 30 trading days prior to the
date specified for issuance of such Goldstrike shares.
5. The interest in the Property acquired by Goldstrike upon exercise of the
Initial Option, the First Additional Option or the Second Additional
Option, as the case may be, will be subject to an underlying royalty
equal to 2% of net smelter returns from production from the Property, of
which 2/3 (i.e. 2/3 of 2%) may be purchased by Goldstrike and Atocha
ratably according to their interests in the property after such time, if
any, as a development decision is made.
6. Upon Goldstrike exercising the Initial Option, the First Additional
Option or the Second Additional Option, as the case may be (or upon
Goldstrike delivering a notice that it will not exercise the First
Additional Option or the Second Additional Option after having so
elected, or the First Additional Option or the Second Additional Option
expiring), Goldstrike and Atocha will be deemed to have formed a joint
venture for the purpose of further exploring and, if deemed warranted,
developing the Property. If either party's joint venture interest is
thereafter reduced to less than 10%, such interest shall be converted to
a 2% NSR.
The option is the subject of an arm's length agreement with Atocha. No finder's
fee will be paid in connection with the proposed option.
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 and maps on the Plateau area properties, as
well as Summit, Big One, Cando 2, Livingstone, and Lucky Strike, see
Goldstrike's website at GoldstrikeResources.com.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer
Goldstrike Resources (TSXV:GSR)
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