VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(APRAF)(KCG1.F) is pleased to announce that it has mobilized for the Phase One drill program on its 100% owned Plateau South property, targeting several locations where numerous high grade grab samples, up to 15.45 ounces per ton, were taken from bedrock and subcrop along the newly discovered 25 kilometre long Yellow Giant Trend (News Release October 30, 2012). The Phase One program is designed to test several strong drill targets at large structural intersections that coincide with high grade mineralization seen on surface, including the VG Zone, where high grade rock grab samples containing visible gold are associated with an extensive area of intense silica flooding and albitization of a previously unmapped felsic volcanic sequence. Initial drilling is planned to consist of a series of shallow holes of 150 metres or less, totaling up to 2,000 metres. Compilation of data from the 2012 exploration season indicates that the Yellow Giant Trend is a new district-scale gold bearing system, and the Company has identified many new areas of strong gold potential that remain to be explored.
Within the two kilometre long VG Zone, three dimensional magnetic imaging has defined a northeast-trending magnetic low approximately 250 metres long and 150 metres wide, directly beneath surface expressions of quartz and quartz-flooded felsic volcanics that produced grab samples containing visible gold, with multi-ounce samples taken from felsenmeer (subcrop) that included 15.45, 8.18, 6.13, 4.65, 1.90, and 1.76 ounces per ton (525.86, 280.60, 210.26, 159.48, 65.15, and 60.51 grams per tonne) as reported in previous news releases. This northeast structure is believed to be directly associated with the gold mineralization and strong silica (quartz) flooding seen at surface, and is to be drill tested.
Within the 11 kilometre long Goldbank Zone, several target areas to be drill tested have returned numerous bedrock samples assaying up to 26.99, 24.70 and 34.25 grams per tonne gold respectively. These bedrock target areas have a northwest-southeast orientation parallel to stratigraphy, and are thought to coincide with dilation zones related to flat-lying fold hinges in the volcanics, forming sites considered by Company geologists to have excellent potential for gold deposition. Based on alteration patterns, surface dimensions of individual target areas along the Goldbank Zone are up to 1 kilometre (1,000 metres) long, and 0.6 kilometres (600 metres) wide, and remain open.
Geophysics, spectral analysis, and petrochemical studies have outlined several large areas of quartz-albite alteration up to 4.1 kilometres long and 2 kilometres wide that coincide with the high grade mineralization found at surface in both the VG and Goldbank zones. Magnetic and geological mapping show that the alteration and highest gold grades are concentrated in areas where broad northeast-trending magnetic lows up to a kilometre wide cut across a thick sequence of regionally deformed rhyolite volcanics that strike northwest-southeast and have been folded twice about sub-horizontal northwest-trending axes. The crosscutting structures are interpreted as zones of closely spaced fracture cleavage that have allowed large volumes of quartz and albite to invade and alter the volcanic rocks. All of the evidence to date is consistent with a new district scale gold-bearing system.
"This is a new high grade gold discovery in a previously unknown volcanic belt, on ground that has never been staked before," said Goldstrike CEO and President Terry King. "We have used some of the best available technology and consultants in the business to mitigate risk, and have embarked on a program to drill the VG and Goldbank zones for the first time. We believe a successful drill campaign on this property will confirm that the Yellow Giant Trend/Plateau South area has the potential to evolve into a new gold camp, and build significant shareholder value. We look forward to the results of this summer's drilling with great anticipation."
Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd in Vancouver, BC and AGAT Laboratories Limited in Mississauga, Ontario, both of which are 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., Chief Consulting 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 the technical information in this release.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer
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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