VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2013) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(APRAF)(KCG1.F) is pleased to report the discovery of new gold-bearing breccias during a brief reconnaissance program of excavator trenching, prospecting, mapping, sampling and ground geophysics on its Summit property in southeast Yukon. All four short trenches returned significant gold values in an area where a grab sample taken from outcrop in 2012 returned 9.9 grams per tonne gold (News Release October 1, 2012). A chip sample of quartz breccia outcropping in excavator trench SUM-TR-03 averaged 2.74 grams per tonne gold over 5 metres, including 7.47 grams per tonne gold over 1 metre, and the gold -mineralized breccia remains open to the south. Rusty quartz breccia in an intersecting trench (SUM-TR-03C) assayed 4.72 grams per tonne gold over 1 metre and remains open to the southeast. Clay gouge in SUM-TR-04 returned anomalous values up to 0.25 grams per tonne gold. Trench SUM-TR-01 did not reach bedrock, but a grab sample of quartz stockwork in the trench returned 0.175 grams per tonne gold. Twelve rock grab samples of mineralized quartz breccia float from the trenched area returned values ranging from 0.39 to 11.41 grams per tonne gold. Fresh samples of quartz breccia show that the gold is associated with numerous arsenopyrite veins and disseminated arsenopyrite that have decomposed to hematite or limonite in the more weathered samples.
Soil sampling to date has outlined two strong multi-element gold-arsenic-antimony anomalies 1,000 metres apart, and returned values up to 508.2 parts per billion (0.508 grams per tonne) gold. The eastern soil anomaly associated with the trenches measures approximately 1,000 by 500 metres. The western soil anomaly measures approximately 1200 by 400 metres. Follow-up trenching is recommended to test both these gold anomalies. Four grab samples of mineralized quartz breccia float from the western anomaly ranged from 0.66 to 7.1 grams per tonne gold. A total of 83 soil samples out of 565 taken on the property to date returned over 50 parts per billion gold, 28 soil samples returned over 100 parts per billion gold, and 4 soil samples returned over 300 parts per billion gold.
The geology on the property consists of complexly folded and interbedded shale, sandstone, siltstone, limestone, and calcareous diamictite, within the hinge of a regional anticline. The sedimentary sequence is cut by large northwest-southeast and north-south striking faults that are marked by formation offsets, clay gouge, and a wide variety of breccias that appear to be associated with gold mineralization.
Goldstrike's technical team is very pleased to see such encouraging results from a very limited one-week reconnaissance program. The technical team believes the western gold anomaly is stratabound, while the eastern anomaly appears to be discordant and related to a broad zone of north-south faulting. Based on the trench intersections, numerous high grade rock grab samples, the size and strength of the soil anomalies, and the favorable geological setting, the Summit property shows excellent potential. A follow-up program of mapping, mechanical trenching, and diamond drilling is recommended.
Goldstrike's Summit and Lucky Strike exploration programs each qualified for a $30,000 YMIP grant. The Company acknowledges these generous grants from the Yukon Government to help offset its 2013 exploration costs on both the Lucky Strike and Summit properties.
A total of 83 rock grab samples, 48 pit and trench samples, and 126 soil samples were taken on the Summit property in 2013. Rock grab samples ranged from below detection level to 11.41 grams per tonne gold. Trench and pit samples ranged from below detection level to 7.41 grams per tonne gold over one metre. Soil samples ranged from below detection level to 423.7 parts per billion (0.4237 grams per tonne) gold. There are no sample assays outstanding.
Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd in Vancouver, BC, which is ISO 9001 accredited. Soil samples are dried at 60C, and 100 grams is 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 samples are crushed to 80% -10 mesh, and a 250 gram sample split is pulverized to 85% -200 mesh. 30 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. All samples containing visible gold or returning assays of more than 10 ppm gold are subjected to 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.
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, and has reviewed and approved, the technical information in this release.
ON BEHALF OF THE BOARD
Terrence E. King
President and Chief Executive Officer
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.
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 proces7.60ses, 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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