Goldstrike Commences Drilling on Plateau Property, Yukon
VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- GoldStrike Resources Ltd. (GSR.V) is pleased to announce that it has completed a 10,000 line kilometre airborne magnetic survey and a district-scale geochemical program. The programs were completed utilizing Newmont Mining Corp.’s (NYSE:NEM) exploration team and equipment combined with Newmont’s proprietary techniques and technologies. The company has now commenced the largest drill campaign to date on the Plateau Property - Goldstrike’s flagship project - which hosts a newly discovered district-scale gold system that extends for 50 km in Canada’s Yukon; 130 kilometres southeast of Mayo, Yukon.
Primary drill targets at the outset of the program are the Goldstack and Bonanza Zones and further targets are planned to be added as results from the geophysical and geochemical surveys are received and interpreted. Program planning will also allow for additional drilling to expand on positive results on Bonanza and Goldstack, as well as test newly discovered mineralized Zones at Plateau such as Big Bang, Bullion, Gold Dome, Goldbank and Goldrush as they evolve during the exploration program.
The drilling program for the Goldstack Zone is designed to expand known mineralization with pierce points at a 25 metre spacing along strike and at depth beyond previously drilled intervals such as that from Hole PSGS-16-01 (6.05 grams per tonne (gpt) gold over 45.5 metres, including 34.4 gpt gold over 6.75 metres - News Release, September 6, 2016). Previous drilling in the Goldstack Zone outlined a large tabular body of mineralization over 130 metres long, 40 metres wide and 10 to 17.5 metres thick that remains open for expansion along strike and at depth. Gold is hosted in parallel, sub-vertical fractures oriented similarly to the high-grade gold mineralized veins in the Bonanza Zone, located four kilometres to the northwest (News Release, September 6, 2016).
The newly discovered Bonanza Zone will be drilled for the first time. Surface mapping and sampling has outlined a 20 metre wide zone of auriferous quartz veins that remains open. Channel sampling of the veins during 2016 yielded prospective results including 15.1 gpt gold over 1.13 metres, 14.4 gpt gold over 0.9 metres, 6.9 gpt gold over 1.3 metres and 2.22 gpt gold over 2.75 metres (News release, October 3, 2016). The Bonanza Zone will be tested both along strike and down dip with a series of 25 metre spaced drill holes.
The Plateau Property covers over 570 square km and contains a new and undeveloped district-scale gold-mineralized system known as the Yellow Giant Trend. Through its brief history, starting in 2011 with the initial discovery by the Goldstrike team, the Plateau Property has year after year revealed an ever-expanding gold mineralized system that has now been identified over an area 50 kilometres in length and that remains open for expansion in all directions. Goldstrike formed a strategic alliance for the further exploration of the Plateau property with a Canadian subsidiary of Newmont Mining Corp. during March, 2017.
Message from the President: "We are delighted with the new partnership with Newmont and are very excited to receive the results from the proprietary, proven mine finding technologies and techniques that Newmont has implemented at the Plateau Property.”
Goldstrike is committed to transparency and the promotion of health, safety, environmental and community interests, which are integral to the conduct of its business. The Company supports the rights of workers and the communities in which it operates. It respects the traditional rights and culture of the First Nations and their concern for the environment and preservation of their cultural heritage. The Company is committed to building relationships based on honesty, openness, mutual trust and involvement, and to working with local communities to develop relationships that focus on creating value for everyone. WORKING TOGETHER, WE SUCCEED.
James Moors, P. Geo., Chief Geologist, 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
For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com. For further information follow the Goldstrike’s tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.
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Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; and the plans for completion of the contemplated transactions with Newmont as set out above. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.