Goldstrike intersects visible gold in Yukon

Goldstrike Resources Ltd. [GSR-TSXV; KCG-FSE] has intersected mineralization containing coarse visible gold in five drill holes (50% of the holes drilled) at the Gold Dome and Goldstack areas of the 100%-optioned Plateau Project, south of the Hess River, 300 km east of Dawson, Yukon Territory. The drilling intersected several zones of mineralized stockwork and breccia that remain open along strike and to depth. Drilling was based on compilation of all surface and subsurface data. Assays are pending on all holes.

On Gold Dome, hole PSVG15-08 targeted the discovery zone (7.6 g/t gold over 9.03 metres) and intersected 18 metres of strongly mineralized quartz stockwork containing abundant arsenopyrite, as well as coarse grains of native gold in multiple locations. The true width of the mineralized zone in hole PSVG15-08 is 9.0 metres. Hole PSVG15-06, which targeted a blind, deep anomaly, intersected 12.5 metres (true width) of mineralized stockwork with arsenopyrite at a downhole depth of 117 metres. Core from that hole contains coarse visible gold ranging from 1.5 millimetres to 3.0 mm in size in multiple locations.

This new discovery significantly expands the area of known gold mineralization, and shows that Gold Dome has strong potential to host multiple new gold-bearing stockwork zones at depth and along strike. Seven of eight holes drilled on Gold Dome in the program intersected quartz stockworks that remain open. These findings provide additional evidence of high-grade gold mineralization over 1,000 metres of vertical relief between Gold Dome and Goldbank, and along the 25-km Yellow Giant trend, providing for strong gold potential in both the vertical and horizontal dimensions.

Eight selected rock grab samples containing coarse native gold were taken from subcrop within a newly expanded area of 500 by 500 metres that remains open. These grab samples assayed 184.4 g/t tonne gold (5.37 oz/ton), 129.51 g/t (3.78 oz/ton) (sample 1769103), 70.40 g/t (2.05 oz/ton), 66.0 g/t (1.93 oz/ton), 52.33 g/t (1.53 oz/ton), 35.26 g/t (1.02 oz/ton), 11.47 g/t (0.33 oz/ton) and 0.33 g/t (0.01 oz/ton).

Many targets identified at depth and many areas returning surface samples containing coarse free gold or gold mineralization remain to be drill tested within a 9 km2 area of strong gold potential on Gold Dome. Many of these targets are planned to be tested in the next phase of drilling.

The Goldstack Zone is exposed on surface over a width of 7.0 metres, where extensive visible gold has been observed. The 2015 drilling targeted the Goldstack Zone at depth below hole PSGS13-04, which intersected 10.91 g/t gold over 10.0 metres in 2013. This year’s drilling intersected mineralization with visible gold in all 3 holes, and significantly expanded the dimensions of the Goldstack Zone, which remains open to depth and along strike.

Hole PSGS15-01 intersected 21 metres (true width) of mineralized stockwork and hydrothermal breccia with arsenopyrite. This zone includes a 15-metre interval with abundant coarse free gold. A total of 56 grains of native gold ranging up to 4 mm in size were identified within this interval.

Hole PSGS15-02 also produced drill core with numerous coarse gold grains up to 2.5 mm in size within 22 metres of mineralized stockwork and breccia (true width 21 metres). Hole PSGS15-03 intersected 77 metres of mineralized stockwork and also contained numerous grains of coarse free gold. This hole was drilled to confirm the consistency and continuity of the mineralization in preparation for the next phase of drilling. The true width of the stockwork intersected in hole PSGS15-03 is 21 metres.

Goldbank initial results

Numerous grab samples containing visible gold or gold mineralization have been taken from bedrock in areas of stockwork and hydrothermal breccia along the 11-km Goldbank Zone which remains open. Eight new selected grab samples containing coarse native gold returned 639.75 g/t gold (18.66 oz/ton), 287.71 g/t (8.39 oz/ton), 47.83 g/t (1.40 oz/ton), 35.91 g/t (1.05 oz/), 33.43 g/t (0.98 oz/ton), 16.74 g/t, 11.50 g/t and 7.66 g/t from metallics assays, and on re-examination, several other samples that returned high gold assays in 2013 were also found to contain coarse free gold.

These and many other strong gold targets identified in bedrock remain to be drill tested. Free native gold was previously not known to occur on Goldbank. The discovery of free gold on Goldbank is considered to be significant, as it shows that the mineralogy of Gold Dome, Goldbank and Goldstack is the same, and demonstrates that all three zones are part of one district-scale gold system (the 25-km Yellow Giant trend).

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