Golden Spike Announces Soil Sampling Results and Receipt of Exploration Permits

Golden Spike Pronounces Soil Sampling Outcomes and Receipt of Exploration Permits

Golden Spike Assets Corp. (CSE: GLDS) (‘Golden Spike’ or the ‘Firm’) is happy to announce that it has obtained full analytical outcomes from a program of soil sampling on the Vein Zone goal, situated within the northern portion of the Gregory River Copper-Gold property (the ‘Property’) in western Newfoundland. As well as, the Firm has additionally obtained all required Authorities of Newfoundland and Labrador permits to provoke the 2023 exploration program.

Highlights: Soil outcomes reveal a number of westerly-trending, multi-element anomalies with copper, zinc, gold, cobalt and arsenic values.

The linear soil anomalies overlap with, or happen adjoining to, the areas of recognized veins on the Court docket A, B, and C prospects, but additionally proceed for multiple kilometre alongside strike over areas with no earlier documented exploration.

The soil survey additionally reveals extra multi-element anomalies offering compelling exploration targets for brand spanking new veins.

Golden Spike’s President and CEO, Keith Anderson commented, We’re excited to obtain the outcomes from our preliminary soil sampling program at our 100%-controlled Gregory River Property. These wide-spaced soil samples had been initially collected to check the effectiveness of soil surveying over the Vein Zone and the outcomes are very encouraging. Not solely did the soil survey outcomes present anomalous geochemical responses close to every of the recognized vein occurrences, however these anomalies proceed for multiple kilometre alongside strike offering robust exploration targets for vein-style mineralization. The survey additionally recognized a number of new potential traits between the recognized veins, in areas with no earlier documented exploration. With all exploration permits now in hand, we look ahead to fine-tuning our exploration program and initiating area work for an thrilling 2023 area season.’

2022 Soil Sampling Program

Throughout late 2022, the Firm accomplished a program of wide-spaced soil sampling over an approximate 1.6-kilometre by 2.0-kilometre grid on the Vein Zone. The survey comprised of 203 samples, collected at 200-metre line spacing and 50-metre pattern spacing, focusing on the B-horizon soil layer. As a result of troublesome climate circumstances and the boggy terrain overlying a lot of the Vein Zone, a number of of the proposed soil pattern areas weren’t efficiently collected leaving occasional information gaps within the grid. In the course of the upcoming 2023 area exploration program an try shall be made to gather extra samples in a few of the gaps. As well as, in-fill sampling shall be accomplished in chosen areas of the Vein Zone to offer higher decision of the soil anomalies to assist decide potential drill targets. The soil grid over the Steep Brook VMS goal, which was not accomplished throughout 2022 on account of poor climate circumstances, will even be initiated.

The vary of analytical values obtained for every important ingredient from the Vein Zone soil survey are as follows: Copper: 6 – 1,040 ppm

Zinc: 20 – 412 ppm

Gold: 90 ppm copper) that may be traced intermittently for greater than a kilometre alongside north-northwest to south-southwest trending instructions. Larger grade cores (>150 ppm copper) happen in most of the anomalies with copper grades as excessive as 1,040 ppm. Different important parts, together with zinc, gold, arsenic and cobalt, present related traits.

The vast majority of the Vein Zone is roofed with put up mineral cowl, composed of until and soil layers coated with low bushes, grass and moss. Rock outcrops are uncommon and principally present in eroded creek beds. Exposures of the vein mineralization are solely discovered at just a few areas and principally happen as one to two-metre-wide, and domestically as much as five-metre-wide quartz veins and structurally managed stockwork zones. The northwest to southwest trending veins are hosted predominantly in basalt and gabbro and mineralized with various quantities of pyrite, chalcopyrite, arsenopyrite and minor bornite and sphalerite. The analytical outcomes from the soil sampling seems to mirror the mineralogy from the veins and are due to this fact offers an efficient exploration method to hint the potential strike extension of the veins beneath the overburden.

Throughout 2023 the Firm plans to additional discover the VMS targets and the vein zone by extra soil sampling, mapping, sampling, trenching, geophysics and diamond drilling.

Exploration Permits

Golden Spike is happy to announce the receipt of floor exploration permits for the 2023 area season from the Division of Pure Assets, Newfoundland and Labrador. The exploration allow applies to floor fieldwork, together with geochemical surveys, floor geophysics, camp institution, entry path enhancements and diamond drilling.

About Golden Spike

Golden Spike Assets Corp. (CSE:GLDS) is a Canadian mineral exploration firm centered on figuring out, buying and unlocking worth in mineral alternatives in Canada and different low-risk jurisdictions. The Firm at the moment holds the rights to accumulate 100% curiosity within the 3,425-hectare Gregory River Property in Newfoundland, strategically centered over an approximate 11-kilometer-long stretch of the Gregory River VMS-belt, a north-northeast trending hall of very potential floor with potential to host Cyprus-type polymetallic VMS deposits. As well as, the Property hosts a cluster of traditionally explored, high-grade, copper +/-gold vein buildings.


Tel: +1 (604) 786-7774


Cautionary Assertion Concerning Ahead-Wanting Data

This information launch could include ‘forward-looking info’ and ‘forward-looking statements’ throughout the which means of relevant Canadian securities laws. All info contained herein that isn’t historic in nature could represent forward-looking info. Ahead-looking statements herein embody however should not restricted to statements referring to the prospects for growth of the Firm’s mineral properties, and are essentially based mostly upon quite a few assumptions that, whereas thought of cheap by administration, are inherently topic to enterprise, market and financial dangers, uncertainties and contingencies which will trigger precise outcomes, efficiency or achievements to be materially completely different from these expressed or implied by ahead trying statements. Besides as required by regulation, the Firm disclaims any obligation to replace or revise any forward-looking statements. Readers are cautioned to not put undue reliance on these forward-looking statements.

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