Goldspike Exploration Inc. ("Goldspike" or the "Corporation") (TSX
VENTURE:GSE) is pleased to report it has received notification of
an update on results from the optionee of the Corporation's Oliver
gold property (the "Property") in the Clear Creek district of the
Yukon. The optionee, Goldstrike Resources Ltd. ("Goldstrike"),
announced on August 9, 2011 the discovery of gold mineralization on
its first pass exploration of the Property. In addition to its
interest in the Goodman and Arizona gold properties optioned to
Goldstrike, Goldspike holds a 100% interest in 7 other gold
exploration properties in the Clear Creek district. The 9
properties are located near or adjacent to properties held by Ryan
Gold Corp., Golden Predator Corp., Victoria Gold Corp., and AM Gold
Inc. Goldspike recently completed initial exploration programs on
all of its properties in the Clear Creek area and is waiting for
assay results.
Bruce Durham, President of Goldspike, commented, "We are very
encouraged by the early success of Goldstrike on the Oliver gold
property. Most of our properties in the Clear Creek district are
large properties with strong geochemistry and covering areas of
current and historic placer mining. We hope to have results from a
number of our Clear Creek properties in the near future."
The report by Goldstrike released earlier today states as
follows:
"Goldstrike announced that follow-up sampling of its Oliver
property has confirmed previous results which included 4.003 grams
per tonne gold in a grab sample (see news release August 9th,
2011). Another grab sample taken from outcrop five metres from the
first sample during a short second pass program late in the season
has just been reported at 3.154 grams per tonne gold. Both samples
were taken from what is now known as the "Midas Touch Gold
Zone".
The Midas Touch Zone strikes northeast-southwest for 880 metres
and remains open. It is clearly recognizable as a dark silicified
mafic volcanic layer in contact with a dark colored metasedimentary
rock. As a result of the second program, a drill target has been
identified along the northwest extension of the zone. The drilling
will confirm the full extent of the gold zone where two of the
highest grade samples have been found to date, and trenching is
also recommended to expose the true thickness and the downdip
extent of the open gold mineralized unit. The target is accessible
by an existing trail that extends 2.3 two kilometres from a four
wheel drive road along Bear Creek.
Sixteen rock grab samples collected during the follow-up program
returned values between 1.9 parts per billion and 3,154 parts per
billion (3.154 grams per tonne) gold. Every one of these grab
samples showed elevated levels of one or more of the following
elements: copper, cobalt, lead, zinc, silver, arsenic, antimony,
and bismuth, with multiple samples exceeding the upper detection
limit of the analysis. Assays from 321 soil samples are still
pending.
The Oliver property is primarily underlain by metasedimentary
rocks of the Proterozoic to Lower Cambrian Hyland Group, in
proximity to several high level granite and quartz monzonite
intrusions of Cretaceous age. Metamorphic grade appears to decrease
across the property, with muscovite schist with phyllite and
quartzite clasts on the east side to lower grade phyllite and
quartzite in the west. Areas of brecciation and quartz veining in
the north and south parts of the property are considered to be
favorable target areas that require follow-up, as well as a 2.2 km
long soil anomaly running northeast-southwest across the centre of
the property, parallel to and six kilometres southeast of the Midas
Zone that was identified as a result of the Phase I sampling.
Oliver is a large property covering more than 94.5 square
kilometres, and is densely vegetated. The results of the 2011
reconnaissance sampling program have been very encouraging to date,
and most of the property has yet to be explored. A program for
summer 2012 is planned to consist of drilling, trenching, and
detailed mapping, prospecting, and sampling."
The report continues: "Sample analysis and assaying for all of
Goldstrike's projects are being conducted by Acme Analytical
Laboratories Ltd. in Vancouver, B.C., which is 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., Senior Consulting Geologist and
Advisor to Goldstrike's Board, 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.
For more detailed new information on the Oliver property, refer
to recent associated links on Goldstrike's site at
goldstrikeresources.com."
The option agreement covering the Property requires Goldstrike
as optionee to, among other things, make additional cash payments
totaling $1,000,000 to the Corporation and also requires Goldstrike
to issue a further 1,700,000 shares of Goldstrike to the
Corporation in order to earn a 100% interest in the Property,
subject to an exclusive back-in right that would allow the
Corporation to re-acquire a 30% interest in the Property in return
for a one-time payment of $5,000,000.
Bruce Durham, P.Geo, is a qualified person as that term is
defined by National Instrument 43-101 on behalf of Goldspike and is
the person responsible for the preparation of this release.
Goldspike recently activated its new website and invites
interested parties to visit the site at http://goldspike.ca for
regular updates on its 40 gold exploration properties in the Yukon,
the focus of Canada's latest GOLDRUSH.
CAUTIONARY STATEMENT: This news release contains forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, Goldspike's objectives, goals or future plans,
statements regarding the estimation of mineral resources,
exploration results, potential mineralization, exploration and mine
development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to, failure to convert estimated
mineral resources to reserves, capital and operating costs varying
significantly from estimates, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration
and development industry, and those risks set out in Goldspike's
public documents filed on SEDAR. Although Goldspike believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Goldspike disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the 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.
Contacts: Goldspike Exploration Inc. Bruce Durham President and
CEO 416-847-1833bdurham@goldspike.ca Goldspike Exploration Inc.
5600 - 100 King St. W. Toronto, Ontario M5X 1C9
416-847-1833http://goldspike.ca
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