GOLDSTRIKE samples 176 g/t (5.13 oz/ton) gold at McMurdo property, southern British Columbia, Canada

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Goldstrike Resources Ltd. (GSR.V) (Goldstrike) is pleased to announce that a limited program of prospecting and geochemical surveying in 2020 has confirmed high-grade gold (Au) mineralization at its newly staked McMurdo property in southern British Columbia, Canada.

This includes in situ and float rock samples that assayed up to 175.9 g/t Au (5.13 oz/ton) from its newly expanded “Crown Point” zone. Significant assay results exceeding 10 g/t Au are presented in Table 1.

Table 1: Significant assay results from Crown Point and Decision Creek (>10 g/t Au)

Rock Sample IDTypeExposureGold (g/t)Description
1880106GrabOutcrop47.420-30cm quartz vein with blebs of pyrite along margin of vein. Approx. 10% pyrite.
1880108GrabOutcrop175.92m-wide boudinaged quartz vein with massive pyrite seam along vein margin. Approx. 70% pyrite.
1880115GrabFloat76Quartz vein sample from tailings with patchy massive pyrite blebs. Approx. 60% pyrite.
1880132
GrabOutcrop49.71.5m-wide boudinaged quartz vein with blebby pyrite. Approx. 20% pyrite.
1880032GrabOutcrop13.3>2m-wide quartz vein with patchy-massive arsenopyrite and pyrite.

The program, designed to confirm the gold potential of the property, was successful in both extending historical gold showings and discovering new high-grade gold in quartz veins. A total of 33 soil samples and 74 rock grab samples were collected during the program. The results highlight the potential for significant precious metal mineralization in the area.

The Crown Point zone comprises a 400m x 300m area that contains auriferous quartz veins hosted in a micaceous grit unit. This area has been exposed following roughly 700m of glacial retreat since the turn of the 20th century, which provided company geologists with the opportunity to significantly expand the known historic mineralized zone. The quartz veins range from a few centimetres to 3m in width and contain irregularly disseminated pyritic mineralization throughout. Grab samples from these veins assayed up to 175.9 g/t (5.13 oz/t) Au.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/CROWN_POINT_ZONE_MM.jpg for the 2020 Crown Point sample results map.

The gold bearing quartz veins are hosted in a micaceous grit unit that is repeated ~1,700m to the southeast where known historical gold mine workings occur. These historical workings host gold mineralization analogous to the newly discovered Crown Point gold showings. Both showings are located on the same axial trace of a regional antiform and are within property boundaries. First-pass sampling from the historic workings returned gold assays up to 76 g/t (2.22 oz/ton) Au from pyritic quartz veins, and anomalous gold-in-soil assays up to 88 ppb Au. The similar geological and mineralogical settings of the two showings indicate potential for significant southeastward expansion of the high-grade gold system at Crown Point.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/GOLD_RESULTS_MAP_MM.jpg for the 2020 property-wide sample results map.

This is the first-time modern exploration methods have been employed to identify the gold potential of the McMurdo Property. Based on the strong results from this first-pass program, it is Goldstrike’s opinion that there is excellent potential for additional high-grade gold discoveries.

About McMurdo:

Location

The McMurdo property is a regional grassroots exploration target, generated in-house by Goldstrike’s exploration team. The property covers 1,728 hectares (4,258 acres) of highly prospective geology located in the northern Purcell Mountain range of southeast British Columbia. The property is located 30 kilometres southeast of Golden, British Columbia and can be accessed via maintained forest service roads or by helicopter based in the nearby town of Golden. It is 100%-owned by Goldstrike Resources with no underlying royalties or payments.

Geology

The property is underlain by a thick sequence of Proterozoic marine sedimentary rocks exposed in the core of the northwest trending Purcell Anticlinorium. This anticlinorium is deformed by a complex series of thrust faults and folds running parallel to the northwest-southeast trending axial trace. The rocks exposed on the McMurdo property belong to the Horsethief Creek group and comprise a series of prominent grit and quartzite sedimentary members separated by shales and minor carbonate units. The Cretaceous Battle Range Batholith intrudes the sedimentary rocks approximately 10 km southwest of the property. Gold mineralization occurs mainly as pyritic quartz veins that strike northwest and are steeply dipping to the northeast. The quartz veins are typically confined to the coarser grained grits and quartzites. Replacement style lead-zinc-silver (Pb-Zn-Ag) mineralization is confined to the more finely textured carbonate and shale units.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/McMurdo_Goldstrike_Resources_Presentation_Final_2020.pdf for the 2020 McMurdo presentation.

History

The area was first prospected in the late 1800s for gold and then shortly after for lead, zinc, and silver. The first gold discoveries were made in the early 1890s, and a small stamp mill was built on Decision Creek to treat gold ore obtained from the Burns and Dutchman mining leases. The present McMurdo property covers the former Burns mining leases and quartz-sulphide veins. At about the same time, the Crown Point prospect, comprising lead-zinc-silver replacement style mineralization, was discovered at the headwaters of McMurdo Creek. This prospect was periodically mined until the 1940s with a total of 762 meters of underground workings. Several minor gold showings were also discovered near the former Crown Point mine at this time.

In 1966, West Gate Mines completed the most recent documented exploration program focusing on gold in the area. West Gate’s work consisted of prospecting and re-sampling of historical workings, and recommended diamond drilling to follow up on results.

Commencing in the late 1970s, the area underwent regional exploration over a period of several years for SEDEX-style lead – zinc mineralization. A significant amount of geological, geochemical and geophysical surveying was completed, followed by exploration diamond drilling. Only a small portion of this work was completed on the McMurdo property, and most of the geochemical samples were not assayed for gold.

Message from the President

The confirmed presence of abundant high-grade gold veins that have been revealed by glacial recession, combined with the lack of modern-day gold exploration techniques, shows that the McMurdo property has strong potential for a significant gold discovery. With road access to the claim block and proximity to the community of Golden BC, the economics of developing a deposit are clearly enhanced. We are looking forward to advancing this high-grade gold property.

ON BEHALF OF THE BOARD

Daithi Mac Gearailt
President and Chief Executive Officer

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Goldstrike's Yukon exploration projects and has reviewed and approved the technical information in this release.

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com and sign up to receive news. For further information, follow Goldstrike’s tweets at Twitter.com/GoldstrikeRes, use the ”Contact” section of our website, or contact us at (604) 681-1820 or at info@goldstrikeresources.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; expectations regarding future exploration and drilling programs and receipt of related permitting. 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.


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