Golden Spike Resources Completes Initial Drill Holes at Steep Brook and Commences Drilling at Lode 9
Golden Spike Resources has completed five diamond drill holes totaling 921 meters at the Steep Brook VMS target of its Gregory River Property in Newfoundland. Notable mineralization was found in holes GR-24-03 and GR-24-05, with chalcopyrite content ranging from trace amounts to 50% over various intervals. The drilling program has now moved to the Lode 9 Target, where approximately 4 holes totaling 900m are planned, followed by 4 holes at the Vein Zone. Initial assay results are expected in 4-6 weeks. The company has received a $95,691.86 grant from the Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources ha completato cinque perforazioni a diamond drill per un totale di 921 metri presso il target VMS Steep Brook della sua proprietà Gregory River in Newfoundland. È stata trovata una mineralizzazione notevole nei fori GR-24-03 e GR-24-05, con un contenuto di calcopirite che varia da quantità trascurabili fino al 50% in diversi intervalli. Il programma di perforazione si è ora spostato verso il Lode 9 Target, dove sono previsti circa 4 fori per un totale di 900 metri, seguiti da 4 fori nella Vein Zone. I risultati iniziali delle analisi sono attesi in 4-6 settimane. L'azienda ha ricevuto un grant di $95,691.86 dal Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources ha completado cinco perforaciones diamantinas que suman 921 metros en el objetivo VMS Steep Brook de su propiedad en Gregory River, Newfoundland. Se encontró mineralización notable en los hoyos GR-24-03 y GR-24-05, con un contenido de calcopirita que varía de cantidades mínimas hasta el 50% en varios intervalos. El programa de perforación ahora se ha trasladado al Lode 9 Target, donde se planean aproximadamente 4 hoyos que totalizan 900m, seguidos por 4 hoyos en la Vein Zone. Se esperan los resultados iniciales de los análisis en 4-6 semanas. La compañía ha recibido una subvención de $95,691.86 del Newfoundland Junior Exploration Assistance Program.
골든 스파이크 리소스(Golden Spike Resources)는 뉴펀들랜드의 그레고리 리버(Property) 내 스팀 브룩(VMS) 목표에서 총 921미터에 달하는 다이아몬드 시추홀 5개를 완료했습니다. GR-24-03 및 GR-24-05홀에서 주목할 만한 광물화가 발견되었으며, 칠코파라이트 함량은 미세한 양에서 50%까지 다양한 간격으로 나타났습니다. 시추 프로그램은 현재 로드 9 타겟(Lode 9 Target)으로 이동했으며, 여기서 약 4개 홀, 총 900m가 계획되어 있습니다. 이후 비인 존(Vein Zone)에서 4개 홀도 계획되어 있습니다. 초기 분석 결과는 4-6주 이내에 나올 것으로 예상됩니다. 이 회사는 뉴펀들랜드 주니어 탐사 지원 프로그램(Newfoundland Junior Exploration Assistance Program)으로부터 $95,691.86의 보조금을 받았습니다.
Golden Spike Resources a complété cinq forages au diamant totalisant 921 mètres sur la cible VMS Steep Brook de sa propriété de Gregory River à Terre-Neuve. Une minéralisation notable a été trouvée dans les trous GR-24-03 et GR-24-05, avec un contenu en chalcopyrite variant de traces à 50 % sur divers intervalles. Le programme de forage a maintenant déménagé vers le Lode 9 Target, où environ 4 trous totalisant 900 mètres sont prévus, suivis de 4 trous dans la Vein Zone. Les premiers résultats d'analyse sont attendus dans 4 à 6 semaines. La société a reçu une subvention de 95 691,86 $ du Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources hat fünf Diamantbohrlöcher mit insgesamt 921 Metern am VMS-Ziel Steep Brook seiner Gregory River-Liegenschaft in Neufundland abgeschlossen. Bemerkenswerte Mineralisierungen wurden in den Löchern GR-24-03 und GR-24-05 gefunden, mit einem Gehalt von Chalcopyrit, der von Spuren bis zu 50 % über verschiedene Intervalle reicht. Das Bohrprogramm hat nun zum Lode 9 Target gewechselt, wo ungefähr 4 Löcher mit insgesamt 900 Metern geplant sind, gefolgt von 4 Löchern in der Vein Zone. Die ersten Analyseergebnisse werden in 4-6 Wochen erwartet. Das Unternehmen hat einen Zuschuss in Höhe von $95,691.86 vom Newfoundland Junior Exploration Assistance Program erhalten.
- Successful intersection of significant mineralization in two drill holes
- Visual estimates show chalcopyrite content up to 50% over certain intervals
- Received $95,691.86 grant from JEA Program
- All analytical results still pending, visual estimates not guaranteed
Vancouver, British Columbia--(Newsfile Corp. - November 26, 2024) - Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) (FSE: L5Y) ("Golden Spike") is pleased to provide an update on its ongoing drilling program at the Gregory River Property ("the Property"), located on the west side of Newfoundland. The Company has successfully completed five diamond drill holes at the Steep Brook volcanogenic massive sulphide ("VMS") target, totaling approximately 921 meters ("m"), and has now mobilized the drill rig to the next priority target, Lode 9.
Highlights:
- Five holes completed at Steep Brook totaling approximately 921 m (Figure 1).
- Intervals of disseminated and fracture/veinlet-hosted pyrite and/or chalcopyrite mineralization, logged in holes GR-24-03 and GR-24-05.
- Core samples from the initial few holes have been submitted to the laboratory.
- The drill rig has been moved to the Lode 9 Target and drilling is underway.
Keith Anderson, President and CEO of Golden Spike Resources, commented:
"We are excited to have completed this inaugural phase of drilling at the Steep Brook Target and are now shifting our focus to Lode 9, the second of three promising areas to be tested during this drilling campaign. To have intersected zones of pyrite and/or chalcopyrite mineralization in two of the initial holes is a very positive start to our drilling program, especially since Steep Brook is still at an early stage of exploration and has only seen a few historical campaigns of exploration, and only one historical drill hole. Our team is committed to working with the drill results and other data to enhance our understanding of Steep Brook's mineralization potential and to continue to advance the drill program efficiently and responsibly. We look forward to sharing assay results with our stakeholders as soon as they become available."
Within drill hole GR-24-03 two zones of sulphide mineralization were geologically logged in the hole. The first occurs between approximately 9 m and 30 m, as a mix of disseminated and minor blebs of pyrite and chalcopyrite in chlorite altered pillowed basalt, as well as some sections of fracture-controlled sulphide stringers and sulphide mineralized quartz-carbonate veinlets. Visual estimates of chalcopyrite mineralization are variable and range from trace amounts, up to
Figure 1: Location of Steep Brook Drill Holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8310/231336_81287ac0b4ea2bf6_001full.jpg
Note: Soil samples and a portion of the rock samples are historical and since the companies that collected the data were mid-size to large, reputable companies that would have had sampling methodologies and quality control processes in place that were considered industry-standard for that time, the QP feels that it is reasonable to report these results as historical and provide a use guide for future exploration at these prospects.
Mineralization occurs as a mix of fracture-controlled sulphides, quartz-carbonate veinlet-hosted sulphides, and sulphide-rich fragments and disseminated specks in breccias. Visual estimates of chalcopyrite are variable, ranging between trace and
Drill hole GR-24-05 intersected one main sulphide zone, from the base of the overburden at about 10 m, to approximately 42 m down the hole. The top 10 m of this interval are logged as fine-grained gabbro, followed by a sequence of fine-grained massive basalt and breccia. All units show pervasive chlorite-silica alteration throughout. Sulphide mineralization consists of breccia matrix hosted blebs of semi-massive pyrite and chalcopyrite, along with a component of fracture-hosted and fine disseminated sulphides. A visual estimate of chalcopyrite mineralization over this interval ranges between
The Company cautions that with respect to reporting of any visible sulphide mineralization, including pyrite or chalcopyrite, or other visual mineralization indicators such as alteration, visual observations and estimates are uncertain and should not be taken as a substitute for geochemical analyses. The estimates of sulphides were observed and reported in drill hole logs by the onsite project geologist and are subject to final analytical results and interpretations and do not represent anticipated grades of copper, or other metals within the mineralized intercepts. Analytical results will be reported once they have been received, validated and interpreted by the Company.
Photos 1 and 2: Photo 1 (left), selected interval from GR-24-03 at about 71m depth showing disseminated and blebs of pyrite and chalcopyrite. Photo 2 (right), selected interval from GR-24-05 at about 12m depth showing brecciated basalt with infilling of quartz-carbonate and pyrite-chalcopyrite mineralization. Note that these intervals are not representative of the entire drill hole, nor the entire mineralized interval.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8310/231336_goldenspikefigure2.jpg
Steep Brook Target Drilling Information
Diamond drilling at Steep Brook was conducted by Rally Drilling Services Inc., from October 28 to November 16, 2024, during which time five holes totalling 921 metres ("m") were completed (Figure 1). The drill holes were designed to test multiple anomalies, including first priority Induced Polarization/Resistivity ("IP") anomalies (refer to press release "Golden Spike Announces IP Survey Results from Gregory River, October 17, 2024) and surface rock sampling results (refer to press release "Golden Spike Announces Start of Drilling, and Rock and Soil Sampling Results from Gregory River, October 29, 2024) from our summer exploration program, along with historical drill results (Duval, 1985), historical soil anomalies (Noranda, 1991), and additional historical rock samples from various campaigns.
Since the companies that collected the historical drilling data and surface samples were mostly mid-size to large, reputable companies that would have had sampling methodologies and quality control processes in place that were considered industry-standard for that time, the QP feels that it is reasonable to report these results as historical and to use them as a guide for on-going exploration at these prospects. During this summer's sampling program, a portion of the historical sample sites were re-sampled by Golden Spike, further supporting the general range of grades historically reported. Furthermore, during January 2023 the Company relogged and sampled a portion of historical drill hole CC-2, returning a similar range of copper values and providing support for the historical grades in this hole.
All of the recent holes were drilled at moderate dips, ranging between -47 and -55 degrees, to down-hole depths ranging between 172 m and 206 m. Drill holes GR-24-01 to GR-24-04 were drilled towards the east, while GR-24-05 was drilled towards the west. Drill hole sample lengths range between 0.44 m and 2.25 m, but average around 1.0 m. Table 1 summarizes the drill hole details and Figure 1 shows the locations of the drill holes.
Although sample core cutting is still underway, samples from the initial few holes have been submitted to SGS Natural Resources ("SGS") in Grand Falls, Newfoundland for preparation and analysis. SGS is an internationally recognized laboratory and is independent of Golden Spike. SGS conforms to the requirements of ISO/IEC 17025:2017. Scopes of Accredited tests are site specific, please visit Accredited Organizations | Standards Council of Canada (scc-ccn.ca).
At the preparation laboratory, samples will be crushed to
All analytical results from the Steep Brook holes are still pending and results will be released once they have been received, validated and interpreted by the Company.
Table 3: Steep Brook Target Diamond Drilling
| Drill Hole | UTM EAST | UTM NORTH | Elevation (masl) | Length (m) | Azimuth (degrees) | Dip (degrees) | Assay Status |
| GR24-001 | 415840 | 5461029 | 285 | 206 | 90 | -55 | Pending |
| GR24-002 | 415581 | 5460829 | 229 | 175 | 90 | -50 | Pending |
| GR24-003 | 415989 | 5461129 | 288 | 172 | 90 | -51 | Pending |
| GR24-004 | 416037 | 5461329 | 341 | 172 | 90 | -50 | Pending |
| GR24-005 | 416005 | 5460629 | 193 | 196 | 270 | -47 | Pending |
| Total Drilling | 921 |
Notes: Collar coordinates are measured by handheld GPS and will be more accurately surveyed at a later date; UTM coordinates are reported using NAD83.
Next Steps
With the completion of the drilling at Steep Brook the drill rig has been mobilized to Lode 9 drilling, where approximately 4 holes will be completed totaling 900 m. Following Lode 9, the rig will be moved to the final priority target, the Vein Zone, where an additional 4 holes will be drilled totaling approximately 830 m. Drill hole samples will be shipped to the laboratory on a regular basis and the assays from the initial holes are expected to be returned in approximately 4-6 weeks. All analytical results will be released as they are received, validated and interpreted by the Company.
QA/QC and Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by Mr. Robert Cinits, P.Geo, a director of the Company and a "Qualified Person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Company has incorporated a rigorous quality assurance/quality control ("QA/QC") program during the drill hole sampling, which includes the regular insertion of Company standards, blanks and duplicates at a frequency of approximately 1 per 20 regular samples.
JEA Program
Golden Spike Resources Corp. is deeply appreciative of being selected as a recipient of the Newfoundland Junior Exploration Assistance (JEA) Program. The anticipated financial support of
About Golden Spike
Golden Spike Resources Corp. (CSE: GLDS), (OTCQB: GSPRF), (FSE: L5Y) is a Canadian mineral exploration company focused on identifying, acquiring and unlocking value in mineral opportunities in Canada and other low-risk jurisdictions. The Company currently holds
For further information, please contact: Keith Anderson, President, Golden Spike Resources Corp. Tel: 604-786-7774, Email: kanderson7774@gmail.com
Website: https://www.goldenspikeresources.com
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Anderson
Golden Spike Resources Corp.
830 - 1100 Melville St.,
Vancouver, BC, V6E 4A6
+1 (604) 786-7774
info@goldenspikeresources.com
www.goldenspikeresources.com
"Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release."
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" occur.
Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the volatility of global capital markets, political instability, unanticipated costs, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the lack of availability of capital and financing, general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, failure of counterparties to perform their contractual obligations, failure of the exploration program, including the recent IP survey and the current drilling program to result in the discovery of significant precious and/or base metal mineralization, and those risks, uncertainties and factors set forth in the Company's disclosure record under the Company's profile on SEDAR+ at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information contained herein. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement or forward-looking information disclosed herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231336
FAQ
What are the initial drilling results at Golden Spike's (GSPRF) Steep Brook target?
When will Golden Spike (GSPRF) release the assay results from Steep Brook drilling?
How much funding did Golden Spike (GSPRF) receive from the JEA Program?
