ORIGINAL: Golden Spike Increases Gregory River Property Size
2024-07-11 08:31 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2024) - Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) (FSE: L5Y) ("Golden Spike" or the "Company") is pleased to announce it has staked an additional mineral licence covering 1,625 hectares ("ha") adjacent to its 100%-owned Gregory River Copper-Gold property ("the Property") in western Newfoundland. As shown on Figure 1, the new licence significantly grows the size of the Property and bring the total area to approximately 5,050 ha (12,417 acres).
Highlights:
- The new licence significantly expands the total land package of the Property and further consolidates Golden Spike's strategic land position over the Gregory River district and the surrounding area.
- Expanded land position covers the potential southern extension of the Gregory River volcanogenic massive sulphide ("VMS") belt and adds exploration potential along the western boundary.
- Majority of the new licences remain underexplored and provide opportunity for new grass roots discoveries.
Golden Spike's President and CEO, Keith Anderson commented,
"We are excited that we have further expanded our Gregory River Property and now cover the potential southern extension to the VMS-trend. This land acquisition makes Golden Spike among the largest land holders in the Gregory River District and provides tremendous upside for exploration. Our upcoming summer exploration program will incorporate key portions of these new licences in our continued efforts to unlock value from this exciting district-scale opportunity."
The Mineral Licence
Mineral licence number 038133M was staked on behalf of the Company on June 9, 2024, and comprises an aggregate of 65 mineral claims. The new licence adds an additional 1,625 ha (approximately 4,015 acres) to the Property and brings the total area to 5,050 ha (approximately 12,417 acres). Historical work in 2008 in the northwest portion of the new Licence returned several angular float boulders with significant grades of copper and/or gold, including:
- Sample 90143: 2.99 grams per tonne/t gold and 2.24% copper
- Sample 90151: 5.50% copper
- Sample 90152: 0.99% copper
The source of these boulders was never determined and remains a compelling target for follow-on exploration.
2024 Exploration Program
The Gregory River copper-gold property work program will commence this summer and initially focus on further exploration at the highly prospective Steep Brook VMS-target, as well as the Vein Zone, where a series of sub-parallel, high-grade copper-gold veins have been previously identified. Both of these target areas are fully permitted, allowing the company to complete the necessary work to pinpoint drill targets and execute any subsequent drill programs this coming fall.
The work program will include IP/Resistivity surveys over Steep Brook and the Vein Zone followed by data interpretation and modelling to generate diamond drill targets. At the same time prospecting, mapping and sampling will take place over the Steep Brook target and portions of the newly acquired licence area, as well as other potential targets. Drilling would follow in a second phase of exploration this fall. Golden Spike is deeply committed to sustainable and environmentally conscious exploration practices. We are working in close partnership with local prospectors, consultants, and the community to kick off our exploration program.
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