Luckystrike Resources Drills 4.55 Grams Per Tonne Gold Over 7.6 Meters; Discovers New Zone Expanding Scale of Monte Carlo to Depth and Along Strike

VANCOUVER, B.C., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Luckystrike Resources Ltd. (TSX-V:LUKY.V) is pleased to provide results for its 2018 exploration program at its 100%-owned Lucky Strike Property, located in the heart of the White Gold District, Yukon.

• Diamond drill hole DDLS-18-06 intersected multiple gold-bearing zones at the Monte Carlo zone, returning 1.16 grams per tonne gold (g/t Au) over 8.3 meters in the upper zone and 4.55 g/t Au over 7.6m in a newly discovered lower zone comprised of a broad gold-sulphide rich unit. This drill hole confirms the lower zone directly corresponds to a large, subsurface, strong IP chargeability anomaly that is defined for 1.8 kilometres and remains open in all directions. The discovery of this broad gold mineralized unit significantly expands the zone to depth, with very strong potential to quickly expand the scale and geometry of Monte Carlo both along strike and to depth by targeting this clearly defined 1.8 kilometre IP anomaly with future drilling (link to Figure 1).
  • The lower zone is considered highly significant, as drill hole DDLS-18-06 represents the only one to have targeted the IP chargeability zone and confirmed the presence of a broad zone of high-grade gold mineralization within the IP anomaly (link to Figure 1).
• Trenching at Monte Carlo returned 0.94 g/t Au over 30m including 1.14 g/t Au over 24m (link to Figure 2).
• The 2018 trenching has also significantly expanded the strike length of known gold mineralization along the Monte Carlo trend from 400m to 560m, and the zone remains open to the northwest and southeast.  Soil sampling, rock grabs, and IP indicate a larger footprint of 1800m x 450m on Monte Carlo, part of the 10 km Lucky Strike Corridor.
• Trenching and IP along the 10 km Lucky Strike Corridor was also successful in delineating several new drill targets at both the Maverick and Belmont zones.

Monte Carlo Zone Drilling

The 2018 exploration diamond drill program focused on the Monte Carlo zone and totalled 1359.71 meters of HTW-sized core from 11 holes. The program centered on expanding 2017’s 1033 meter drill program, which yielded numerous gold intercepts, including 5.36 g/t Au over 22m (see November 20, 2017 news release). Previous mechanical trenching in the area has also indicated widespread gold mineralization in the zone, returning results, which included 0.76 g/t Au over 78m (see September 26, 2016 news release). The 2018 drilling covered a strike length of 640 metres.  Drilling focused on testing the main Monte Carlo mineralized structure, identified through IP and previous drilling.  An untested, large subsurface chargeable IP zone, identified in a 2016 survey and expanded upon in 2018, has been outlined for 1.8 km, and remains open ended in a northwest and southeast direction.  The buried IP zone is characterized by strong chargeability responses (10 to 17 mV/V) and corresponding strong resistivity lows.  Expansion of the IP survey is highly recommended in both directions, in order to determine the full extent of the highly chargeable and low resistive zone, which corresponds to the 2018 drill intercept of a gold-bearing sulphide unit.  

Many gold-bearing drill hole intercepts were returned from the analyses of 1459 core samples (see Tables 1 and 2).  The majority of the drilling focused on the southeast trending Monte Carlo structure and its associated mineralization within an oxidized orthogneiss package (see Figure 1 for drill hole locations).  Drill hole DDLS-18-06 intersected high-grade gold (4.55 g/t Au over 7.6m, including 7.89 g/t Au over 4.0m) at depth (170m vertical depth) in a chargeable IP anomaly, confirming the excellent gold potential of this large subsurface IP anomaly. This intersection is significant, as high-grade mineralization occurs in un-oxidized, silicified-albitized, sulphidized country rock (orthogneiss); a gold/sulphide-rich unit that directly corresponds to a subsurface, strong IP chargeability zone, which is traceable for 1.8 kilometers, and remains open ended. This unit has excellent potential to quickly expand the high-grade gold mineralization intersected by drilling on Monte Carlo.

Table 1: Drill collar information

Table 2: Assay highlights

Trenching

Luckystrike Resources is also pleased to announce the results of its mechanized trenching program across the 10 kilometer Lucky Strike gold trend. Eleven trenches totalling 1865.5 meters were completed: two at Monte Carlo (213m), two at Belmont (810m), one at Samson (150m), five at Boss (526m), and one at Maverick (166.5m). Details and previous results of these gold mineralized zones can be found in the May 22, 2018 news release. Table 3 displays highlights from the 2018 trenching program.

At the upper and lower zones of Monte Carlo, trenches LSTR-18-01 (0.94 g/t Au over 30m including 1.14 g/t Au over 24m) and LST-18-02 (0.90 g/t Au over 22m) were  successful in increasing the strike length of known gold mineralization to approximately 500m, which remains open in both directions (see Figure 1 for Monte Carlo trench locations). Both the upper and lower zones reflect sub-parallel gold trends, having a close spatial relationship to the main Monte Carlo structure, where widespread low grade gold mineralization returned values up to 0.76 g/t Au over 78m in surface trenching.

Trenching at the Belmont zone on a 1500m x 800m gold-in-soil anomaly, located 3.5 kilometers south of Monte Carlo, yielded broad intercepts, such as 0.29 g/t Au over 10m. A significant zone of up to 200m of oxidized pyrite-bearing quartz veining was encountered in trenching, providing strong drill targets. A strong buried clearly defined chargeable IP anomaly was also identified at Belmont, similar to that seen at Monte Carlo. The open-ended anomaly is at least 250m long with excellent potential to expand this strong chargeability anomaly along strike. This chargeability zone has strong potential to be coincident with a gold-sulphide rich unit as seen at Monte Carlo and remains to be drill tested. Additional IP is strongly recommended to outline the full extent of this IP anomaly along the 10 kilometre Luckystrike corridor (link to Figure 3). Trenching at Boss (a 1000m x 100m gold-in-soil anomaly) and Samson (a 600m x 300m gold-in-soil anomaly) returned no significant gold intercepts in 2018. Previous results include trenching of 0.32 g/t Au over 12m and grab samples up to 41 g/t Au. Compilation and further interpretation of all the data will be used to focus future exploration efforts in these zones.

The Maverick zone represents the southeastern extent of the 10-kilometer gold trend. Assay results have confirmed the presence of continuous gold mineralization in the first mechanized trenching conducted at the gold zone. Trench LSTR-18-11 yielded 0.63 g/t Au over 16m, with open-ended gold mineralization on both ends of the trench, providing strong gold targets for future drilling.

Table 3: Mechanized trenching assay highlights

Reconnaissance Prospecting and Soil Sampling

The 2018 exploration completed a widespread reconnaissance soil sampling and prospecting program on the large, under-explored southeast half of the property. A total of 2540 soil samples and 148 rock grab samples were collected. Sampling was largely directed to structures identified through a 2017 property-wide LIDAR survey.

Multiple Au-Ag-Te-Hg soil anomalies were yielded from this survey, assaying up to 100 ppb Au. Most of the new anomalous gold zones are located along trend of known mineralization to the north. The majority of the soil sample assays were returned after the completion of the program and require follow-up exploration.  Very limited follow-up prospecting was completed. One anomalous zone is located 7 kilometers southeast of Maverick and yielded prospective float samples taken in the vicinity of a 53 ppb Au soil sample. Two rock grab samples collected from this area returned encouraging gold values of 0.70 g/t Au and 0.29 g/t Au. These newly identified soil gold anomalies occur in multiple areas, providing additional follow-up targets with excellent untapped discovery potential.

Message from William (Bill) Chornobay, President and CEO:

“We are pleased with the results from this year’s program and with the discovery of a new gold-bearing mineralized unit at depth and significant expansion of the known near surface gold zone at Monte Carlo. We look forward to continue drilling this gold discovery to outline its full extent both to depth and along and across strike. Over the last 10 years over 7 million ounces of gold has been discovered in the White Gold district. The 10-kilometer Lucky Strike Corridor is in the heart of this emerging gold camp that continues to provide new discoveries and attract significant interest and exploration. The Lucky Strike project is still in its infancy with only 2400 meters of exploratory drilling to date and has already shown it has all the right ingredients required – location, grade, dimensions, geology, and geochemistry – to quickly develop into the next big gold discovery.”

OTHER

Sample analysis and assaying for all of Luckystrike’s projects have been conducted by Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd) in Vancouver, BC, which is ISO-9001 accredited laboratory. Rock and drill core samples are crushed, split and pulverized to 250 g pulp, 200 mesh. For gold analysis a 50 g split is fire assayed with an ICP-ES finish (FA350-Au). Samples assaying >10 ppm Au are run with a gravimetric finish (FA550-Au). Samples also undergo a 45-element assay which involves a multi-acid digestion and ICP-ES/MS analysis (MA200). Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified QA/QC assay standards samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Stephen Roach, P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43-101, for Luckystrike's Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

ON BEHALF OF THE BOARD
William Chornobay President and Chief Executive Officer

For new information from the Company's programs, please visit Luckystrike's website at LuckystrikeRes.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Luckystrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

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.

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. 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 Luckystrike has attempted to identify important factors and risks that could affect Luckystrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Luckystrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Luckystrike may not be able to confirm historical exploration results and other risks set forth in Luckystrike's public filings at www.sedar.com. In making the forward-looking statements in this news release, Luckystrike 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, Luckystrike 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.