Golden Spike Announces Soil Sampling Results and Receipt of Exploration Permits
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GOLDEN SPIKE ANNOUNCES SOIL SAMPLING RESULTS AND
RECEIPT OF EXPLORATION PERMITS
Vancouver, British Columbia, March 06, 2023 – Golden Spike Resources Corp. ( CSE:GLDS) (“Golden
Spike” or the “Company”) is pleased to announce that it has received full analytical results from a
program of soil sampling at the Vein Zone target, located in the northern portion of the Gregory River
Copper-Gold property (the “Property”) in western Newfoundland. In addition, the Company has also
received all required Government of Newfoundland and Labrador permits to initiate the 2023
exploration program.
Highlights:
• Soil results reveal several westerly-trending, multi-element anomalies with copper, zinc,
gold, cobalt and arsenic values.
• The linear soil anomalies overlap with, or occur adjacent to, the locations of known veins at
the Court A, B, and C prospects, but also continue for more than one kilometre along strike
over areas with no previous documented exploration.
• The soil survey also reveals additional multi-element anomalies providing compelling
exploration targets for new veins.
Golden Spike’s President and CEO, Keith Anderson commented,
“We are excited to receive the results from our initial soil sampling program at our 100%-controlled
Gregory River Property. These wide-spaced soil samples were initially collected to test the
effectiveness of soil surveying over the Vein Zone and the results are very encouraging. Not only did
the soil survey results provide anomalous geochemical responses near each of the known vein
occurrences, but these anomalies continue for more than one kilometre along strike providing strong
exploration targets for vein-style mineralization. The survey also identified several new prospective
trends between the known veins, in areas with no previous documented exploration. With all
exploration permits now in hand, we look forward to fine-tuning our exploration program and
initiating field work for an exciting 2023 field season.”
2022 Soil Sampling Program
During late 2022, the Company completed a program of wide -spaced soil sampling over an
approximate 1.6-kilometre by 2.0-kilometre grid at the Vein Zone (Figure 1). The survey comprised
of 203 samples, collected at 200-metre line spacing and 50 -metre sample spacing, targeting the B -
horizon soil layer. Due to difficult weather conditions and the boggy terrain overlying much of the
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Vein Zone , several of the proposed soil sample locations were not successfully collected leaving
occasional data gaps in the grid (Figure 2). During the upcoming 2023 field exploration program a n
attempt will be made to collect additional samples in some of the gaps. In addition, in-fill sampling
will be completed in selected areas of the Vein Zone to provide better resolution of the soil anomalies
to help determine potential drill targets . The soil grid over the Steep Brook VMS target (Figure 1),
which was not completed during 2022 due to poor weather conditions, will also be initiated.
The range of analytical values received for each significant element from the Vein Zone soil survey are
as follows:
• Copper: 6 – 1,040 ppm
• Zinc: 20 – 412 ppm
• Gold: <5 – 74 ppb
• Arsenic: 3 – 329 ppm
• Cobalt: 7 – 103 ppm
Contoured soil results for copper show several 50- to 150-metre-wide anomalies (>90 ppm copper)
that can be traced intermittently for more than a kilometre along north-northwest to south-
southwest trending directions. Higher grade cores (>150 ppm copper) occur in many of the anomalies
with copper grades as high as 1,040 ppm. Other significant elements, including zinc, gold, arsenic and
cobalt, show similar trends. The contoured soil copper values from the Vein Zone are shown on Figure
2.
The majority of the Vein Zone is covered with post mineral cover, composed of till and soil layers
covered with low bushes, grass and moss. Rock outcrops are rare and mostly found in eroded creek
beds. Exposures of the vein mineralization are only found at a few locations and mostly occur as one
to two-metre-wide, and locally up to five-metre-wide quartz veins and structurally controlled
stockwork zones. The northwest to southwest trending veins are hosted predominantly in basalt and
gabbro and mineralized with varying amounts of pyrite, chalcopyrite, arsenopyrite and minor bornite
and sphalerite. The analytical results from the soil sampling appears to reflec t the mineralogy from
the veins and are therefore provides an effective exploration technique to trace the potential strike
extension of the veins below the overburden.
During 2023 the Company plans to further explore the VMS targets and the vein zone through
additional soil sampling, mapping, sampling, trenching, geophysics and diamond drilling.
Exploration Permits
Golden Spike is pleased to announce the receipt of surface exploration permits for the 2023 field
season from the Department of Natural Resources, Newfoundland and Labrador. The exploration
permit applies to surface fieldwork, including geochemical surveys, ground geophy sics, camp
establishment, access trail improvements and diamond drilling.
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Figure 1: Property and Target Location Map
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Figure 2: Copper Soil Sampling Results – Vein Zone
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QA/QC and Qualified Person
The Company retained the services of Planet X Exploration Services Ltd., based out of Gander,
Newfoundland, to complete the soil sampling survey. All soil samples were submitted to Eastern
Analytical, where they were analysed for gold by a 30 -gram fire assay and a 34 -element ICP -OES
package, using a 4-acid digestion. Samples that were over the upper detection limits for copper, zinc,
silver and cobalt were further analysed by atomic absorption, using a 3-acid digestion. The Company
follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that
includes the regular insertion of standards, blanks and duplicates into the sample stream.
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.
About Golden Spike
Golden Spike Resources Corp. (CSE:GLDS) 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 the rights to acquire 100% interest in the 3,425-hectare
Gregory River Property in Newfoundland , strategically centered over an approximate 11 -kilometer-
long stretch of the Gregory River VMS -belt, a north-northeast trending corridor of very prospective
ground with potential to host Cyprus-type polymetallic VMS deposits. In addition, the Property hosts
a cluster of historically explored, high-grade, copper ±gold vein structures.
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
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 Statement Regarding Forward-Looking Information
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning
of applicable Canadian securities legislation. All information contained herein that is not historical in nature may
constitute forward-looking information. Forward-looking statements herein include but are not limited to statements
relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a
number of assumptions that, while considered reasonable by management, are inherently subject to business, market
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and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to
be materially different from those expressed or implied by forward looking statements. Except as required by law, the
Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to
put undue reliance on these forward-looking statements.