Golden Spike Announces Reconnaissance Sampling Results
GOLDEN SPIKE ANNOUNCES RECONNAISSANCE SAMPLING
RESULTS
Vancouver, British Columbia, December 21, 2022 – Golden Spike Resources Corp. ( CSE:GLDS)
(“Golden Spike” or the “Company”) is pleased to announce that it has received analytical results from
a recent program of reconnaissance rock sampling over the northern half of the Gregory River Copper-
Gold property (the “Property”), located in Newfoundland and Labrador.
Highlights:
• 43 reconnaissance rock samples were collected from both several volcanogenic massive
sulphide (“VMS”) and vein-style targets and many returned highly anomalous copper and
gold values.
− 15 samples returned values greater than 1% copper, up to 18.7% copper.
− 8 samples returned values greater than 0.50 grams per tonne (“g/t”) gold, up to 5.02
g/t gold.
• Two channel chip sample lines were collected at the Lower Mitchell vein-style target and
returned anomalous values of copper, gold, zinc and silver.
− Chanel #2 returned 2.73% copper, 0.14 g/t gold and 0.34% zinc over 5 metres,
including 12.9% copper, 0.23 g/t gold, 11.5 g/t silver and 0.27% zinc over 1 metre.
Golden Spike’s President and CEO, Keith Anderson commented,
“We are excited to receive the results from this reconnaissance sampling program at our 100%-
controlled Gregory River Property. These samples were collected from multiple target areas in the north
half of the Property and provide further support for the range of grades reported from the historically
collected samples. In addition to the significant copper grades, many of the samples returned
anomalous values of gold ± silver and zinc and other pathfinder elements, further enhancing the
exploration potential of the Property. Several of the samples returned gold values greater than 1.0 g/t
gold, and as high as 5.02 g/t gold, and these areas will definitely be further evaluated during the next
phase of exploration”
Reconnaissance Sampling Program
Between August 6 and September 13, 2022, the Company completed prospecting and sampling at
selected target areas in the northern half of the Property (Figure 1). The prospects in the southern
half of the property, including the recently acquired Steep Brook prospect, were not visited during
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this program, however, these areas remain key targets that will be evaluated during upcoming phases
of exploration.
During the recent program, three VMS target areas (Gregory River, Lode 9 and Moose Brook) hosted
within the Gregory River VMS -trend were briefly visited and sampled, each returning significant
analytical results (Table 1). In addition, nine vein-style targets from the Copper-Gold Vein target area
in the northeast corner of the Property were sampled (Court B, Court C, East of Lode 9, Hall, Palmer,
Lode 2, Lode 6-7, Gossan Zone, Lower Mitchell) with seven of these target areas returning significant
analytical results (Table 2).
Samples from the VMS targets are mostly from basaltic rocks with varying amounts of disseminated
pyrite, chalcopyrite, as well as zones of quartz stringers and veinlets. Two of the samples, 815664
from Lode 9 and 815671 from Moose Brook are highlighted since they both returned significant values
of gold (3.48 g/t and 5.02 g/t, respectively) and copper (18.70% and 0.96%, respectively). These areas
will form part of follow-up work during Phase 2 next year to better determine mineralization controls
and dimensions.
The samples collected from the vein -style targets are mostly from 1-2-metre-wide quartz veins and
structurally controlled stockwork zones, hosted in basalt and gabbro and mineralized with varying
amounts of pyrite, chalcopyrite, arsenopyrite and minor bornite and sphalerite.
The Lower Mitchell prospect appears to be a wider, east-to north -east trending, structurally
controlled zone, hosted within intensely silicified basalt , mineralized with pyrite, chalcopyrite,
arsenopyrite and traces of sphalerite. The alteration and mineralization are exposed in several
outcrops and in an historically trenched area , spaced over an approximate 180 metre distance;
however, the true width, orientation and dimension of this zone remains to be determined. Many of
the grab and float samples returned anomalous copper and gold values, along with minor amounts of
zinc, arsenic and occasional cobalt (Figure 2 and Table 2).
During the recent sampling program, the Company collected two , north-south oriented channel
sample lines at Lower Mitchell, each spaced approximately 15 metres apart. Channel #1 is two metres
in length and comprised of two, one -metre channel chip samples. Channel #2 is 5 metres in length
and comprised of five, one-metre channel chip samples (Table 3). The sample results reveal multiple
anomalous values of copper, gold and zinc, alo ng with isolated silver anomalies and pathfinder
elements, such as arsenic. A one-meter sample from Channel #2 returned a very high-grade value of
12.9% copper along with 0.23 g/t gold, 11.5 g/t silver and 0. 27% zinc. Additional work is warranted
at Lower Mitchell during Phase 2 exploration to better understand the mineralization controls and
potential dimensions.
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Figure 1: Location of Reconnaissance Samples and Targets in the North Half of Gregory River Property
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Figure 2: Lower Mitchell Zone Reconnaissance Samples and Channel Chip Lines
Table 1: Significant Analytical Results from VMS Targets
Target Area Sample
Number
Sample Type* Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Cobalt
(ppm)
Gregory River 815624 Outcrop Grab 0.61 0.16 9.0 0.02 123
815625 Outcrop Grab 2.43 0.08 14.2 0.09 243
Lode 9 815663 Outcrop Grab 0.26 0.20 <0.2 0.02 29
815664 Outcrop Grab 18.70 3.48 5.9 0.09 44
815665 Outcrop Grab 1.60 0.21 0.7 0.02 14
Moose Brook 815671 Outcrop Grab 0.96 5.02 17.3 1.58 20
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Table 2: Significant Analytical Results from Vein-Style Targets
Target Area Sample
Number
Sample Type* Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Cobalt
(ppm)
Court C 815652 Outcrop Grab 2.45 0.11 1.8 0.01 115
815653 Outcrop Grab 3.47 0.06 1.1 0.01 94
815654 Outcrop Grab 2.19 0.05 1.1 0.01 58
East of Lode 9 815662 Outcrop Grab 12.20 0.11 11.7 0.10 1,350
Hall 815659 Outcrop Grab 1.53 0.43 1.0 0.01 53
Palmer 815658 Outcrop Grab 10.20 0.13 4.7 0.05 83
Lode 2 815660 Outcrop Grab 1.60 0.62 1.6 0.03 49
Lode 2 815672 Outcrop Grab 1.24 0.05 1.0 0.04 104
Lode 6,7 815655 Outcrop Grab 3.58 0.26 2.4 0.03 419
Lode 6,7 815656 Outcrop Grab 1.93 0.03 0.8 0.01 49
Lower Mitchell 815602 Outcrop Grab 0.60 1.53 2.9 0.15 73
815603 Outcrop Grab 0.31 1.32 1.6 0.04 102
815604 Angular Float 0.40 0.28 2.5 0.04 25
815605 Angular Float 0.33 0.18 1.5 0.06 16
815606 Outcrop Grab 0.14 0.64 1.0 0.12 15
815607 Angular Float 0.27 0.35 1.2 0.35 22
815608 Outcrop Grab 0.08 0.29 0.5 0.07 25
815609 Angular Float 0.07 0.60 0.3 0.05 5
815612 Angular Float 2.15 0.05 1.0 0.02 58
815613 Angular Float 2.45 1.17 1.9 0.07 199
815614 Angular Float 0.72 0.49 2.3 0.41 28
815615 Angular Float 0.30 0.11 0.4 0.01 127
*Outcrop Grab samples are representative chip samples from outcrop over an area generally around 0.5 - 1 metre
square; Angular Float samples are pieces of rock interpreted to be sourced from nearby outcrops or historical
trenches.
Table 3: Lower Mitchell Target – Channel Sample Weighted Average Analytical Results
Channel Chip Number of
Samples
Total Channel
Length (m)
Copper
(%)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Channel #1 2 2 0.08 0.24 0.35 0.22
Channel #2* 5 5 2.73 0.14 2.73 0.34
including 1 1 12.9 0.23 11.5 0.27
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The results of the recent reconnaissance sampling are significant since they support the general range
of grades reported from historical sampling programs over the same prospects and they demonstrate
that in additional to high-grade copper, anomalous values of gold, and other elements are present in
many of the current target areas and should form an important part of on -going exploration. The
reconnaissance samples also provide a database of potential associated metals and pathfinder
elements that will be incorporated into data interpretations once the Phase 1 soil sampling program
is complete and analytical results are returned.
Phase 1 Exploration Program Update
On November 9, 2022, the Company announced that Phase 1 exploration had been initiated over the
Property (refer to press release “Golden Spike Initiates Field Program over Gregory River Property” ).
Soil sampling grids were designed over two separate areas, one over the Vein Zone target area and
the other, in the southern half of the Property covering the S teep Brook North target area. Soil
sampling was recently completed over the Vein Zone and samples will be submitted to Eastern
Analytical Ltd in Springdale Newfoundland (“Eastern Analytical”) for analyses. H owever, due to
difficult weather conditions over the past several weeks, the Company decided to defer the soil
sampling at the Steep Brook North target until H-1 2023, once conditions improve.
QA/QC and Qualified Person
Sampling and prospecting for the reconna issance program and the soil sampling program was
completed by Planet X Exploration Services Ltd., based out of Gander, Newfoundland , on behalf of
the Company. All rock 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 soil samples will follow the same analytical protocols.
The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling
programs that includes the regular insertion of standards, blanks and duplica tes 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
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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 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 fu ture
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
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or results “may”, “could”, “should”, “would” occur. This information and these statements, referred to herein as
"forward-looking statements", are not historical facts, are made as of the date of this news release and include
without limitation, statements regarding: the intention of the Company to proceed with the exercise of the Option
under the Option Agreement on the terms and conditions set out therein, the Company’s expectations to make the
cash payment, issue the Subsequent Consideration Shares , and incur the expenditures as required by the Option
Agreement, the Company's intention to perform the balance of its obligations under the Option Agreement, the
anticipated content and timing of commencement of planned exploration programs, any anticipated exploration
program results, the ability to complete future financings, the ability to complete the required permitting, the ability
to complete the exploration programs and drilling, and the anticipated business plans and timing of future activities
of the Company. In making the forward -looking statements in this news release, the Company has applied several
material assumptions, including without lim itation, assumptions that the Company will have the resources required
to perform the balance of its obligations under the Option Agreement , that the Company’s cost and timing
expectations are accurate, that capital and financing will be available if and w hen needed and on reasonable terms,
that general business and economic conditions will not change in a material adverse manner and that the Company
and its operations will not be adversely impacted by COVID-19, or other potential pandemics, or the ongoing conflict
in eastern Europe . 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 gov ernment permits, approvals and authorizations, failure to maintain community
acceptance (including First Nations), risk that future exploration results do not replicate historical results or that the
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Company is unable to identify new mineralized targets, increase in costs, litigation, failure of counterparties to
perform their contractual obligations, and those risks, uncertainties and factors set forth in the Company’s disclosure
record under the Company’s profile on SEDAR at www.sedar.com. Although management of the Company has
attempted to identify important factors that could cause actual results to differ materially from those contained in
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as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward -looking
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