Golden Spike Commences IP Survey at Gregory River
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GOLDEN SPIKE COMMENCES IP SURVEY AT GREGORY RIVER
Vancouver, British Columbia, April 11, 2023 – Golden Spike Resources Corp. ( CSE: GLDS) (OTCQB:
GSPRF) (Frankfurt: L5Y) (“Golden Spike ” or the “Company”) is pleased to announce the
commencement of an Induced Polarization/Resistivity (“IP”) survey at its 100%-owned Gregory River
Copper-Gold property (the “Property”) in western Newfoundland.
Eastern Geophysics Limited from Corner Brook, Newfoundland has been retained to carry out the
program, which is anticipated to be completed by May 2023. The IP program is part of the Company’s
Phase 2 exploration program and will comprise approximately 22 -line kilometres of surveying over
two separate grids, Lode 9 and Steep Brook. Both of these areas are considered high priority target
areas centered on the Gregory River volcanogenic massive sulphide (“VMS”) corridor (Figure 1).
Golden Spike’s President and CEO, Keith Anderson commented,
“We are excited to start our Phase 2 exploration program over our Gregory River Property. Over
the past few weeks the Company’s field team has been on site preparing access, setting up the
field camp and installing the grid lines in anticipation of the IP program starting. We look
forward to receiving the IP results and incorporating these into our exploration database along
with our other layers of historical exploration data. This will help to improve our understanding
of these prospective areas and to define targets for drill-testing later this summer.”
IP Program Details
The IP program will comprise an aggregate 22 -line kilometres, using a pole-dipole configuration and
100-metre line spacing at both the Lode 9 and Steep Brook Grids . Each grid will consist of 11, east-
west oriented lines, each 1.0 kilometres in length. The target areas are further described below:
Lode 9 Target:
The Lode 9 target occurs in the northern portion of the Property covering a very favourable
lithological and structural environment to host Cyprus-type VMS-style mineralization (Figure 1).
The area was previously explored by Noranda in 1991, who completed geological mappin g, a
soil survey, ground geophysics (magnetics, VLF, HLEM) and four wide -spaced diamond drill
holes. The soil survey revealed multiple, north trending, >100 ppm copper soil anomalies (with
values as high as 1,000 ppm ) over lengths up to 1,200 metres. Zinc soil anomalies ( >100 ppm
with individual soil samples as high as 4,000 ppm ) overlap with many of the copper
anomalies. Most of these soil anomalies remain untested by drilling. Four wide-spaced drill
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holes were completed by Noranda , with only one of the holes (G -91-2) testing the Lode 9
prospect, and the others testing EM anomalies 380 metres northwest and 1,200 meters north
of Lode 9. Significant assay results were returned from hole G-91-2, as follows:
• Hole G-91-2: 0.93% copper and 0.27 g/t gold over 20.2 m (from 38.0 to 58.2 m)
Including, 2.12% copper and 0.60 g/t gold over 7.2 m (51.0 to 58.2 m)
The Lode 9 target has never been followed up with additional drilling.
Steep Brook Target:
The Steep Brook target is an early-stage target located in the southern part of the Property
(Figure 1) centered within the Gregory River VMS-corridor and in proximity to the Gregory River
Fault. The target area is underlain by mafic pillowed basalts of the Bay of Islands Complex and
is considered to be in a very favourable environment to host Cyprus-type VMS deposits.
Although Golden Spike has not yet completed any field work over this area, a compilation of
the historical exploration by Duval International (1982 -1984), Norand a (1990) and Playfair
Mining (2005, 2008) has identified numerous outcrops intermittently exposed along a north -
northeast trending creek bed over an approximate one -kilometre distance, many reported to
display widespread alteration (chloritization, silicification, carbonatization) and disseminated to
semi-massive chalcopyrite and pyrite mineralization. Over 1 20 float, grab and rock chip
samples were collected by these companies, and nearly half returned values greater than 1%
copper, along with anomalous values of zinc, gold and silver (refer to Golden Spike press release
dated December 7, 2022).
Noranda completed a 1,000-metre by 1,500-metre grid of soil samples over the target in 1990,
which revealed a north -northeast trending, 1,100 metre -long, >100 parts per million (“ppm”)
anomalous copper soil anomaly, with grades as high as 4,700 ppm copper. Gold was not
analysed for this survey.
Only one drill hole was ever drilled at Steep Brook (plus one hole aborted at a shallow depth)
by Duval in 1984, but this hole was collared several hundred metres east of the main soil
anomalies and anomalous rock samples, yet still returned highly anomalous values as follows:
• Drill Hole CC-2: 0.12% copper and 0.17 g/t gold over 65.6 m (from 70.6 to 136.2 m)
Including, 0.37% copper, 0.25 g/t gold over 3.4 m (80.0 to 83.4 m)
The Steep Brook target has never been followed up with additional drilling.
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Figure 1: Property and Target Location Map
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The drill results shown above for the Steep Brook and Lode 9 prospects are historical in nature, having
been reported by previous exploration companies. A qualified person has not done sufficient work to
verify or validate these analytical data, as the historic core is no longer available for sampling . Since
the companies that collected the historical drilling 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, as they provide a use ful guide for future exploration at these prospects. Insufficient
drilling has been completed at the Steep Brook and Lode 9 prospects to determine the true widths of
the drilled intervals.
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.
About Golden Spike
Golden Spike Resources Corp. (CSE:GLDS) (OTCQB: GSPRF) (Frankfurt: 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 curren tly 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 contain ed herein that is not historical in nature may
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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 necess arily based upon a
number of assumptions that, while considered reasonable by management, are inherently subject to business, market
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.