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Lucky Strike, Hotspot exploration begins

North of 60 Mining News – July 1, 2018


Last updated 9/25/2020 at 5:38am

Goldstrike exploration White Gold District Yukon Territory

Goldstrike Resources Ltd.

A rainbow arcs over the exploration camp at Lucky Strike, where an inaugural drill program completed last year cut nice gold intercepts, including 22 meters averaging 5.36 g/t gold.

Goldstrike Resources Ltd. June 27 said drills are turning on its 156-square-kilometer (60 square miles) Lucky Strike gold property in the heart of the Yukon's White Gold District.

Following up on the 1,033-meter maiden drill program carried out last year, the 2018 drill program begins at the Monte Carlo zone, a 1,400- by 350-meter geochemical anomaly where trenching has returned long sections of gold comparable to trenches that led to the discovery at Goldcorp's Coffee gold project, about 30 kilometers (19 miles) to the southeast, and White Gold Corp.'s Golden Saddle deposit, roughly 15 kilometers (9 miles) to the west.

The discovery hole at Monte Carlo, drilled last year, cut 22 meters averaging 5.36 grams per metric ton gold. Other highlighted intercepts from the 2017 program include 7.73 meters of 3.04 g/t gold and 2.15 meters of 5.12 g/t gold.

The 2018 drilling at Monte Carlo will focus on expanding this discovery zone and defining the orientation of the gold mineralization found there.

By the end of the program, the company is expected to cover a roughly 700-meter-long section of Monte Carlo with drilling.

The 2018 Lucky Strike program will also include a nine-kilometer (5.6 miles) induced polarization geophysical survey. This IP survey will cover an area immediately north of Monte Carlo zone, where a previous similar survey was successful in identifying key mineralized structures that remain open; a prominent northwest structure; and an untested chargeable anomaly at depth considered to have strong potential providing for additional drill targets.

Monte Carlo is at the northeast end of a 10-kilometer- (6 miles) corridor running across Lucky Strike that hosts five large gold-in-soil anomalies – Monte Carlo, Belmont, Samson, Boss and Maverick.

A reconnaissance soil sampling and prospecting of large and underexplored targets and structures along this corridor is currently underway. More than 500 samples have been collected so far this year and up to 1,500 more are planned.

In addition to the work program at Lucky Strike, a highly anticipated inaugural trenching and ground geophysics program is now underway at Hotspot, an earlier staged gold project about 80 kilometers (50 miles) to the west.

Trenching and ground geophysics at this property alongside the Alaska-Yukon border will focus on delineating drill targets on the Sure Bet zone, a 100- by 150-meter geochemical anomaly that yielded soil samples of up to 4.1 g/t gold during an inaugural exploration program carried out last year.

A mechanical trenching program is planned at the Sure Bet zone to determine the source and extent of the high-grade soil samples and the nature of the mineralization in preparation for drilling.

Beyond Sure Bet, reconnaissance prospecting and soil sampling are planned across the wider Hot Shot property.

Luckystrike gold properties map White Gold District Yukon Goldstrike

Goldstrike Resources Ltd.

Goldstrike's entire White Gold District portfolio – Lucky Strike, Hot Spot, King's Ransom, Goldsource, BRC and Bull's Eye – is expected to be spun out into Luckystrike Resources Ltd., a new publicly traded company, in the coming weeks.

Goldstrike has received interim approval by the British Columbia Supreme Court to move forward with the spin-out of Luckystrike Resources and a meeting of Goldstrike shareholders to approve the arrangement is scheduled for July 26.

If approved, Goldstrike shareholders will receive one Luckystrike share for every seven Goldstrike shares held. The arrangement is subject to Luckystrike shares successfully being listed on the TSX Venture Exchange.



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