Golden Spike posts Gregory River drilling results, Newfoundland

Golden Spike Resources Corp. [CSE: GLDS; OTCQB: GSPRF; FSE: L5Y] reported the final assay results from the 2024 diamond drilling program at the Gregory River volcanogenic massive sulphide (VMS) property located on the west side of Newfoundland. Wide-spaced, reconnaissance-style drilling was completed at three target areas: the Steep Brook and Lode 9 VMS targets, and the Vein Zone.

Selected highlights – Steep Brook: 0.33% copper, 0.04 g/t gold over 11.15 metres (hole GR-24-003, 69.85m to 81.0 m), including 1.29% copper, 0.19 g/t gold over 1.50 m (69.85m to 71.35m) and 1.37% copper, 0.02 g/t gold over 0.50 metres (79.0m to 79.5m); 0.40% copper, 0.08 g/t gold over 11.0 metres (hole GR-24-005, 19.0m to 30.0m), including 1.26% copper, 0.11 g/t gold over 1.47 m (27.27m to 28.75m).

Lode 9: 1.49% copper, 0.45 g/t gold over 2.88 m (hole GR-24-006, 38.68m to 41.56m), including, 2.40% copper, 0.67 g/t gold over 1.56 m (40.0m to 41.56m), including, 4.63% copper, 1.24 g/t gold over 0.56 m (41.0m to 41.56m); 0.34% copper, 0.18 g/t gold over 9.43 m (hole GR-24-006, 78.9m to 88.33m), including 1.49% copper, 0.34g/t gold over 0.5m (81.0m to 81.50m) and 0.99% copper, 0.85 g/t gold over 0.75 m (87.58m to 88.33m); 1.46% copper, 0.04 g/t gold over 0.75 m (hole GR-24-006, 169.0m to 169.75m); 0.40% copper, 0.31g/t gold, 1.85% zinc over 0.64 m (hole GR-24-007, 35.16 to 35.8 m); 0.33% copper, 0.25 g/t gold, over 8 m (hole GR-24-007, 122.0m to 130.0m), including, 1.17% copper, 0.47 g/t gold over 0.5 m (122.0m to 122.5m) and and 0.45% copper, 0.40 g/t gold over 3 m (127.0m to 130.0m).

Vein Zone: 0.27% copper over 5.95 m (hole GR-24-009, 76.05m to 82.0m) and 1.25% copper over 0.5m (hole GR-24-009, 93.8m to 94.3m).

Keith Anderson, President and CEO, commented, “Our inaugural drilling program at Gregory River has strongly validated our exploration model and reinforced our confidence in the project’s potential. The discovery of multiple sulphide-mineralized zones, particularly at Steep Brook and Lode 9, highlights the significant opportunity before us. With vast areas of the property still unexplored and only shallow depths tested, we are just beginning to unlock what we believe could be a major VMS system. Golden Spike remains committed to advancing exploration in a systematic and responsible manner, and we are excited to build on these promising results as we move into our 2025 exploration program. Our team will continue working with the drill results and additional data to further refine our understanding of the property’s mineralization potential and guide our next steps in unlocking its full value.”

Diamond drilling was the second phase of the 2024 exploration program and comprised of 10 reconnaissance diamond drill holes, totaling 1,927 m, of which five holes (921 m) are at Steep Brook, three holes (654 m) are at Lode 9 and two holes (352 m) are at the Vein Zone. Drill holes were designed to target multiple layers of anomalies, including IP anomalies, surface rock sampling results, soil anomalies, and geological interpretations. In most areas the drill holes were the first ever recorded and the vast majority of the Property remains mostly unexplored. Drilling was curtailed prior to last two holes being drilled due to the onset of winter conditions, making supply logistics difficult and compromising the health and safety of the field crew.

The Company is very encouraged by the results of this initial drilling program. Most of the eight, wide-spaced, drill holes testing VMS targets at Steep Brook and Lode 9 intersected varying amounts of disseminated and/or fracture/veinlet-hosted to semi-massive pyrite +/-chalcopyrite-sphalerite mineralization over varying lengths. The sulphide zones tend to be coincident with the induced polarization/resistivity (IP) anomalies from this summer’s Phase 1 program and occur in a geological environment consistent with our target, Cyprus-type, VMS mineralization. Several intercepts include copper values greater than 1.0% copper over lengths ranging from 0.5 m to 2.90 m. These are hosted within wider, lower grade intervals, ranging between approximately 0.20% to 0.40% copper over drilled widths reaching 12 m.

Next Steps: With the completion of the drilling program, the Golden Spike technical team will now focus on the integration and technical analysis of the drill results, incorporating data from surface geochemistry, field mapping and ground and airborne geophysics to develop vectors towards wider and higher-grade mineralization and to identify new exploration targets. Additional soil sampling, rock sampling, geological mapping and diamond drilling are all planned for the 2025 exploration program. Exploration budgets are currently being developed and the full exploration plan will be announced once finalized and board approval received.

Golden Spike Resources currently holds 100% interest in the 5,175-hectare Gregory River Property, Newfoundland, strategically centered over an approximate 11-km-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 and gold vein structures.