Goldspike Exploration Inc. ("Goldspike" or the "Company")
(TSX-V:GSE) is pleased to announce that the latest assay results
from its Phase 1 drill program continue to confirm the Company has
discovered a significant new area of high grade zinc-lead
mineralization on the Company's 100% controlled Lone Mountain
property (the "Property") in Eureka County, Nevada. The Company has
now completed its Phase 1 drill program for a total of 2126 metres,
well beyond its initial plan of 1500 metres. Phase 2 drilling is
scheduled to commence immediately.
President and CEO, Bruce Durham commented on the latest results:
"We are extremely pleased that we are starting to put real
dimensions on this exciting discovery. These latest holes show that
the zone extends up-dip and along strike to the northwest. The
thickness of mineralization and some of the grades are again very
impressive and we think they are pointing to the presence of a
large mineralized system."
Highlights
- The up-dip extension to the very high grade mineralization
discovered in the lower part of drill holes LM-14-01 and LM-14-02
was intersected approximately 30 metres up-dip in hole
LM-14-04 where a sub-interval of the overall intersection
assayed 33.67% zinc+lead over 15.24 metres (50 feet).
(33.06% Zn, 0.61% Pb). The overall interval in this drill
hole assayed 11.87% zinc+lead over 45.11 metres (148
feet). (11.62% Zn, 0.25% Pb)
- Drill holes completed on a section to the northwest of the
initial drill section where the above hole was completed also
intersected significant intervals of zinc-lead mineralization
including a wide high grade interval in drill hole LM-14-06
that assayed 6.98% zinc+lead over 64.01 metres (210 feet),
(5.87% Zn, 1.11% Pb) including a very high grade interval
grading 23.58% zinc+lead over 16.76 metres (55 feet).
(19.82% Zn, 3.76% Pb)
- Including the results reported in this press release the
Company has now reported results from two of the three cross
sections of drill holes completed to date on the Property.
- The results from the drill holes reported to date indicate the
presence of generally wide intervals of significant zinc-lead
mineralization up-dip and to the northwest of the discovery
reported in the Company's press release dated November 19,
2014.
- The remaining mineralized drill holes from the Phase 1 drill
program are from the extension of the mineralized zone to the
southeast toward the area of the historic Mountain View zinc mine
where some 5,000,000 pounds of high grade zinc were mined.
- The Company has signed a Phase 2 drill contract with New
Frontier Drilling, the Phase 1 drill contractor, for an additional
1500 metres of RC drilling that is expected to be complete in early
January. Drilling will commence immediately.
- A well-defined, strong zinc in soil anomaly accompanies the
up-dip projection of the mineralization for a minimum 1400 metre
length parallel to stratigraphy.
- The mineralization remains open to expansion particularly
down-dip and along strike.
- Assay data from additional Phase 1 holes along strike to the
southeast is expected in the coming weeks.
Drilling Details
Discovery Section
Drill holes LM-14-03 and LM-14-04 were collared at the same
location and were drilled on the same drill section as drill holes
LM-14-01 and LM-14-02. Hole LM-14-03, a -45 degree hole was
abandoned prior to reaching its target depth due to technical
issues, however, the Company plans to complete additional drilling
in this area in the Phase 2 drill program. Drill hole LM-14-04
intersected zinc-lead mineralization over a significant sample
interval with an overall intersection of 11.87% zinc-lead
mineralization over 45.11 metres including a very high grade
interval of 33.67% zinc-lead over 15.24 metres. This hole was
stopped in zinc-lead mineralization at 167.03 metres due to
drilling difficulties.
To view an image of the Zinc Discovery in
Drill Hole: LM-14-04 (Drill Holes LM-14-01 and LM-14-02 Previously
Announced), please visit:
https://orders.newsfilecorp.com/files/3498/12976_goldspike1enhanced.jpg
Northwest Section
Drill holes LM-14-05, LM-14-06, and LM-14-07 were completed on a
section approximately 30 metres to the northwest and parallel to
the discovery section. Hole LM-14-05 intersected a broad zone of
mineralization that assayed 2.87% zinc+lead over 70.1 metres within
which an interval of high grade was intersected in the upper
portion that assayed 6.17% zinc+lead over 22.86 metres, this time
dominated by high lead values as shown in the accompanying table.
The centre hole on the northwest section, hole NM-14-06,
intersected a broad zone of mineralization that assayed 6.98%
zinc+lead over a 64.01 metre section of the hole, including a high
grade zone of mineralization that assayed 23.58% zinc+lead over
16.76 metres. The hole located most up-dip on that section, hole
NM-14-07 intersected a narrow upper interval assaying 3.7%
zinc+lead over 1.52 metres and a lower zone averaging 3.1%
zinc+lead over 9.14 metres.
To view an image of the Zinc Discovery in
Drill Holes: LM-14-05, LM-14-06, and LM-14-07, please visit:
https://orders.newsfilecorp.com/files/3498/12976_goldspike2enhanced.jpg
Southeast Section
Assay results are not currently available for the final three
Phase 1 holes drilled on this section. These assay results are
expected in the coming weeks. It is known that two of the three
holes intersected zinc-lead mineralization over significant
widths.
It is noteworthy that on each of the three sections drilled to
date, the deeper holes appear to have the widest and in some cases
the highest grade zinc-lead mineralization.
To view an image of the Phase 1 Drill
Plan – Additional Assays Pending*, please visit:
https://orders.newsfilecorp.com/files/3498/12976_goldspike3enhanced.jpg
Significant assays from the drill program are presented in the
following tables:
RC Hole ID: LM-14-04* |
|
|
|
|
|
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
121.92 |
167.03 |
45.11 |
11.62 |
0.25 |
11.87 |
including |
147.83 |
163.07 |
15.24 |
33.06 |
0.61 |
33.67 |
RC Hole
ID: LM-14-05* |
|
|
|
|
|
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
112.78 |
182.88 |
70.10 |
1.05 |
1.82 |
2.87 |
including |
112.78 |
135.64 |
22.86 |
0.83 |
5.34 |
6.17 |
RC Hole
ID: LM-14-06* |
|
|
|
|
|
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
102.11 |
166.12 |
64.01 |
5.87 |
1.11 |
6.98 |
including |
105.16 |
121.92 |
16.76 |
19.82 |
3.76 |
23.58 |
RC Hole
ID: LM-14-07* |
|
|
|
|
|
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
94.49 |
96.01 |
1.52 |
3.68 |
0.02 |
3.70 |
including |
147.83 |
156.97 |
9.14 |
2.99 |
0.11 |
3.10 |
* True widths of all drill results are estimated to be
approximately 75% of the intersected length.
In addition to reverse circulation drilling, the current
exploration program includes the collection and analysis of surface
soil samples designed to delineate the extent of anomalous zinc and
various other indicator elements that correlate well with the
interpreted location of the surface expression of the zinc- lead
mineralized zones of interest. This surface trace of the anomalous
zone outlined to-date also correlates well with the up-dip
projection of the mineralization in drill holes LM-14-01 through
LM-14-07. The well-defined, multi-element anomaly coincides with
the on strike location of the near surface zinc-lead mining
completed at the historic Mountain View mine. The Mountain View
mine property is comprised of a single 20 acre claim and is
completely surrounded by Goldspike.
About Lone Mountain
The Property is comprised of 217 claims covering approximately
4000 acres and is held 100% by Goldspike subject to certain terms
as per the underlying agreements disclosed on SEDAR.
The Company maintains a QA/QC program on the analytical process.
Additional assay results will be released when received and
subsequent to passing QA/QC review.
Sample Preparation and Quality Control
Supervision and organization of reverse circulation drilling
chip samples was undertaken by Goldspike Exploration Inc.
personnel. Samples were collected at 5-ft intervals from a
rotating wet splitter assembly attached to the drill rig. Chip tray
samples were collected from the reject side of the wet splitter.
The splitter was adjusted to produce 10-20 lbs of
sample. Samples were collected from the drill in cloth bags by
employees of New Frontier Drilling under the supervision of
Goldspike personnel. Samples were catalogued by Goldspike
geologists and stored in a secure location. Certified
reference standards were placed in the sample stream of each drill
hole at random intervals. Blank material was also inserted at
random intervals.
Assay Techniques
Preparation of the samples was done at the ALS Chemex Elko, NV
facility. A 250 gram master pulp was taken, then splits were
sent to ALS's North Vancouver, BC facility or their Reno, NV
facility. A 48 element package using a 4 acid digestion with
ICP-AES and ICP-MS completed on all samples. For lead and zinc
values exceeding the limits of the 48 element package (1% zinc or
lead), the procedure was to use a 4 acid digestion with ICP-AES or
AAS finish (ore grade analysis). In the case of values
exceeding the limits of the ore grade analysis (30% zinc, 20%
lead), the procedure was to use specialized titration
methods.
Laboratory QA/QC
Quality control samples from the lab include numerous control
blanks, duplicates and standards. Reference standards used include
OREAS-133b, OREAS-134b, OGGeo08, and CZN-4. No issues were
noted with analytical accuracy or precision.
ALS Chemex's Reno, Elko, and North Vancouver locations have
ISO/IEC 17025:2005 accreditation.
Bruce Durham, P.Geo, is a qualified person as that term is
defined by National Instrument 43-101 on behalf of the Company and
is the person responsible for the technical information contained
in this press release.
Goldspike is a discovery driven, early-stage mineral exploration
company with a proven management team focussed on identifying
unique opportunities in mineral exploration that can provide
significant value to its shareholders. The Company's existing
projects are located in Nevada and Yukon.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
CONTACT: For further information contact:
Goldspike Exploration Inc.
Suite 1500 - 4 King St. W.
Toronto, Ontario M5H 1B6
Tel: 416-504-8821
Bruce Durham,
President and CEO
bdurham@goldspike.ca
www.goldspike.ca