The following is an updated version of the news release issued by
Goldspike Exploration Inc. ("Goldspike" or the "Company")
(TSX-V:GSE) on January 15, 2015, wherein information concerning the
assays from the drill program has been amended.
Goldspike Exploration Inc. ("Goldspike" or the "Company")
(TSX-V:GSE) is pleased to announce that the latest drill hole assay
results continue to expand the footprint of the Company's
significant high grade zinc-lead discovery on its 100% controlled
Lone Mountain property (the "Property") in Eureka County,
Nevada.
The latest highlight hole from the Phase 1 drill
program, LM-14-09, intersected several zones of zinc and lead
mineralization that combine to give an overall average of 6.04 %
zinc+lead over a hole length of 118.87 metres (390 feet), including
high grade intervals assaying 8.05% zinc+lead over 42.68 metres
(140 feet) and 12.87% zinc+lead over 24.34 metres (80
feet) (see details below and in the accompanying
table).
President and CEO, Bruce Durham commented on the latest results:
"The latest drill results continue to expand the footprint of this
exciting discovery and they show that the mineralization extends
along strike to the southeast. We have only started to explore the
targets and given the thickness of these intersections and some of
the grades we are confident Lone Mountain is going to emerge as a
focus discovery story for 2015."
Highlights
- Two drill holes completed on a new section to the southeast of
the discovery section (where the initial discovery holes were
drilled) intersected significant intervals of zinc-lead
mineralization. The zones, when combined, give a very wide interval
in drill hole LM-14-09 that assayed 6.04% zinc+lead (4.71%
Zn, 1.33% Pb) over 118.87 metres (390 feet), including a high grade
interval assaying 12.87% zinc+lead (12.81% Zn, 0.06% Pb) over 24.38
metres (80 feet), the details of which are shown in the
accompanying table.
- LM-14-10 intersected an interval up-dip from the
LM-10-09 intersection that assayed 6.82% zinc+lead (6.41% Zn, 0.41%
Pb) over an interval of 18.29 metres (60 feet), including an upper
high grade zone that assayed 12.82% zinc+lead (12.10% Zn, 0.72% Pb)
over 9.14 metres (30 feet), the details of which are shown
in the accompanying table.
- Including the results reported in this press release the
Company has now reported results from the three cross sections of
drill holes where multiple holes have been completed. Holes on each
of the three sections intersected significant intervals of
zinc-lead mineralization.
- The top of most of the mineralized intervals are located at
depths of approximately 100 metres and the mineralization remains
largely untested near surface.
- The results from the Phase 1 drill holes indicate the presence
of generally wide intervals of significant zinc-lead mineralization
up-dip and to the northwest and southeast of the discovery reported
in the Company's press release dated November 19, 2014.
- The Company has applied for, and received authorization for
additional drill holes from the US Bureau of Land Management
(Battle Mountain Nevada office).
- The Company commenced a Phase 2 drill program in mid-December
and expects to complete significant drilling on the Property in the
current quarter.
- A well-defined zinc in soil anomaly accompanies the up-dip
projection of the mineralization for a minimum 1400 metre length
parallel to stratigraphy. A second, sub-parallel lead and lesser
zinc soil anomaly has been outlined in the vicinity of the current
drilling results. The Company is considering the implication of
this second anomaly as it relates to the mineralization discovered
to date.
- The mineralization remains open to expansion particularly
down-dip and along strike. The mineralization remains open up-dip
in places as well.
- In addition to having received all assay data from Phase 1, the
Company has now received and included assay results from the lower
part of the mineralized interval in drill hole LM-14-09 from
additional drilling completed as part of the Phase 2 program. This
hole was deepened because the hole stopped in mineralization.
Additional Phase 2 results are expected in the coming weeks.
- Only a small part of the geochemical targets outlined on the
Property has been evaluated to date.
Drilling Details
The Company previously reported results from two parallel
sections of drill holes, the discovery section and the northwest
section where significant results were reported (as described in
press releases dated November 19, 2014 and December 11, 2014). On
each section significant intervals of zinc-lead mineralization were
reported in multiple holes. Still outstanding as of the December
11, 2014 release were the results from the remaining section to the
southeast.
Phase 1 – Drill Plan
To view an image of the Phase 1 - Drill Plan,
please visit:
http://orders.newsfilecorp.com/files/3498/13423_enhancedx2x1.jpg
Southeast Section
Drill holes LM-14-09, LM-14-10, and LM-14-11 were completed on a
section approximately 30 metres to the southeast and parallel to
the discovery section. Hole LM-14-09, intersected a broad zone of
mineralization that assayed 6.04% zinc+lead over 118.87 metres (390
feet) within which an interval of high grade was intersected in the
upper portion that assayed 8.05% zinc+lead over 42.6 metres (140
feet) and a high-grade lower interval assayed 12.87% zinc+lead over
24.38 metres (80 feet). This interval includes the first assay
results from the Phase 2 program. This hole was deepened at the
beginning of the Phase 2 program as the hole had previously stopped
in mineralization due to a shortage of materials. The centre hole
on the southeast section, hole NM-14-10 (from the same setup as
LM-14-09), intersected a zone of mineralization that assayed 6.82%
zinc+lead over an interval of 18.29 metre (60 foot)section of the
hole, including a high grade zone of mineralization that assayed
12.82% zinc+lead over 9.14 metres (30 feet). The hole located most
up-dip on that section, hole NM-14-11, did not intersect any
significant mineralization.
Zinc Highlight Hole: LM-14-09
To view an image of the Zinc Highlight Hole:
LM-14-09, please visit:
http://orders.newsfilecorp.com/files/3498/13423_enhancedx3x1.jpg
The upper part of the mineralization in several of the Phase 1
program holes is more lead-rich and the now complete soil
geochemical sampling completed in the Phase 1 program clearly
outlines two sub-parallel geochemical anomalies, the more
north-easterly of which is more lead rich while the more
southwesterly is clearly more zinc rich and appears to correlate
with the stratigraphic location of the historic mining at the
adjacent Mountain View mine. The Company is considering the
possibility that its drilling to date has in fact been related to
the more north-easterly, lead enriched geochemical anomaly that
extends to the northwest for a total of some 1400 metres which may
represent a separate area of mineralization from the more zinc-rich
anomaly that correlates with the extension of the trend of the
previously mined area.
Significant assays from the drill program are presented in the
following tables:
RC Hole ID:
LM-14-09
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
114.30 |
233.17 |
118.87 |
4.71 |
1.33 |
6.04 |
including |
115.82 |
158.50 |
42.68 |
4.75 |
3.30 |
8.05 |
167.64 |
170.69 |
3.05 |
5.64 |
1.32 |
6.96 |
208.79 |
233.17 |
24.38 |
12.81 |
0.06 |
12.87 |
|
|
|
|
|
|
From (ft) |
To (ft) |
Interval (ft) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
375.00 |
765.00 |
390.00 |
4.71 |
1.33 |
6.04 |
including |
380.00 |
520.00 |
140.00 |
4.75 |
3.30 |
8.05 |
550.00 |
560.00 |
10.00 |
5.64 |
1.32 |
6.96 |
685.00 |
765.00 |
80.00 |
12.81 |
0.06 |
12.87 |
RC Hole ID:
LM-14-10
From (m) |
To (m) |
Interval (m) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
178.31 |
196.60 |
18.29 |
6.41 |
0.41 |
6.82 |
including |
178.31 |
187.45 |
9.14 |
12.10 |
0.72 |
12.82 |
From (ft) |
To (ft) |
Interval (ft) |
Zn (%) |
Pb (%) |
Zn+Pb (%) |
585.00 |
645.00 |
60.00 |
6.41 |
0.41 |
6.82 |
including |
585.00 |
615.00 |
30.00 |
12.10 |
0.72 |
12.82 |
Based on the results of the entire phase 1 drill program the
Company is currently unable to determine the true width of the
intersections reported in this and prior releases.
In addition to reverse circulation drilling, the Phase 1
exploration program included 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. The surface trace of the strongest
zinc in soil anomaly correlates well with the on-strike location of
the historic zinc mining on the Mountain View mine claim. A second
well defined anomaly that is primarily lead with lesser anomalous
zinc appears to roughly correlate with the location of the drill
holes completed to date. Each of these anomalies extends for 1400
metres northwest from the Mountain View mine claim. Additional
geochemical data has been collected to the southeast of the
Mountain View mine claims and is currently being evaluated.
About Lone Mountain
The Property is comprised of 217 claims covering approximately
4,000 acres and is held 100% by Goldspike subject to certain terms
as per the underlying agreements disclosed on SEDAR (press release
June 24, 2014).
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
has approved the scientific and technical content 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