Luckystrike Resources Ltd. (LUKY.V) is pleased to
report that it has successfully completed its planned exploration
programs on the 100% owned Hot Spot property, located in the White
Gold District, Yukon Territory. The 2018 program included
mechanized trenching, prospecting, soil sampling, and a detailed
ground-based magnetic survey. Results of the 2018 program
have met or exceeded the goals set by the company’s geological
team.
Trenching
Mechanized trenching completed on the Hot Spot
property has returned significant gold grades at the newly
discovered “Sure Bet Zone”. The Sure Bet Zone is now drill ready.
Highlights from the 2018 trenching program include:
- 0.42 g/t Au over 44 m including 2.44 g/t Au over 2
m at TR-HS-01 (Figure 1)
- 1.92 g/t Au over 2 m at TR-HS-03
A total of 234 m of mechanized trenching was
completed over the Sure Bet Zone in 2018. The Sure Bet is an
extensive gold-in-soil anomaly that has been has been expanded to 1
kilometer long and up to 250 meters wide, and remains open to the
north (see press release dated November 21, 2017). The 2018
trenching program, below the soil anomaly, has confirmed gold
mineralization in bedrock hosted within a large shear zone (Figure
2). The 2018 trench results can be seen on Map 1.
Soil Sampling
The gridded soil sampling that expanded the Sure
Bet Zonein 2018 included one sample which returned a value of 1.2
g/t Au and over 14 samples containing greater than 200 ppb Au. 53
samples returned 1 ppb Au or less. A total of 420 soil
samples were taken on the property. See Figure 2 below for the
summary of the 2018 soil results.
Prospecting
Grab samples containing up to 0.32 g/t Au were
collected within the Sure Bet soil anomaly. A total of 60 rock grab
samples were taken on the Hot Spot property in 2018. Of these, 52
samples contained 50 ppb Au or less.
Ground Magnetic Survey
A total of 27 line-kilometers of ground-based
magnetic survey was completed over the Sure Bet Zone on the Hot
Spot property. The survey has delineated a magnetic low that
coincides with the gold-in-soil anomaly and with the 2018 trench
containing 0.42 grams per tonne gold over 44 meters.
Phase 2 Exploration at Hot
Spot
A Phase 2 follow-up exploration
program is underway on the Hot
Spot Property. The focus of the program will be
to expand the soil grid to the north to define the
full extent of the gold anomaly and additional ground magnetic
surveying to further delineate the full extent of the Sure Bet
Zone (Figure 3), in preparation for drilling.
Update on Lucky Strike
Property
Exploration on the 156 square kilometre flagship
Lucky Strike Property has been completed. Lucky Strike is located
in the heart of the Yukon’s White Gold District and is 100%-owned
by Lucky Strike Resources with no underlying payments or royalties
(video update).
Diamond drilling focused on the Monte Carlo zone
totalled 1359.71 meters over eleven holes; assays are pending.
Drilling spanned a strike length of 700 m, expanding on the 2017
1033m drill program (2017 discovery hole assayed 5.36 grams per
tonne gold over 22 metres - November 20, 2017 news release).
An induced polarization (IP) survey was also
completed at the Monte Carlo zone totalling 8.2 kilometers across 5
lines. The survey expanded upon a 2016 survey, and successfully
delineated a prominent controlling structure on the Monte Carlo
Zone an additional 1100 m to the northwest.
The Company is also pleased to announce the
completion of the most extensive mechanized trenching program to
date on the property. Trenching was completed across all known
target zones within the 10 km trend. Eleven trenches totalling
1865.5 meters (1.865 kilometers) were done: two at Monte Carlo (213
m), two at Belmont (810 m), one at Samson (150 m), five at Boss
(526 m), and one at Maverick (166.5 m). Assays are pending.
Details of these gold-in-soil target zones can be found in
the May 22, 2018 news release.
The 2018 exploration also included a widespread
reconnaissance soil sampling and prospecting program on the large,
under-explored southeast half of the property. 2540 soil samples
and 148 rock grab samples were taken. Sampling was largely directed
by structures identified through a 2017 property-wide LIDAR
survey.
Assays for all phases of the Lucky Strike
program are pending and will be reported once they are received
compiled and interpreted.
Message from William (Bill) Chornobay,
President and CEO:
“We are very exited about the Hot Spot discovery
that is now drill ready. The results on Hot Spot are a strong
testament to the teams’ ability as project generators to take an
original idea like Hot Spot from paper to being drill ready in ~45
days on very small budget. The combination of the Lucky
Strike Property and Hot Spot with our additional four 100% owned
White Gold properties provides Luckystrike Resources a solid
foundation on which to build. I would also like to take this
opportunity to thank the Yukon Government for the financial
contributions provided by YMEP helping to fund our exploration
programs. Working Together We Succeed.”
Other
Sample analysis and assaying for all of
Luckystrike’s projects have been conducted by Bureau Veritas
Mineral Laboratories Canada (formerly Acme Analytical Laboratories
Ltd) in Vancouver, BC, which is ISO-9001 accredited laboratory.
Rock and drill core samples are crushed, split and pulverized to
250 g pulp, 200 mesh. For gold analysis a 50 g split is fire
assayed with an ICP-ES finish (FA350-Au). Samples assaying >10
ppm Au are run with a gravimetric finish (FA550-Au). Samples also
undergo a 45-element assay which involves a multi-acid digestion
and ICP-ES/MS analysis (MA200). Rigorous procedures are in place
regarding sample collection, chain of custody and data entry.
Certified QA/QC assay standards samples and blanks are routinely
inserted into the sample stream to ensure integrity of the assay
process.
The reader is cautioned that grab samples are
spot samples which are typically, but not exclusively, constrained
to mineralization. Grab samples are selective in nature and
collected to determine the presence or absence of mineralization
and are not intended to be representative of the material
sampled.
Stefan Kruse, Ph.D., P. Geo., Chief Geologist,
is a qualified person as defined by National Instrument 43-101, for
Luckystrike's Yukon exploration projects and had supervised the
preparation of, and has reviewed and approved, the technical
information in this release.
ON BEHALF OF THE BOARD
William ChornobayPresident and Chief Executive
Officer
For new information from the Company's programs,
please visit Luckystrike's website at LuckystrikeRes.com or
contact Jeff Stuart of King James Capital Corporation, handling
Investor Relations for the Luckystrike, by telephone at (604)
210-2150 or by email at jstuart@kingjamescapital.com.
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.
Forward-Looking Statements
Statements contained in this news release that
are not historical facts are “forward-looking information” or
“forward-looking statements” (collectively, “Forward-Looking
Information”) within the meaning of applicable Canadian securities
legislation. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as “anticipates”,
“expects”, “understanding”, “has agreed to” or variations of such
words and phrases or statements that certain actions, events or
results “would”, “occur” or “be achieved”. Although Luckystrike has
attempted to identify important factors and risks that could affect
Luckystrike and may cause actual actions, events or results to
differ materially from those described in Forward-Looking
Information, there may be other factors and risks that cause
actions, events or results not to be as anticipated, estimated or
intended, including, without limitation: inherent risks involved in
the exploration and development of mineral properties; the
uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or
development activities; the geology, grade and continuity of
mineral deposits; the possibility that future exploration,
development or mining results will not be consistent with
Luckystrike’s expectations; accidents, equipment breakdowns, title
and permitting matters; labour disputes or other unanticipated
difficulties with or interruptions in operations; fluctuating metal
prices; unanticipated costs and expenses; uncertainties relating to
the availability and costs of financing needed in the future,
including to fund any exploration programs on its projects; that
Luckystrike may not be able to confirm historical exploration
results and other risks set forth in Luckystrike's public filings
at www.sedar.com. In making the forward-looking statements in this
news release, Luckystrike has applied several material assumptions,
including the assumption that general business and economic
conditions will not change in a materially adverse manner. There
can be no assurance that Forward-Looking Information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, Luckystrike does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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