Golden Spike Expands Gregory River Property and Provides Corporate Update - Seite 2

Foto: Accesswire

Figure 1: Gregory River Property land tenure, showing newly acquired licences and targets.

Overview of Gregory River Property and the New Licences

The Property is strategically centered over an approximate 11-kilometer-long stretch of the Gregory River VMS-belt, a north-northeast trending corridor of very prospective ground with potential to host "Cyprus-type"[1] polymetallic VMS deposits (Figure 1). In addition, the Property hosts a cluster of high-grade, copper ±gold vein structures that occur mainly in the northeast quadrant of the Property (the "Vein Zone"). The licences are well located in terms of infrastructure, just 42 km north-northwest of the city of Corner Brook, and 53 km west of the city of Deer Lake.

^{[1] Cyprus-type (also known as mafic-type) volcanogenic massive sulphide ("VMS") deposits are commonly polymetallic, copper-rich, stratabound mineral deposits, hosted by submarine mafic-volcanic rocks that form on, or near the seafloor at mid-ocean ridges and back-arc basins in an extensional tectonic regime.}

The addition of the two licences removes some crucial gaps in the land position and adds significant mineral exploration potential to the Property, for both VMS- and vein-style copper and gold mineralization. Historically explored VMS prospects, Steep Brook and Lode 9 are both added to the Property, and in the north, five vein-style prospects, including Palmer, Hall, Lode 6, Lode 7, and Lode 2 are also added to the inventory. Some of the significant newly added prospects are briefly described below:

Steep Brook Prospect

Steep Brook is an early-stage prospect strategically located in the southern part of the Property (Figure 2) within the Gregory River VMS-belt and in proximity to the Gregory River Fault. The prospect area is underlain by mafic pillowed basalts of the Bay of Islands Complex and is considered to be in a very favourable environment to host Cyprus-type VMS deposits.

Historical exploration by Duval International (1982-1984), Noranda (1990) and Playfair Mining (2005, 2008), identified numerous outcrops intermittently exposed along a north-northeast trending creek bed over an approximate one-kilometre distance, many displaying widespread alteration (chloritization, silicification, carbonatization) and disseminated to semi­-massive chalcopyrite and pyrite mineralization. A total of 122 historical float, grab and chip samples returned highly anomalous assays with 56 samples returning values greater than 1% copper. Sample results are in the following ranges: