Golden Spike Expands Gregory River Property and Provides Corporate Update - Seite 3

• Copper: 0.01% to 19.6% (average 3.15%),
• Zinc: trace to 11.2% (average 0.21%),
• Gold: trace to 27.4 grams per tonne ("g/t") (average 1.0 g/t),
• Silver: trace to 20.9 g/t (average 4.4 g/t).

Duval's sampling included three rock chip samples collected from a one-metre-wide quartz-carbonate vein that returned an average grade of 11.5 g/t Au and 1.14% Cu indicating the potential for structurally controlled lode gold-copper mineralization.

Noranda completed a 1,000-metre by 1,500-metre grid of soil samples, which revealed a north-northeast trending, 1,100 metre-long, >100 parts per million ("ppm") copper soil anomaly, with grades as high as 4,700 ppm copper. Gold was not analysed for this survey. The majority of the soil anomaly occurs west of, and topographically higher than the mineralized outcrops in the creek bed, in an area with few outcrops that remains untested by surface trenching or drilling (Figure 2).

Foto: Accesswire

Figure 2: Steep Brook target area

Prior to completing their sampling program, Duval drilled core hole, CC-2 to 137 metres depth, however it was collared too far east to test the depth potential of either the copper soil anomaly or the anomalous surface rock samples. Even so, the hole intersected highly anomalous results including 66 m @ 0.12% copper and 0.19 g/t gold. No follow-up was ever completed over this target area.

Lode 9 Prospect

The Lode 9 Prospect occurs in the northern portion of the Property and similar to Steep Brook, is in a very favourable lithological and structural environment to host VMS-style mineralization. The area was explored by Noranda in 1991, who completed geological mapping, a soil survey, ground geophysics (magnetics, VLF, HLEM) and four wide-spaced diamond drill holes. The soil survey revealed a 1,200 metre long, north trending, >100 ppm copper soil trend with values as high as 1,000 ppm that remains open to the north. The survey was also assayed for zinc, with the resulting >100 ppm anomalies overlapping with many of the copper soil trends and with individual soil samples as high as 4,000 ppm zinc. Most of these soil anomalies remain untested by drilling.