Golden Spike Announces IP Survey Results Over the Gregory River Property

VANCOUVER, BC / ACCESSWIRE / October 24, 2023 / Golden Spike Resources Corp. (CSE:GLDS) (OTCQB:GSPRF) (Frankfurt:L5Y) ("Golden Spike" or the "Company") is pleased to provide the results of an Induced Polarization/Resistivity ("IP") survey completed earlier this year over its 100%-owned Gregory River property (the "Property") located in Newfoundland, Canada.

HIGHLIGHTS

• The IP survey covers the Lode 9 Target area and revealed several chargeability anomalies within the prospective Gregory River volcanogenic massive sulphide ("VMS") corridor, including:
• Lode 9 Anomaly: 500 metre ("m") long, north-trending anomaly coinciding with the historic Lode 9 prospect and Noranda drill hole GR-91-2 (7.2 metres grading 2.12% copper and 0.60 g/t gold).
• West Anomaly: 300m long, north trending anomaly, subparallel to and west of the Lode 9 Anomaly.
• Northeast Anomaly: 500m long, north-northeast trending anomaly in the northeast corner of the survey.

Golden Spike's CEO, Keith Anderson commented, "We are very pleased with the results of the IP survey, which has revealed several interesting chargeability anomalies within our target Gregory River VMS corridor and identifies new target areas. The survey provides us with valuable information to improve our understanding of this priority target area will help guide our drill hole targeting."

2023 IP Survey

The Company retained Eastern Geophysics Limited ("Eastern") from Corner Brook, Newfoundland to carry out the IP program in late April 2023. The IP program is part of the Company's Phase 2 exploration program and was initially designed to comprise of two grids, one at the Lode 9 Target and the other at the Steep Brook Target. Both of these areas cover favourable lithological and structural environments are considered high-priority target areas to host Cyprus-type VMS-style mineralization. Due to rapidly melting snow creating difficult access conditions only a portion of the Lode 9 grid was completed in April and the Steep Brook grid remains to be surveyed during the next field program.

The Lode 9 grid comprised of 11, east-west oriented, 100-metre ("m") spaced lines, each ranging between 400m and 950m in length and together totaling approximately 7.75 line-kilometres. The lines were surveyed using a pole-dipole configuration with "A"-spacing (electrode intervals) of 50m and "N" ("depth") values from 1 to 6. The survey was performed on newly cut and chained grid lines and all electrode stations were subsequently measured with differential GPS positioning for greater accuracy.