Golden Spike Announces IP Survey Results Over the Gregory River Property - Seite 2

The survey was designed to outline potential chargeable and resistive features that could indicate the presence of VMS-style alteration and associated sulphide mineralization, and to identify new drill targets. The survey results are very encouraging and resulted in several moderate intensity chargeability anomalies, coincident with areas of higher resistivity, and in some cases historically explored prospects. The survey data remains to be further evaluated thorough inversions, which can generate a more accurate representation of the resistivity and chargeability distributions at deeper levels and better define drilling targets.

The main anomalies resulting from the IP survey are shown on Figure 1 and described below:

Lode 9 Anomaly

The Lode 9 chargeability anomaly (Figure 1) is approximately 500m in length and on surface is low-moderate intensity but appears to intensify with depth (N=4 and N=6). The south portion of the anomaly at N=2 is coincident with the surface exposure of the Lode 9 VMS prospect, which is a small outcrop on the edge of the Gregory River that exposes a 2-3m wide stratabound zone of sulphide mineralization. The outcrop was historically sampled by RioCanex (Rio Tinto) in 1981 and returned the following significant results:

• 4.04 % copper ("Cu") and 0.72 grams per tonne ("g/t") gold ("Au") over 2.1m
• 2.66% Cu over 0.95m
• 2.52% Cu and 0.58 g/t Au over 1.5m
• 2.04% Cu and 0.41 g/t gold over 1.2m

The northern part of the Property, including the Lode 9 Target area was also previously explored by Noranda in 1991, who completed geological mapping, a soil survey, ground geophysics (magnetics, VLF, HLEM) and four wide-spaced diamond drill holes, only one of which was at the Lode 9 chargeability anomaly. The soil survey revealed multiple, north trending, >100 ppm copper soil anomalies (with values as high as 1,000 ppm) over lengths up to 1,200 metres. Zinc soil anomalies (>100 ppm with individual soil samples as high as 4,000 ppm) overlap with many of the copper anomalies. Portions of these soil anomalies coincide the Lode 9 chargeability anomaly.

Noranda core hole GR-91-2 was drilled below the Lode 9 prospect and intersected 7.2m grading 2.12% Cu and 0.60 g/t Au at a vertical depth of about 20m below the outcrop. Even though Noranda recommended additional follow-up drilling, none was ever completed.

This historical work further supports the Lode 9 area as a prime target for follow-on drilling to test for VMS-style mineralization. Although the Company has not been able to validate all of these historical exploration results, the work was completed by well-known major companies RioCanex (Rio Tinto) and Noranda and returned copper and gold values in similar ranges to recent sampling completed by Golden Spike on other portions of the property. Furthermore, it is believed that these companies would have had sampling methodologies and quality control processes in place that were considered industry-standard for that time and therefore the Company believes that it is reasonable to report these sampling and drill results as historical and to use them as a guide for future exploration at these prospects.