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Highlights
- Ten drill holes completed at Gregory River, totaling 1,927 meters, targeting VMS and vein-style mineralization.
- Drill results show disseminated and semi-massive pyrite/chalcopyrite mineralization.
- Core samples submitted to SGS for analysis, with results expected in early 2025.
Golden Spike Resources Corp. (CSE:GLDS; OTCQB: GSPRF; FSE: L5Y) is pleased to announce the successful completion of its diamond drilling program at the Gregory River Property, located on the west side of Newfoundland. The drilling campaign, which took place between October 28 and December 16, 2024, was aimed at exploring both volcanogenic massive sulphide (VMS) and vein-style mineralization across the Property.
Program Overview
The program, which was conducted by Rally Drilling Services Inc. using a helicopter-mobilized drill rig, successfully completed a total of ten drill holes, totaling approximately 1,927 meters. The holes targeted several anomalies, including first-priority Induced Polarization/Resistivity (IP) anomalies and surface rock sampling results from the Company’s previous exploration activities.
Specifically, five drill holes (921 meters) were completed at the Steep Brook target, three holes (654 meters) at the Lode 9 target, and two holes (352 meters) at the Vein Zone. The program was curtailed in mid-December due to the onset of winter conditions, which made logistics challenging and raised safety concerns for the field crew. Despite this, the program was deemed a success, as it intersected promising mineralization zones in multiple areas of the Property.
Key Mineralization Findings
The drill holes intersected intervals of disseminated to semi-massive pyrite and/or chalcopyrite mineralization, including fracture and veinlet-hosted occurrences, in several of the holes at each target area. These mineralization zones are of great interest, as they align with the Company’s expectations and provide further insight into the exploration potential of the Gregory River Property.
Golden Spike has submitted all core samples from the drilling program to SGS for analysis, with assay results expected to be reported in the New Year. The findings from the assay results will help further refine the Company’s understanding of the Property’s potential and guide future exploration phases.
Comment from the CEO
Keith Anderson, President and CEO of Golden Spike Resources, commented on the success of the 2024 diamond drilling campaign, saying, “We are excited that our 2024 diamond drilling campaign was a success, with many of the holes intersecting zones of pyrite and/or chalcopyrite mineralization at the target depths. As more and more drilling information becomes available, our understanding of the Property's potential continues to improve and greatly assists our teams in planning future phases of exploration. We look forward to the receipt of assay results in the New Year and sharing these with our stakeholders as soon as they become available.”
Incorporating Historical Data
The drilling program incorporated various layers of historical exploration data, including drill results from Duval (1985) and Noranda (1991), as well as soil sampling and surface rock samples from previous programs. Golden Spike believes that the historical data, collected by reputable companies, is reliable and valuable for guiding ongoing exploration efforts at the Gregory River Property.
In addition, as part of the summer 2024 exploration program, the Company re-sampled a portion of historical sample sites and found that the results were consistent with the historical grades reported. Furthermore, Golden Spike re-logged and sampled a portion of historical drill hole CC-2 in January 2023, which returned copper values similar to those reported in the original drilling, reinforcing the historical data’s validity.
Looking Ahead
Golden Spike Resources remains committed to advancing the Gregory River Property. The success of this drilling campaign, combined with the upcoming assay results, positions the Company to move forward with additional exploration and development activities. Golden Spike’s ongoing work will continue to focus on unlocking the full potential of this promising property, with further updates expected in 2025.
