TORONTO, Oct. 30, 2014 (GLOBE NEWSWIRE) -- Goldspike Exploration Inc. ("Goldspike" or the "Company") (TSX-V:GSE) is pleased to announce that it has successfully intersected zones of zinc and lead mineralization in the first drill holes of the Company's phase one drill program on its 100% controlled Lone Mountain zinc property (the "Property") in Eureka County, Nevada.
Drilling is continuing and the program has been expanded beyond the initial plan of 1500 metres. Drilling to-date has been completed to a greater depth, up dip and along strike of the original 2007 discovery hole. Zinc and lead mineralization has been intersected in each direction from the discovery hole in the directions drilled.
Samples from the first holes have been submitted for analysis and the first assay results are expected to be received in about three weeks. The Company maintains a QA/QC program on the analytical process and sample results will be released when received, subsequent to passing the QA/QC review.
The Company's current exploration program on the Property also includes ongoing surface geochemical studies designed to delineate the extent of anomalous zinc and indicator elements that correlate to the location of the surface expression of the mineralized zone of interest. This surface trace correlates with the interpreted up dip projection of the 2007 discovery drill hole mineralization and also the location of the near surface zinc mining completed historically at the Mountain View mine. Soil geochemical data received to-date shows a very well defined, consistent high zinc anomaly, as well as pathfinder element highs, that both extend for more than 1400 metres from the northwest boundary of the historic zinc mine through the interpreted location of the surface extension of the zone being drilled. The high zinc anomaly and pathfinder elements anomaly remain open to further expansion. All zinc lead mineralization intersected to-date is non-sulphide in nature to the depths drilled and is now known to extend to depths of up to 200 metres.
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Bruce Durham, President of the Company commented: "We are very encouraged by the recent geochemical data we have been receiving and the fact we are intersecting significant mineralization in our first drilling program. We look forward to having assays in November from the first of the holes in this program and certainly expect to be completing a significant amount of drilling to extend the mineralization in the discovery area as well as a significant amount of further drilling to test the strong geochem target we are defining."
About Lone Mountain
The Property is comprised of 217 claims and covers the location of a 2007 significant drill hole zinc discovery where a single drill hole intersected several intervals of high grade zinc lead mineralization including an interval at the bottom of the hole assaying 41.3% zinc and 1.4% lead over 4.1 metres.
Goldspike negotiated the assignment of up to a 100% interest in the Property in July of this year (see the Company's press release dated July 23, 2014) and began its phase one drill program in October. (see the Company's press release dated October 20, 2014)
Bruce Durham, P.Geo, is a qualified person as that term is defined by National Instrument 43-101 on behalf of the Company and is the person responsible for the preparation of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.