TORONTO, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Goldspike Exploration Inc. ("Goldspike" or the "Company") (TSX-V:GSE) is pleased to report that it has commenced drilling operations on its Lone Mountain zinc property (the "Property") in Eureka County, Nevada.
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).
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.
Based upon the historical information pertaining to the Property and the favourable results of its initial field work, the Company is carrying out additional geochemical surveys, prospecting and geological mapping and has commenced a phase one drilling program on the Property. In this initial drill program the Company expects to drill approximately 10 holes totalling 1,500 metres (approximately 5,000 feet).
"Since acquiring the Lone Mountain zinc property we have been analyzing and collecting both historic data and new data from recent exploration programs. We are very encouraged by the results to-date. We now have enough information to start drill testing the area in close proximity to the 2007 mineralization with a goal of expanding the footprint of the mineralization. Our geological evaluation of the Property is also identifying other areas of potential mineralization on the Property. We are very pleased to have our first drill program at Lone Mountain underway," commented Goldspike CEO Bruce Durham.
With regard to zinc Mr. Durham further commented: "We share the opinion of many researchers that zinc fundamentals are strong and strengthening and that real shortfalls in production due to significant mine closures will be seen in the years ahead. Zinc is an advanced infrastructure metal whose consumption and usage are continuing to expand annually."
Property Highlights: (see the Company's press release dated June 24, 2014 for full details and maps)
- High grade zinc and lead mineralized intervals were discovered in reverse circulation drill hole LM-07-01. The mineralization is reported to commence at 114.3 metres down hole and to continue to the bottom of the hole at 155.4 metres for an aggregate interval of 41.1 metres.
- Within the above interval no sample material was recovered from one interval of 7.62 metres. This interval was bounded by high grade zinc lead mineralization. It is not known if this interval was mineralized. As a result of a lack of assays for this interval, composite assay values for the entire interval cannot be calculated.
- The drill hole encountered lead values of up to 51.24% over 1.52 metres in the upper part of the mineralized interval.
- The drill hole contained zinc values of up to 48.4% over 1.52 metres in the lower part of the mineralized interval.
- Composite assay intervals in the discovery drill hole included an upper high grade interval grading 32.55% lead and 0.71% zinc over 6.08 metres and a high grade interval at the bottom of the hole grading 41.3% zinc and 1.4% lead over 4.2 metres.
- The previous operator from 2006-7 carried out soil geochemical sampling only on wide spaced (500 metre centered) lines. Samples were collected at only 50 metre intervals on the lines. The samples were analyzed for a suite of elements and an evaluation of those results show the strong correlation of a suite of indicator elements with the location of the historic zinc mine workings and scattered surface trenches that contain zinc mineralization as well as the location of the high grade zinc lead mineralization in the discovery drill hole.
- The suite of elements that correlate with the presence of zinc lead mineralization include: zinc, lead, silver, barium, mercury, cadmium, arsenic, copper and thallium. The overall trend of this suite of elements can be traced for more than 3 kilometres in a direction sub-parallel to bedding in a general northwest to southeast direction.
- The geochemical anomaly tested with the discovery hole was not the strongest part of the three kilometre long multi-element anomaly and no drilling tested the other targets on the extensive anomaly.
History of Work and Geology
Zinc mineralization was first reported to have been mined in the Lone Mountain area in 1942 and operations between 1942 and 1964 were reported to have produced nearly five million pounds of zinc, six hundred and fifty thousand pounds of lead and four thousand ounces of silver. Mined mineralization has been reported to consist of smithsonite, zincite, hydrozincite, cerussite, malachite and azurite along with minor sulphides. At this time it does not appear there is any public record of any significant history of modern exploration work on the Property for zinc lead mineralization. The discovery of the high grade zinc lead mineralization in drill hole LM-07-01 appears to be a largely fortuitous event that occurred in the course of exploring the Property for precious metal mineralization. The Company is not aware of any mineralogical work having been completed on the mineralization in discovery hole LM-07-01.
Part of the Property that extends well to the southeast is reported to have prospectivity for gold. The Company will evaluate these prospects as work on the Property proceeds.
Work by the previous optionee completed in 2007 included re-evaluation of the gravity and magnetic data available on the Property. Their evaluation also included the geochemical surveying as described above as well as a CSAMT geophysical survey that successfully identified a significant resistivity contact crossing much of the Property in a direction mostly parallel to the interpreted stratigraphic trends in the area. The high grade zinc lead mineralization appears to sit very close to the interpreted resistivity contrast. This interpreted contact may prove to be an excellent marker in follow-up drilling programs.
The mineralization discovered in drill hole LM-07-01 has not been well studied and remains open to considerable interpretation at this point. The mineralization is thought to be located at or close to the contact of the Devils Gate Formation, an Early to Middle Devonian dolomite in the Nevada Formation. Rocks in the area generally strike northwest-southeast and dip generally 55 degrees easterly. There is a suggestion by some workers that the mineralization may be located at the intersection of northwest and generally northeast trending structures, however, the single hole in the high grade zinc lead discovery to-date precludes any conclusions at this time as to the orientation of the mineralization. The Company has not been able to ascertain the details, if any, of any QA/QC programs that were in place at the time of the last work on the Property and therefore the Company advises readers that all technical data in this release must be assumed to be historical in nature and as such should not be relied upon. 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.
CONTACT: For further information contact: Goldspike Exploration Inc. Suite 1500 - 4 King St. W. Toronto, Ontario M5X 1C9 Tel: 416-504-8821 Bruce Durham, President and CEO firstname.lastname@example.org www.goldspike.caSource:Goldspike Exploration Inc.