Newmont, Goldstrike wrap 2017 exploration at Plateau

Goldstrike Resources Ltd. Oct. 4 announced the successful completion of the 2017 exploration program at Plateau, a Yukon gold property the company is advancing in conjunction with Newmont Mining Corp.

In March, Newmont cut a C$53 million deal to earn up to a 75 percent stake in the expansive and gold-rich Plateau property by paying Goldstrike C$8 million and investing C$38.8 million to explore the gold property over the next decade. The agreement included a C$6 million private placement financing under which the gold-focused major purchased 12.71 million Goldstrike shares at C47.4 cents each.

"Partnering with Newmont has provided the experience required to successfully explore this extensive gold mineralized system and access to their proprietary mine-finding technologies," said Goldstrike President and CEO Terrence King.

The 2017 Plateau program included: 2,972 meters of diamond drilling in 23 three holes at the Goldstack, Bonanza, Big Bang and Goldbar priority target areas; staking of an additional 434 claims brings the total size of the property 662 square kilometers (256 square miles); extensive geophysical and Lidar surveys over the entire property; 4,300 soil samples collected on newly staked ridges and spurs, and focused grids at Gold Rush, Bonanza, Bullion, Big Bang, and Goldstack; prospecting; and mapping.

Based on exploration results in 2017, drill equipment was left onsite in anticipation of a more extensive exploration and drill program in 2018.

With this in mind the company is applying to expand its advanced exploration permit to include the new claims staked to cover the extension of this new, 70-kilometer- (43 miles) long, district-scale gold mineralized system.

The Newmont and Goldstrike technical teams are compiling and interpreting the 2017 results in collaboration with contractors.

Results from the program will be announced once this work is complete.

"This is a great time for Goldstrike," said King. "We look forward to reporting results in the near future and unlocking the full potential of this gold mineralized system long into the future."

-SHANE LASLEY