Goldspike Exploration Inc. provides project and corporate update
Thursday, Dec 20, 2012Goldspike Exploration Inc. ("Goldspike" or the "Company") (TSX VENTURE:GSE) has completed its exploration field work for the 2012 season and has received notification that the optionee of the Summit Property has renewed the option for another year. On December 13, 2012 Kaminak Gold Corporation ("Kaminak") announced a maiden resource estimate on its Coffee Project that was headlined: "3,236,000 ounces of Gold at the Coffee Creek Project Yukon" (Kaminak Press Release December 13, 2012). The Company's VIP Property is located to the west of the Coffee Project.
The Company's main areas of focus are the VIP Property and surrounding claims, located to the west along trend from Kaminak's Coffee Project and the Goodman Property adjacent to the southwest along trend of Victoria Gold's multi-million ounce Dublin Gulch Project. On September 25, 2012 Independence Gold Corp. ("Independence") reported gold in soil samples grading up to 4.53g/t on a claim group on the east boundary of the VIP Property and just west of the Coffee Project. The VIP Property and surrounding claims cover more than 15 kilometres along the trend of regional structures in the area west of Kaminak and Independence. At the time of the press release announcing the discovery of the new 'Denali' gold zone, Independence reported they were commencing a trenching program to more fully evaluate the new showing area located between Kaminak's Coffee Project and Goldspike's VIP Property.
Additional information is to be available in 2013. The Independence property, called the YCS Property, is subject to an underlying royalty payable to Goldspike.
Other than its interest in the VIP, Goodman and Summit properties, Goldspike holds 100% interest in 35 other early stage precious metal properties in Yukon, Canada. The properties were acquired prior to the extensive staking rush that ensued subsequent to the gold discoveries in the White Gold and Coffee districts in 2010. The Company is working toward determining the properties that warrant significant follow-up exploration and anticipates focusing its future efforts on roughly one third of the overall property portfolio.
Half of Goldspike's properties are located in two of the most active mineral exploration regions in Yukon; the White Gold area and the Clear Creek-Dublin Gulch area with other properties located in more spread out locations across Yukon (we make reference to Coffee Project in paragraph 1, is it in either of these 2 areas? If so, we should say so as it is in the opening paragraph). These properties include land in the Atac-Rackla area, West Dawson area, Livingstone Creek area, Northern Tiger-3 Aces area as well as individual properties covering specific targets not located in areas where other companies are active.
The preliminary exploration completed to date by the Company and various optionee companies has revealed many areas of anomalous gold, silver and precious metal indicator elements on a number of the properties that warrant follow-up. Some of these target areas were reported to be 'drill ready' at the end of the 2011 season although to date no drilling has been undertaken on the properties (why?).
Based upon the results from the programs completed by the Company and various optionees in 2011 follow-up work programs were recommended for this year's field work which commenced in mid June.