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Golden Spike Resources Corp. explores for copper, gold and zinc mineralization at its 100%-owned Gregory River Copper-Gold Property in western Newfoundland. Company updates center on diamond and Winkie drilling, soil sampling, prospecting and assay results tied to volcanogenic massive sulphide (VMS) and vein-style targets, including Steep Brook, Lode 9, Lower Mitchell and the Vein Zone. News also includes financing activity used to support exploration programs.
Golden Spike Resources (GSPRF) has completed its 2024 diamond drilling program at the Gregory River Property in Newfoundland. The program, conducted between October 28 and December 16, successfully completed 10 holes totaling 1,927 metres, targeting VMS and vein-style mineralization. The drilling covered three areas: 5 holes (921m) at Steep Brook, 3 holes (654m) at Lode 9, and 2 holes (352m) at the Vein Zone.
All ten holes intersected visual signs of disseminated and/or fracture/veinlet hosted and semi-massive pyrite and/or chalcopyrite mineralization. Core samples have been submitted to SGS for analysis, with initial assay results expected in January. The company also received a $95,691.86 grant from the Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources has completed five diamond drill holes totaling 921 meters at the Steep Brook VMS target of its Gregory River Property in Newfoundland. Notable mineralization was found in holes GR-24-03 and GR-24-05, with chalcopyrite content ranging from trace amounts to 50% over various intervals. The drilling program has now moved to the Lode 9 Target, where approximately 4 holes totaling 900m are planned, followed by 4 holes at the Vein Zone. Initial assay results are expected in 4-6 weeks. The company has received a $95,691.86 grant from the Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources has completed the second and final tranche of its non-brokered private placement, raising $225,000 through the issuance of 1,125,000 non-flow-through units at $0.20 per unit. Each unit includes one common share and half a warrant exercisable at $0.30 until November 1, 2026. The company issued 7,500 finder's warrants and paid $1,500 in finder's fees. The total proceeds from both tranches amount to $782,500 through the issuance of 3,912,500 units. All securities have a four-month hold period.
Golden Spike Resources has commenced its inaugural drilling program at the Gregory River property's Steep Brook target in Newfoundland. Recent rock sampling results revealed significant copper values, with several samples exceeding 1.0% copper and reaching up to 7.57% copper, along with gold values up to 0.47 g/t. Channel Line #2 returned notable results of 2.5% copper and 0.2 g/t gold over 2.5 metres. The company also completed in-fill soil sampling at the Vein Zone, which extended and enhanced known copper anomalies. The planned drilling program includes approximately 14 holes totaling 3,000 meters across three target areas. Additionally, the company received approval for $95,691.86 in funding through the Newfoundland Junior Exploration Assistance Program.
Golden Spike Resources has initiated the mobilization of diamond drill equipment and crews for its upcoming drilling program at the Gregory River copper-gold property in western Newfoundland. The program will consist of approximately 14 drill holes totaling 3,000 meters, targeting the Steep Brook, Lode 9, and Vein Zone areas. The drilling will focus on First Priority IP targets supported by geological interpretations, geochemical data, historical drilling, and airborne magnetic data. The company has received all necessary permits and has prepared drill platforms at Steep Brook. Additionally, Golden Spike has been awarded $95,691.86 through the Newfoundland Junior Exploration Assistance (JEA) Program.
Golden Spike Resources has announced positive results from IP surveys at its Gregory River copper-gold property in western Newfoundland. The surveys identified multiple high-priority chargeability and resistivity anomalies at three target areas: Steep Brook, Lode 9, and the Vein Zone.
Key highlights include:
- 15.5 line-kilometers of IP surveying completed at Steep Brook and the Vein Zone
- Re-processing of Lode 9 IP data
- Multiple drill targets generated across all three areas
- Drilling program set to commence in October
The IP results, combined with geological and geochemical data, have been used to generate drill hole locations. Drill pad construction is underway, and the company expects to start its inaugural diamond drilling program later this month.
The surveys revealed promising anomalies that coincide with known mineralization and suggest potential for wider mineralized systems with significant depth extent. Golden Spike plans to drill approximately 14 holes totaling 3,000 meters across the three target areas.
Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) has successfully closed its private placement offerings, raising a total of $2.39 million. The company completed a brokered offering of $1.84 million and the first tranche of a non-brokered offering for $557,500. The brokered offering, led by Kernaghan & Partners , issued 8,000,000 flow-through units at $0.23 per unit. The non-brokered offering issued 2,787,500 non-flow-through units at $0.20 per unit.
Notably, Eric Sprott participated in both offerings, subscribing for $300,000 in flow-through units and $100,000 in non-flow-through units. The proceeds from the flow-through units will be used for Canadian exploration and development of the company's Newfoundland project, while the non-flow-through units' proceeds will be used for general working capital purposes.
Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) announces two private placements: a non-brokered NFT Unit offering for up to $1,000,000 and a brokered FT Unit offering for up to $1,840,000. The NFT Units, priced at $0.20, include one common share and half a warrant exercisable at $0.30. The FT Units, priced at $0.23, consist of one flow-through share and half a warrant exercisable at $0.33. Eric Sprott is leading the NFT placement, potentially increasing his 12.3% stake. Kernaghan & Partners will act as lead agent for the FT placement. Proceeds will fund Canadian exploration, particularly in Newfoundland, and working capital. Both offerings include a 6% finder's fee and 6% warrants.
Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) has responded to OTC Markets' request regarding promotional activity of its common shares. The company acknowledged a promotional newsletter distributed by Spartan Trading Inc. on August 19, 2024, which was part of a marketing agreement with VHLA Media Inc. Golden Spike stated that while they provided factual information, they didn't have editorial control over the materials.
The company believes the increased trading activity on August 19 was due to the promotional materials and a news release about completing their Phase 1 exploration program at the Gregory River copper-gold property. A director sold 200,000 shares at $0.21 per share on August 19. Golden Spike confirmed issuing shares and convertible securities at a discount to market price, as is common for CSE-listed companies.
Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) has successfully completed its 2024 Phase 1 exploration program at the Gregory River copper-gold property in western Newfoundland. The program included IP/Resistivity surveys, prospecting, sampling, and in-fill soil sampling. Key highlights:
1. IP surveys completed over Steep Brook VMS target and part of the Vein zone
2. Prospecting and sampling conducted across Steep Brook and other areas
3. Additional soil samples collected at the Vein Zone
4. Data will be used to generate drill targets for Steep Brook, Vein zone, and Lode 9 areas
5. Company expects to be drill-ready by early fall 2024
The program, partially supported by a government grant, aims to unlock the mineral potential of the property. Results are being processed and interpreted to prepare for the next phase of exploration, including drill testing of promising targets.