2018

LUCKYSTRIKE RESOURCES TRENCHES 0.42 GRAMS PER TONNE GOLD OVER 44 METERS ON NEW HOT SPOT PROPERTY

By 2018-09-10 March 4th, 2020 No Comments

September 10, 2018 – Luckystrike Resources Ltd. (LUKY.V) is pleased to report that it has successfully completed its planned exploration programs on the 100% owned Hot Spot property, located in the White Gold District, Yukon Territory. The 2018 program included mechanized trenching, prospecting,  soil sampling, and a detailed ground-based magnetic survey. Results of the 2018 program have met or exceeded the goals set by the company’s geological team.

Trenching 

Mechanized trenching completed on the Hot Spot property has returned significant gold grades at the newly discovered “Sure Bet Zone”. The Sure Bet Zone is now drill ready. Highlights from the 2018 trenching program include:

  • 0.42 g/t Au over 44 m including 2.44 g/t Au over 2 m at TR-HS-01 (Figure 1)
  • 1.92 g/t Au over 2 m at TR-HS-03

A total of 234 m of mechanized trenching was completed over the Sure Bet Zone in 2018. The Sure Bet  is an extensive gold-in-soil anomaly that has been has been expanded to 1 kilometer long and up to 250 meters wide, and remains open to the north (see press release dated November 21, 2017). The 2018 trenching program, below the soil anomaly, has confirmed gold mineralization in bedrock hosted within a large shear zone (Figure 2). The 2018 trench results can be seen on Map 1.

Soil Sampling

The gridded soil sampling that expanded the Sure Bet Zonein 2018 included one sample which returned a value of 1.2 g/t Au and over 14 samples containing greater than 200 ppb Au. 53 samples returned 1 ppb Au or less. A total of 420 soil samples were taken on the property. See Figure 2 below for the summary of the 2018 soil results.

Prospecting 

Grab samples containing up to 0.32 g/t Au were collected within the Sure Bet soil anomaly. A total of 60 rock grab samples were taken on the Hot Spot property in 2018. Of these, 52 samples contained 50 ppb Au or less.

Ground Magnetic Survey 

A total of 27 line-kilometers of ground-based magnetic survey was completed over the Sure Bet Zone on the Hot Spot property. The survey has delineated a magnetic low that coincides with the gold-in-soil anomaly and with the 2018 trench containing 0.42 grams per tonne gold over 44 meters.

Phase 2 Exploration at Hot Spot 

A Phase 2 follow-up exploration program is underway on the Hot Spot Property. The focus of the program will be to expand the soil grid to the north to define the full extent of the gold anomaly and additional ground magnetic surveying to further delineate the full extent of the Sure Bet Zone (Figure  3), in preparation for drilling.

Update on Lucky Strike Property 

Exploration on the 156 square kilometre flagship Lucky Strike Property has been completed. Lucky Strike is located in the heart of the Yukon’s White Gold District and is 100%-owned by Lucky Strike Resources with no underlying payments or royalties (video update).

Diamond drilling focused on the Monte Carlo zone totalled 1359.71 meters over eleven holes; assays are pending. Drilling spanned a strike length of 700 m, expanding on the 2017 1033m drill program (2017 discovery hole assayed 5.36 grams per tonne gold over 22 metres – November 20, 2017 news release).

An induced polarization (IP) survey was also completed at the Monte Carlo zone totalling 8.2 kilometers across 5 lines. The survey expanded upon a 2016 survey, and successfully delineated a prominent controlling structure on the Monte Carlo Zone an additional 1100 m to the northwest.

The Company is also pleased to announce the completion of the most extensive mechanized trenching program to date on the property. Trenching was completed across all known target zones within the 10 km trend. Eleven trenches totalling 1865.5 meters (1.865 kilometers) were done: two at Monte Carlo (213 m), two at Belmont (810 m), one at Samson (150 m), five at Boss (526 m), and one at Maverick (166.5 m). Assays are pending. Details of these gold-in-soil target zones can be found in the May 22, 2018 news release.

The 2018 exploration also included a widespread reconnaissance soil sampling and prospecting program on the large, under-explored southeast half of the property. 2540 soil samples and 148 rock grab samples were taken. Sampling was largely directed by structures identified through a 2017 property- wide LIDAR survey.

Assays for all phases of the Lucky Strike program are pending and will be reported once they are received compiled and interpreted.

Message from William (Bill) Chornobay, President and CEO: 

“We are very exited about the Hot Spot discovery that is now drill ready. The results on Hot Spot are a strong testament to the teams’ ability as project generators to take an original idea like Hot Spot from paper to being drill ready in ~45 days on very small budget. The combination of the Lucky Strike Property and Hot Spot with our additional four 100% owned White Gold properties provides Luckystrike Resources a solid foundation on which to build. I would also like to take this opportunity to thank the Yukon Government for the financial contributions provided by YMEP helping to fund our exploration programs. Working Together We Succeed.”

Other

 Sample analysis and assaying for all of Luckystrike’s projects have been conducted by Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd) in Vancouver, BC, which is ISO- 9001 accredited laboratory. Rock and drill core samples are crushed, split and pulverized to 250 g pulp, 200 mesh. For gold analysis a 50 g split is fire assayed with an ICP-ES finish (FA350-Au). Samples assaying >10 ppm Au are run with a gravimetric finish (FA550-Au). Samples also undergo a 45-element assay which involves a multi-acid digestion and ICP-ES/MS analysis (MA200). Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified QA/QC assay standards samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Stefan Kruse, Ph.D., P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43- 101, for Luckystrike’s Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

 

ON BEHALF OF THE BOARD

 

William Chornobay President and Chief Executive Officer

For new information from the Company’s programs, please visit Luckystrike’s website at LuckystrikeRes.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Luckystrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

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.

 

Forward-Looking Statements

 Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Luckystrike has attempted to identify important factors and risks that could affect Luckystrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Luckystrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Luckystrike may not be able to confirm historical exploration results and other risks set forth in Luckystrike’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Luckystrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Luckystrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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