Goldstrike Samples 15.45 Ounces Per Ton Gold At VG Zone

October 10, 2012 - Goldstrike Resources Ltd. (TSX-V: GSR) is pleased to report additional exploration results, including a metallics assay of 529.86 grams per tonne (15.45 ounces per ton) gold from a rock grab sample taken at the VG Zone on its Plateau South property, within the Yellow Giant Trend. High grade gold mineralization that has been found over an area of at least 2,000 by 140 metres in the VG Zone, and the zone remains open in all directions. The high grade sample is a silicified felsic volcanic rock taken 30 metres northeast of a previously reported rock sample grading 280.6 grams per tonne (8.18 ounces per ton) (News Release September 18, 2012). High resolution ground geophysics has confirmed a large structure directly below the bonanza grade gold mineralization found on surface. The Company’s geologists believe that structure to be the source of the mineralization, and is planning an extensive program of systematic drilling to outline its extent to depth and along strike.



Goldstack Zone (Yellow Giant Trend, Plateau South Property)

The Goldstack Zone is a structurally controlled quartz breccia within an area of extensive quartz veining, stockwork and brecciation that has produced numerous samples containing visible gold. Preliminary shallow prospect drilling on the Goldstack Showing targeted the gold mineralization discovered at surface (14.25 grams per tonne over 2.5 metres in a previously reported composite channel cut – News Release August 20, 2012). The first shallow prospect hole intersected a gold-mineralized silicified breccia confirming the zone continues and increases from 2.5 metres on surface to 9 metres true width at depth, remains open and is gold mineralized throughout, averaging 0.7 grams per tonne gold over a 9 metre width from 8.65 to 17.65 meters. The technical team is encouraged to see that the prospect drilling confirms the gold mineralized breccia is thicker at depth and remains open, indicating that it is part of a larger gold mineralized system.

The Goldstack Zone has been confirmed to be on a second order splay from a major NE structure. Visible gold as seen in surface grab and channel samples was not seen in drill core, but its presence confirms that this is the kind of system where grades can vary significantly over short distances. The second shallow prospect hole collared 50 metres further south intersected an unmineralized silicified quartz stockwork over2.3 meters, from 41.4 to 43.7 metres, confirming structure at depth and indicates possible pinching and swelling. The Goldstack Zone was expanded on surface by the discovery of a new gold mineralized outcrop 50 metres to the northeast, with 5 grab samples grading from 1 to 2.24 grams per tonne gold and the Zone remains open. A rock grab sample taken from outcrop from a hinge of a major anticlinal fold located on trend 1.5 km west-northwest of the main Goldstack showing assayed 1.54 grams per tonne gold, and another rock grab sample taken on trend 1 km to the east-southeast assayed 1.07 grams per tonne gold. The Goldstack Trend is an extensive area with strong gold potential, measuring 4 by 2 kilometres and remaining open in all directions. Gold appears to be associated with a system of faulting and folding, and a program of systematic diamond drilling is recommended to outline the full potential of this new gold system.



Goldbank Zone (Yellow Giant Trend, Plateau South Property)

Extensive gold mineralization was previously confirmed in outcrop along an 11 kilometre trend that is 500 metres wide, remains open and is ready to be drill tested. (News Release November 17, 2011). The Company plans a series of drill holes targeting the high grade gold mineralized outcrops along the Goldbank trend with grades from previously reported assays of up to 34.25, 26.99, 24.70, 14.54, and 11.0 grams per tonne gold.

Precision Geosurveys Inc. has just completed a low level, high resolution helicopter geophysical survey along the entire Yellow Giant Trend on the Plateau South property. The survey was recommended based on the excellent exploration results confirmed to date. This survey was designed to assist in outlining the key structures and geometry of the extensive new Yellow Giant gold system. Compilation and interpretation of geochemical, geological, ground and airborne geophysics is ongoing in preparation for drilling in the VG, Goldbank and Goldstack zones, as well as the Goldrush zone on the Plateau North property. These results will be released as they become available.



Gold Rush Zone (Plateau North Property)

The Gold Rush Zone is a 1.8 kilometre long gold and multi element geochemical anomaly in sediments, with previously reported samples grading up to 26.8 grams per tonne gold in soil or decomposed bedrock (News Release August 20, 2012). Three preliminary shallow prospecting holes did not explain the large surface gold in soil anomaly at Plateau North. Additional study, compilation, and high resolution ground geophysics is planned to target the source of the gold anomaly at depth, in preparation for further drilling. All drill results are posted on the Company’s website.

Rock samples taken from Goldstrike’s Plateau area properties in 2012 ranged from below detection level to 529.86 grams per tonne gold, soil samples ranged from below detection level to 316.2 parts per billion (0.3162 grams per tonne) gold, and silt samples ranged from below detection level to 19.5 parts per billion (0.0195 grams per tonne) gold. All rock and drill core assays have been received, and 82 soil sample assays and 6 silt sample assays remain pending

Lucky Shot Zone (Lucky Strike Gold Trend)

The Lucky Strike property is located in the heart of the White Gold District, and is contiguous with the Kinross Golden Saddle property, 12 kilometres south-southeast of Comstock’s QV property, and 30 kilometres north-northeast of Kaminak’s Coffee Creek property. The gold-mineralized Lucky Shot structure has the same east-northeast orientation reported for the Golden Saddle deposit, as well as Comstock’s recently announced trench intersections (3.31 grams per tonne gold over 95 metres, and 3.74 grams per tonne gold over 75 metres), and many of the main mineralized zones at Coffee Creek. A previously reported fire assay from Goldstrike’s new Lucky Shot Zone (October 1, 2012) returned 41.687 grams per tonne (1.216 ounces per ton) gold in a rock grab sample taken from bedrock on the Lucky Strike property. The high grade sample was taken along a gold-mineralized structure that was discovered by follow up prospecting of strong gold in soil anomalies. The structure was traced through an area with little outcrop using high resolution ground geophysics that confirms that it passes through the mineralized outcrop and beyond. The Lucky Strike property contains widespread gold soil anomalies over a 7 kilometre strike length, returning values up to 703.7 parts per billion gold to date (News Release (News Release October 1, 2012). These gold anomalies coupled with high resolution airborne geophysics indicate excellent potential for additional gold-mineralized structures to be discovered on the property. The host rock, gold mineralization, geochemistry, and structure closely resemble those on the Kaminak, Kinross, and Comstock properties. The Company looks forward to a program of high resolution ground geophysics and trenching, in order to define the full extent of this new gold mineralized structure, and drilling to confirm the geometry of the gold mineralization at depth and along strike.

Solomon’s Summit Gold Zone

Five rock grab samples that assayed 9.92, 8.7, 5.3, 2.78, and 5.3 grams per tonne gold were taken along a north-south mineralized structure that has been traced on the ground for 400 metres and remains open (News Release October 21, 2012). The structure cuts calcareous sandstone, limestone, limestone breccia, and siltstone, and is drill ready. The gold shows a close spatial association with pathfinder elements arsenic, antimony, mercury, and thallium. The structure cuts across a strong multi-element geochemical anomaly 2,000 metres long, and up to 800 metres wide that extends northwest along Solomon’s Summit, and remains open. This geochemical anomaly coincides with the hinge zone of a northwest-plunging fold mapped by government in lower Hyland Group clastic and calcareous sediments, below a cap rock of maroon and green shale typical of the Upper Hyland Group. A rock grab sample taken close to the trace of the fold hinge 1 kilometre northwest of the main showing area assayed 1.4 grams per tonne gold. A total of 88 anomalous soil samples taken along the ridge contained between 25 and 100 parts per billion gold, and 15 soil samples returned values between 100 and 500.8 parts per billion gold. There is limited outcrop, both in the area covered by the geochemical anomaly, and along the mineralized structure. The geological age, host lithology, structure, and geochemistry resemble ATAC’s recent description of its Conrad zone, and Goldstrike’s team believes Solomon’s Summit has many indicators for a significant new gold discovery. Trenching and diamond drilling is planned to outline the full extent of the gold mineralization to depth and along strike.

“The geologic team believes we are in the very early stages of unlocking the full potential of the extensive Yellow Giant Gold System,” stated President and CEO Terry King. “We have barely scratched the surface of the many new discoveries made during 2012 at the Plateau South Plateau North, Lucky Strike and Summit properties. We look forward to realizing their full potential through future drill campaigns.”

The Company is pleased to report it has accepted an invitation to speak on its Selwyn Basin prospects at the Yukon Geoscience Forum, to be held in Whitehorse November 18 to November 21.

Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd in Vancouver, BC and AGAT Laboratories Limited in Mississauga, Ontario, both of which are ISO 9001 accredited. Soil samples are dried at 60oC, reduced to 100 grams, and sieved to -80 mesh. A 15 gram charge is then dissolved with a 1:1:1 aqua regia digestion, and analyzed by a 72-element combination ICP-MS and ICP-AES package that includes gold. Rock samples are crushed, split, and 250 gram samples are sieved to 200 mesh. 30 gram charges are then assayed for gold using fire assay fusion and ICP-ES, and in addition, 0.5 mg charges are dissolved with a 1:1:1 aqua regia digestion, and analyzed by 37-element ICP-MS that also includes gold. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property.

Trevor J. Bremner, P. Geo., Senior Consulting Geologist and Advisor to Goldstrike's Board, is a qualified person, as defined by National Instrument 43-101, for Goldstrike's Yukon exploration projects and supervised the preparation of the technical information in this release.

Corporate Matters

The Company is also pleased to report that it has negotiated a one year extension of the time for making the final option payment on the BRC mineral claims, located in the heart of the Yukon White Gold District. The Company still considers the BRC property to have considerable merit, but did not carry out any exploration on that property during 2012 due to its focus on Plateau, Lucky Strike and other properties, and the short exploration season available at BRC. The Company now has until November 1, 2013 to exercise the BRC option, subject to the right of the property owner, Petro One Energy Corp., to reduce the time permitted to make such payment to 30 days in the event that it receives a bona fide offer from a third party to option the property on terms which Petro One is prepared to accept. No additional consideration has been paid to Petro One for the extension, but it is anticipated that an exploration program will be carried out on the BRC claims next summer. The original option terms are described in the Company’s March 25, 2011 news release.

The Company also reports that it has terminated the option agreement announced on May 14, 2012 which entitled it to acquire up to an 80% interest in the “Strike” mineral claims, located immediately adjacent to the “Lucky Strike” property. The Company acquired the option due to the proximity of the Strike claims to an area of interest on the Lucky Strike property and carried out a small prospecting program on the Strike claims during 2012, but did not obtain results that would warrant the allocation of $100,000 to those claims from the 2013 exploration budget, as required to maintain the option. Goldstrike intends to focus its future exploration work in that area solely on the Lucky Strike property, which it holds under option from Petro One Energy Corp.

For more detailed new information and maps on the Plateau, Summit and Lucky Strike properties, see Goldstrike's web site at GoldstrikeResources.com.

ON BEHALF OF THE BOARD

Terrence E. King
President and Chief Executive Officer

For further information, please visit Goldstrike’s website at GoldstrikeResources.com, follow the Company’s tweets at Twitter.com/GoldstrikeRes and contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805-0375 or by email at jstuart@kingjamescapital.com.

Neither 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.