Golden Spike Resources Corp. announced that it has received analytical results from a recent program of reconnaissance rock sampling over the northern half of the Gregory River Copper-Gold property located in Newfoundland and Labrador. Highlights: 43 reconnaissance rock samples were collected from both several volcanogenic massive sulphide ("VMS") and vein-style targets and many returned highly anomalous copper and gold values.

15 samples returned values greater than 1% copper, up to 18.7% copper. 8 samples returned values greater than 0.50 grams per tonne ("g/t") gold, up to 5.02 g/t gold. Two channel chip sample lines were collected at the Lower Mitchell vein-style target and returned anomalous values of copper, gold, zinc and silver.

Chanel #2 returned 2.73% copper, 0.14 g/t gold and 0.34% zinc over 5 metres, including 12.9% copper, 0.23 g/t gold, 11.5 g/t silver and 0.27% zinc over 1 metre. Reconnaissance Sampling Program: Between August 6 and September 13, 2022, the Company completed prospecting and sampling at selected target areas in the northern half of the Property. The prospects in the southern half of the property, including the recently acquired Steep Brook prospect, were not visited during this program, however, these areas remain key targets that will be evaluated during upcoming phases of exploration.

During the recent program, three VMS target areas (Gregory River, Lode 9 and Moose Brook) hosted within the Gregory River VMS-trend were briefly visited and sampled, each returning significant analytical results (Table 1). In addition, nine vein-style targets from the Copper-Gold Vein target area in the northeast corner of the Property were sampled (Court B, Court C, East of Lode 9, Hall, Palmer, Lode 2, Lode 6-7, Gossan Zone, Lower Mitchell) with seven of these target areas returning significant analytical results. Samples from the VMS targets are mostly from basaltic rocks with varying amounts of disseminated pyrite, chalcopyrite, as well as zones of quartz stringers and veinlets.

Two of the samples, 815664 from Lode 9 and 815671 from Moose Brook are highlighted since they both returned significant values of gold (3.48 g/t and 5.02 g/t, respectively) and copper (18.70% and 0.96%, respectively). These areas will form part of follow-up work during Phase 2 next year to better determine mineralization controls and dimensions. The samples collected from the vein-style targets are mostly from 1-2-metre-wide quartz veins and structurally controlled stockwork zones, hosted in basalt and gabbro and mineralized with varying amounts of pyrite, chalcopyrite, arsenopyrite and minor bornite and sphalerite.

The Lower Mitchell prospect appears to be a wider, east-to north-east trending, structurally controlled zone, hosted within intensely silicified basalt, mineralized with pyrite, chalcopyrite, arsenopyrite and traces of sphalerite. The alteration and mineralization are exposed in several outcrops and in an historically trenched area, spaced over an approximate 180 metre distance; however, the true width, orientation and dimension of this zone remains to be determined. Many of the grab and float samples returned anomalous copper and gold values, along with minor amounts of zinc, arsenic and occasional cobalt.

During the recent sampling program, the Company collected two, north-south oriented channel sample lines at Lower Mitchell, each spaced approximately 15 metres apart. Channel #1 is two metres in length and comprised of two, one-metre channel chip samples. Channel #2 is 5 metres in length and comprised of five, one-metre channel chip samples (Table 3).

The sample results reveal multiple anomalous values of copper, gold and zinc, along with isolated silver anomalies and pathfinder elements, such as arsenic. A one-meter sample from Channel #2 returned a very high-grade value of 12.9% copper along with 0.23 g/t gold, 11.5 g/t silver and 0.27% zinc. Additional work is warranted at Lower Mitchell during Phase 2 exploration to better understand the mineralization controls and potential dimensions.