Golden Spike Resources Corp. announced that it has received full analytical results from a program of soil sampling at the Vein Zone target, located in the northern portion of the Gregory River Copper-Gold property in western Newfoundland. In addition, the Company has also received all required Government of Newfoundland and Labrador permits to initiate the 2023 exploration program.

During late 2022, the Company completed a program of wide-spaced soil sampling over an approximate 1.6-kilometre by 2.0-kilometre grid at the Vein Zone . The survey comprised of 203 samples, collected at 200-metre line spacing and 50-metre sample spacing, targeting the B- horizon soil layer. Due to difficult weather conditions and the boggy terrain overlying much of the Vein Zone, several of the proposed soil sample locations were not successfully collected leaving occasional data gaps in the grid.

During the upcoming 2023 field exploration program an attempt will be made to collect additional samples in some of the gaps. In addition, in-fill sampling will be completed in selected areas of the Vein Zone to provide better resolution of the soil anomalies to help determine potential drill targets. The soil grid over the Steep Brook VMS target, which was not completed during 2022 due to poor weather conditions, will also be initiated.

The range of analytical values received for each significant element from the Vein Zone soil survey are as follows: Copper: 6 ­ 1,040 ppm Zinc: 20 ­ 412 ppm Gold: <5 ­ 74 ppb Arsenic: 3 ­ 329 ppm that can be traced intermittently for more than a kilometre along north-northwest to south- southwest trending directions. Higher grade cores (>150 ppm copper) occur in many of the anomalies with copper grades as high as 1,040 ppm. Other significant elements, including zinc, gold, arsenic and cobalt, show similar trends.

The contoured soil copper values from the Vein Zone are shown on The majority of the Vein Zone is covered with post mineral cover, composed of till and soil layers covered with low bushes, grass and moss. Rock outcrops are rare and mostly found in eroded creek beds. Exposures of the vein mineralization are only found at a few locations and mostly occur as one to two-metre-wide, and locally up to five-metre-wide quartz veins and structurally controlled stockwork zones.

The northwest to southwest trending veins are hosted predominantly in basalt and gabbro and mineralized with varying amounts of pyrite, chalcopyrite, arsenopyrite and minor bornite and sphalerite. The analytical results from the soil sampling appears to reflect the mineralogy from the veins and are therefore provides an effective exploration technique to trace the potential strike extension of the veins below the overburden. During 2023 the Company plans to further explore the VMS targets and the vein zone through additional soil sampling, mapping, sampling, trenching, geophysics and diamond drilling.