Golden Spike Resources Corp., a Canadian mineral exploration company, has recently made significant strides in its ongoing exploration efforts in Newfoundland. Last year, Newfoundland & Labrador was ranked as the world's 4th best mining jurisdiction by the Fraser Institute and a hot spot for the top mining companies in the world. Golden Spike which focuses on unlocking value in mineral-rich areas, announced on August 2, 2024, that it has been awarded a government grant of approximately $95,691.86 under the Junior Exploration Assistance (JEA) program. This grant will be instrumental in supporting their exploration activities at the Gregory River copper-gold property, a 3,425-hectare site located on the west coast of Newfoundland.
The Gregory River property is strategically centered over an 11-kilometer stretch of the Gregory River volcanogenic massive sulphide (VMS) corridor, a region known for its potential to host high-grade copper, gold, and other base metals. The property has a history of exploration dating back to the 1920s, and recent efforts by Golden Spike have identified several promising targets, including high-grade copper-gold veins.
Golden Spike's exploration program for 2024 includes a focus on the Lode 9 and Steep Brook VMS targets, as well as the Vein Zone, where previous work has uncovered copper veins with grades often exceeding 10%. The company plans to conduct prospecting, sampling, and geophysical surveys over the summer, followed by a second phase of diamond drilling in the fall.
This exploration initiative is bolstered by the continued support of prominent investor Eric Sprott, whose backing is seen as a strong endorsement of the company’s strategic direction. Sprott's investment comes at a time when copper and gold markets are showing bullish trends, adding further momentum to Golden Spike’s endeavors.
Overall, Golden Spike Resources is positioning itself to capitalize on the growing demand for critical minerals, with the Gregory River property playing a central role in its growth strategy. The company's commitment to environmentally conscious exploration practices and strong community partnerships further underscores its long-term vision for sustainable resource development.
Golden Spike Resources is a Canadian mineral exploration company focused on identifying, acquiring and unlocking value in mineral opportunities in Canada and other low-risk jurisdictions. The Company currently holds 100% interest in the 5,050-hectare Gregory River Property in Newfoundland, strategically centered over an approximate 11-kilometer-long stretch of the Gregory River VMS-belt, a north-northeast trending corridor of very prospective ground with potential to host Cyprus-type polymetallic VMS deposits. In addition, the Property hosts a cluster of historically explored, high-grade, copper ±gold vein structures.
