Golden Spike Resources Corp. announced that it has completed the exercise of its option and now owns a 100% interest in the Gregory River property located in Newfoundland, Canada. Further to its news releases issued on September 20, 2022 and July 21, 2022, as a result of its acquisition (the "Acquisition") of Golden Horizon Exploration Corp.

("Golden Horizon"), it has assumed Golden Horizon's interest in a mineral property option agreement dated October 14, 2021, as amended (the "Option Agreement") between Golden Horizon as optionee (the "Optionee") and certain optionors of the Property (collectively, the "Optionors"). Pursuant to the Option Agreement, the Optionors have granted the Optionee the option to acquire a 100% interest (the "Option") in the mineral property claims known as the Gregory River Property located in Newfoundland & Labrador (the "Property"), subject to a 2% net smelter royalty. Pursuant to the Option agreement, the Company has paid the final cash payment of $45,000 and issued 1,500,000 common shares at a deemed price of $0.20 per share, (the "Subsequent Consideration Shares") to the Optionors and has fully exercised its Option to acquire a 100% interest in and to the Property.

The Subsequent Consideration Shares will be, subject to a 4-month statutory resale restriction in accordance with applicable securities laws. The Property is subject to a 2% net Smelter returns royalty interest (the "NSR") of the Optionors calculated in accordance with the Option Agreement. At any time following the completion of the Option exercise, the Company will have the right to purchase one-half of the NSR from the Optionors for $1,500,000, leaving the Optionors with a 1% NSR. Gregory River Property.

The Property is comprised of 137 claims under 17 mineral licences, covering 3,425 hectares or approximately 8,463 acres and is located on the western portion of the island of Newfoundland, approximately 14 Kilometres ("km") south of the community of Trout River and 40 km south of the community of Trout River and 40 km northwest of Corner Brook. The Property is centered over an approximately 11-kilometer-long stretch of the Gregory River volcanogenic massive sulphide ("VMS") belt, a north-northeast trending corridor of very prospective ground for precious and base metal mineralization. In addition, the Property hosts a cluster of high-grade copper-gold vein structures that occur just east of the VMS-belt.