Golden Spike Resources Corp. announced that it has initiated field work over its Gregory River copper-gold property (the "Property"), located in Newfoundland and Labrador. The Property is comprised of 15, mostly contiguous mineral licences strategically centered over an approximate 11-kilometer-long stretch of the Gregory River volcanogenic massive sulphide ("VMS")-belt, a north-northeast trending corridor of very prospective ground with potential to host "Cyprus-type1" polymetallic VMS deposits.

In addition, the Property hosts a cluster of high-grade, copper ±gold vein structures that occur in the northeast quadrant of the Property (the "Vein Zone"). The licences are well located in terms of infrastructure, just 42 km north-northwest of the city of Corner Brook, and 53 km west of the city of Deer Lake. Although intermittent exploration has taken place over the Property and the region since the 1920's and has resulted in the discovery of numerous high-grade copper and gold prospects and occurrences, the Property has not seen any significant activity since 2008 and large portions still remain largely underexplored by modern exploration methods.

The Property and the Gregory River VMS-Belt are situated within the Bay of Islands Ophiolite Complex, an Ordovician-aged sequence of rocks comprised of faulted and moderately deformed ultramafic-to-mafic intrusives, sheeted diabase dikes, basaltic pillow lavas, and narrow zones of sedimentary rocks. These rock units are host to the York Harbour deposit, a Cyprus-type, copper-zinc-silver VMS deposit that is located approximately 27 kilometres south of the Property and was historically in small-scale production during the early part of the 1900's. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's Property. Several early-stage VMS prospects have been located on the Property by previous explorers including, Gregory River, Camp Brook/Moose Brook, Jumbo South and Deep Brook and these will form part of future exploration programs. In the northeast quadrant of the Property there are several south-easterly to north-easterly-trending high-grade copper mineralized veins and structures, which include the Court A, B, & C and Mitchell prospects.

In the 1950's Cape Copper Mines drill tested the Court A prospect through 17 shallow core holes, intersecting copper mineralization down to an average vertical depth of about 50 metres and over a strike length of about 350 m, beyond which the vein remains open in all directions. True widths are estimated to be approximately 60% of drilled widths. Gold was not analysed for these drill holes, but recent sampling of outcrop exposures the Court A vein has returned grades in the general range of trace to 3 g/t gold, along with high copper grades (trace to 17.6%), and anomalous grades of silver (trace to 16 g/t) and cobalt (trace to 340 ppm).

Historical drill hole sampling was very selective and only focused on the highest-grade portion of the vein leaving the majority of the hole unsampled. Potential exists for wider mineralized haloes to surround the main veins, where drill logs indicate the presence of unsampled, narrow chalcopyrite stringers in some of the holes. None of the historical core has been kept and the QP is not able to validate these historical drill results and therefore these results should not be relied upon.

Historical surface sampling programs at many of the prospects was completed by various companies, including majors RioCanex (Rio Tinto) and Noranda, returning copper values in similar high-grade ranges, along with anomalous values of other metals. Furthermore, it is believed that these companies would have had sampling methodologies and quality control processes in place that were considered industry-standard for that time and therefore the QP feels that it is reasonable to report these surface and drill results as historical and to use them as a guide for future exploration at these prospects. Since acquiring the option to earn 100% interest in the Gregory River Property in July 2022, Golden Spike has been focused on completing a thorough investigation and compilation of all historical exploration in this highly prospective area and aims to utilize cutting-edge exploration technology to explore the Property, with the objective of developing near-term drilling targets.

In advance of receipt of exploration permits, the company has initiated a Phase 1 exploration program comprising of "non-invasive" work that does not cause significant ground disturbance. Field work will be completed by Planet X Exploration Services Ltd., based out of Gander, Newfoundland. The Vein Zone grid covers approximately 1.5 kilometres by 2.0 kilometers and targets potential extensions to the Court A, B & C veins, the potential northeast continuation of the Mitchell vein and any new veins that may occur in the area.

The area is mostly covered by overburden and the Company is not aware of any previous soil sampling documented over this area. Sampling will be done over a wide-spaced reconnaissance grid with lines spaced 200 m apart and sample stations every 50 m along the line. Approximately 320 soil samples are proposed.

The Steep Brook North grid is approximately 2.2 kilometres by 1.6 kilometres and targets a previously unexplored, high-priority segment of the Gregory River VMS-Belt in the southern half of the Property. Similar to the Vein Zone gride, very limited amounts of outcrop exposure occur at this area and a soil sampling survey will be a good fist pass exploration tool. A similar grid configuration as the Vein Zone is designed for the Steep Brook North gride and approximately 315 soil samples are proposed.