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www.goldstrikeresourcescorp.com
TSX-V: GSR
-- GSR to acquire the Florin Gold Project, the FLR Gold Project and RJ Gold
Project (320km2) adjacent to Sitka Gold's RC project
-- Follows GSR's acquisition of the Gold Strike One and Gold Strike Two
projects (81km2), which sit immediately adjacent to and surrounding
Snowline Gold's Valley deposit
-- The Florin Gold Project hosts the Florin deposit being a defined 2.507
Moz Au inferred resource (162.783 Mt at 0.48 g/t Au at 0.30 g/t cut-off)1
-- ATB Cormark Capital Markets and Canaccord Genuity Lead $15 Million Bought
Deal
VANCOUVER, BC, March 3, 2026 /CNW/ - Gold Strike Resources Corp. (the "Company" or "GSR") (TSXV: GSR) is pleased to announce that it has entered into an asset purchase agreement dated March 2, 2026 (the "Purchase Agreement") with LIRECA Resources Inc. ("LIRECA") and LIRECA's affiliate, Florin Resources Inc. ("Florin Resources" and, together with LIRECA, the "LIRECA Group"), pursuant to which the Company has agreed to acquire from the LIRECA Group three contiguous projects located within the Tombstone Gold Belt, Yukon, Canada, being the Florin gold project (the "Florin Gold Project"), the FLR gold project (the "FLR Gold Project") and the RJ gold project (the "RJ Gold Project", and together with the Florin Gold Project and FLR Gold Project, the "Projects"), for aggregate consideration of approximately $34 million (the "Transaction"). The Transaction is a non-arm's length transaction (see "Related Party Transaction", below).
Peter Miles, CEO of GSR commented: "We are pleased to have entered into this transformational transaction, which marks a defining moment for GSR. The Florin Gold Project hosts a defined 2.507 million ounce gold inferred resource, and this acquisition will advance the company to the next stage, evolving from a pure exploration company into one with a meaningful resource base to build upon. We are equally excited to be acquiring these projects from LIRECA Group, who are proven project generators with over 20 years of experience in Yukon and across Canada, and have demonstrated consistent investment in the company's future. With approximately 80% of the prospective geological trend still remaining to be drill tested, and multiple structural corridors and intrusive contacts yet untested, we look forward to getting on the ground, drilling extensively, and unlocking the full potential of this exceptional land package."
_____________________________________ (1) Ronald G. Simpson, P.Geo., and David Kelsch, P.Geo., Florin Gold Project NI 43-101 Technical Report, Mayo and Dawson Mining Districts, Yukon Territory (Prepared for Gold Strike Resources Inc. by GeoSim Services Inc. (Ronald G. Simpson, P.Geo.) and David Kelsch, P.Geo.), effective date December 5, 2025. For additional information see "Technical Report" below.
John Fiorino, principal of the LIRECA Group commented: "By accepting the majority of the consideration for this transaction in escrowed equity of GSR, the LIRECA Group continues to demonstrate its confidence in the projects and its alignment with long-term shareholders. We look forward to continuing our relationship with GSR's management as the company advances these exceptional assets."
The Projects, the Florin Deposit, the Transaction and a private placement financing are all described below. See: "About the Projects and the Florin Deposit", "Terms of the Transaction", and "Terms of the Offering", respectively.
Unless stated otherwise, all references to currency are in Canadian dollars.
About the Projects and the Florin Deposit
The Projects are comprised of three contiguous projects, being the Florin Gold Project consisting of 500 quartz claims (89km(2) ), the FLR Gold Project consisting of 838 quartz claims (165km(2) ) and the RJ Gold Project consisting of 349 quartz claims (66km(2) ), located adjacent to Sitka Gold Corp.'s ("Sitka Gold") RC project.
The Florin Gold Project hosts the Florin deposit, a defined 2.507 million ounces ("Moz") Au inferred resource (162.783 million tonnes ("Mt") at 0.48 grams per tonne ("g/t") Au at 0.30 g/t cut-off). See Figure 1 below.
The Florin Deposit
At the core of the Florin Gold Project is the Florin deposit, a 2.507 Moz Au at 0.48 g/t Au inferred resource (162.783 million tonnes at 0.48 g/t Au at 0.30 g/t cut-off) (see "Mineral Resource Estimate", below). The Florin deposit sits on a reduced intrusion complex with extensive gold-bearing alteration developed along its margins with the current resource remaining open laterally in all directions as well as at depth. Soil geochemistry outlines clear extensions beyond the current resource envelope, and multi-gram high-grade rock samples including a sample exceeding 15 g/t Au occur well outside the drilled area. To date, 147 drill holes totalling just over 31,000 metres ("m") (22,500m at the Florin deposit area including Saddle and 8,500m at the Regent prospect) have been completed across a large intrusive system, leaving multiple structural corridors and intrusive contacts completely untested. Excluding the one-kilometre Florin deposit area, approximately four kilometres of the five-kilometre prospective geological trend remains to be drill tested, supported by coincident geochemical indicators. Importantly, the Florin deposit is not a constrained system; extensive soil anomalies, high-grade rock samples outside the current resource envelope, and a 5 km untested structural trend strongly indicate potential for meaningful resource growth.
The Florin deposit also benefits from excellent infrastructure for a Yukon project. The deposit sits on a road-accessible ridge, materially reducing development complexity, capital intensity, and timeline risk relative to many peer assets in the belt. The LIRECA Group also has a strategic advantage, having acquired quartz mineral claims more than a decade before Sitka Gold. The acquisition includes approximately $40 million of technical data that will greatly assist in guiding future exploration programs. Priority areas for follow-up include the Regent discovery 2.8 kilometres north of the Florin deposit and the Saddle prospect, approximately 800m east of the Florin deposit. See Figure 2 below.
Significant historic drill highlights are shown in table 1.
Table 1: Significant Historic Drill Intercepts at Florin
Drill Hole ID From To Interval Av. Gold Azimuth Dip
Value
DD03-12 4.72 m 148.0 m 143.28 m 0.72 g/t 28deg 57.2deg
DD04-14 3.82 m 221.2 m 217.38 m 0.81 g/t 28deg -55deg
DD05-20 43.27 m 331.62 m 288.35 m 0.66 g/t 28deg -55deg
including 122.47 m 227.38 m 104.91 m 1.07 g/t
ICE10028 0 m 524.5 m 524.5 m 0.75 g/t 256deg -80deg
including 48.50 m 149.90 m 101.4 m 1.41 g/t
including 87.50 m 102.00 m 14.50 m 4.23 g/t
Note:
Mineral zones are irregular in shape and not tabular,
therefore true thickness does not have any relevance.
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Mineral Resource Estimate
The pit constrained mineral resource estimate has an effective date of December 5, 2025, and it is comprised of approximately 163 Mt grading 0.48 g/t Au for a total of 2.507 Moz of Au in the inferred category, as set out in the below table.
COG g/t Au Tonnes 000's Au g/t 0z Au 000's
0.30 162,783 0.48 2,507
Notes:
-----------------------------------------------------------
1. Mineral resource estimate prepared by GeoSim Services
Inc. with an effective date of December 5, 2025.
2. Mineral resources are constrained by an optimized
pit shell using the following assumptions: US$2,800/oz
Au price; a 45deg pit slope; assumed metallurgical
recovery of 90%; mining costs of US$2.50 per tonne;
processing costs of US$14.00 per tonne; G&A of US$4.00
per tonne.
3. A base case cut-off grade of 0.30 g/t Au represents
an in-situ metal value of US$20.50 per tonne at a
gold price of US$2,500/oz which is believed to provide
a reasonable margin over operating and sustaining
costs for open-pit mining and processing.
4. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.
GSR's Land Position -- Large, Strategic
Post-Transaction, the Company will control one of the largest and most strategically coherent land positions in the Tombstone Gold Belt, deliberately focused on intrusion margins, structural corridors, and underexplored zones that sit outside, but directly adjacent to, known discoveries including Snowline Gold Corp.'s Valley Deposit and Sitka Gold's RC Project. See Figure 3 below.
Terms of the Transaction
Purchase Agreement
On March 2, 2026, the Company entered into the Purchase Agreement, pursuant to which it will acquire the Projects from the LIRECA Group for consideration comprised of:
(i) an aggregate of 43,636,363 common shares of the Company
(the "Consideration Shares") at a deemed price of
$0.55 per Consideration Share, to be issued to the
LIRECA Group on the closing date of the Transaction
(the "Closing Date");
(ii) an aggregate of $10 million, in cash (the "Consideration
Cash"), to be paid to the LIRECA Group as follows:
(a) $5 million on the Closing Date;
(b) $2.5 million on the date that is 12 months from
the Closing Date; and
(c) $2.5 million on the date that is 24 months from
the Closing Date;
(iii) if the Purchaser completes the Offering (as defined
below) or any subsequent debt or equity financing
(including exercise of warrants) with aggregate gross
proceeds of at least $30,000,000 (inclusive of the
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