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Goldstrike Announces 99.93% Shareholder Approval Of Plan Of Arrangement

June 26, 2018 – Goldstrike Resources Ltd. (“Goldstrike” or the “Company“) (GSR.V) is pleased to announce that the Supreme Court of British Columbia (the “Court“) has issued an interim order authorizing, among other things, a special meeting (the “Meeting“) of the holders of all of the issued and outstanding common shares of the Company (the “Goldstrike Shares“) to seek approval for a plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia), which was previously announced by the Company in its news release dated May 16, 2018. Pursuant to the Arrangement, among other things:

  • Luckystrike Resources Ltd. (“Luckystrike“), a wholly-owned subsidiary of the Company, will indirectly acquire the Company’s six 100% owned White Gold District properties, being the Lucky Strike, Hotspot, Bull’s Eye, BRC, Gold Source and King’s Ransom properties;
  • Goldstrike shareholders will receive one common share of Luckystrike (a “Luckystrike Share“) for every seven Goldstrike Shares held; and
  • Holders of Goldstrike options and warrants will exchange such securities for new options and warrants of Goldstrike and Luckystrike, which are exercisable into shares of such companies on their existing terms, with necessary adjustments for the Arrangement based on the proportionate value of the White Gold District properties.

In connection with the Arrangement, Luckystrike will apply for the Luckystrike Shares to be listed on the TSX Venture Exchange (the “Exchange“) and any such listing will be subject to Luckystrike fulfilling all of the requirements of the Exchange. The closing of the Arrangement is conditional upon the Exchange approving the listing of the Luckystrike Shares.

The Meeting is currently scheduled to be held on July 26, 2018 at 10:00 a.m. (Vancouver time) at 1000 Cathedral Place, 925 West Georgia Street, Vancouver, British Columbia, and the record date for determining registered shareholders entitled to receive notice of and attend and vote at the Meeting is June 14, 2018.

The board of directors of Goldstrike has determined that the Arrangement is in the best interests of Goldstrike for the following reasons, among others:

  • The separation of the White Gold District properties into a separate public company is expected to position such assets to be valued on a standalone basis, which Goldstrike believes will potentially unlock value for the Goldstrike shareholders;
  • The transaction will allow Goldstrike’s management to focus their efforts on its existing strategic partnership with Newmont Mining Corporation on the Plateau Project, Yukon, with Luckystrike’s management focused on the exploration and development of the White Gold District properties;
  • As a result of concurrent financings, Luckystrike is expected to have a strong balance sheet and be well-positioned to carry out exploration and development of the White Gold District properties; and
  • The transaction provides Goldstrike shareholders the optionality of participating in both Goldstrike and Luckystrike.

The Arrangement is being carried out pursuant to an arrangement agreement (the “Arrangement Agreement“) dated May 15, 2018 between the Company and Luckystrike, and is subject to customary conditions, including, among other things, the receipt of requisite Court approval and the approval of at least 662/3% of the votes cast by shareholders present in person, or by proxy, and entitled to vote at the Meeting. If such conditions are satisfied, the Company anticipates that the Arrangement will be completed on or about July 31, 2018. If the Arrangement is approved by shareholders at the Meeting, the Company will attend a hearing before the Court, currently scheduled for July 30, 2018, to ask the Court to grant a final order in respect of the Arrangement.

Details regarding the terms of the Arrangement are set out in the Arrangement Agreement and management information circular to be sent to holders of Goldstrike Shares in connection with the Meeting (the “Circular“), each of which will be available under the Company’s profile on SEDAR at www.sedar.com. Shareholders are urged to carefully review the Circular and accompanying materials as they contain important information regarding the Arrangement and its consequences for shareholders.

Shareholders are urged to consult their financial and tax advisors regarding the particular consequences of the Arrangement in their situation, including, without limitation, the applicability and effect of any federal, state, local and foreign tax laws.

ON BEHALF OF THE BOARD

Terrence E. King Chairman, President and Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, the timing and completion of the Arrangement and proposed financings of Luckystrike, the satisfaction of the conditions under the Agreement and the expected benefits of the Arrangement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors and risks that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: not receiving the requisite shareholder or regulatory approvals for completion of the Arrangement or otherwise satisfying the conditions thereto; failure to complete the proposed financings on acceptable terms or at all; inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Goldstrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Goldstrike may not be able to confirm historical exploration results and other risks set forth in Goldstrike’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Goldstrike Commences Drilling on Lucky Strike, Yukon

June 27, 2018 – Goldstrike Resources Ltd. (GSR.V) is pleased to provide an update on the 2018 drill program at its 156 square kilometre Lucky Strike Property. Lucky Strike is located in the heart of the Yukon’s White Gold District and is 100%-owned by Goldstrike with no underlying payments or royalties.

Diamond drilling began June 16th, 2018 in the Monte Carlo zone. Drilling will expand upon 2017’s 1033m drill program; the first drilling to date on the property (5.36 grams per tonne gold over 22 metres

– November 20, 2017 news release). Drill holes are planned around mechanical trenching results, soil sample geochemistry, and the results of a 2016 induced polarization (IP) survey. By the end of the program, the company is expected to cover ~700m of strike length at Monte Carlo. Details of the 10 km trend containing multiple gold mineralized zones can be found in the May 22, 2018 news release.

A geophysical crew has also mobilized to Lucky Strike to perform an IP survey. The survey will consist of approximately nine kilometres of survey lines and expand the original survey to the north, further delineating a prominent northwest structure, and a separate, untested chargeable anomaly at depth which is considered to have strong potential providing for additional drill targets.

Goldstrike has also commenced reconnaissance soil sampling and prospecting of the large under- explored areas that contain several new targets and structures identified using the 2017 data and a property wide LIDAR survey. Over 500 samples have been taken to date and up to an additional 1500 samples are planned.

100 % Owned Hotspot Property Exploration Program

The highly anticipated inaugural trenching and ground geophysics programs at Hotspot (80 kilometres west of Lucky Strike) are expected to begin June 27th, 2018. Trenching and ground geophysics will focus on delineating drill targets on the Sure Bet zone, a 100 x 150 metre geochemical anomaly that yielded soil samples assaying up to 4.1 grams per tonne gold and rock samples from hand pits assaying up to

0.39 grams per tonne gold (November 21 news release). The zone remains open to the north and south.

Additional reconnaissance prospecting and soil sampling are also planned for the rest of the property, located in a key geologic terrane.

News updates will remain ongoing as the program continues to unfold, and results will be released once received, compiled and interpreted.

OTHER

Sample analysis and assaying for all of Goldstrike’s projects have been conducted by Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd) in Vancouver, BC, which is ISO 9001 accredited laboratory. Rock and drill core samples are crushed, split and pulverized to 250 g pulp, 200 mesh. Analysis includes AQ200 modified 1:1:1 aqua regia (HCl-HNO3-H20) digestion and 36- element ICP-MS which includes semi-quantitative gold with a lower detection limit of 0.5 ppb Au and an upper detection limit of 100 ppm Au. In addition gold content is analysed using the ICP-ES FA350-Au fire assay procedure. Over-limit samples are analysed using the FA530-Au fire assay with gravimetric finish and FA652-Au metallic screen fire assay procedures. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified QA/QC assay standards samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Stefan Kruse, Ph.D., P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43- 101, for Goldstrike’s Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

ON BEHALF OF THE BOARD

Terrence E. King

President and Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com. For further information follow the Goldstrike’s tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at

jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting; and the plans for completion of the contemplated transactions with Newmont as set out above. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-

Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Goldstrike announces shareholder meeting to approve previously announced plan of arrangement

June 26, 2018 – Goldstrike Resources Ltd. (“Goldstrike” or the “Company“) (GSR.V) is pleased to announce that the Supreme Court of British Columbia (the “Court”) has issued an interim order authorizing, among other things, a special meeting (the “Meeting“) of the holders of all of the issued and outstanding common shares of the Company (the “Goldstrike Shares“) to seek approval for a plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia), which was previously announced by the Company in its news release dated May 16, 2018. Pursuant to the Arrangement, among other things:

  • Luckystrike Resources Ltd. (“Luckystrike“), a wholly-owned subsidiary of the Company, will indirectly acquire the Company’s six 100% owned White Gold District properties, being the Lucky Strike, Hotspot, Bull’s Eye, BRC, Gold Source and King’s Ransom properties;
  • Goldstrike shareholders will receive one common share of Luckystrike (a “Luckystrike Share“) for every seven Goldstrike Shares held; and
  • Holders of Goldstrike options and warrants will exchange such securities for new options and warrants of Goldstrike and Luckystrike, which are exercisable into shares of such companies on their existing terms, with necessary adjustments for the Arrangement based on the proportionate value of the White Gold District properties.

In connection with the Arrangement, Luckystrike will apply for the Luckystrike Shares to be listed on the TSX Venture Exchange (the “Exchange“) and any such listing will be subject to Luckystrike fulfilling all of the requirements of the Exchange. The closing of the Arrangement is conditional upon the Exchange approving the listing of the Luckystrike Shares.

The Meeting is currently scheduled to be held on July 26, 2018 at 10:00 a.m. (Vancouver time) at 1000 Cathedral Place, 925 West Georgia Street, Vancouver, British Columbia, and the record date for determining registered shareholders entitled to receive notice of and attend and vote at the Meeting is June 14, 2018.

The board of directors of Goldstrike has determined that the Arrangement is in the best interests of Goldstrike for the following reasons, among others:

  • The separation of the White Gold District properties into a separate public company is expected to position such assets to be valued on a standalone basis, which Goldstrike believes will potentially unlock value for the Goldstrike shareholders;
  • The transaction will allow Goldstrike’s management to focus their efforts on its existing strategic partnership with Newmont Mining Corporation on the Plateau Project, Yukon, with Luckystrike’s management focused on the exploration and development of the White Gold District properties;
  • As a result of concurrent financings, Luckystrike is expected to have a strong balance sheet and be well-positioned to carry out exploration and development of the White Gold District properties; and
  • The transaction provides Goldstrike shareholders the optionality of participating in both Goldstrike and Luckystrike.

The Arrangement is being carried out pursuant to an arrangement agreement (the “Arrangement Agreement“) dated May 15, 2018 between the Company and Luckystrike, and is subject to customary conditions, including, among other things, the receipt of requisite Court approval and the approval of at least 662/3% of the votes cast by shareholders present in person, or by proxy, and entitled to vote at the Meeting. If such conditions are satisfied, the Company anticipates that the Arrangement will be completed on or about July 31, 2018. If the Arrangement is approved by shareholders at the Meeting, the Company will attend a hearing before the Court, currently scheduled for July 30, 2018, to ask the Court to grant a final order in respect of the Arrangement.

Details regarding the terms of the Arrangement are set out in the Arrangement Agreement and management information circular to be sent to holders of Goldstrike Shares in connection with the Meeting (the “Circular“), each of which will be available under the Company’s profile on SEDAR at www.sedar.com. Shareholders are urged to carefully review the Circular and accompanying materials as they contain important information regarding the Arrangement and its consequences for shareholders.

Shareholders are urged to consult their financial and tax advisors regarding the particular consequences of the Arrangement in their situation, including, without limitation, the applicability and effect of any federal, state, local and foreign tax laws.

ON BEHALF OF THE BOARD

Terrence E. King Chairman, President and Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, the timing and completion of the Arrangement and proposed financings of Luckystrike, the satisfaction of the conditions under the Agreement and the expected benefits of the Arrangement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors and risks that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: not receiving the requisite shareholder or regulatory approvals for completion of the Arrangement or otherwise satisfying the conditions thereto; failure to complete the proposed financings on acceptable terms or at all; inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Goldstrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Goldstrike may not be able to confirm historical exploration results and other risks set forth in Goldstrike’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Goldstrike Resources and Newmont Mining Commence Drilling On Plateau Property, Yukon

June 11, 2018 – Goldstrike Resources Ltd. (GSR.V) is pleased to provide an update on the 2018 drill program for its 662 km2 Plateau Property in Canada’s Yukon.

The district scale drill program is fully funded by Newmont Mining Corporation (NYSE: NEM) through its Canadian mining division and is forecast to include up to 10,000 meters of diamond drilling, with two drill rigs already onsite.

Drilling at Plateau commenced on June 1, 2018 on a large new target generated in the Goldbank area utilizing Newmont’s proprietary technologies. In addition to using Newmont’s proprietary geochemical technologies and airborne geophysical system to generate the target, the geological team used surface mapping and the 2017 IP (induced polarization) survey which indicates the presence of a significant subsurface chargeability anomaly. Drilling to test this target is now under way.

A second drill arrived on June 6, 2018 and is planned to begin drilling on the Goldstack showing immediately. The focus of this drilling will be on extending the known gold mineralization both to depth and along strike. A three kilometre IP survey was also recently completed on the Goldstack target and the results will be used in modelling and delineating additional drill targets along strike.

Beyond Goldstack and Goldbank, extensive diamond drilling will also take place in up to seven additional zones along the 70 km long, district-scale property. More details of these targets can be found in the April 30, 2018 new release.

News updates will remain ongoing as the program continues to unfold, and results will be released once received, compiled and interpreted.

Goldstrike has also mobilized for the most extensive drilling and exploration programs to date on its 100% owned Lucky Strike and Hotspot properties located in the heart of the White Gold District (included in the proposed spinoff described in the Company’s May 22, 2018 news release). Results from these programs will also be released once received, compiled and interpreted.

Stefan Kruse, Ph.D., P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43- 101, for Goldstrike’s Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

OTHER

Sample analysis and assaying for all of Goldstrike’s projects has been conducted by Bureau Veritas in Vancouver, BC, which is ISO 9001 accredited. Soil samples are dried at 60C and 100 grams are sieved to – 80 mesh. A 15 gram sample split is then leached in aqua regia at 95 degrees C and analyzed by a 36- element ICP package that includes semi-quantitative gold. Rock and drill core samples are crushed to 80%

– 10 mesh and a 500 gram sample split is pulverized to 85% -200 mesh. 50 gram charges are then assayed for gold using fire assay fusion and ICP-ES finish with a lower detection limit of 2 ppb and an upper detection limit of 10 ppm Au. In addition, 0.5 mg charges are digested by modified 1:1:1 aqua regia (HCl- HNO3-H20) and analyzed by 36-element ICP-MS that also includes semi-quantitative gold with a lower detection limit of 0.5 ppb Au and an upper detection limit of 100 ppm Au. Selected samples are subjected to 500 gram metallic fire assays, for which the plus fraction is finished gravimetrically and the minus fraction is finished with AA. Rigorous procedures are in place regarding sample collection, chain of custody, and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

ON BEHALF OF THE BOARD

Terrence E. King

President and Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com. For further information follow the Goldstrike’s tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not

change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Goldstrike Mobilizes for Lucky Strike Drilling and Exploration Program

May 22, 2018 – Goldstrike Resources Ltd. (GSR.V) is pleased to provide details of the upcoming 2018 exploration program at its 100%-owned Lucky Strike Property, located in the heart of The White Gold District, Yukon. The program comes as a highly anticipated follow-up to 2017’s first-ever drill program on the Monte Carlo zone and the discovery drill hole that returned 5.36 grams per tonne gold over 22 metres (November 20, 2017 news release). It is anticipated that the program will be carried out in its entirety by Lucky Strike Resources Ltd., which is proposed to be spun-off by Goldstrike as a new publicly traded company pursuant to the Arrangement Agreement announced on May 16, 2018.

Lucky Strike Drilling

The advanced exploration permit recently issued to the Company by the Yukon Government will accommodate the most extensive diamond drill program to date. The 2018 program will focus on the expanding the Monte Carlo discovery Zone, which remains open. (Lucky Strike Property Map). Targeting will be based on previous drill results, previous trench results, data from ground and airborne geophysical surveys, and soil geochemistry. Using that data, Goldstrike plans to both define the orientation of the mineralization and determine the extent of the strike length of the zone. Initial drilling will occur over ~700 meters along strike and ~300 meters across strike.

Geophysics

In addition to diamond drilling, the 2018 exploration program will include a nine kilometre induced polarization (IP) survey. The IP survey will be conducted on the Monte Carlo zone where a previous IP survey was successful in identifying key mineralized structures that remain open. IP has proven to be one of the key tools used in delineating drill targets and was used in 2017 to plan the discovery hole. The 2018 IP survey will expand upon the 2017 survey, extending it to the north where the anomaly remains open.

Trenching

Based on the success at the Monte Carlo Zone, additional mechanical trenching is planned for all the zones along the ten kilometre Lucky Strike gold trend, focused on delineating additional drill targets (detailed below). Trenching will be primarily focused on untested areas of soil geochemistry and is planned to exceed 1000 meters.

Prospecting/Soil Sampling

Extensive areas with strong gold potential on the Lucky Strike Property remain unexplored. A large area of strategic staking was done southeast of the Maverick zone which is thought to have strong gold potential and also remains completely unexplored. A systematic program of prospecting and soil sampling is

planned for this area to confirm its gold potential. The 2017 property wide LiDAR survey identified numerous key structures that will also receive follow-up prospecting and sampling to test for gold potential during the 2018 program.

Lucky Strike 10 Kilometre Gold Mineralized Trend

The Lucky Strike Property lies 30 kilometres northwest of Goldcorp’s Coffee Creek deposit and 15 kilometres east of White Gold Corp.’s Golden Saddle deposit, and is 156 square kilometres in size.

There are five large gold-in-soil anomalies on the Lucky Strike property within a ten kilometre long northwest–southeast oriented trend of gold mineralization. All five anomalies remain open for expansion and four have yet to be drilled. This trend is coincident with a magnetic geophysical anomaly which is now believed to represent a regional-scale shear zone. Highlights of the zones are summarized below ( See October 12th, 2017 News Release ):

Monte Carlo

  • 1450×450 metre geochemical anomaly with samples containing up to 1.9 g/t Au in soil; remains open
  • Returned 5.36 grams per tonne gold over 22 metres from drilling. The zone remains open and true thickness is not known.
  • Returned 0.42 grams per tonne gold over 154 metres from trenching, true thickness is unknown.
  • Early stage results indicate the presence of a structurally controlled zone of mineralization that remains open.
  • First drilled in 2017 and all nine holes successfully intersected gold mineralization.

Belmont

  • 1500 x 800 metre geochemical anomaly with soil samples containing up to 254 ppb gold.
  • Similar magnetic feature to the Monte Carlo Zone
  • Remains to be drilled

Samson

  • 600 x 300 metre geochemical anomaly with up to 91 ppb Au in soil samples.
  • Returned 0.32 grams per tonne gold over 12 metres from trenching including six meters of
  • 0.41 grams per tonne gold. True thickness of this zone is not known.
  • Visible gold was observed in rock from a hand dug pit. A grab sample from this location returned 1.1 grams per tonne gold.
  • Remains to be drilled

Boss

  • 1000 x 1000 metre geochemical anomaly with soil samples containing up to 700 ppb gold and 9.9 ppm silver.
  • Returned up to 41.7 grams per tonne gold from rock grab samples
  • Remains to be drilled

Maverick

  • 150 x 200 metre geochemical anomaly with up to 90 ppb Au in soil samples
  • Remains to be drilled

100 % Owned Hotspot Property Exploration Program

In addition to the Lucky Strike program, exploration will also be conducted on Goldstrike’s Hotspot Property; located 80 kilometres west-northwest of Lucky Strike, in the White Gold District on the Yukon- Alaska border. The inaugural 2017 program at Hotspot yielded very promising early stage results. The Sure Bet discovery zone is a 100 x 150 metre geochemical anomaly that yielded soil samples assaying up to 4.1 grams  per  tonne  gold and rock  samples  from  hand pits  assaying up to  0.39  grams  per  tonne  gold   (November 21 news release). The zone remains open to the north and south.

A mechanical trenching program is planned at the Sure Bet zone to determine the source and extent of the high-grade soil samples and the nature of the mineralization in preparation for drilling.

Outside of the Sure Bet zone, exploration will focus on the catchment area of a creek which yielded a regional stream sediment sample containing 123 ppb gold (a 99th percentile sample in the Yukon regional stream sediment database). This area is believed by the Company’s geological team to have excellent potential to produce another discovery.

Additional reconnaissance prospecting and soil sampling is also planned for the rest of the property located in key geologic terrane.

Four Other 100 % owned White Gold District Properties

Goldstrike Resources also holds the King’s Ransom, Goldsource, BRC and Bullseye properties in the White Gold District. Although multiple anomalies were discovered on each of those properties during the 2017 season (see aforementioned news releases), the 2018 White Gold program will be focused on Lucky Strike and Hotspot (White Gold Properties Map).

Message from Terry King, President and CEO:

“We look forward to an exciting exploration season for our White Gold properties. The excellent exploration results to date, coupled with the fact that all six properties are 100% owned with no underlying royalties or property payments, make these assets a solid foundation on which to build Lucky Strike Resources Ltd. as a stand-alone public company while Goldstrike focuses on its joint venture with Newmont on Goldstrike’s Plateau Project.”

OTHER

Sample analysis and assaying for all of Goldstrike’s projects have been conducted by Bureau Veritas Mineral Laboratories Canada (formerly Acme Analytical Laboratories Ltd) in Vancouver, BC, which is ISO 9001 accredited laboratory. Rock and drill core samples are crushed, split and pulverized to 250 g pulp, 200 mesh. Analysis includes AQ200 modified 1:1:1 aqua regia (HCl-HNO3-H20) digestion and 36-element ICP-MS which includes semi-quantitative gold with a lower detection limit of 0.5 ppb Au and an upper detection limit of 100 ppm Au. In addition gold content is analysed using the ICP-ES FA350-Au fire assay procedure. Over-limit samples are analysed using the FA530-Au fire assay with gravimetric finish and FA652-Au metallic screen fire assay procedures. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified QA/QC assay standards samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization.

Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Stefan Kruse, Ph.D., P. Geo., Chief Geologist, is a qualified person as defined by National Instrument 43- 101, for Goldstrike’s Yukon exploration projects and had supervised the preparation of, and has reviewed and approved, the technical information in this release.

ON BEHALF OF THE BOARD

Terrence E. King

President and Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com. For further information follow the Goldstrike’s tweets at Twitter.com/GoldstrikeRes or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, the timing and completion of the Arrangement and proposed financings of Luckystrike, the satisfaction of the conditions under the Agreement and the expected benefits of the Arrangement. In certain cases, Forward- Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors and risks that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: not receiving the requisite shareholder or regulatory approvals for completion of the Arrangement or otherwise satisfying the conditions thereto; failure to complete the proposed financings on acceptable terms or at all; inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Goldstrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Goldstrike may not be able to confirm historical exploration results and other risks set forth in Goldstrike’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Goldstrike Announces Proposed Spin-off of White Gold District properties

Highlights:

  • Goldstrike’s six 100% owned properties with no underlying royalties or property payments in the White Gold District, Yukon to be spun-out as a standalone public company, Luckystrike Resources Ltd.
  • Transaction intended to maximize value, allowing the White Gold District properties to be advanced on a standalone basis, while giving shareholders the optionality of participating in both companies.
  • On completion, Luckystrike will have a strong balance sheet with a $2.5 million investment from Goldstrike as well as potential additional third-party private placement financing of up to $2.5 million.
  • Goldstrike shareholders to receive Luckystrike shares on a 1 for 7 basis. On a pro forma basis, Goldstrike shareholders are expected to own approximately 76% and Goldstrike is expected to own approximately 24% of the outstanding Luckystrike shares.

May 16, 2018 – Goldstrike Resources Ltd. (“Goldstrike” or the “Company“) (GSR.V) is pleased to announce the proposed spin-off of its six 100% owned properties located in the White Gold District, Yukon by way of a plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia).

In furtherance thereof, the Company has entered into an arrangement agreement (the “Agreement“) with Luckystrike Resources Ltd. (“Luckystrike”), a wholly-owned subsidiary of the Company. Pursuant to the Arrangement, among other things:

Goldstrike shareholders will receive one common share of Luckystrike (a “Luckystrike Share“) for every seven common shares of Goldstrike held; and
Luckystrike will indirectly acquire the Company’s six 100% owned White Gold District properties, being the Lucky Strike, Hotspot, the Bull’s Eye, BRC, Gold Source and King’s Ransom properties.

In addition, prior to completion of the Arrangement, Goldstrike will invest an aggregate of $2.5 million in Luckystrike, by subscribing for 8,333,334 units (the “Units”) of Luckystrike at a subscription price of $0.30 per Unit, with each Unit consisting of one Luckystrike Share and one warrant exercisable into a Luckystrike Share at a subscription price of $0.60 or such other price as may be acceptable to the Company and Luckystrike for a period of three years after closing, subject to acceleration if the Luckystrike Shares trade at a price of $1.00 or more for 10 consecutive trading days. The Agreement also contemplates the completion of an additional non-brokered private placement of subscription receipts by Luckystrike in the amount of up to $2.5 million, with each Subscription Receipt converting into Units upon closing of the Arrangement.

The board of directors of Goldstrike has determined that the Arrangement is in the best interests of Goldstrike. Among other things, the separation of the White Gold District properties into a separate public company will position such assets to be valued on a standalone basis. In addition, the transaction will allow Goldstrike management to focus their efforts on the Company’s existing strategic partnership regarding the Plateau project with Newmont Mining Corporation with Luckystrike’s management focused on exploring and developing the White Gold District properties.

Terrence King, Chairman, President and Chief Executive Officer of Goldstrike stated: “We are pleased to announce the Arrangement, which we believe will help unlock and maximize value for our shareholders. On completion, Luckystrike will be positioned well to advance our efforts in the White Gold District, with a strong balance sheet and experienced management team. We look forward to updating shareholders on this transaction as it progresses.”

The Company intends to apply for a listing of the Luckystrike Shares on the TSX Venture Exchange (the “TSX-V”). Any such listing will be subject to Luckystrike fulfilling all of the requirements of the TSX-V.

It is currently expected that the directors of Luckystrike on completion of the Arrangement, will consist of William Chornobay, Yilu (Lucy) Zhang, Terrence King, Reimar Koch and Ewan Webster, with Mr. Chornobay acting as President and Chief Executive Officer and Ms. Zhang acting as Chief Financial Officer.

In addition, pursuant to the Arrangement, holders of Goldstrike options and warrants will exchange such securities for new options and warrants of Goldstrike and Luckystrike, which are exercisable into shares of such companies on their existing terms with necessary adjustments for the Arrangement based on the proportionate value of the White Gold District properties.

The Arrangement is expected to be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) and remains subject to customary conditions, including, among other things, the approval by the TSX-V, approval by an affirmative vote of 66 2/3% of shareholders of Goldstrike in attendance at a shareholders’ meeting, and approval of the Supreme Court of British Columbia.

Additional details of the Arrangement will be included in the information circular to be mailed to shareholders of Goldstrike in connection with the Company’s shareholders meeting referred to above.

ON BEHALF OF THE BOARD

Terrence E. King Chairman, President and

Chief Executive Officer

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Goldstrike, by telephone at (604) 210-2150 or by email at jstuart@kingjamescapital.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, the timing and completion of the Arrangement and proposed financings of Luckystrike, the satisfaction of the conditions under the Agreement and the expected benefits of the Arrangement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors and risks that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: not receiving the requisite shareholder or regulatory approvals for completion of the Arrangement or otherwise satisfying the conditions thereto; failure to complete the proposed financings on acceptable terms or at all; inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Goldstrike’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Goldstrike may not be able to confirm historical exploration results and other risks set forth in Goldstrike’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.