Gold Strike: Icy Cave is a brick-breaking puzzle game based on the original Gold Strike with an ice-covered mine theme. A bearded blue miner wearing red and brown gear and a yellow and gray miner's hard hat needs the player's help in each level of different mines. They must break various types of blocks to achieve a specific mining depth. The player's goal is to complete the tasks assigned by the miner and earn points.
The game features unique minerals and ice blocks. Every vertical column of blocks represents a mine depth. The player directs the miner, who stands atop three blocks of blue ice, to throw pickaxes at a distance across to the left side of the screen to break two or more matching blocks at a time that appear every few seconds. They receive the most points for breaking gold blocks. Some blocks contain items, such as point gems, multipliers and skulls.
Gold Strike: Icy Cave doesn't always reward points. The player typically receives points when they direct the miner to strike gold blocks and blocks that contain items. When the player reaches the assigned mining depth, the miner dances briefly. The game then gives the player access to the next mine.
The player can receive more time to decide how best to strike by removing one or more columns to create a gap between the front blocks and the back ones that slide onto the screen. A gap can also stop the progress of the blocks toward the miner. If the blocks reach him, the game ends. The player then restarts in the first mine and level.