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Klondike Gold Corp (2)
Symbol C : KG
Shares Issued 81,730,009
Close 2012-09-21 C$ 0.09
Recent Sedar Documents

Klondike Gold samples 47.4 g/t Au, 894 g/t Ag at Violet

2012-09-24 07:03 ET - News Release

Mr. Erich Rauguth reports

KLONDIKE GOLD SAMPLES 47.4 G/T GOLD AND 894 G/T SILVER ALONG THE VIOLET VEIN TREND

Klondike Gold Corp. has released encouraging results for the Violet Vein trend, 310 zone and recently discovered Boy zone soil anomaly. These results, in conjunction with Boulder Lode open-cut results, will direct 2013 exploration and drilling.

Exploration highlights from 2012:

  • Violet grab samples of 41.25 grams per tonne gold with 524 grams per tonne silver and 47.4 grams per tonne gold with 894 grams per tonne silver (fire assay);
  • Violet Vein trend advancement toward and beyond the 310 zone, four kilometres to the northwest;
  • New Boy zone 400-by-900-metre open-ended soil anomaly.

Klondike Gold's 2012 Violet exploration program focused on prospecting, rock sampling and soil sample lines to better define the mineralization of the Violet trend associated with the historic Violet mine. Two selected grab samples from the Violet ore pile ran 41.25 grams per tonne gold with 524 grams per tonne silver and 47.4 grams per tonne gold with 894 grams per tonne silver (30-gram fire assay) giving evidence of higher-grade material in agreement with historical reported samples of up to 131.6 grams per tonne gold in surface sampling (source: Yukon Minfile 115O 073) and also suggesting a strong nugget effect. These results are significant as infrequent work from 1980 to 2008 did not produce high-grade results to drive further exploration although the possibility of a four-plus-kilometre extent of the Violet vein system was recognized in the direction of the 310 zone to the northwest. Remapping of the 1990 trench 90TRV01 showed that mineralization is hosted in quartz veins and the immediately peripheral altered orthogneiss wall rock and that not all veins are equally mineralized. The highest sample in the trench was in a quartz vein directly on strike with the Violet mine which ran 6.23 grams per tonne gold over 70 centimetres. The thickness of the quartz vein in the trench intersection cannot be extrapolated to represent the vein as a whole as all veins in the trench showed significant pinch and swell or "blow" characteristics. Historical unmarked pits were discovered and sampled while following the surface expression of the Violet veins as far as 1.1 kilometres to the northwest. Surface rock sample results are pending.

Soil sampling of the Violet shows a gold anomaly (20 to 100 parts per billion gold) in the two northwesternmost lines that trend with the 310 zone 2.1 kilometres to the northwest. The 310 zone shows significant past results by previous operator Klondike Star from intersecting trenches 05TR13 and 05TR14 with an average grade of 1.7 grams per tonne gold over 18 metres, including 4.1 grams per tonne gold over six metres, along the trend of the vein, which is between one and two metres true width at this location (National Instrument 43-101 technical report filed with SEDAR Dec. 16, 2011). Rock sampling to prospect along the 310 zone to Violet trend was conducted in early September. This investigation showed historical unmarked pits from the early 1900s as far south as the northwest Violet soil sample lines in the area of the soil anomaly. The pits provided access to bedrock samples along this mineralized trend, assay results are pending. The rock samples show quartz veining and stockworking with common pyrite and limonite with local galena, chalcopyrite and barite. The staking of additional claims was conducted in August to protect the Violet to 310 zone trend.

The newly discovered Boy zone at the headwaters of Little Blanche creek was soil sampled by contractor Ground Truth Exploration Inc. Boy zone results show a strong north-south-trending anomaly with a width of approximately 400 metres and a length of 900 metres which is open to extension at either end. The anomaly shows an average 26.2 parts per billion gold over 108 samples with a spot high of 153.2 parts per billion gold, while all 524 samples in the dataset averaged 9.2 parts per billion gold. Initial site investigation shows lithological control on the gold occurrence and mineralized quartz veining in the area of the anomaly. Rock samples from limited outcrop, subcrop and abundant float have been collected with results pending. Fine visible gold was observed from panned crushed quartz in the stream bed down slope of the anomaly, and there are significant placer gold occurrences with active placer mining on Little Blanche creek. The Boy zone warrants trenching at the north end of the soil anomaly on an easily accessible ridge crest and is a high-priority target for RC exploration drilling.

The 2012 summer exploration season was successful in advancing confidence in gold mineralization of the Lone Star property to a level where solid drill targets are ready for the 2013 season.

President and chief executive officer, Erich Rauguth, commented on recent results at the Lone Star: "What is important to understand is that across the 135-square-kilometre area of the Lone Star property there is genuine potential. There is already in excess of 10 million ounces of placer gold production from the Klondike goldfields, much of it derived from the Lone Star property's hard rock sources."

Drill targets at Lone Star include:

  • Violet mine area with recent select grab samples of up to 47.4 grams per tonne gold and 894 grams per tonne silver;
  • 310 zone;
  • 310 zone to Violet soil anomaly in the area of Nugget gulch;
  • Boulder lode down-dip extension (press release: Sept. 5, 2012);
  • Boulder lode structural contour high-grade areas (press release: Sept. 5, 2012);
  • Nugget zone and extension in the direction of the Buckland mineralized veins (press release: Sept. 5, 2012);
  • The new Boy zone soil anomaly.

Dr. T. Liverton, PhD, CGeol, FGS, is the qualified person for the purposes of this news release.

We seek Safe Harbor.

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