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Klondike Gold Corp (2)
Symbol C : KG
Shares Issued 87,605,008
Close 2012-11-13 C$ 0.065
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Klondike Gold samples 179 g/t Au at Lone Star

2012-11-14 09:40 ET - News Release

Mr. Erich Rauguth reports

KLONDIKE GOLD SAMPLES 179 G/T GOLD WITH 78 G/T SILVER AND 98.8 G/T GOLD WITH 20.7 G/T SILVER ON THE LONE STAR PROPERTY, YUKON TERRITORY

Klondike Gold Corp. has released additional new gold exploration results on Lone Star property, Yukon Territory, for Nugget and Upper Eldorado Creek sampling, as well as further results strengthening the Violet to 310 vein trend.

Exploration highlights:

  • Nugget grab samples of 179 grams per tonne (g/t) gold (Au) with 78 g/t silver (Ag) (30-gram fire assay with gravimetric overlimit);
  • Upper Eldorado grab samples of up to 98.8 g/t Au with 20.7 g/t Ag (inductively coupled plasma (ICP) analyses);
  • Violet to 310 zone (Violet ridge) trend advancement.

Site investigation by the company's technical team has found that the trend of the upper Nugget zone can be extended on surface. Select samples were collected, including a grab sample of 179 g/t Au with 78 g/t Ag (30-gram fire assay with gravimetric overlimit). Results support future drilling to test the Nugget zone at depth and along strike toward the Buckland zone quartz veins. Active placer mining in the Oro Grande gulch suggests a source for gold in the area where the Buckland and Nugget zones are assumed to intersect, however, previous operators have allocated little work to linking the zones. Exploration for the purpose of linking the Nugget and Buckland zones will be an endeavour of the company in the 2013 exploration season.

The company views the possibility of high-grade quartz veins over this 1,000-metre strike length as being very positive. Both the Nugget and Buckland zones have significant high-grade results from work performed the company and by previous operators, some of which are in the relevant table.

         PREVIOUS NUGGET ZONE AND BUCKLAND ZONE RESULTS

Nugget zone bulk sampling     Weight of sample (kg)   Grade (g/t Au)

05NZ-B7-A                                     1886             6.46
05NZ-B4-B                                     2769             8.61

Nugget zone drilling                   Interval (m)

06NZ02                                28.9 to 29.9            98.68
06NZ03                                25.6 to 26.5            30.15

Buckland zone drilling                 Interval (m)

07BU03                                      6 to 8            4.785
07BU03                                    19 to 21            13.48
incl.                                     20 to 21             22.6
07BU03                                    26 to 27             4.51
07BU04                                    51 to 53             8.59
incl.                                 52.0 to 52.5             24.9

Notes:

An unspecified amount of wall rock was included in the bulk 
samples, likely diluting grade.

Prospecting in the vicinity of Upper Eldorado Creek was conducted in early September, 2012. This area was selected for its lithological and gold chemistry similarities to the Boulder lode, historical anomalous results, as well as significant unexplained placer gold with grain morphology pointing to a proximal source. The company was encouraged by samples of visible gold in two locations separated by approximately 100 metres. In one specimen, the visible gold hosted in a quartz vein is filling a void and is best described as a hackly nugget approximately 0.6 centimetre across. The veins can be seen in historic trenches, however, trench floor sampling in the early 1990s did not sample these veins, which were in the wall of the trench. The veins visible in the trenches were a stacked system of up to five north-dipping veins over two metres to three metres of true width. Assays from the veins (not including the visible gold specimens) show up to 98.8 g/t Au with 20.7 g/t Ag in ICP analysis, with fire assay results pending. Of the 28 Upper Eldorado Creek prospecting samples, the average grade was 4.22 g/t Au, with six samples in the set over one g/t Au. Trenching and mapping of these vein systems will be a goal of the 2013 exploration season.

On Violet Ridge, the Violet to 310 zone trend exploration continued into September, 2012, with the addition of an infill soil line and targeted prospecting along the trend. The results of this work, in addition to further research on historical results, have better defined the Violet to 310 zone mineralization. The mineralization appears to be in at least two parallel trends, with both showing sharp soil anomalies of 20 parts per billion to 100 parts per billion Au. The four-plus-kilometre extent of the Violet vein system to 310 zone with the possibility of high grades make this an attractive target for the company (press release Sept. 20, 2012).

Project geologist Katie Dodd commented, "These results illustrate the multiple target potential of the 137.6-square-kilometre Lone Star property and the constructive use of compiled exploration data in focusing exploration." The company looks forward to further systematic exploration of Lone Star property gold mineralization in 2013.

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

We seek Safe Harbor.

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