Mr. Peter Tallman reports

KLONDIKE GOLD REPORTS 2023 FIELD DISCOVERIES, 2022 STANDER ZONE DRILL RESULTS INCLUDING 1.27 G/T AU OVER 15.15 METERS FROM SURFACE

Klondike Gold Corp. has released field results from continuing 2023 work as well as gold assay results from 24 diamond drill holes from the company's 2022 exploration program at the Stander deposit located on the company's Klondike District property in the Dawson mining district in Yukon, Canada.

Peter Tallman, Klondike Gold's president and chief executive officer, stated: "The company's team has made three recent discoveries of gold in outcrop following implementation of several new science-based upgrades to our exploration models. It is very exciting and energizing to screen drill targets with prospecting and mapping and find visible gold in outcrop in each of them, distributed over the 50-kilometre strike length of the property. We are all looking forward to getting the drill program under way."

Highlights of 2023 fieldwork include:

• Discovery of abundant visible gold (greater than 20 individual grains) in outcropping 10-centimetre quartz vein within carbonate alteration halo within the Gold Run target area*;
• Discovery of numerous potentially gold-mineralized outcropping quartz veins with coarse pyrite, locally with galena, (silver) telluride and native sulphur within the Dominion target area*;
• Discovery of visible gold (five grains) in subcrop 50-centimetre quartz vein 150 metres beyond the drilled mineral resource estimate area at Stander zone deposit*;
• Discovery of bonanza gold vein portion within a new exposure where gold occurs as one-millimetre-wide to three-millimetre-wide plates, dendritic crystals into voids and small, two-millimetre nuggets within fracture seams in outcropping Gay Gulch quartz vein, near where previous reported sample assayed 4,064 grams per tonne gold (143 ounces per ton gold) (see news release dated Feb. 21, 2023)*;
• Detection for the first time of subvisible alteration halos adjacent to gold-bearing veins using short-wave infrared (SWIR) (at Lone Star and Stander zones) with applicability for positive exploration throughout the Klondike district property;
• Detection of laterally extensive carbonate-pyrite alteration halos linked directly to gold-bearing veins within mafic rocks (at Gold Run target) also with applicability throughout the Klondike District property;
• Mapping of low-angle (approximately 30 degrees) flexures along major faults through the Klondike District property coincident with gold-mineralized target areas (Stander, Lone Star, Dominion and Gold Run) and other untested target areas with extensive gold-soil and/or gold-rock anomalies;
• The company hosted orogenic gold experts Dr. Richard Goldfarb (China University of Geosciences) and Dr. Ben Frieman (Colorado School of Mines) for four days reviewing the geology, mineralization and tectonic setting of the property; the company's work within the Klondike district has demonstrated features consistent with other globally recognized orogenic gold districts with high prospectivity;
• Drilling is anticipated to begin Aug. 1, 2023, testing the Gold Run target initially.

*All rock sample assays are pending. Visible gold is common in the Klondike district and no correlation to gold grade should be made without quantitative assay.

Stander zone drilling results

In 2022, the company completed 24 diamond drill holes (EC22-447 to EC22-464 and EC22-480 to EC22-485) at the Stander zone. The initial mineral resource estimate (MRE) at the Stander deposit does not include holes reported herein (see news release dated Nov. 10, 2022). The "NI 43-101 Technical Report for the Klondike District Gold Project, Yukon Territory, Canada," with an effective date of Nov. 10, 2022, is dated and filed on SEDAR on Dec. 16, 2023).

Assay highlight results from 24 Stander zone drill holes:

• 24.85 m of 0.42 g/t Au from 17.8 m in EC22-453;
• 6.00 m of 2.20 g/t Au from 7.0 m in EC22-455;
• 20.0 m of 1.02 g/t Au from 48.0 m in EC22-459;
• 49.06 m of 1.21 g/t Au from 7.97 m in EC22-481;
• 15.15 m of 1.27 g/t Au from 7.60 m in EC22-482;
• Visible gold noted in EC22-448 (one grain), EC22-459 (one grain), EC22-460 (one grain), EC22-481 (three grains) and EC22-482 (two grains).

In 2023, the company interpreted a fault system that transects both Stander deposit pit-constrained MRE areas. Fault splay intersections coincide with structural flexures and these areas are spatially associated with higher gold grades within the MRE. Fieldwork results in 2023 on the basis of this interpretation so far have yielded positive initial results in several areas of the property.

The Stander zone gold deposits are contained within schists and felsic rocks considered to be an island-arc-related assemblage of the Klondike schist. Orogenic gold mineralization is associated with low-angle, sheeted gold-bearing quartz veins.

Drill holes EC22-447 to EC22-464 are drilled in the usual 220-degree azimuth orthogonal to the (primary) orientation of sheeted gold-bearing veins within the Stander deposit southeast model pit shell.

Drill holes EC22-480 to EC22-485 are drilled at 290-degree azimuth orthogonal to a potential secondary orientation of sheeted gold-bearing veins and fractures within the Stander deposit northwest model pit shell.

Significant gold assay intersections from these holes are shown in the attached table.

2022 quality assurance /quality control (QA/QC) protocols

All 2022 drill holes referenced in this release produced NTW (5.71-centimetre diameter) drill core. Assay samples from drill core are cut using a diamond saw. Half the core sample interval is bagged, tagged, and sealed; the other half is returned to the core box with a corresponding tag retained for reference. Two gold reference standards, two blank samples (a coarse and a fine) and a coarse sample duplicate per 100 samples are routinely inserted as part of Klondike Gold's QA/QC program, independent of and additional to the laboratory QA/QC program.

Sample bags are aggregated into rice bags, sealed and submitted by Klondike Gold personnel to Bureau Veritas Mineral Laboratories (BV Labs) preparation facility in Whitehorse, Yukon, with chemical analysis of sample pulps completed in Vancouver, B.C. BV Labs is an accredited ISO 9001:2008 full-service commercial laboratory.

At BV Labs, each drill core sample is crushed to 80 per cent passing two-millimetre size. A 500-gram subsample is pulverized to greater than 85 per cent passing minus-75-micron size (200 mesh; code PRP70-500). All samples of 500 grams are sieved to 106 microns (140 mesh) for metallic screen assaying. The plus-140-mesh fraction is weighed and assayed for gold by fire assay (FA) fusion with a gravimetric finish (code FS631). A 30-gram subsample of the minus-140-mesh fraction is assayed for gold by FA fusion with an atomic absorption (AA) finish (code FA430). All overlimit results in excess of 10 parts per million (10 g/t) for both silver and gold are reassayed using a 30-gram subsample and assayed by FA with a gravimetric finish (code FA530-Au/Ag). Total gold grade is then calculated using a weighted average of the plus and minus fraction assay results. BV Labs independently inserts QA/QC standards, blanks and sample duplicates through each analytical process.

Coming events

Klondike Gold will be participating in the following recent or coming events:

• Capital Event Management Ltd. (CEM) conference -- TSX Venture growth capital event (Kelowna, B.C.) -- July 21 to July 23, 2023.

Qualified person

The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, PGeo, president and chief executive officer of Klondike Gold and a qualified person as defined by National Instrument 43-101 policy. Detailed technical information, specifications, analytical information and procedures can be found on the company's website.

About Klondike Gold Corp.

Klondike Gold is a Vancouver-based gold exploration company advancing its 100-per-cent-owned Klondike District gold project located at Dawson City, Yukon, one of the top mining jurisdictions in the world. The Klondike District gold project targets gold associated with district-scale orogenic faults along the 55-kilometre length of the famous Klondike Goldfields placer district. Multikilometre gold mineralization has been identified at both the Lone Star zone and the Stander zone, among other targets. The company has identified a mineral resource estimate of 469,000 indicated and 112,000 inferred gold ounces, a milestone first for the Klondike district. The company is focused on exploration and development of its 727-square-kilometre property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon, within the Tr'ondek Hwech'in First Nation traditional territory.

We seek Safe Harbor.