Mr. Peter Tallman reports

KLONDIKE GOLD INTERSECTS 4.39 G/T GOLD OVER 6.95 METERS AT GAY GULCH GOLD SHOWING

Klondike Gold Corp. has released 2023 mapping, rock sampling and diamond drilling results from nine holes at the Gay Gulch gold showing on the company's 100-per-cent-owned Klondike district property in the Dawson mining district, Yukon, Canada.

Highlights:

• DDH EC23-501 returned 4.39 grams per tonne (g/t) gold (Au) over 6.95 metres from 19.55 metres.
• DDH EC23-502 returned 14.08 g/t gold over 1.10 metres from 17.10 metres.
• Gay Gulch showing outcrop assays gold up to 108.1 g/t Au (3.46 ounces per ton (oz/ton) Au).
• Major low-angle thrust faults identified at the Gay Gulch showing are interpreted to control emplacement of gold-bearing shear veins and associated sheeted veins.
• The highest-grade rock grab samples (108.1 g/t Au (3.45 oz/ton Au) reported herein and 4,064 g/t Au (143 oz/t Au) reported previously (see news release dated Feb. 21, 2023)) are from an interpreted shear vein array.
• Granite is identified by mapping and whole-rock analyses at Gay Gulch. Granite is present within (imbricate) thrust slices. Gold is present in shear veins and sheeted quartz veins developed preferentially along the granite margins. This association is typical at the gold deposit-scale of important orogenic gold districts worldwide.

Peter Tallman, Klondike Gold's president and chief executive officer, states: "The collaboration this summer with orogenic gold experts' Rich Goldfarb and Ben Frieman has produced consequential exploration insights into the geology and structural controls affecting gold mineralization within the Klondike district. Positive systematic exploration results following these insights includes high gold grades from Dominion, Gold Run and now Gay Gulch. The recognition and documentation of gold-related thrusting consistent with predictive orogenic gold models at specific gold showings and gold resource areas is a gigantic step forward. These continuing positive 2023 results will have an even greater impact going forward. I believe we'll look back on the 2023 season as a breakthrough moment in the development of the historic Klondike gold district."

Gay Gulch area 2023 work program results

Prospecting, mapping and diamond drilling were conducted at the Gay Gulch gold target located 800 metres across strike from the Stander zone gold mineral resource area.

Six prospecting samples of individual five-centimetre to 20 cm wide outcrop quartz veins were collected in the Gay Gulch showing from new exposures of shear veining containing visible gold adjacent to gold-mineralized sheeted veins.

New sampling of the main shear vein yields a highlight outcrop sample that assayed 108.1 g/t Au (3.46 oz/ton Au) containing abundant visible gold. Previous 2022 sampling here assayed 4,064 g/t Au (143 oz/t Au) (see news release dated Feb. 21, 2023).

Seven drill holes totalling 637 metres tested the Gay Gulch target along a 150-metre strike length and across a width of 100 metres. Six of seven drill holes intersected gold-bearing sheeted veins. Visible gold was noted in two holes: EC23-501 and EC23-503.

Two additional drill holes, EC23-506 and EC23-507, targeted an area of gold-bearing quartz vein float in pre-1949 pits and trenches located by recent prospecting 600 metres uphill from the Gay Gulch showing. Both drill holes EC23-506 and EC23-507 at Upper Gay Gulch intersected interesting gold-bearing quartz vein intervals.

Drilling at Gay Gulch intersected two horizontally oriented granite lithologic units bounded by shear (thrust) faults. Gold is present in both shear veins and sheeted quartz veins developed preferentially in proximity to the granite margins.

The systematic mapping/sampling survey at Gay Gulch is part of a broader 2023 effort to assess structural controls in gold target areas to distinguish areas of gold mineralization with tonnage potential from smaller localized showings. The company, in 2023, completed 25 diamond drill holes testing targets including the Gold Run target, Stander zone mineral resource area and Gay Gulch showing, among other targets. Rock sampling with mapping results from Stander East and other targets mapped during this effort are pending. Assays from 16 out of 25 drilled in 2023 have now been reported. The remainder of the 2023 drill hole program assays are pending.

Quality assurance/quality control (QA/QC)

Klondike Gold's 2023 QA/QC prospecting rock and drill core sample protocols are found on the company's website.

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

Upcoming events

Klondike Gold will be participating in the following upcoming events:

• VRIC (Vancouver Resource Investment Conference), Vancouver, B.C., booth 111, Jan. 21 to Jan. 22, 2024;
• AME RoundUp, Vancouver, B.C., Jan. 22 to Jan. 25, 2024;
• PDAC (Prospectors & Developers Association of Canada), Toronto, Ont., March 3 to March 6, 2024.

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.