Mr. Peter Tallman reports

KLONDIKE GOLD MAKES NEW HIGH GRADE DISCOVERY; INTERSECTS 90.55 G/T AU (2.91 OZ/T AU) OVER 0.55 METERS AND 5.49 G/T AU OVER 6.50 METERS AT STANDER ZONE

Klondike Gold Corp. has released prospecting and diamond drill results from the Stander zone on the company's 100-per-cent-owned Klondike district property in the Dawson mining district, Yukon, Canada.

Highlights:

• High-grade gold has been discovered at the Stander zone extending the mineralization to the east along each of two quartz-filled shear vein subparallel structures.
• DDH EC23-508 intersected 90.55 grams/tonne gold (2.91 troy ounces/ton Au) over 0.55 metre shear vein from 21.05 metres within 1.65 g/t Au over 36.65 metres, including gold-bearing sheeted extensional veins.
• DDH EC23-510 intersected 38.15 g/t gold (1.23 oz/t Au) over 0.50 metre shear vein from 92.70 metres within 5.49 g/t Au over 6.50 metres, including gold-bearing sheeted extensional veins.
• DDH EC23-511 intersected 39.59 g/t gold (1.27 oz/t Au) over 0.52 metre shear vein from 49.78 metres within 1.12 g/t Au over 20.90 metres, including gold-bearing sheeted extensional veins.
• DDH EC23-514 intersected 30.30 g/t gold (0.97 oz/t Au) over 0.50 metre from 98.65 metres within wider 8.68 g/t Au over 2.10 metres shear veining interval.
• DDH EC23-514 returned 8.68 g/t Au over 2.10 metres interpreted to have intersected the same shear as EC23-510 located 160 metres along strike at the same relative elevation.
• Visible gold (VG) was identified in fault controlled quartz vein zones in four of seven drill holes corresponding with greater than 30 g/t Au assay intersections in each:
  • EC23-508 contained two VG between 21.3 m and 21.4 m (90.55 g/t Au over 0.55 m);
  • EC23-510 contained four VG between 89.7 m and 95 m (38.15 g/t Au over 0.50 m);
  • EC23-511 contained two VG at 49.9 m, also at 62.7 m (39.59 g/t Au over 0.52 m);
  • EC23-514 contained one VG at 100.2 m (30.30 g/t Au over 0.50 m).
• Gold intersections on each of these structures remain open. These are priority targets for 2024 follow-up.

Peter Tallman, Klondike Gold's president and chief executive officer, states: "The discovery of gold associated with historically unrecognized shear veins, distinguishable from sheeted extension veins, validates our view of the potential for the Klondike to host multiple and substantial gold deposits. As we've discussed in previous news releases, new insights from ongoing comprehensive academic research and collaborative work with orogenic gold experts continues to be transformative for our exploration and development efforts within the Klondike district. Recent news releases all include headline gold grades of greater than 30 g/t Au in both outcrops and drill core and in each of several target areas. Importantly, the exploration model is distinguishing the highest-quality targets to pursue within the 727-square-kilometre Klondike district project. Moving forward our team has identified many new targets to test in 2024 in conjunction with developing/expanding resources within our existing, open-ended deposits, including targets adjacent the discoveries described in this news release."

Stander zone 2023 work program results

Prospecting

Prospecting, mapping and diamond drilling were conducted in fall 2023 adjacent to the Stander zone gold mineral resource located 20 km by road from Dawson City, Yukon.

Prospecting at the Stander zone identified subcrop quartz veining containing visual gold within the upper end of a 110-metre-long historic 1990 trench. Six prospecting samples of subcrop quartz veining were excavated. Three of six samples contained visual gold. Four samples assayed between seven g/t Au and 11.6 g/t Au (including two with visual gold). Two samples assayed between 44.1 g/t Au and 74.6 g/t Au (including one with visual gold). All contained appreciable silver and tellurium. These samples are interpreted to represent the surface expression of gold-bearing quartz veining intersected down dip in drill holes EC23-510, EC23-511, EC23-512 and EC23-514.

Diamond drilling

Diamond drilling with seven NTW-size core holes, EC23-508 to EC23-514, tested along strike beyond the east end of the Stander mineral resource estimate (MRE) area exploring for extensions of fault-controlled gold mineralization. Drill holes were short (58 m to 107 m length), inclined (minus 55 degrees, 210 azimuth) totalling 689.5 metres completed.

Visible gold was identified in quartz vein zones in four of seven drill holes corresponding with greater than 30 g/t Au assay intersections in each:

• EC23-508 contained two VG between 21.3 m and 21.4 m (90.55 g/t Au over 0.55 m).
• EC23-510 contained four VG between 89.7 m and 95 m (38.15 g/t Au over 0.50 m).
• EC23-511 contained two VG at 49.9 m, also at 62.7 m (39.59 g/t Au over 0.52 m).
• EC23-514 contained one VG at 100.2 m (30.30 g/t Au over 0.50 m).

Until now, historic and previous drilling has intersected interpreted sheeted extensional veins containing gold developed over long intervals, without identifying the controlling fault structure.

Seven drill holes tested two fault splays controlling mineralization with objective of extending the Stander zone mineralization eastward. EC23-508 and EC23-509 tested the southern fault; EC23-510 to EC23-514 tested the northern fault.

On the southern fault, EC23-508 intersected 90.55 g/t gold (2.91 troy oz/t Au) over 0.55 metre shear vein from 21.05 metres within 1.65 g/t Au over 36.65 metres, including gold-bearing sheeted extensional veins. EC23-509 was stopped short at 57 m depth intersecting sheeted extensional veins.

On the northern fault, EC23-510, EC23-511 and EC23-514 all intersected high-grade gold-bearing quartz shear veining associated with adjacent sheeted extensional veins.

EC23-510 intersected 38.15 g/t gold (1.23 oz/t Au) over 0.50 metre shear vein from 92.70 metres within 5.49 g/t Au over 6.50 metres, including gold-bearing sheeted extensional veins. EC23-511 intersected 39.59 g/t gold (1.27 oz/t Au) over 0.52 metre shear vein from 49.78 metres within 1.12 g/t Au over 20.90 metres, including gold-bearing sheeted extensional veins. EC23-514 intersected 30.30 g/t gold (0.97 oz/t Au) over 0.50 metre from 98.65 metres within wider 8.68 g/t Au over 2.10 metres shear veining interval. EC23-512 is interpreted to have intersected sheeted extensional veining. EC23-513 ended at 93 m and is interpreted to not have reached the shear vein target depth.

Gold mineralization in EC23-510, EC23-511 and EC23-514 interpreted to lie on a subparallel northern fault splay correlate with each other over 150 metres strike length, 70 metres vertically, and remains open along strike and dip.

Shear veins widths are interpreted to be approximately true width and surrounding sheeted extensional vein intervals are interpreted to be 50 to 70 per cent of true width.

All drill core is analyzed for gold and all other elements by aqua regia inductively coupled plasma mass spectrometry analyses. A 30-gram subsample is then assayed for gold by fire assay-atomic absorption. Intervals of economically interesting gold mineralization are identified. A new 500-gram sample is acquired from the coarse reject and each sample in the interval is assayed by metallic screen FA-AA. At each stage of analyses the results are subject to Klondike Gold quality assurance/quality control protocols. Results of the metallic screen gold assays are reported in this news release.

Quality assurance/quality control

Klondike Gold 2023 QA/QC prospecting rock and drill core sample protocols are found on its website.

The technical and scientific information contained within this news release has been reviewed and approved by Mr. Tallman, PGeo, president and CEO of Klondike Gold, and 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.

Coming events

Klondike Gold will be participating in the following coming events:

• VRIC (Vancouver, B.C.), booth 111 -- Jan. 21 to 22, 2024;
• AME RoundUp (Vancouver, B.C.) -- Jan. 22 to 25, 2024;
• Whistler Capital Events Conference (Whistler, B.C.) -- Feb. 9 to 11, 2024;
• PDAC (Toronto, Ont.) -- March 3 to 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 km length of the famous Klondike Goldfields placer district. Multikilometre gold mineralization has been identified at both the Lone Star zone and 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 km 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.