Mr. Peter Tallman reports

KLONDIKE GOLD'S PROPERTY-WIDE 2024 EXPLORATION PROGRAM UNDERWAY

Klondike Gold Corp. has outlined the 2024 exploration plan and review exploration potential at the company's 100-per-cent-owned Klondike District property in the Dawson mining district in Yukon, Canada. Initial drill targets to be focused around recent drill discoveries in the Stander zone, including 90.55 grams per tonne gold (2.91 ounces per ton gold) over 0.55 metre, among others (see news release of Jan. 15, 2024).

Peter Tallman, Klondike Gold's president and chief executive officer, stated: "Following from extremely promising 2023 gold discoveries, the company, in 2024, is positioned to deliver significant additional results to our shareholders in a favourable gold price environment. The company's ongoing funded research, structural work and evolved exploration model in 2023 led to new multiounce grade gold discoveries throughout the property. The transformative drill discovery of high-grade gold shear veining at Stander zone, potentially a significant source of the famous two-million-ounce Eldorado Creek placer pay streak, will be drill tested first in 2024 among several high-potential targets. The objective of this season is to successfully turn one or several of these new gold discoveries into substantial mineral resources and unlock the Klondike goldfield's world-class mineral wealth potential for our stakeholders."

Klondike Gold's property covers 727 square kilometres and thus far hosts two bedrock gold deposits -- Stander and Lone Star, with total indicated resources of 469,000 ounces and inferred resources of 112,000 ounces using a gold price of $1,700 (U.S.) per ounce. Additionally, in 2023, high-grade gold prospects have been discovered adjacent and outside the existing mineral resource areas and along the unexplored 60-kilometre southwest-trending network of crustal faults (collectively, the Klondike shear zone) that controls gold mineralization within the property.

2024 exploration plan:

• Fieldwork has begun, with drilling scheduled to commence in early May with one drill;
• Initial 2,500 metres of diamond drilling are planned to target the new Stander zone discovery area of high-grade (visible) gold shear veining over a two-kilometre strike length, with focus on 500 metres outlined by 2023 discovery drilling to test the resource potential;
• Contingent upon initial drill results, up to 2,500 metres of follow-up diamond drilling are contemplated to test the additional resource potential of high-grade (visible) gold shear veining at Stander zone;
• Surface mapping, including detailed structural mapping and sampling, is planned to follow-up of high grade (visible) gold veining discovered elsewhere along the Klondike shear zone throughout the property;
• Contingent upon structural mapping and further sampling results, additional diamond drilling is contemplated to test further resource potential at Gay Gulch showing or to test for high-grade mineralization at other showings or new discoveries;
• Prospecting and sampling are planned to target anomalous sites identified in the Klondike district property by BLEG (bioleach extractable gold) sampling survey with orogenic gold signatures (see news release dated Feb. 24, 2024) co-incident with proximity to approximately 1900 gold-rush era mine workings identified by the company in 2023 to locate new zones of mineralization;
• Updated mineral resources estimate is planned to begin in fall 2024 to include additional drilling results from 2022 through 2024 seasons.

2024 Stander zone exploration detail

The 2024 drill plan will focus on follow-up to the 2023 discovery of high-grade (visible) gold shear veining over 350-metre strike length in four drill holes (see news release dated Jan. 15, 2024) within a two-kilometre potential strike length based on subcrop high-grade (visible) gold quartz samples.

Six drill holes at Stander zone are now interpreted to have intersected the gold shear (including four 2023 intersections now correlated with two from 2021), indicating a 350-metre strike length and 200-metre dip length with mineralized intersections all grading between 30.3 grams per tonne gold and 90.6 grams per tonne gold (0.97 ounce per ton to 2.91 ounces per ton gold) over 0.5-metre to 1.5-metre width. All holes have significant halos of extensional sheeted veins containing low-grade gold.

Two areas of subcrop quartz veining located two kilometres apart are interpreted to represent the outcrop line of high-grade (visible) gold shear veining. Six prospecting samples collected in 2023 of quartz containing visible gold assayed between 7.0 grams per tonne gold and 74.6 grams per tonne gold (see news release dated Jan. 15, 2024) represent the at-surface expression of high-grade (visible) gold shear veining intersected in 2023 drilling listed in the attached table. A very similar second area of quartz vein material with visible gold is located two kilometres to the northwest and was discovered by prospecting in 2020. Five prospecting rock samples of subcrop quartz vein material dug from a five-metre-by-10-metre area contained visible gold and assayed 77.8 grams per tonne gold, 74.1 grams per tonne gold, 58.9 grams per tonne gold, 22.2 grams per tonne gold and 6.8 grams per tonne gold. The strike and dip projection of gold-bearing shear veins in six drill intersections include this second area of 2020 gold quartz samples projected two kilometres to the northwest.

Upper Eldorado Creek Placer lease

The company has entered into a lease agreement with a private Yukon company, whereby Klondike Gold assigns the rights and permits to placer mine on a portion of the company's Upper Eldorado Creek Placer property totalling 34 contiguous claims covering the Upper Eldorado and Chief Gulch drainages. The lease is for a term of three years through 2026 and is renewable thereafter subject to approval by both parties. Klondike Gold will receive a direct 10-per-cent gold production royalty from any mining production on the Placer property payable in raw gold. The company holds a 10-year Class IV placer mining permit issued in 2022 expiring 2032, which includes this area. The Chief Gulch drainage lies 3.5 kilometres along strike from the southwest end of known high-grade gold mineralization at the Stander zone. Exploration in the Chief Gulch drainage for placer gold deposits benefits the company's overall exploration efforts.

Quality assurance/quality control

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. Exploration-related 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:

• April 19 to April 21, 2024: CEM investment conference (Scottsdale, Ariz.);
• June 21 to June 26, 2024: Invest Yukon investment conference/property tour (Dawson, Yukon);
• July 19 to July 21, 2024: CEM TSX Venture Growth conference (Kelowna, B.C.);
• Aug. 12 to July 16, 2024: Klondike investment conference/property tour (Dawson, Yukon);
• Nov. 22 to Nov. 24: CEM Florida Capital event (Miami, Fla.).

About Klondike Gold Corp.

Klondike Gold is a Vancouver-based gold exploration company advancing its 100-per-cent-owned Klondike District gold project located in 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 goldfield placer district. Multi-kilometre 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-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.

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