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Klondike Gold Corp (3)
Symbol KG
Shares Issued 108,725,557
Close 2019-08-06 C$ 0.41
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Klondike drills 1m of 1,009g/t Au, 1,035g/t Ag in Yukon

2019-08-06 06:16 ET - News Release

Mr. Peter Tallman reports

KLONDIKE GOLD REPORTS 1,009 G/T AU WITH 1,035 G/T AG OVER 1.0 METER AND 8.9 G/T AU OVER 10.0 METERS AT NUGGET ZONE, YUKON

Klondike Gold Corp. has released assays from nine drill holes testing the Nugget zone along the Nugget fault on the company's wholly owned 576-square-kilometre Klondike district property, Yukon.

Assay results for samples from nine drill holes (EC19-255 to EC19-259 plus EC19-266 to EC19-269) have been received, with assay results for three drill holes (EC19-270 to EC19-272) still pending. A total of 12 drill holes totalling 913 metres tested the Nugget zone.

Highlights:

  • Drill testing along 200 metres at Nugget zone has intersected gold mineralization and discovered a new parallel zone of high-grade gold.
  • Drill hole EC19-267 intersected new mineralization grading 1,009 grams per tonne gold with 1,035 g/t silver over 1.0 metre (104.00 to 105.00 m); this is included in a wider interval that graded 404 g/t Au with 415 g/t Ag over 2.5 metres (104.00 to 106.50 m). This is a new discovery 25 metres below the known Nugget zone mineralization and remains open.
  • Drill hole EC19-256 intersected Nugget zone mineralization grading 8.9 g/t Au over 10.0 metres (17.40 to 27.40 m); this is included in a wider interval grading 4.3 g/t Au over 21.5 metres (5.90 to 27.40 m) beginning at surface.
  • Drill hole EC19-266 intersected Nugget zone mineralization grading 1.8 g/t Au over 49.6 metres (4.60 to 54.20 m) beginning at surface.

The Nugget zone is associated with a prominent, eight-kilometre-long magnetic low named the Nugget fault which hosts gold-bearing quartz veins at Glacier Gulch, Nugget East, Upper Eldorado, several newly discovered about 1900 small mine workings, and outcrops located over a 2.5-kilometre strike length. Drilling targeting the Nugget fault including the Nugget zone began around mid-June (see news release dated June 10, 2019).

The objectives of drilling the Nugget zone were to target prospective areas of high-grade gold mineralization and to improve structural understanding by capturing structural measurement data on rock fabrics and gold-bearing quartz vein orientations. Larger diametre HTW-size drill core was used to improve core recovery and to increase analytical precision by increasing core sample size.

Results from drill holes EC19-255 to EC19-259, and EC19-266 to EC19-269 are listed in the associated table.


Hole ID             From      To       Au       Ag          Length
                     (m)     (m)    (g/t)    (g/t)             (m)

EC19-255            58.0    60.0      0.5      0.4             2.0
EC19-256             5.9    27.4      4.3     1.12             1.5
including           17.4    27.4      8.9      1.9            10.0
including           19.9    20.4     19.7      1.4             0.5
including           22.9    23.4     20.2      3.6             0.5
including           25.8    26.3    113.6     17.2             0.5
EC19-257            4.05     1.2      0.6      0.5            47.2
including           13.4    21.8      2.5      1.1             8.4
including           17.8    18.3     26.1      7.0             0.5
EC19-258            21.7    52.2      0.4      0.5            30.5
including           21.7    24.7      1.8      0.8             3.0
EC19-259*           67.4    80.8      1.4      2.4            13.4
including           74.4    74.8      1.7      9.8             0.4
EC19-266             4.6    54.2      1.8      0.8            49.6
including            4.6    19.7      3.9      1.3            15.1
including            9.5    10.1     78.8     13.9             0.6
and                 36.7    54.2      1.6      0.8            17.6
including           37.4    38.4     22.2      1.7             1.0
EC19-267            70.9    79.6      0.4      2.2             8.7
including           70.9    71.8      1.1     11.3             0.9
and                 94.2    95.2      1.2      1.5             1.0
and                104.0   106.5    404.2    415.4             2.5
including          104.0   105.0  1,009.5  1,035.5             1.0
EC19-268            40.0    40.5     1.12      1.7             0.5
EC19-269            10.0    28.2      0.7      0.7            18.2

Notes 
The true thickness of reported drill intervals 
cannot be determined with the information currently 
available.
* Hole EC19-259 ended in mineralization.

EC19-267 from 104.0 to 105.0 m downhole intersected an averaged grade of 1,009 g/t gold and 1,035 g/t silver over a 1.0 m interval. This one-metre interval is a mafic schist containing coarse two-centimetre-size cubic pyrite in a chocolate-coloured presumed ankerite alteration zone that includes a 0.4-metre rubble interval with pyrite. From 105.0 to 106.5 m downhole the coarse pyrite content decreases and typically gold-bearing crosscutting quartz veins occur.

Hole EC19-267 was drilled at 200 azimuth, minus 55 inclination, to a downhole depth of 111.25 metres. The 104.0 to 105.0 m downhole interval is 75 metres vertically from surface.

Nugget zone high-grade gold-silver mineralization in EC19-267 is comparable with other occurrences sampled in 2014 to 2018 within the Klondike district property. In 2014, sampling of a sulphidized outcrop yielded up to 1,766 g/t Au with 400 g/t Ag from prospecting rock samples (see news release dated Jan. 14, 2015). In 2017, quartz veins were grab sampled that contained 24 and 96 g/t gold, with 110 and 149 g/t silver (see news release dated Sept. 28, 2017; O'Neill area quartz veins with Au and Ag). (Prospecting grab samples are selective in nature; systematic test results may vary significantly.) The gold-silver association may be used as an exploration tool to target the highest gold grades, using the company's evolving structural knowledge from mapping and oriented core measurements.

Sample and analytical protocols

Sample 1832529, the 1.0-metre interval in EC19-267 from 104.0 to 105.0 metres, was reassayed as 1832529 duplicate. Gold and silver concentrations obtained were within analytical limits. For this news release, the gold and silver results from 1832529 and 1832529 duplicate were mathematically averaged to create the average concentrations. The analytical results are listed in a table on the company's website.

All Nugget zone samples in this release are from HTW size 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 and retained for reference. Three gold reference standards, blanks, coarse crush blanks and sample duplicates are routinely inserted as part of Klondike Gold's quality assurance/quality control (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 (formerly Acme Labs) preparation facility in Whitehorse, with chemical analysis of sample pulps completed in Vancouver, B.C. Bureau Veritas Labs is an accredited ISO 9001:2008 full-service commercial laboratory.

At BV Labs each drill core sample is crushed to 70 per cent passing two-millimetre size. A 400 g subsample is pulverized to 85 per cent passing 75 microns size (200 mesh) (code PRP70-500). (In addition, from the 1832529 master, a second approximate 400 g subsample 1832529 duplicate was prepared by the same method.) All samples of 400 g were 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 g subsample of the minus-140-mesh fraction is assayed for gold by fire assay (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 g 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.

Drill hole statistics

Drill holes at the Nugget zone are generally oriented with 210 azimuth and minus 55 dip at collar. During this program, several holes had minus-50 or minus-80 dips at collar, and several were oriented with 270 azimuth. The purpose of varying collar dip and azimuth was to obtain structural measurements from the use of oriented core tools.

Qualified persons review

The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, PGeo, vice-president, exploration, of Klondike Gold and qualified person as defined by National Instrument 43-101 policy.

About Klondike Gold Corp.

Klondike Gold is focused on exploration and development of the Lone Star gold target at the confluence of Bonanza and Eldorado Creeks, within a district-scale 576-square-kilometre property accessible by 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.

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