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Klondike Gold Corp (3)
Symbol KG
Shares Issued 180,123,248
Close 2023-10-10 C$ 0.075
Market Cap C$ 13,509,244
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Klondike Gold completes 2,340 m of drilling at Klondike

2023-10-11 14:14 ET - News Release

Mr. Peter Tallman reports

KLONDIKE GOLD 2023 EXPLORATION AND DEVELOPMENT PROGRAM UPDATE

Klondike Gold Corp. has provided an update on 2023 exploration and development work on the company's 100-per-cent-owned Klondike District property in the Dawson mining district, Yukon, Canada.

Summary

  • Regional crustal-scale faults mapped in conjunction with orogenic gold expert research
  • Target prospecting/sampling at Dominion, Gold Run, Gay Gulch, Violet, Stander (results pending)
  • Diamond drill holes totalling 2,340 meters tested Gold Run, Gay Gulch, Stander gold prospects among others (results pending)
  • Independent (Newmont) regional BLEG sampling program conducted over portions of the Property
  • Abstract on orogenic gold formation in the Klondike to be published at GSA Conference October 18, 2023

Peter Tallman, Klondike Gold's President & CEO states "Our 2023 field season was intense and highly productive. We really appreciated and enjoyed the collaboration and input from orogenic gold experts Rich Goldfarb & Ben Frieman who worked alongside us for portions of the season to establish the Klondike Gold District as a world-class orogenic gold district with potential for significant gold mineralization over the +50 kilometer strike length of the Property. In the short term we are eagerly anticipating this seasons' pending results, and in the longer term we are confident our disciplined focus on the Klondike will deliver for shareholders."

The objective of 2023 fieldwork was to further examine and relate the Property's gold mineralization within an orogenic gold framework. The world-class placer gold fields of the Klondike District have produced >20 Moz of gold, primarily from alluvium derived from 5-3 Ma White Channel gravel paleoplacer deposits, that were themselves formed from erosion of bedrock quartz-carbonate orogenic gold vein systems.

Applying results from the Company's recent sponsored independent academic research findings (2 PhD, 2 MSc, 2 HBSc thesis, to date) and field visits from orogenic gold experts (Dr R. Goldfarb and Dr B. Frieman), work this year mapped regional crustal scale faults through the Property using magnetics, electromagnetics, regional gravity, and LiDAR (Light Detection and Ranging) surveys combined with field mapping.

From this, multiple areas with orogenic quartz-carbonate gold vein showings received focussed structural mapping and detailed rock sampling. In total this year, 245 rock prospecting grab samples were collected from the Dominion, Gold Run, Gay Gulch, and Violet prospect areas and the eastern Stander Zone mineral resource area. Visible gold was noted in rock sample(s) from all locales. All 2023 prospecting rock assay results are pending.

A total of 2,340 meters of diamond core drilling core in 25 drill holes was completed. Diamond drill targets this year include Gold Run and Gay Gulch prospects, the eastern Stander Zone mineral resource area and other selected targets. Technical and lithological logging and sampling drill core is now complete. All 2023 drill core assay results are pending.

In addition, an independently managed BLEG (bulk leach extractable gold) stream sediment-sampling program was conducted by Newmont Mining over a large regional area including portions of Klondike Gold's Klondike District Property. The Company will receive results from this survey from samples located within its land position in due course.

UPCOMING EVENTS

Klondike Gold will be participating in the following upcoming events:

Geological Society of America Technical Presentation 'New Constraints on the Role of Variable Fault Architecture on Orogenic Gold Formation from Investigations in the Klondike District, Yukon, Canada' to the Geological Society of America Connects 2023 Conference (Pittsburgh, Pennsylvania) - October 15 - 18, 2023.

Florida Capital Event Conference (Miami, Florida) - November 17 - 19, 2023.

QUALIFIED PERSON

The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, P.Geo., President and CEO of Klondike Gold and Qualified Person as defined by NI 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%-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-kilometer length of the famous Klondike Goldfields placer district. Multi-kilometer 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 1 , a milestone first for the Klondike District. The Company is focused on exploration and development of its 727 square kilometer 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.

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