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Klondike Gold Corp (3)
Symbol KG
Shares Issued 180,123,248
Close 2023-11-07 C$ 0.08
Market Cap C$ 14,409,860
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Klondike Gold samples up to 74.6 g/t Au at Klondike

2023-11-08 12:25 ET - News Release

Mr. Peter Tallman reports

KLONDIKE GOLD SAMPLES UP TO 74.6 G/T AU (2.40 OPT AU) AT GOLD RUN TARGET

Klondike Gold Corp. has released 2023 mapping, rock sampling and diamond drilling results from five holes at the Gold Run target on the company's 100-per-cent-owned Klondike district property, located in the Dawson mining district, Yukon, Canada.

Highlights:

  • Ten rock grab samples from the Gold Run target assayed up to 74.6 grams per tonne gold (2.40 ounces per ton Au). Six of the samples contained visible gold.
  • Mapping indicates a major bounding thrust fault lies one kilometre west of the Gold Run showing areas and a second subordinate thrust fault lies one km east. These structures control emplacement of sheeted veins containing gold mineralization.
  • Mapping suggests the Gold Run target area is not part of the Klondike schist and belongs to a different assemblage.

Five diamond drill holes over a 500-metre strike length all intersected gold-bearing, sheeted veins with extensive carbonate alteration halos. The gold grades of individual sheeted veins is low, no visible gold was noted, and the overall frequency of veining intersected was also low. The geochemistry of the veins is also different from those intersected at the company's gold targets elsewhere within the district.

Peter Tallman, Klondike Gold's president and chief executive officer, stated: "From the limited amount of exploration we've completed over several years at the remote Gold Run target (approximately 50 kilometres southeast), we've learned that its geology, geochemistry and structural controls are quite different from that of the Lone Star/Stander/Gay Gulch areas, where we've begun to build our gold mineral resources. At this early stage of target evaluation, these differences are just beginning to be understood and quantified. Gold Run remains an important target area within our Klondike district project, but is at an early exploration stage compared to the development work being done elsewhere."

Prospecting, mapping and diamond drilling were conducted at the Gold Run gold target over a 2.0 km by 1.5 km area located 50 km southeast of mineral resources estimated at the Lone Star and Stander zones and 20 km southeast of the Dominion gold target (see news release dated Oct. 31, 2023) at the southeast end of the property.

Ten prospecting samples of individual five-centimetre-to-20-centimetre-wide outcrop or subcrop quartz veins were collected from pre-existing (circa 1900 to pre-1948) hand-dug exploration pits, trenches or shafts attributed to Yukon Consolidated Gold Company work, which included logging, road building and camps supporting dredging operations. Six samples contained visual gold. Four highlight outcrop samples of quartz veins assayed gold between 22.5 g/t Au (0.72 opt Au) and 74.6 g/t Au (2.40 opt Au); all of these samples had visual gold. All 10 samples had gold values above 0.63 g/t Au.

Mapping from outcrop and subcrop, lidar (light detection and ranging), geophysics and diamond drilling are interpreted to indicate the Gold Run gold showing area is hosted by mafic volcanic rocks in a two km scale open fold plunging southeast. Major thrust faults occur along the limbs of this fold. The fold is cut by northwest-southeast-oriented fractures which host gold-bearing sheeted extensional veins localized in the fold hinge associated with carbonate alteration.

A total of five drill holes totalling 524 metres tested the Gold Run target along a 500-metre strike length and across a width of 150 metres. All drill holes intersected gold-bearing, sheeted veins. Every vein contained anomalous gold, but no visible gold was identified and the vein density intersected in each hole was low. An attached table summarizes gold intersections in holes GR23-494 to GR23-498.

Gold assays from sheeted veins at Gold Run target do not contain anomalous trace elements tellurium or silver, among others, which are present in significant quantity at Dominion, Lone Star, Stander or other mineralized zones within the Klondike schists. This mafic lithology area is considered to not be part of the Klondike schist assemblage, as shown on government maps.

The systematic mapping/sampling survey at Gold Run 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. In 2023, the company completed 25 diamond drill holes testing targets including the Gold Run target, the Stander zone mineral resource area and the 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 five holes at Gold Run are reported herein, and the remainder of the 2023 drill hole program assays are pending.

Klondike Gold's 2023 quality assurance/quality control protocols can be found on the company's website.

Qualified person

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, 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.

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.

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