NEWS TODAY! Klondike Gold begins drilling at namesake property
2019-07-22 10:08 ET - News Release
Mr. Peter Tallmana reports
KLONDIKE GOLD COMMENCES DRILLING AT LONE STAR ZONE
Klondike Gold Corp. has begun diamond drilling at the Lone Star zone, part of the $2-million 2019 exploration program (see news release dated May 16, 2019) on the company's wholly owned, 576-square-kilometre Klondike district property, Yukon.
The Lone Star zone is located 20 kilometres from Dawson City, Yukon, by government-maintained road. It is hosted by Permian-age rocks of the Klondike schist unit and affected by younger orogenic thrust faulting, which has introduced gold mineralization. The Lone Star zone is the significant bedrock source of alluvial placer gold mined from Bonanza Creek continuously since discovery in 1896, as determined by recent academic studies and the company's continuing work.
A total of 15 to 20 holes are planned to test the Lone Star zone for an approximate total of 1,500 to 2,000 metres of drilling. The program will target a one-kilometre strike length to the east, with the objective of doubling the drilled length of gold mineralization.
The last two holes drilled in 2018 on the east end of the Lone Star zone intersected extended lengths of gold mineralization starting at or near surface, as outlined in the attached table.
Hole ID From (m) To (m) Au (g/t) Core interval (m) LS18-204 25.40 116.00 0.93 90.60 LS18-205 4.60 84.30 0.81 79.70
Work at the Lone Star zone from 2016 through 2018 has included 114 holes systematically drilled along a 1,000-metre length by 250-metre width (nominally) at 50-metre spacing, which have intersected disseminated gold over broad widths; 102 of these intersected extended intervals of interesting gold mineralization and 12 holes determined the upper and lower edges of the zone.
The Lone Star zone is within a coincident 3.5-kilometre area of gold in bedrock known from prospecting and mapping. Newly discovered gold mineralization includes: three prospecting rock grab samples from the west end, which assay from 0.6 gram per tonne to 6.8 grams per tonne gold; and 10 prospecting samples from the east end, which assay from 4.1 grams per tonne to 38.5 grams per tonne gold. Prospecting samples are selective in nature, non-representative rock grab samples of bedrock or boulders collected to test for the presence, or absence, of gold and other "economic" minerals. Systematic additional test results may vary significantly. The latter area is being systematically channel sampled at this time.
The Lone Star zone is within a coincident 5.3-kilometre-long gold-in-soil anomaly from 2018 and 2019 sampling, with anomalous soils defined as above 45 parts per billion gold at one standard deviation. The west end has a 61 ppb Au soil anomaly and the east end has a 175 ppb Au anomaly. In total, 236 soil sites within the anomaly have gold values above 250 ppb Au to a high of 2,900 ppb Au.
Qualified person review
The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, PGeol, Klondike Gold's vice-president of exploration, a qualified person as defined by National Instrument 43-101 policy.
About Klondike Gold Corp.
Klondike Gold is a Canadian exploration company with offices in Vancouver, B.C., and Dawson City, Yukon. The company is focused on the exploration and development of the Lone Star gold target at the confluence of Bonanza Creek and Eldorado Creek, within a district-scale, 576-square-kilometre property that is accessible by government-maintained roads and located on the outskirts of Dawson City, Yukon, within the Tr'ondek Hwech'in First Nation traditional territory.
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