Klondike Gold Exploration Update


VANCOUVER, BC / ACCESSWIRE / July 30, 2019 / Klondike Gold Corp. (TSX.V:KG)(FRA:LBDP)(OTC:KDKGF) (“Klondike Gold” or the “Company”) updates progress of the $2-million 2019 exploration program (see news May 16, 2019, and July 7, 2019) on the Company’s wholly owned 576 square kilometer Klondike District Property, Yukon Territory.

DRILLING UPDATE

A total of 42 holes have been completed testing Gay Gulch along the Eldorado Fault, plus Nugget East, Nugget, and Glacier Gulch Zones along the Nugget Fault. (This corrects previous news release which double counted drill holes). Drilling at the Lone Star Zone has commenced with an increased total of 25 holes now, for a planned total of 67 holes.

Logging, geotechnical work, sampling, and assaying are well underway. Assay results for early holes will be available shortly. Further drill assays are expected through August and September.

For location map and 2019 drill targets, refer to Figure 1: Location of 2019 Drill Target Zones and nearby prospects, Klondike District Property.

GT PROBE & SOIL SURVEY UPDATE

The Company contracted GroundTruth Exploration Inc. (“GroundTruth”) of Dawson, YT to complete its soil sampling program and its GT-Probe surveying. Gold analyses from a total of 1,671 soil samples collected covered the side slope along Eldorado Creek underlain by the Nugget Zone have been received.

The highest gold-soils correlate well with the Nugget Zone and show new high-priority prospective areas along-strike to the northwest.

A total of 100 samples contain anomalous gold soils, with gold concentrations greater than the first standard deviation (“1SD”) threshold of 29 ppb Au. A total of 37 samples have concentrations ranging from 75 ppb Au to 653 ppb Au. Refer to the Company website for analytical protocols.

The Company has received 66 rock sample assays collected from a “GT-Probe” survey also conducted by GroundTruth testing the Lone Star Zone. The GT-Probe survey tested for the continuation of Lone Star Zone gold mineralization at a 450 meter step out to the southeast. The GT Probe systematically sampled bedrock along a 325 meter line length at 5 meter intervals by collecting a rock sample from bedrock beneath the thick overburden cover using a pneumatic drill.

Results indicate a 150 meter wide anomaly of gold in bedrock between 0.15 to 0.48 g/t Au from thirteen samples. These results confirm the trend of the Lone Star Zone mineralization. Two drill holes are planned to test this wide anomaly as a priority, representing a 600 meter extension to the Lone Star Zone if successful.

LIDAR SURVEY UPDATE

McElhaney (Vancouver) completed airborne LIDAR and orthophoto surveys of the Klondike district 576 km2 property. All LIDAR data has been received, with orthophotos expected in September.

One stand-out feature identified in the imagery is clearly an old shaft, previously unknown, with a rock dump alongside in an area of the projected Nugget Zone trend where there are gold-in-soil anomalies but little bedrock information. The LIDAR imagery is under continuing review and is initially expected to help prioritize drill targets.

QUALIFIED PERSONS REVIEW

The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, P.Geol., Vice-President Exploration of Klondike Gold Corp. and Qualified Person as defined by National Instrument 43-101 policy.

ABOUT KLONDIKE GOLD CORP.

Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver, British Columbia, and Dawson City, Yukon Territory. The Company 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 kilometer property accessible by government maintained roads located on the outskirts of Dawson City, YT within the Tr’ondëk Hwëch’in First Nation traditional territory.

On behalf of KLONDIKE GOLD CORP.

“Peter Tallman”

President and CEO
(604) 609-6110
E-mail: info@klondikegoldcorp.com
Website: www.klondikegoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

“This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Klondike in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Klondike disclaims any obligation to update or revise any forward-looking information or statements except as may be required.”

Figure 1: Location of 2019 Drill Target Zones and nearby prospects, Klondike District Property.

SOURCE: Klondike Gold Corp.

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