Vancouver, British Columbia, Canada, June 10 2019, Klondike Gold Corp. (TSX.V: KG; FRA: LBDP; OTC: KDKGF) (“Klondike Gold” or the “Company”) has mobilized a second drill rig and commenced diamond drilling at the Nugget Zone, part of a $2-million exploration program (see News Release May 16, 2019) on the Company’s wholly owned 563 square kilometer Klondike District Property, Yukon Territory.
The second drill rig is targeting the Nugget Fault including the Nugget Zone following up high-grade gold mineralization hosted by quartz veining discovered there between 2015 and 2018. Approximately thirty drill holes are planned to test this Zone as part of a 60-hole program testing multiple targets. Drilling with the first rig continues at Gay Gulch, with assays expected in late July (see News Release May 28, 2019)
- Drilling with the second rig has commenced targeting the Nugget Zone and along the Nugget Fault over a 1.3 km length. Approximately 30 shallow drill holes are planned.
- The Nugget Zone was originally drilled successfully in 2015. Discovery hole EC15-01 intersected gold bearing quartz veining which assayed 40.3 g/t Au over 0.45 meters within a broader interval assaying 4.6 g/t Au over 7.65 meters. Four of six holes drilled in 2015 contained visible gold.
- Assay results from this portion of the 2019 drill program are anticipated in late July and early August.
- Drilling with the first rig continues at Gay Gulch, with assays expected in late July
2019 Nugget Zone Target:
The Nugget Zone is associated with a prominent, eight-kilometer long northwest trending magnetic low named the Nugget Fault which also hosts the Glacier Gulch Zone and Nugget East Zone, as well as c.1900 small mine workings and numerous other gold occurrences located along it. The Nugget Fault is intersected by several younger north trending “magnetic low” faults that localize kinks or bends which are prospective for focusing of gold-bearing quartz veins. The Nugget Fault is parallel to and located 1 km north of the Eldorado Fault which hosts the Gay Gulch Zone (see News Release May 28, 2019).
Between 2015 and 2018 approximately 70 drill holes have been completed along the Nugget Fault ‘fairway’ over a 2.25 km distance (from Glacier Gulch Zone to Nugget East Zone) with nearly all of them intersecting gold mineralization. High grade (>20 g/t Au) gold has been intersected over narrow intervals including 336.6 g/t Au over 0.22 meters and also 147 g/t Au over 0.22 meters in quartz veins, as listed in Table 1.
Selected broader intervals of intermediate grade gold, including the high grade intersections if present, include as example 5.1 g/t Au over 14.34 meters (EC16-32) listed in Table 2. Holes are drilled at a -55 degree angle, consequently intervals listed below are near surface.
Table 1: High grade gold intervals from 2015 to 2018 drilling along the Nugget Fault
Table 2: Select broad intervals of intermediate grade gold intervals from 2015 to 2018 drilling along the Nugget Fault:
Approximately thirty shallow holes are planned to test for continuity and extensions of high grade gold mineralization in quartz veining similar to the mineralization identified in previous years. Additional holes are expected, contingent upon positive results. The Nugget Zone drilling campaign may be complete at the earliest by end of June. Assay results from earliest drill holes are expected to become available by late July.
A location map (Figure 1) of 2019 drill targets is included below.
Figure 1: Location of 2019 Drill Target Zones and nearby prospects, Klondike District Property.
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 563 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.
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.
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“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.”
Source: Klondike Gold Corp.
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