Canadian Gold and Base Metal Exploration
TSX-V: KG

Title Holder:
Klondike Gold Corp
KG Ownership:
100.0%
Acquisition Method:
Staked/Earned-in
Underlying Royalties:
Yes
Land:
4,037 ha
Claims:
74 claims
Location:
East Kootenays
568500 E 5491000 N, UTM ZONE 11N (NAD 83)
Mineral Targets:
Copper and Gold
Qualified Person:
Dr. Trygve Höy, P.Eng
Quartz Mountain

Asset Considerations

There are three Net Smelter Royalty agreements over 125 ha of land within this property that combine to total 12%. Klondike Reef Mines Ltd, a subsidiary of the Company, holds 10% while the other 2% is split among two individuals, with an option to purchase 1% back for $500,000.

Property Geology

The Quartz Mountain property straddles a major east-trending fault, the St. Mary fault, and several smaller northeast trending faults. The claim area includes several small high-grade past producing veins called Prices Pit and Golden Egg. Recent exploration focused on an IOCG (iron oxide copper-gold) target, recognising widespread chlorite, silica and sericite alteration, as well as several zones of disseminated and brecciated hematite. Gold occurs in several very high grade veins, in felsic dykes and copper is associated with the hematite breccias as well as in many small fractures and veinlets.

Work Completed During Period

Exploration included prospecting, mapping and relogging 2007 drill core. Prospecting found an extension to Price’s Pit mineralization as exposed by a road cut some 200 m from known Price’s Pit mineralization and further alteration above Golden Egg. Some alteration looks as though it may be intrusion related as opposed to IOCG type. Discussions are ongoing within the Klondike Gold technical team and consultants as to the nature of mineralization and alteration, but the property remains a priority in British Columbia.

Maps

Historical Work Completed

Considerable historical work has been done to date, particularly on the high grade Price’s Pit, Quartz Mountain (Rice), and Golden Egg where extraction yielded approximately 2000 ounces of gold. The current claims encompass most of the Sawmill Creek drainage that has seen placer production.

The following is a list of the significant work completed on the project:

  • 1994: Wealth resources completed three drill holes in the Quartz Mountain (Rice) pit area, two holes to the south, a soil survey, and a small geophysical grid.
  • 1996: Reef Mines drilled five holes to test geological and geophysical targets on the property.
  • 2003: Klondike Gold completed five drill holes around Price’s Pit. Several narrow intersections of significant gold were encountered with the highest grade interval of 16.5 g/t over 0.49 m.
  • 2006: An airborne magnetic survey conducted by Klondike Gold Corp. located a prominent magnetic anomaly in the northeastern part of the property.
  • 2007: Klondike Gold Corp. conducted a drill program of four holes targeting IOCG type mineralization and alteration. Mineralized iron oxide breccias were intersected in two of the drill holes.

Photo Gallery - BC

Trygve Hoy-14

Trygve Hoy 14


Trygve Hoy-7

Trygve Hoy 7



Trygve Hoy-3

Trygve Hoy 3


Trygve Hoy-1

Trygve Hoy 1