Vancouver, British Columbia, February 24, 2015, Klondike Gold Corp. (TSX.V:KG) (“Klondike Gold” or the “Company”) is pleased to announce that the Board has approved a $800,000 exploration program for 2015 focused on the Lone Star and Dominion Properties, Yukon Territory. The program consists of the collection of target specific geophysics, soil geochemistry, trenching, plus prospecting and mapping. In addition, the Company has budgeted for an initial test of approximately 1,000 meters of diamond drilling contingent upon continued positive detailed exploration results. Klondike Gold has working capital of approximately $1.2 million and is fully funded for 2015. Field work is expected to begin in May.
In 2014 the Company interpreted a previously unrecognized fault system from historical airborne geophysical surveys. Follow-up prospecting in 2014 identified gold-enriched quartz veins with exceptional grade at Boulder Lode and Nugget prospects on the Lone Star property (see News Release dated January 14, 2015) and similar gold-enriched quartz veins over a 700 meter extent at Hunker Dome prospect on the Dominion property (see News Release dated January 19, 2015).
The plan for 2015 exploration includes targeted ground magnetic surveying over a number of areas commencing in May. This survey is intended to identify areas with a high density of faulting and brecciation, considered favourable for deposition of gold. Orthophotography of various zones will also commence in May. Soil or similar geochemical surveying will target faulted areas identified by detailed magnetic surveying in June or later. Other work including prospecting and mapping will follow to develop a thorough local geoscience database upon which to base a decision for testing with drilling. A diamond drill rig is expected to be mobilized in the late part of the 2015 season. The objective of this initial drill program will be to identify the controls to gold mineralization and quartz vein distribution.
Peter Tallman, President, as well as Directors and members of the Klondike Gold technical team are attending the Prospectors and Developers Association of Canada convention in Toronto March 1 to March 4, 2015 and will be available to discuss the Company’s plans and projects. Email or phone the Company to arrange a time to meet.
The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, P.Geo, President 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 its Yukon gold projects located in the historic Klondike region covering 25,000 hectares of hard rock and 2,000 hectares of placer claims including “McKinnon Creek” leased to Todd Hoffman/Jerusalem Mining LLC and featured on the Discovery Channel show “Gold Rush”.
On behalf of Klondike Gold Corp.
President and CEO
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.”