Vancouver, British Columbia, February 2, 2015, Klondike Gold Corp. (TSX.V:KG) (“Klondike Gold” or the “Company”) announces rock assay results from 37 prospecting samples on the Gold Run Property collected during the 2014 field program as part of a broader program evaluating the Lone Star, Dominion, and Gold Run Properties totalling 22,500 hectares area located near Dawson, YT, Canada. Klondike Gold owns a 100% interest of 1,228 quartz claims and 14 crown grants covering the western half of the Klondike placer goldfields. The Company also reports the acquisition by staking of an additional 178 quartz claims totalling an additional 3,100 hectares adjoining or in the immediate area of the Lone Star and Dominion Properties.
- Nine prospecting samples of quartz veining had gold assays between 3.0 g/t and 26.4 g/t Au. (Prospecting samples are selective in nature; systematic test results may vary significantly.)
- Two prospecting samples contain visible gold. Quartz veins are the same generation of “D4” veining found on the Lone Star and Dominion properties.
- Klondike Gold has completed acquisition by staking of an additional 178 quartz claims totalling an additional 3,100 hectares area. These claims cover portions of a fault network previously identified as “D4” faults and this fault network appears to be a primary control on “D4” gold-bearing quartz veins in Klondike area.
In 2014, Klondike Gold recognized and field mapped a new shear fault array of regional importance, as described in News Releases dated January 14, 2015 and January 19, 2015. The fault network is extensional in nature and thought to control the emplacement of Klondike area gold-enriched “D4” age veins. At the Gold Run Property, the location of the eastern continuation of the main NNW-SSE shear fault approximately underlies the northern claim boundary of the property in proximity to anomalous soils.
Prospecting in 2014 was guided by interpreted magnetics and investigated areas of faulting with the objective of documenting gold-enriched quartz veins and distinguishing them from unmineralized quartz and carbonate veins. Thirty-seven prospecting samples of all types of quartz veins were collected for assay from throughout the 16.6 square kilometer Gold Run Property and submitted for analysis.
Nine of these 2014 prospecting samples had a gold assay result ranging from greater than 3 g/t Au to 26.4 g/t Au. All nine samples contain anomalous silver. The nine significant assay results are listed in Table 1.
Table 1: Gold Run Property Assay Results
|ID #||Note||Au g/t||Ag g/t||Location||Outcrop/Float|
|1961693||VG||26.4||2.9||NW soil anom||FL|
|1961928||24.8||3.6||Gold Run Creek||OC|
|1961927||23.6||5.5||Gold Run Creek||OC|
|1961686||VG||16.3||2.3||NW soil anom||FL|
|1961677||15.1||1.9||Gold Run Creek||OC|
|1961690||12.6||2.5||NW soil anom||FL|
|1961692||5.0||0.3||NW soil anom||FL|
|1961689||3.0||0.4||NW soil anom||FL|
Prospectors identified visible gold in two samples of quartz vein boulders (ID # 1961686 and 1961693) located 25 meters apart while following up anomalous gold-in-soils in the northwest part of the property. Three samples of quartz veins in outcrop from different parts of Gold Run Creek assayed between 15.1 g/t and 24.8 g/t Au from cross-cutting narrow extensional quartz veins containing clots of pyrite. The NW soil anomaly area adjacent to the projected location of the main NNW-SSE shear remains an area of prospective interest.
The extensional quartz veins of economic interest sampled at the Gold Run Property are ascribed to D4 veining; all have similar observed textural features, structural characteristics, and geochemistry, and are interpreted to be generated by an extensional fault system documented by Company and GSC airborne magnetics.
Klondike Gold has completed acquisition by staking of an additional 178 quartz claims totalling an additional 3,100 hectares in the vicinity of the Lone Star and Dominion Properties. These claims cover portions of a fault network previously identified as “D4” faults and this fault network appears to be a primary control on “D4” gold-bearing quartz veins in Klondike area. Klondike Gold now owns a 100% interest in 1,406 quartz claims and 14 crown grants totalling 25,600 hectares area covering the western half of the Klondike placer goldfields.
Sample ID #, corresponding gold and silver analyses, and UTM coordinates (NAD83) and a map are tabulated and shown for prospecting samples in this news release and posted to the Company’s website here (CLICK HERE).
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. Samples are usually 0.5 kg to 2.0 kg in weight. The Company’s samples are spatially located to within 5 meters using a hand-held Global Positioning System (“GPS”) in NAD83 datum, assigned a unique assay tag, described, photographed using a GPS-enabled camera, then placed in a plastic bag and sealed. Groups of sealed sample bags are aggregated in large fiber bags then security sealed for shipment. For samples in this news release, the fiber bags were retained in locked storage in the Company’s Dawson office until after the end of the field season before being delivered by Company personnel directly to the lab. Samples were submitted to Bureau Veritas Mineral Laboratories (“BV Labs”) (formerly Acme Labs) preparation facility in Whitehorse, YT with chemical analysis of sample pulps completed in Vancouver, British Columbia. Bureau Veritas Labs is an accredited ISO 9001:2008 full-service commercial laboratory.
At BV Labs each 1 kg rock sample is crushed to 80% passing 2 mm size. A 250 g subsample is pulverized to >85% passing -75 microns size (Code PRP70-250). A 30 g (1 assay ton) subsample is assayed for gold by fire assay (“FA”) fusion with an atomic absorption (“AA”) finish (Code FA430). All over-limit results in excess of 10 ppm (10 g/t) for both silver and gold are re-assayed. The re-assay uses a 30 g subsample and is assayed by FA with a gravimetric finish (Code FA530-Au/Ag). Samples were also analyzed for multi-element chemistry by ICP-MS analysis (AQ200+U code). Samples over-limit in lead are rerun by a high-detection limit ICP-ES procedure (Code MA370).
Peter Tallman, Klondike Gold’s President and CEO, a Qualified Person as defined by NI43-101, has supervised, reviewed and approved the scientific and technical information contained within this news release. Mr. Tallman is not independent of the Company as he is an Officer, Director, and shareholder.
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.”