Klondike Gold Corp. (TSX-V: KG) (the “Company”) is pleased to announce the acquisition by staking of the 15 Mile Silver City Property and provide an update of its ongoing review and compilation of historical work on the Lone Star Property.
The 15 Mile Silver City Property is located approximately 40 kilometres northwest of Dawson City along the Yukon River and totals 100 claims covering an area of 21 km2. These claims target an area with a number of placer gold occurrences and the Silver City Yukon Minfile hard rock prospect (Minfile number 116B 03). Of interest to Klondike Gold is the unexplained source of the 15 Mile placer gold occurrences and the interpretation of the Silver City Minfile prospect as being an area of slope failure with mineralised float boulders found in the slide debris. The Company will focus its exploration towards identifying the bedrock source(s) of the placer gold and that of the silver-gold mineralized boulders. An initial program of exploration and preliminary assessment of the property has commenced.
The Lone Star Property data review continues with drilling and geophysics from 1979 to present now incorporated into the database. The drilling compilation encompasses 119 core holes, 135 reverse circulation holes, and 21 percussion holes. The Company now has access to over 15,000 assayed drill samples, many with multi-element analysis, in a GIS and modeling compatible format. Available airborne and ground geophysical surveys were also entered into the database.
Data review focusing on trenches and soil geochemistry is underway. Soil geochemistry review has been aided by a geomorphology study that has significantly increased confidence in the interpretation of past results and will also improve future soil geochemical exploration programs. Preliminary review of historical soil geochemical data has already identified some new targets and increased confidence in several existing Lone Star soil anomalies.
About Klondike Gold Corp.
Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver, British Columbia and Dawson City, Yukon. The Company is focused on the development of its Yukon and British Columbia gold properties. In addition the Company holds a large portfolio of base metal projects in southeastern British Columbia.
Inquiries: Robert A. Young 604-685-2222 (Ext 398)
Erich Rauguth, President & CEO 604-685-2222
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.