Klondike Gold Corp. Announces Commencement of Its 2018 Diamond Drill Program At Klondike District Property, Yukon Territory; Appoints Ian Perry, P. Geo. as Vice President, Exploration
May 24, 2018 at 09:47 pm IST
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Klondike Gold Corp. announced the commencement of its 2018 diamond drill program at the Company's wholly owned Klondike District property, Yukon Territory. A minimum total of $2.5 million is budgeted for 2018 including an estimated 5,000 meters of drilling. All major work contracts have been finalized, with work components underway or scheduled to begin early in June. The Company has completed a structural and geological compilation, producing the first geology map of the Klondike District subdividing previously "Undifferentiated Klondike Schist", which will help focus exploration efforts on the most prospective geologic targets. Summary includes: 2018 diamond drill program has commenced at the Lone Star Zone. An estimated 5,000 meters of drilling is planned to test the Lone Star Zone, the Gold Run target, and others in 2018; SRK to refine structural and lithologic mapping beginning in June 2018; New-Sense Geophysics Ltd. to complete 3,000-line kilometers of helicopter-borne magnetic, radiometric and VLF-EM surveying beginning in June 2018; and GroundTruth Exploration to collect 5,000 soils throughout the Klondike District property. The initial phase of drilling now underway is designed to test surface gold mineralization at both the Lone Star Zone and the newly discovered Gold Run target located 35 kms southeast, along strike on the Rabbit Creek Thrust trend. Later phases of drilling are planned to include testing of the Lone Star Zone, the Nugget Zone, and other targets. At the Lone Star Zone, the first series of shallow holes are designed to systematically test selected section
lines to provide information on the lateral and vertical geometry and continuity of gold mineralization. Drilling procedures will include using oriented core tools with both NTW and HTW diameter core, and systematic use of XRF analyzers. Plans also include drilling specific locations across the Lone Star Zone to be used for preliminary metallurgical tests. The Lone Star Zone is located 20 km from Dawson at the northwest end of the Klondike District property. A total of approximately 20 holes are initially planned, with additional holes to follow as the summer progresses. In total 27 prospecting samples were collected from quartz material in the three tailings piles and all contained gold (0.6 g/t to 55 g/t Au). These prospecting samples are very selective in nature, non-representative rock grab samples collected to test for the presence or absence of gold. Systematic additional test results may vary significantly. Individual quartz vein pieces with selvages suggest individual veins are only 10 cm to 50 cm in width. A total of 4 holes are planned to test for geology and mineralization and will be followed by soil surveying to help identify anomalous trends, with additional holes contingent upon positive results.
The company welcomed Ian Perry, P. Geo. to fill the role of Vice President, Exploration. Mr. Perry has over 35 years of experience including the management of the technical and engineering aspects of advanced exploration and development projects, both in Canada and internationally. Mr. Perry has assumed responsibility for directing ongoing exploration.
Klondike Gold Corp. is a Canada-based gold exploration company. The Company is engaged in advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon Territory. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the Klondike Goldfields placer district. The Company holds interest in the mining claims, such as the Sophie mining claims, and the Burkhard claims. These claims are located in the Dawson mining district, Yukon Territory. The Company also has an interest in the Gimlexs mining claims located in the Dawson mining district, Yukon Territory. Its Upper Eldorado Creek property is contained wholly within the Companyâs Klondike District Property, Yukon Territory. The Company also holds a 100% interest in the Montana Creek Placer Project property located south of Dawson City, Yukon Territory.
Klondike Gold Corp. Announces Commencement of Its 2018 Diamond Drill Program At Klondike District Property, Yukon Territory; Appoints Ian Perry, P. Geo. as Vice President, Exploration