Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Klondike Gold Discovers Southwest and Northwest Exploration Step-Outs to Stander Zone Mineralization in Drilling Including 10.34 g/t Au over 1.5 meters
VANCOUVER, BC / ACCESSWIRE / November 5, 2024 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTCQB:KDKGF) ("Klondike Gold" or the "Company") is pleased to announce seven drill hole results which tested for southwest and northwest extensions of gold mineralization at the Stander Zone. The seven holes were planned as part of a discovery drill program adjacent to the Company's November 10, 2022 Stander Zone Mineral Resource Estimate ("MRE") 1 within the Company's 100% owned 727 km 2 Klondike District Property (the "Property") in the Dawson mining district, Yukon, Canada. (see Figure 1).
Highlights Summary:
New high grade gold-bearing quartz vein zones discovered adjacent the Stander Zone to the southwest and northwest demonstrate significant exploration potential in these directions to further expand the Stander Zone MRE area.
EC24-526 intersects stacked gold zones including 1.54 g/t Au over 27.0m, 0.66 g/t Au over 5.50m, and 1.38 g/t Au over 7.0m within 130 meters of surface, 100 meters southwest of the Stander Zone MRE area.
EC24-552 encounters 0.79 g/t Au over 6.0m within 20 meters of surface, 200 meters southwest of the Stander Zone MRE area.
EC24-527, a 400 meter exploration step-out to the northwest, intersects 0.38 g/t Au over 11.50m within 50m from surface.
This successful exploration phase intersects near surface gold mineralization prospectively expanding the Stander Zone length 400 meters northwest and width 200 meters southwest.
Additional drill results are pending.
Peter Tallman, Klondike Gold's President & CEO states "This year's drilling at Stander Zone including today's results have potentially doubled the gold-mineralized strike length and increased the width by 50%. We expect these results will expand our existing resources as well add two new adjacent discoveries for near term growth. All this is results from our team's successful structural mapping of gold controlling orogenic faults thereby rewriting the geology of the Klondike. Today's results continue to indicate the significant potential economic value to our shareholders of the Company's 727 km 2 Klondike District Property."
In 2024 the Company conducted a resource expansion and discovery drill program targeting Stander Zone gold mineralization as outlined in the Company's November 10, 2022 Mineral Resource Estimate ("MRE") 1 . A total of 26 holes for 4,160.52m were completed in this overall program divided into phases targeting specific Stander Zone adjacent subareas.
Seven core holes reported here (EC24-526 to EC24-528 and EC24-550 to EC24-553) tested for across strike continuation of width of Stander Zone mineralization to the southwest (5 holes) and for along strike continuation of mineralization to the northwest (2 holes) well outside the 2022 Stander Zone MRE extents. Holes in both these areas successfully intersected significant intervals of gold mineralization to extend the prospective area strike length and width of the Stander Zone. Summary results are shown in Table 1 and drill hole collar locations are shown in Figure 1.
Table 1: Summary of Significant Gold Intervals at Stander Zone Northwestern and Southwestern Extensions
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Stander Southeast
EC24-526
1.50
7.00
5.50
0.66
And
105.00
132.00
27.00
1.54
Including
106.50
108.00
1.50
10.34
And
125.00
132.00
7.00
1.38
EC24-550
176.00
177.00
1.00
2.74
EC24-551
133.00
142.00
9.00
0.68
EC24-552
14.00
20.00
6.00
0.79
EC24-553
No significant assay
Stander Northeast
EC24-527
46.00
57.50
11.50
0.38
Including
57.00
57.50
0.50
5.55
EC24-528
37.00
56.50
19.50
0.17
Figure 1: 2024 Stander Zone program drill hole location map with 2022 MRE pit outline for reference. Drill holes in this release are labelled.
Discussion
Stander Zone Southwest Across-Strike Drilling (EC24-526; EC24-550 to EC24-553): Three exploration holes on section (EC24-551, EC24-526, and EC24-552) intersected gold mineralization representing a previously undetected gold zone projected to outcrop 300m in front (downhill) of the Stander Zone, and with a projected 35 o to 50 o degree northeast dip, to continue to depth beneath it. These drilling results, the first exploration to test for mineralization to the southwest, have shown potential to significantly expand the Stander Zone mineralization footprint in this direction with further drilling.
Stander Zone Northwest Along-Strike Drilling (EC24-527, EC24-528): Two exploration holes tested for continuation of the Stander Zone approximately 400 meters to the northwest. Exploration drilling in recent seasons had targeted anomalous soils upslope to the north considered to be along strike with limited result. Early 2024 rock sampling results led to testing downslope to the southwest for evidence of Stander Zone style gold mineralization. Both drill holes produced encouraging near-surface sheeted extensional vein zones hosting gold mineralization over extended lengths. This appears to be typical Stander Zone ‘halo' mineralization 400 meters to the northwest and an excellent exploration target area.
Overall, new understanding of the Stander Zone with deeper and adjacent drilling in 2024 has demonstrated multiple stacked gold-bearing ‘quartz vein zones' exhibiting along-strike and dip continuity. New drilling reported in this news release has intersected gold mineralization 300 meters to the southwest beyond the extent of the Mineral Resource area. This follows the previous news releases (see NR 22 October, 2024 and 29 October, 2024) reporting significant extensions of mineralization adjacent and beneath the Mineral Resource with similar gold grades.
The intersection lengths reported here should not be considered estimated true widths ("ETW") 2 without additional drilling. These 2024 results are not included in the Company's November 10, 2022 Stander Zone mineral resource estimate ("MRE") 1 which was based upon 40 initial holes completed from 2015 through 2021 using a gold price of $1,700 USD and a 0.2 g/t Au cut-off.
The Stander Zone mineralization is associated with a 5 kilometer corridor of mineralization adjacent the major Eldorado Fault now recognized by the Company to be a master control of orogenic gold mineralization within the Klondike District.
Figure 2: Location of Stander Zone MRE area and other significant nearby gold showings along the Eldorado Fault.
The overall objectives of 2024 Klondike District Property drill testing at Stander Zone include:
Diamond drilling to test for expansion of the Stander Zone mineral resource area, and specifically to follow up high grade (>1 opt Au) gold drill intersections from late 2023. All 2024 Stander Zone drilling results have now been released.
Diamond drilling to test for expansion of extents of Gay Gulch Showing gold mineralization; with 6 drill holes still pending.
Prospecting and drill testing for repeated stacked gold-bearing quartz vein zones predicted by orogenic gold deposit models, targeting potential for deeper gold mineralization.
Figure 3: Klondike District Property extent with location of Stander Zone exploration area (purple outline) near Dawson.
QUALIFIED PERSON The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, P.Geo., President and CEO of Klondike Gold and Qualified Person as defined by NI 43-101 policy. Detailed technical information, specifications, analytical information and procedures can be found on the Company's website.
ABOUT KLONDIKE GOLD CORP. Klondike Gold is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the famous Klondike Goldfields placer district. Multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company has identified a Mineral Resource Estimate of 469,000 Indicated and 112,000 Inferred gold ounces1, a milestone first for the Klondike District. The Stander Zone ("MRE") was published November 10, 2022 based upon 40 initial holes completed from 2015 through 2021 using a gold price of $1,700 USD and a 0.2 g/t Au cut-off.
The Company is focused on exploration and development of its 727 square kilometer property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon, within the Tr'ondëk Hwëch'in First Nation traditional territory.
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.
Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. Klondike Gold does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
Forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company's securities; fluctuations in commodity prices and changes in the Company's business plans.In making the forward-looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. The Company seeks safe harbor.
For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedarplus.ca.
1 The Mineral Resource Estimate for the Klondike District Property was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI 43-101. The technical report supporting the Mineral Resource Estimate entitled "NI 43-101 Technical Report on the Klondike District Gold Project, Yukon Territory, Canada" has been filed on SEDAR at www.sedarplus.ca effective November 10, 2022. Refer to news release of December 16, 2022.
2 Estimated True Widths for reported vein intercepts are based on oriented core measurements of individual veins where available or measured angles perpendicular to vein margins, and/or 3D models of vein intercepts. The measured and model average "sheeted extensional vein" dip is 35 o northeasterly, and typical drill hole dip angle is 55 o southwesterly. Other potentially oblique gold-mineralized veins (eg. "quartz breccia veins") may be present. Differences between individual ETWs and down-hole interval lengths may vary between drill holes depending on drill hole azimuth and inclination, variations in vein zone strike and dip, and overall geometries of the different vein systems.
