Klondike Gold 2023 Exploration Objectives and 2022 Exploration Milestones Review at the Klondike District Property, Yukon, Canada
Klondike Gold 2023 Exploration Objectives and 2022 Exploration
Milestones Review at the Klondike District Property, Yukon, Canada
Vancouver, British Columbia, Canada, January 12, 2023, Klondike Gold Corp. (TSX.V: KG; FRA:
LBDP; OTCQB: KDKGF) (“Klondike Gold” or the “Company”) is pleased to outline 2023
exploration objectives based on 2022 exploration progress at the Klondike District Gold Project,
located near Dawson City in the Dawson Mining District, Yukon, Canada.
2023 EXPLORATION OBJECTIVES SUMMARY
The Company has set two main work objectives for 2023 exploration:
The first objective is to work towards doubling the recent Mineral Resource Estimate to greater
than 1M oz Au. Work is expected to target identified areas at Lone Star and Stander Zones where
gold-bearing mineralization is continuous but outside the three areas of ‘pit-constrained’ mineral
resources identified in the November 2022 Mineral Resource Estimate. In the same program,
work is expected to target for along-strike and depth extensions of Stander Zone mineralization,
including targeting the gold- bearing veining to depths greater than the ~75 meter vertical level
from surface tested to date.
The second objective is to identify and outline new discoveries that can be converted to
additional mineral resources. One area based on positive 2022 visual results is at the new Gay
Gulch Zone where visible gold was discovered and extensive silicification was identified by
exploratory drilling. Follow-up drilling in 2023 is anticipated. The second area involves more
detailed exploration of the large underexplored southeast end of the Klondike District Property.
Recent mapping, plus positive geophysical, LIDAR, soil sampling, and prospecting results have
identified a number of new high priority targets.
MILESTONE EVENTS FROM 2022:
• April 2022: Completed Geology National Instrument 43 -101 (“ NI 43-101”) Technical
Report (the “Technical Report”) . This milestone Technical Report maps unit lithologies
and locates major thrust faults for the first time since gold was discovered in 1896 in the
Klondike. The fault network is a necessary requirement for orogenic gold deposits and the
primary focus of orogenic gold exploration and development.
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• June 2022: The Company established multi -year partnerships with Canadian and U .S.
academic and research institutions including University of Ottawa, University of Toronto,
Dalhousie University, Colorado School of Mines, and Center for Advanced Earth Resource
Models with funding grants from National Science and Engineering Research Council
(Canada) and National Science Foundation ( U.S.). Research efforts are d ocumenting
controls to orogenic gold deposits in the Klondike as a direct aid to exploration targeting.
• August 2022: Notable mapping results include discovery of visible gold in quartz breccia
vein outcrop at Gay Gulch along a structural contact marked by graphitic fault. Follow-up
Gay Gulch drilling intersected pervasive silicification with quartz veining. Additional
mapping in the Klondike District increased lithology points by a factor of 4 from ~3,000 to
~12,000 with consequent significant increase in confide nce of lithology and fault
distribution. A total of 5,832 meters of drilling was completed in 47 holes testing the
Stander Zone, the Gay Gulch showing, and regional targets.
• November 2022: Completed first ever Mineral Resource NI 43-101 Technical Report,
documenting pit- constrained bedrock gold mineralization comprising a total Indicated
Mineral Resource of 469,000 ounces of gold and a total Inferred Mineral Resource of
112,000 ounces of gold on the near -surface Lone Star and Stand er Deposits. The initial
Mineral Resource Estimate is based upon drilling results from 2014 through 2021 field
seasons. The pit-constrained Mineral Resource Estimate is summarized below in Table 1
and shown in Figure 1.
Table 1: Pit-Constrained Mineral Resource Estimate at a 0.2 g/t Au Cut-Off – Effective
November 10, 2022 – Lone Star and Stander Deposits
Classification Deposit Tonnage
Tonnes
Average Au
Grade
g/t
Au Content
oz.
Indicated
Lone Star 19,535,528 0.643 403,857
Stander 2,049,741 0.987 65,044
Total 21,585,269 0.676 468,901
Inferred
Lone Star 6,156,522 0.503 99,562
Stander 304,821 1.265 12,397
Total 6,461,343 0.539 111,959
Notes:
1. The effective date for the Mineral Resource Estimate is November 10, 2022. The i nitial
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
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accordance with the requirements of NI 43 -101. The technical report suppo rting 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.sedar.com
effective November 10, 2022. Refer to news release of December 16, 2022.
2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic
viability. The estimate of Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
3. The Canadian Institute of Mining Metallurgy and Petroleum (CIM) definitions were
followed for classification of Mineral Resources. The quantity and grade of reported
inferred Mineral Resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these inferred Mineral Resources as an indicated Mineral
Resource and it is uncertain if further exploration will result in upgrading them to an
indicated or measured Mineral Resource category.
4. Mineral Resources are reported at a cut -off grade of 0.2 g/t Au, using a gold price of
US$1,700/ounces and a CAD/USD exchange rate of 0.75.
Figure 1: Klondike District Gold Project 2022 Resource Areas
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RESULTS PENDING
Assays from 26 rock samples collected in 2022 during examination of exposures associated with
a fault network in the Stander Zone and Gay Gulch Showing areas are expected in the coming
weeks.
Assays from a total of 6,129 core samples collected from 47 holes drilled during 2022 included
targeted drill testing of the Stander Zone for resource expansion and the Gay Gulch showing for
discovery potential are also expected in the coming weeks following rock sample assays.
UPCOMING EVENTS
Klondike Gold will be participating in the following upcoming events:
Jay Taylor Live Interview Podcast – January 24, 2023
Vancouver Resource Investment Conference (Vancouver) – January 29 to January 30, 2023
Whistler Capital Event Conference (Whistler) – February 10 to February 12, 2023
PDAC (Toronto) – March 5 to March 8, 2023
All events are subject to change.
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 Corp. 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 n Initial Mineral Resource of 469,000
Indicated and 112,000 Inferred gold ounces, a milestone first for the Klondike District. The
Company is focused on exploration and development of its 586 square kilometer property
accessible by scheduled airline and go vernment-maintained roads located on the outskirts of
Dawson City, Yukon, within the Tr’ondëk Hwëch’in First Nation traditional territory.
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ON BEHALF OF KLONDIKE GOLD CORP.
“Peter Tallman”
Peter Tallman,
President and CEO
FOR FURTHER INFORMATION:
Telephone: (604) 609-6138
E-mail: [email protected]
Website: www.klondikegoldcorp.com
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 forw ard-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 Gold in light of its experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant. All statements in this discussion,
other than statements of historical facts, that address future exploration drilling, exploration
activities, anticipated metal production, internal rate of return, estimated ore grades,
commencement of production estimates and projected exploration and capital expenditures
(including costs and other estimates upon which such projections are based) and events or
developments that the Company expects, are forward- looking statements. Although the
Company believes, the expectations e xpressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in forward- looking statements
include metal prices, exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Accordingly, readers shoul d not place undue
reliance on forward- looking statements. Forward- looking information and statements involve
known and unknown risks and uncertainties that may cause Klondike Gold’s actual results,
performance and achievements to differ materially from tho se expressed or implied by the
forward-looking information and statements and accordingly, undue reliance should not be
placed thereon.
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Risks and uncertainties that may cause actual results to vary include but are not limited to the
availability of financ ing; 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 mor e 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 Gold disclaims any obligation to update or revise any forward- looking information or
statements except as may be required.”