Klondike Gold Corp Follow Up Drill Program on Clubine Gold-Silver Property - Completed 5 Drill Holes for A Total of 600m to Follow Up 19.44 g/t Gold Over 3.45 Meters (0.63 Opt Gold/11.3 Feet) on Clubine Property. Results Are Pending.- Drilling was Su
- Completed 5 Drill Holes for A Total of 600m to Follow Up 19.44 g/t Gold Over 3.45 Meters (0.63 Opt Gold/11.3 Feet) on Clubine Property. Results Are Pending.
- Drilling was Successful in Demonstrating Down-Dip and Strike Extensions of the Mineralized Structure Drilled in Fall 2009.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/28/10 -- Klondike Gold Corp. (TSX VENTURE: KG) (the 'Company') drilled five holes, totaling 600 meters, on the Clubine gold-base metal deposit in the Salmo area of southeastern B.C.
The fall 2009 drill program indicated the presence of 'Bonanza grade' 148.41 g/t gold (4.8 ounces of gold / tonne) and 203 g/t Ag across 0.2 m within a wider zone of 19.44 g/t gold over 3.45 m ( 0.63opt / 11.3 feet). Six of the nine holes drilled in 2009 successfully intersected the target gold/silver/ copper zone, proving that the zone is continuous along strike and to depth.
The mineralization at Clubine is hosted in a shear zone containing lenses of quartz and quartz-carbonate, and gold-silver-base metal veins. It is small past producer that recovered 123,293 of gold and 239,463 grams of silver from 3676 tonnes mined in the late 1930s. Exploration work at that time consisted of several exploration and production drifts that followed the shear-vein structure, from surface, through strike lengths of up to approximately 90 meters
The Clubine project is in a district with several important past producing camps: the Rossland gold-copper camp, which produced 2.76 million ounces of gold, is located 40 kilometers to the west, the Ymir silver camp is 8 km to the northeast, the Sheep Creek gold camp, 15 km to the east and the Silver King camp, 20 km to the north (refer to the Nelson Mining Camp map for the locations of these camps). http://klondikegoldcorp.com/i/pdf/GSC_Nelson_Past_Producers.pdf
The follow-up to the 2009 fall drill program, initially consisting of 5 holes totaling 600 meters, was intended to extend both the strike, down dip extension and continuity of the veins intersected in the fall. The company is waiting for the complete logs and assays of the drill holes. Results of drill logs and chemical analyses are pending.
Drill holes were targeted to intersect the northern extension of the known gold-bearing structure, and also to intersect the down dip extension of the main gold-bearing veins discovered in fall 2009 drilling (CB09-1,2,3). Both the lode structure and several thin mineralized quartz veins were intersected in the recent drilling - results pending. Based on the encouraging results from this program, step out drilling to the north is warranted. As well, drilling down dip, below the levels of known mineralization, is also recommended in an attempt to define controlling down plunge rakes of the mineralization (ore shoots within the structure).
The qualified person for the purpose of National Instrument 43-101 is Dr. Trygve Hoy, P.Eng., who has read and agreed with the technical information in this news release.
About Klondike Gold Corp
Klondike Gold is a large landholder in southeastern British Columbia as well as in the Klondike District of Yukon Territory, an area which produced between six and twelve million ounces of gold during its historic gold rush. The Company also holds a 50% interest with partner Chalice Diamond Corp in approximately 78,000 acres of diamond properties located in the Chapleau-Wawa region of Ontario and a number of properties in southeastern British Columbia.
Please visit the Company's website: www.klondikegoldcorp.com for more information on the diamond properties in Ontario, our holdings in the Klondike and our properties in southeastern BC.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Hughes Exploration Group
Alan Campbell or Kevin Hull
Investor Relations
(604) 685-2222
info@klondikegoldcorp.com