Klondike Gold Reports Initial Results from Its Fall 2011 Yukon Work Program
KLONDIKE GOLD CORP. (TSX-V:KG) During the fall of 2011 a limited
but important program of exploration was carried out on the Lone Star
property under the direction Klondike Gold′s new management. This work
focused on identifying the prime hosts (lithological and structural) for
the gold mineralization on the property and to assist the company in
identifying near surface, bulk tonnage targets in its forthcoming
exploration planned for 2012. Work included a sample orientation
(channel sampling) program on the Lone Star Zone. In addition, a broader
based program of back-hoe supported pit sampling was completed along a
distance of 10.4 kilometres in a south-easterly direction (Lone Star
Ridge road) from the Lone Star Zone.
Trenching and orientated channel sampling was completed near the west
side of the Lone Star zone. A shallow trench (87-16) previously
excavated was deepened (up to 8 metres) and followed up with detailed
mapping and sampling along a length of ~11 metres. Continuous channel
samples were collected along vertical faces that cross-cut a series of
narrow (10 to 15 cm) but distinct shallow dipping quartz veins generally
spaced at less than 1 metre intervals. The combined weighted grade of
this panel (34 separate samples) averaged 0.91 gpt gold. The unique
feature of this trench (and not previously recognized in this zone) was
the recognition of a series of shallow dipping quartz structures that
were generally gold enriched compared to the host schist. Secondly,
while historic rock chip samples from the upper portions of the original
trench measured only low gold (all less than 50 ppb gold) the channel
sampling by Klondike Gold may indicate that the historic 'discontinuous
chip? sampling may have under reported gold potential for some areas.
Results from this program will assist the company in establishing its
QA/QC program for future sampling and also provide assistance in
re-interpretation of previously drilled mineralized intervals within the
Lone Star Zone.
Along the Lone Star ridge road the company completed the excavation of
139 pits along a length of 10.4 kilometres. Soil samples were collected
from the C horizon (up to 3 metres in depth) and sent for gold and
multi-element geochemical analysis. Rock chip samples were also
collected from most pits and final results are being awaited. Initial
evaluation of the soil sample results indicates a number of previously
unknown gold in soil anomalies (>30 ppb gold) and includes values up to
535 ppb gold. In addition other elements (including arsenic, copper,
lead and molybdenum) often associated with mineralized deposits returned
anomalous results which could indicate the presence of mineralized
veins/structures and/or felsic schist rock units.
In addition to the work by the company, Dr. Jim Mortensen of the Earth
Sciences Department of UBC has been conducting research on whole rock
geochemistry of the Klondike Schist in an effort to distinguish (and
map) the various lithologies. Initial results have been encouraging in
that certain trace elements may assist in the identification of specific
schist units associated with syngenetic gold mineralization. The company
has been working closely with Dr. Mortensen and will be incorporating
his findings in planning its future mapping and geochemical sampling
programs. The company feels that the work by Dr. Mortensen supports its
premise for searching for near surface, low-grade, bulk tonnage gold
deposits within the boundaries of the Lone Star property.
While limited in scope, the company′s 2011 program was successful in
assisting the company in establishing a QA/QC program for future
evaluation of the Lone Star property. In addition, trace element work
being developed by and in conjunction with UBC is expected to lead to
the recognition of preferential hosts for gold mineralization within the
Klondike Schist. The company will incorporate this data in plans for its
2012 exploration program.
The Lone Star property covers ~133 square kilometers and is the largest
contiguous block of ground covering the historic Klondike Gold fields.
Greater than 4 million ounces of placer gold were mined from creeks
draining directly off the Lone Star ridge. The company looks forward to
its 2012 exploration season and expects to announce plans and budget in
the very near future.
Signed, ? Erich Rauguth? President and CEO
T. Liverton, PhD., C. Geol., F.G.S. is the Qualified Person for the
purpose of this news release.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release. 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.
Klondike Gold Corp.
Erich Rauguth, President/CEO
Phone:
(604) 639-4535
or
Investor Relations Desk:
Robert A.
Young, 604-685-2222 (Ext 398)
Email: info@klondikegoldcorp.com