Klondike Gold tables Yukon exploration update

Share this article

Klondike Gold Corp. [KG-TSXV] has released an exploration update from its Klondike District property near Dawson City, Yukon.

The company said it has completed the first phase of 2024 exploration drilling, completed initial prospecting, and received new detailed prospectivity interpretation of airborne magnetic data to aid ongoing targeting of orogenic gold occurrences at the property.

It said a second phase of drilling of approximately 2,500 metres is expected to begin this week to test the additional resource potential of high-grade gold veining at the Stander Zone and to test for potential extensions. The objective this year is to successfully turn one or several of the new gold discoveries reported throughout the property in 2023 into substantial mineral resources.

Ever since the original Klondike discoveries triggered a massive gold rush in 1896, prospectors have been baffled by their inability to find the bedrock source of all the placer gold which has been extracted from the streams and tributaries around Dawson City in the Yukon.

It has been estimated that the Klondike gold fields may have produced as much as 20 million ounces of gold from placer mines.

Yet that same area has yielded only 1,200 ounces of hard rock gold, most of it produced from the Lone Star mine prior to the start of the First World War in 1914.

Klondike Gold has been working to solve the mystery by assembling a large property position in the Klondike fields south of Dawson City. The company is backed by Vancouver financier Frank Giustra, who holds a 14.6% per cent stake in the company.

Klondike’s exploration efforts are being led by President and CEO Peter Tallman, a geologist with 35 years of experience in the mining industry.

Klondike Gold has outlined a indicated resource of 21.5 million tonnes of grade 0.676 g/t gold or 468,901 ounces. On top of that is an inferred resource of 6.4 million tonnes of grade 0.539 g/t or 111,959.

In its latest update, the company said first phase drilling completed 19 holes, totalling 2,750 metres targeting Stander Zone gold mineralization with the objective of expanding gold mineralization adjacent to the current Stander Zone mineral resource sub-area. Phase one drilling follows u the discovery of high grade (0.97 ounce per ton gold to 2.91 ounce per ton gold) gold veining in each of four 2023 drill holes over a 400-metre strike length and 200-metre dip length. Assays are pending.

“The first sixty days of 2024 field work, including a full Phase 1.0 drill shift are complete,’’ Tallman said. “The geology team has made key observations that may lead to additional discoveries targeting high grade orogenic veining,’’ he said. “A very large Klondike Gold team “Thank You” goes to the exceptional Kluane drilling crew who achieved a record for core drilled in a shift and also a record for average core drilled per each shift for the month of May.’’

On Tuesday, Klondike Gold shares were unchanged at $0.08. The shares trade in a 52-week range of 12 cents and $0.065.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *