Vancouver, British Columbia, Canada – February 21, 2023 – Klondike Gold Corp. (TSX.V: KG; FRA: LBDP; OTCQB: KDKGF) (“Klondike Gold” or the “Company”) is pleased to announce a surface outcrop discovery of high-grade gold-silver in quartz veining at the Gay Gulch Showing on the Klondike District Property (the “Property”) located in the Dawson mining district, Yukon, Canada.

SUMMARY

Outcrop discovery at Gay Gulch Showing of a gold-bearing quartz vein in a fault assaying 4,064 g/t Au with 1,149 g/t Ag associated with anomalous Te (tellurium).
SEM microprobe analyses of this quartz vein sample identifies gold as electrum (Au-Ag mix) and confirms the presence of telluride minerals, as well as silver sulfosalts.
In 2014 at the Lone Star Zone, outcrop samples of a similar quartz vein in a fault assayed 831 g/t Au to 1,776 g/t Au with 205 g/t Ag to 400 g/t Ag with anomalous Te.
In 2019 at the Stander Zone, the Company’s drill hole EC19-267 intersected a fault including dendritic gold (electrum) wires plus coarse gold clots assaying 1, 009 g/t Au with 1,035 g/t Ag and anomalous Te over 1.0 meter.
Numerous linear Au-Ag-Te soil anomalies coincident with LIDAR lineaments (interpreted as faults) have been identified as high priority targets for 2023 exploration.


Peter Tallman, Klondike Gold’s President & CEO, states “Our team has discovered another high grade gold-silver vein, this time at the Gay Gulch Showing. The Company’s new partnerships with respected researchers within Canadian and American institutions has been beneficial. Ongoing analysis of work conducted in 2022 is helping to characterize the style and chemistry of gold mineralization and constrain the timing of gold mineralized fault structures. This will allow the Company to identify priority exploration targets for 2023.”

Assay results have been received for a total of 26 surface rock outcrop and subcrop grab samples collected in 2022 from the Property, including the headline Au-Ag sample from Gay Gulch. A total of 14 surface rock samples were collected from examinations of known mineralized localities at Lone Star Zone, Stander Zone, and ‘other’ structural areas of interest. Sampling from selected outcrop and subcrop yielded gold values of >0.05 ppm to 9.6 g/t Au at Lone Star (4 samples), 11.7 g/t Au at Stander (1 sample), and >0.05 ppm to 0.8 g/t Au from various areas (9 samples). The high Au sample was collected on Eldorado Creek approximately 1 km along a structural trend from Gay Gulch. The high gold assay results are from sheeted quartz veins and are in line with expected values.

Significant new observations and sample results that were obtained from Gay Gulch are discussed here.

At the Gay Gulch Showing a total of 12 rock grab samples from outcrop were assayed. A total of 11 of the 12 samples assayed between >0.05 g/t Au and 8.1 g/t Au, 0.3 ppm and 6.3 ppm Ag, and no detectable Te with the highest Au and Ag sample collected from a sheeted quartz vein in line with expected values.

During field work to collect rock grab samples, hand trenching to expand the Gay Gulch Showing exposure revealed gold-bearing quartz veining at the fault contact between quartz augen schist and graphitic schist units. Dr. Ben Frieman, Colorado School of Mines, photographed the outcrop and provided annotations of the geology in Figure A and Figure B.

An outcropping quartz vein at the fault contact was observed to contain abundant coarse visible gold; rock sample “FV1A” was collected for research and part of this was submitted to the Company’s commercial lab for assay as rock sample 1999552. This one sample, Gay Gulch rock sample 1999552, assayed 4,064 g/t Au with 1,149 g/t Ag with anomalous tellurium (16.1 ppm), bismuth (3.5 ppm), antimony (24.6 ppm), and mercury (15.2 ppm).

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https://www.klondikegoldcorp.com/klondike-gold-discovers-high-grade-quartz-vein-outcrop-at-gay-gulch-assaying-4064-g-t-au-with-1149-g-t-ag/