VANCOUVER, BC / ACCESSWIRE / April 30, 2015 / Klondike Gold Corp. ("Klondike Gold" or the "Company") (TSX VENTURE: KG) is pleased to announce the commencement of the 2015 exploration program (see press release February 24, 2015) targeting gold-bearing quartz veins and newly identified fault structures (see press releases January 14, 2015 and January 19, 2015) on the Lone Star and Dominion Properties near Dawson, Yukon Territory.
Klondike Gold has engaged GroundTruth Exploration Ltd ("GroundTruth") of Dawson, YT to complete magnetics and orthophotography surveys across the Company's Yukon property areas. GroundTruth is using unmanned aerial drone ("UAV") technology to acquire ultra-high resolution imagery necessary to produce orthophotographic base maps and digital elevation models over key areas of interest. GroundTruth will also acquire magnetics data using ground "walking" magnetometer systems, which have high-sensitivity and zero environmental disturbance. Each of these geoscience programs are anticipated to continue through mid-summer.
Klondike Gold's geology and prospecting crews have also begun field work. Near-term objectives will focus on resampling and structural mapping of old trenches followed by final remediation of these sites. Prospecting, mapping, and other follow-up surveys will utilize geoscience data generated by GroundTruth as it becomes available and will focus initially on known areas of gold-mineralized quartz veining.
The remaining 2015 exploration season will consist of the collection of target specific geophysics, orthophotography, soil geochemistry, trenching, plus prospecting and mapping. The Company has budgeted for an initial test of approximately 1,000 meters of diamond drilling contingent upon continued positive detailed exploration results. Klondike Gold has working capital of approximately $1.2 million and is fully funded for 2015.
Work has also resumed for the season at the McKinnon Creek placer property operated under lease for the second year by Todd Hoffman (Jerusalem Mining LLC). Under the terms of the lease, Klondike Gold receives a 20% gross (15% net) production royalty which in 2014 netted 202 ounces of placer gold to the Company. The McKinnon Creek placer mining operation is featured on the Discovery Channel show "Gold Rush." Season 6 of Gold Rush is currently being filmed for broadcast during the fall of 2015.
The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, P.Geo, President of Klondike Gold Corp., and Qualified Person as defined by National Instrument 43-101 policy.
ABOUT KLONDIKE GOLD CORP.
Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver, British Columbia, and Dawson City, Yukon Territory. The company is focused on exploration and development of its Yukon gold projects located in the historic Klondike region covering 25,000 hectares of hard rock and 2,000 hectares of placer claims including "McKinnon Creek" leased to Todd Hoffman/Jerusalem Mining LLC and featured on the Discovery Channel show "Gold Rush."
On behalf of Klondike Gold Corp.
"Peter Tallman"
President and CEO
(604) 559-4440
E-mail: [email protected]
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 forward-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 in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; 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 more 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 disclaims any obligation to update or revise any forward-looking information or statements except as may be required."
SOURCE: Klondike Gold Corp.