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Klondike Gold expecting series of assays from Yukon exploration in coming months

The firm said 47 holes (for 3,500 meters) have been sunk so far from a minimum of 60 holes planned

Yukon
The firm's property was the scene of a historic gold rush in Yukon

Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) updated on  its US$2 million exploration program at its 576 sq km Klondike District property in the Yukon, where a series of assays are expected over the next few months.

The firm said 47 holes (for 3,500 meters) have been sunk so far from a minimum of 60 holes planned. Logging, geotechnical work, sampling, and assaying are all well underway.

At the Gay Gulch zone on the Eldorado Fault, seven holes were drilled.

READ THE DEEP DIVE: Klondike Gold continues the hunt for high grades in historic gold fields

The Nugget East and Nugget Zones were tested with 36 holes. The new Glacier Gulch zone on the Nugget Fault is being tested with four drill holes and drilling is in progress at this time.

Meanwhile, at the the Lone Star Zone, between 10 and 15 holes are planned, with drilling anticipated to begin in mid-July.

Further drilling to expand known targets or test new areas of interest will be targeted as assay results are received, Klondike added. Drill assays are now expected beginning by late-July and continuing through August and September, it said.

Elsewhere, the firm has contracted GroundTruth Exploration to complete its soil sampling program and its probe surveying. A total of 1,622 soil samples were collected at the Eldorado and Bonanza Creek covering high priority prospective trends.

Submitted for analysis

All samples have been submitted for analysis and complete results are expected in mid-July.

In addition, 66 rock samples were also collected using the overburden penetrating probe systematically sampling bedrock along a 325 meter line length at five meter intervals. The probe tested the continuation of Lone Star Zone gold mineralization at a 450 meter step out to the southeast. Assays are expected in mid-July.

In terms of the airborne LIDAR and orthophoto surveys, a 20 sq km subset high priority area covering the Lone Star, Nugget, and Gay Gulch Zones will be processed first.

LIDAR results from the subset area are expected in late-July and will be used to prioritize drill targets. Results from the entire 576 sq km property surveys are anticipated in September this year, said Klondike.

Shares in Toronto eased 1.56% to $0.315.

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Price: 0.275 CAD

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Market: TSX-V
Market Cap: $30.43 m
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Full interview: Klondike Gold releases more assay result from summer...

Klondike Gold (CVE:KG-OTCPINK: KDKGF) President and CEO Peter Tallman sat down with Steve Darling from Proactive with results from their summer drilling at Gay Gulch. Tallman discussing results of 7 holes and also how many more holes they have to report.

on 09/26/2019

2 min read