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Klondike Gold Corp.

Klondike Gold looks to confirm high-grade gold at Gay Gulch as drilling kicks off in Yukon

This year’s drill campaign will focus on the Gay Gulch Zone of the project to follow up on high-grade gold mineralization discovered on the property in 2015

mining drill rig
Vancouver-based Klondike is planning a 60-hole program to test multiple targets

Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) announced Tuesday that drilling has begun on the company’s Klondike District property in Yukon, Canada.

This year’s drill campaign will focus on the Gay Gulch Zone of the project to follow up on high-grade gold mineralization discovered on the property in 2015. Seven drill holes will focus solely on Gay Gulch to test the zone.

In total, Vancouver-based Klondike is planning a 60-hole program to test multiple targets, spending C$2 million on its diamond drill campaign.

READ: Klondike Gold kicks off 2019 drill program in Yukon

The seven-hole Gay Gulch drilling program should be completed by early June, with results expected by late July of this year.

Additional drilling will take place at the Lone Star Zone to expand areas of disseminated gold mineralization.

The final component of the 2019 exploration program will see Klondike completing a LiDAR airborne survey to cover the Klondike District property. The data obtained from the survey will help to refine the company’s exploration model and potentially create new drill targets.

Klondike Gold Corp is focused on exploring and developing its Lone Star Gold project in Yukon, Canada. The asset is a district-scale, 557 square kilometre property at the confluence of Bonanza and Eldorado Creeks.

In addition to the Lode Star zone, Klondike is actively exploring the Nugget zone, where earlier drilling identified near-surface gold intersections of 2.36 g/t over 22.9 metres.

Shares of Klondike fell 4.3% on Tuesday morning in Toronto to C$0.23 and 8.5% on OTC markets to sit at US$0.17.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Klondike Gold Corp.

Price: $0.38

Market: TSX-V
Market Cap: $41.32 m
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