viewKlondike Gold Corp.

Klondike Gold adds second drill rig at Nugget Zone, commences 30-hole program

The junior company is drilling at the zone as part of its 60-hole, $2 million exploration campaign to find high-grade gold at the Klondike District Project in Yukon

klondike prospector
The Klondike District Property is on the site of a historic gold rush in Yukon

Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) has added a second drill rig to focus on a highly promising zone at the company’s Klondike District Property in Yukon.

The Vancouver-based company said Monday that drilling has begun on the Nugget Zone, where earlier exploration work identified near-surface gold intersections of 2.36 g/t over 22.9 metres. Around thirty drill holes are planned to test the zone as part of a 60-hole, $2 million program.

Drilling recently kicked off at the Gay Gulch Zone on the Yukon property, with results expected as early as July.

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

The Nugget Zone is found on the aptly-named Nugget Fault, where several small mine workings and gold occurrences are present.

Klondike Gold is focused on exploring and developing the asset, a district-scale, 557 square kilometre property at the confluence of Bonanza and Eldorado Creeks.

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 is anticipating Nugget drilling to be complete around the end of June. Assay results from earliest drill holes are expected to become available by late July.

Shares of Klondike slipped 6.9% on Monday morning in Toronto to C$0.27, and lost 4.1% on OTC markets to US$0.21.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Klondike Gold Corp.

Price: 0.32 CAD

Market: TSX-V
Market Cap: $38.43 m

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