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Klondike Gold Corp.

Klondike Gold's drilling, sampling and assaying well underway at Yukon property

The group noted that the highest gold-soils correlate well with the Nugget zone and show new high-priority prospective areas along-strike to the northwest

Klondike property
A total of 37 samples had concentrations ranging from 75 parts per billion (ppb) gold to 653 ppb gold, the company said

Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) updated Tuesday on the C$2 million exploration program at its huge 576 sq km Klondike District property in Yukon, where it is undertaking drilling, soil sampling and geotechnical work.

In a statement, the company said GroundTruth Exploration Inc - which was contracted for a soil sampling program at the property - has collected a total of 1,671 soil samples from the side slope along Eldorado Creek which is underlain by the Nugget zone.

READ: Klondike Gold commences new drilling program at Lone Star zone in Yukon

The group noted that the highest gold-soils correlate well with the Nugget zone and show new high-priority prospective areas along-strike to the northwest.

A total of 37 samples had concentrations ranging from 75 parts per billion (ppb) gold to 653 ppb gold, the company said, adding that it has also received 66 rock sample assays collected from a survey - conducted by GroundTruth as well - at the Lone Star zone.

The firm said the Lone Star results indicate a 150 meter wide anomaly of gold in bedrock between 0.15 to 0.48 grams per ton (g/t) gold from 13 samples.  

Two drill holes are now planned to test this wide anomaly as a priority, which would represent a 600 meter extension to the Lone Star Zone, if successful.

Drilling at the Lone Star Zone has started with an increased total of 25 holes now, for a planned total of 67 holes, Klondike said. Logging, geotechnical work, sampling, and assaying are well underway. it added, with assay results for early holes to be available shortly, and further drill assays are expected through August and September.

In afternoon trading, Klondike shares were 10.4% higher at $0.37.

 -- Adds share price --

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Quick facts: Klondike Gold Corp.

Price: $0.33

Market: TSX-V
Market Cap: $36.51 m
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