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viewKlondike Gold Corp.

Klondike Gold still has plenty of exploration potential at giant Yukon property; raises over C$1.2M

Snapshot

The project is accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon

Klondike Gold Corp. -

Quick facts: Klondike Gold Corp.

Price: 0.22 CAD

TSX-V:KG
Market: TSX-V
Market Cap: $29.4 m
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  • Multi-million ounce gold potential
  • Actively exploring in Yukon since 1980
  • Experienced management

What Klondike Gold Corp does:

Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) is focused on bringing modern exploration methods to the famous goldfields in the Yukon.

The company's Klondike district property covers 557 square kilometers and houses 2,942 claims, from where 20 million ounces of the yellow metal have been recovered from gravel beds since 1896, yet no underground mine has ever been built.

The project is accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon.

The Klondike gold rush took place between 1896 and 1899 and saw around 100,000 prospectors migrate to the area.

The group's work has recently been focused at the Lone Star zone, which lies along the Lone Star ridge, and the Stander Zone central on the project. Its Yukon properties also include three hardrock projects on the Klondike plateau called the Dominion project, the Gold Run project, and the Bonanza project.

The aim is to find 2 million ounces or over of gold before a first resource estimate in a bid to attract a major. 

How is it doing:

On April 24, Klondike revealed it had raised C$1.22 million after closing a non-brokered private placing, saying this allowed for a "targeted, meaningful work program"  in Yukon to be conducted under conditions that protect the local community, contractors, and the firm's employees during the current coronavirus pandemic.

At the tail end of last year, Klondike revealed it had updated its exploration model for its Yukon property, which would inform its drilling and exploration efforts in 2020, notably at the Lone Star and Stander zones.

In February this year, Klondike reported encouraging drill assays from 36 holes at the Lone Star zone, which, it said, extended the known area of mineralization.

As well as hitting broad zones of gold mineralization, the firm said the work extended the known envelope of Lone Star Zone mineralization along the Bonanza Fault for up to 400 meters to the east and provided information for drill targeting further potential expansion in 2020. Highlights included 0.69 grams per ton  (g/t) of gold over 31.40 metres (m), including 1.09 g/t of the precious metal over 17.80m.

In the same month, Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) struck a deal to buy Klondike's British Columbia (BC) properties, namely 98 mineral claims covering 4,171 hectares and one Crown granted claim of 8.7 hectares in the south-east of the province.

Ximen paid C$100,000 in cash and issued Klondike with 1 million of its shares plus 1 million warrants exercisable at C$0.45 per share for 24 months. Klondike said it divested the BC legacy assets in return for a 'meaningful' share position in Ximen.

And also in the February, the firm said that Jasvir Kaloti had been appointed as its chief financial officer, replacing Jessica Van Den Akker.

Inflection points:

  • More exploration news
  • Gold price moves

What the boss says:

Following the  Lone Star drilling results statement back in February, Klondike chief executive Peter Tallman told Proactive that the firm had been encouraged by the exploration there and that there was plenty of work to do in 2020.

He explained: "We think there's a good chance that the gold-bearing fluids are focused in the fold hinge and that would be similar to Great Bear (Resources) as an example so we're definitely going to test that."  

The company boss added: "The gold potential here is immense and everything that we have done confirms that potential so I'm really happy. We’ve got a lot of things to do for 2020."

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Klondike Gold expects to have drills turning soon as they expand drilling at...

Klondike Gold (CVE: KG- OTC: KDKGF) President and CEO Peter Tallman joined Steve Darling from Proactive Vancouver with news the company released more positive results from the Stander Zone at Klondike. This is part of Phase 2 and 3 of drilling. Tallman also told Proactive the company is...

on 24/8/20

3 min read