The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Klondike Gold Corp. Aug. 3 reported the closing of a C$5 million financing, much of which will be applied to an expanded drill program at its 527-square-kilometer Klondike property near Dawson City, Yukon.
So far, the now 80-hole drill program has focused on the expansion of Lone Star, one of four gold-bearing targets the company has identified near Eldorado and Bonanza, two of the most prolific placer gold producing streams in the Klondike.
"The company has achieved a number of important milestones with the discovery of large, bulk tonnage style mineralization on its Klondike district property," said Klondike Gold CEO Perter Tallman. "At the Lone Star target, recent systematic drilling confirms continuity of near-surface gold mineralization along strike over 750 meters. Step out holes, 500 meters in one direction to Pioneer and 700 meters in another to O'Neill, both have lithologies containing visible gold which potentially doubles the Lone Star mineralized target length to two kilometers if these zones can be connected with ongoing exploration."
Infill drilling also continues to confirm the continuity of mineralization in the central portion of Lone Star.
The company said all 18 holes drilled here have cut wide widths of near-surface gold.
Highlighted intercepts include 32.8 meters of 0.8 grams per metric ton gold in hole LS17-83; 10.4 meters of 1.2 g/t gold in LS17-84; and 6.8 meter of 2.2 g/t gold and 12.3 meters of 1.7 g/t gold in LS17-90.
As of Aug. 1, Klondike Gold had received results from 11 of the 35 holes drilled so far in 2017.
With the expanded program, the company plans to drill a total of 80 holes this year.
-SHANE LASLEY
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