Company will begin next phase of drilling as it awaits assays.

Klondike Gold Corp. June 11 announced that it has completed the first phase of 2024 exploration drilling, as well as initial prospecting, and received new detailed prospectivity interpretation from airborne magnetic data from the company's Klondike District property in Yukon, Canada.

Located roughly 20 kilometers (12 miles) southeast of Dawson City, the Klondike District Gold Project comprises 3,913 quartz claims in one contiguous land package covering 727 square kilometers (452 miles) of the famed Yukon gold district.

Klondike's land package includes the Eldorado property and the Klondike Gold claims. Found within northernmost Eldorado are the Lone Star and Stander zones, which together host 21.59 million metric tons of indicated resource averaging 0.68 grams per metric ton (468,901 ounces) gold and 6.46 million tons of inferred resource averaging 0.54 g/t (111,959 oz) gold.

The initial phase of 2024 followed up on the 2023 discovery of high-grade gold shear veining (0.97 ounces per metric ton gold to 2.91 opt gold) found in four holes drilled in 2023 over 400 meters strike length and 200 meters dip at Stander.

"The first sixty days of 2024 field work including a full phase-one drill shift are complete," said Klondike Gold President and CEO Peter Tallman.

The first phase of drilling included 19 holes totaling 2,750 meters, targeting the expansion of gold mineralization adjacent to the current resource sub-area at Stander.

"A very large Klondike Gold team 'Thank You' goes to the exceptional Kluane Drilling crew who achieved a record for core drilled in a shift and also a record for average core drilled per each shift for the month in May," said Tallman.

In addition to the successful drilling, prospecting targeted the newly interpreted outcrop line on the Eldorado Creek slope of Stander and successfully located and sampled areas of quartz veining. Prospecting continues in specific target areas.

Finally, the company received structural lineament and mineral potential maps interpreted from new reprocessing of magnetic datasets of the property.

"The geology team has made key observations that may lead to additional discoveries targeting high grade gold orogenic veining," the Klondike Gold CEO added.

A 2,500-meter second phase of drilling to test potential expansions of high-grade gold veining at Stander Zone is slated to begin this week.