Exploration reveals new high-grade gold zones and extends key fault structure.

Klondike Gold Corp. Aug. 20 announced significant progress in its 2024 exploration campaign, including the mapping of the newly defined Eldorado Fault, a 12-kilometer (seven miles) corridor controlling high-grade gold mineralization at its Klondike District property in Yukon, with visible gold discovered in multiple new showings.

"Our 2024 field season so far has been visually rewarding and assay results are coming soon," said Klondike Gold President and CEO Peter Tallman.

The 2024 exploration season began in late April with Klondike Gold's focus on following up the 2023 discovery of high-grade gold shear veining at Stander, which extended over 350 meters. The initial plan was to conduct 2,500 meters of diamond drilling, which was later increased to over 5,000 meters based on initial results.

In addition to drilling, the team conducted extensive surface mapping, including detailed structural mapping and sampling, which proved highly beneficial for the season.

This work resulted in the discovery of three significant "new" gold showings along the Eldorado Fault:

• Archy Showing – Situated 300 meters from the Eldorado Fault, Archy was initially prospected in 2017. At that time, three rock grab samples of quartz veining yielded gold assays ranging from 5 to 33 grams per metric ton from surface rubble. In 2024, re-examination and trenching revealed new zones of massive pyrite seams containing gold, along with quartz veining that features visible gold flecks in less than five per hand-sized piece. These findings were located within an iron carbonate alteration zone, extending intermittently along a 100-meter strike length. Fourteen rock samples collected in 2024 are currently pending assay results.

• Archy Wasp Showing – Situated 1,300 meters east-southeast along the Eldorado Fault from the Archy Zone, Archy Wasp displays visible gold hosted in quartz veining found in both outcrop and local float over a 60-by-20-meter zone. The mineralization is associated with abundant coarse pyrite and significant iron carbonate alteration. Thirteen rock samples collected in 2024 await assay results; additional exploration in the area is ongoing.

• DJ Showing – Initially discovered by placer miner Dave Johnson in the 1980s while working along Eldorado Creek near Gay Gulch, DJ was independently rediscovered during prospecting in 2024. This showing features a five- to 10-meter-wide quartz vein zone with multiple individual veins located 100 meters from the Eldorado Fault. Eight samples of quartz veining from outcrop have been sent for assay. Additionally, a hole drilled this year at Gay Gulch targeted the DJ showing quartz vein zone approximately 300 meters along strike. Assay results for both rock samples and core are still pending.

"Using the new Eldorado Fault structural corridor as an 'aiming' tool has led to three new outcropping discoveries of significant visual gold mineralization along Eldorado Creek," said Tallman. "In addition, diamond drilling at the Stander Zone testing for higher grades and extensions to mineralization adjacent the current mineral resource now awaits assays that will guide future drilling."

The newly defined Eldorado Fault is a major structural feature running alongside Eldorado Creek, known for its rich placer gold deposits from the 1896 Klondike Gold Rush. This deep, southwest-dipping crack in the Earth's crust is characterized by graphite schist (a rock with graphite) or fault gouge (crumbled rock) and is associated with quartz veining and changes in rock composition.

These features, previously thought to be part of the Klondike Schist unit, are now recognized as an important structural element.

The Eldorado Fault now connects several gold discoveries, including the company's Stander Zone mineral resource area, the Gay Gulch showing area, and the newly found Archy, Archy Wasp, and DJ Showings, among others.

The company is working to extend the Eldorado Fault southwest to connect with the similar 'Sulphur Fault.' If this connection is confirmed, it would extend the fault system to a total length of 45 kilometers (28 miles) across Klondike Gold's property.

The definition and mapping of the Eldorado Fault and its role in gold mineralization result from several years of research funded by the company, including academic theses and expert consultations. Placer miners on Eldorado Creek have also contributed valuable observations, suggesting that the source of the placer gold is locally derived.

A total of 5,828 meters across 35 drill holes have been completed in two major phases this season, primarily targeting the Stander and Gay Gulch zones. Assay results are still pending.

While fieldwork continues, the company aims to achieve several objectives. These include targeted prospecting and sampling of specific gold-bearing outcrops in the central and northwest parts of the property.

Klondike will also conduct diamond drilling to follow up on high-grade gold intersections from late 2023 and to explore the expansion of the Stander Zone mineral resource area. Additional drilling is planned to expand the Gay Gulch showing mineralization.

Finally, the company will search for and drill test areas where models predict there may be multiple layers of gold-bearing quartz veins.