Yukon explorer Klondike Gold Corp. has discovered visible gold within quartz veins in 15 of 19 drill holes from its summer program on the Lone Star property, the company announced this morning.
Assays on the drill core are expected within the next month. The summer drill program was increased from 1,000 metres to 1,374 metres with the goal of investigating areas of quartz veining in the Nugget, Gay Gulch and Buckland zones.
“It’s the best drill program in terms of visual results on the property,” said president and CEO Peter Tallman, adding that it’s still early days in the program.
Tallman said he is also encouraged by the number and width of the potentially gold-hosting quartz veins the company has discovered.
About 120 holes have been drilled on the property since the 1960s but many of those were confined to a single area, said Tallman, whose LinkedIn profile describes him as “Evil Claim Lord at ‘Gold Rush’ on Discovery Channel.”
Klondike Gold leases its McKinnon Creek property to Todd Hoffman, star of the popular U.S. reality TV show about placer mining, in exchange for a gold royalty.
Klondike Gold has also identified 2016 drill targets at its Lone Star, Dominion and Gold Run properties through high-res ground magnetics surveying and rock grab samples. One of the targets is a newly discovered quartz vein array containing visible gold located along a prominent magnetic “break,” which returned values of up to 24.1 g/t gold in prospecting grab samples.
Klondike Gold’s properties are near Dawson City, Yukon, the epicentre of the great Klondike gold rush of 1896 to 1899. A bedrock source for the more than 13 million ounces of gold that have been pulled out of streams and waterways over the years has never been found.
Investors at CEO chat were taking a wait-and-see approach to Klondike Gold’s news release.
“People are going to be in a show-me mood when it comes to Klondike Gold,” Eric Coffin of the Hard Rock Advisors newsletter said at chat.ceo.ca. “Others have tried to figure out the hard-rock source before, with little success.”
Noteworthy Klondike Gold insiders include entrepreneurs Frank Giustra and Roberto Aquilini.
Check out the chatter and talk stocks and investing at chat.ceo.ca, the investment conference in your pocket.
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