Klondike Gold Corp (CVE:KG) (OTCMKTS:KDKGF) said it has begun a new drilling program at a highly prospective zone on the company’s Klondike District Property in Yukon.
The Vancouver-based company is planning to drill between 15 and 20 holes at the Lone Star Zone, where two holes drilled in 2018 intersected extended lengths of near surface gold mineralization.
The new program is designed to double the previously drilled length of gold mineralization by targeting a one kilometre strike length on the eastern portion of the zone near two holes drilled in 2018 that intersected 0.8 grams per ton gold at 4.6 metres and 0.9 g/t gold at 25.4 metres.
READ: Klondike Gold expecting series of assays from Yukon exploration in coming months
Klondike is currently anticipating drilling between 1,500 and 2,000 metres of drilling at Lone Star, which is located 20 kilometres along a government-maintained road from the mining town of Dawson City, Yukon.
(Photo: Lone Star Zone with proposed 2019 drill sites)
Lone Star was a significant source of alluvial placer gold back in the Klondike gold rush era of the 1890s, as Klondike determined through ongoing work in the area. Prospectors panned for gold from Bonanza Creek since its discovery in 1896.
Recent work at the zone saw 102 of 114 holes drilled that intersected extended intervals of gold mineralization. Newly discovered gold mineralization includes three prospecting rock grab samples from the west end that assay from 0.6 to 6.8 g/t gold and 10 prospecting samples from the east end that assay from 4.1 to 38.5 g/t gol
Drilling at Lone Star is part of Klondike’s C$2 million 2019 exploration program on the company’s Klondike District property that spans 576 kilometres in Canada’s north.
In an interview with Proactive, CEO Peter Tallman said he was excited about drilling Lone Star.
"It's the first target we identified a couple of years ago that had around a million-ounce potential in terms of size and scope," he said.
Earlier this month the exploration company said that it has sunk 47 holes across the property, with a majority of holes sunk at the Nugget zone. Further drilling to expand known targets or test new areas of interest will be targeted as assay results are received.
Drill assays are expected beginning by the end of July and continuing through August and September.
--Updated with CEO quotes--
Contact Angela at angela@proactiveinvestors.com
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