Klondike Gold Corp. (TSXV: KG) said a second diamond drill is being added to the exploration program with assay results on 26 holes pending
SmallCapPower | August 23, 2017: Klondike Gold Corp. (TSXV: KG) Tuesday announced that the second diamond drill is being added to its exploration program. This addition will accelerate the testing of recently-identified targets within the Company’s 527 square kilometer Klondike district property in the Yukon Territory.
The Company’s 2017 Phase 1 and 2 drilling has completed 37 holes thus far, results from 11 holes have already been announced, 26 holes are in the lab pending assays, and 40 or more holes are yet to be drilled. The second drill rig will arrive this week to expand Phase 3 of the 2017 exploration program. Rigs 1 and 2 will initially drill up to 40 holes along the Lone Star target/Bonanza Fault trend to rapidly test along the 4,000 meter soil anomaly to double the length of the target.
On August 1, 2017, Klondike Gold released assay results that included 1.6 g/t gold over 30.7 meters from just 4.3 metres from surface, following the discovery of what the Company calls “large, bulk tonnage style mineralization” on its Klondike district property.
Klondike Gold President Peter Tallman stated; “Building upon our successful field results and funding commitments, we are now able to rapidly expand our gold exploration programs within the Company’s expansive Klondike district land holdings. What we’ve learned so far at Lone Star/Bonanza has implications for several other key, historically gold-rich target areas within the district, and we’re eager to begin systematically testing these zones as they also exhibit strong discovery potential.”
Post the announcement, Klondike Gold shares surged 29% to close at $0.45 as of August 22, 2017. Currently Klondike Gold stock trades at price to book ratio of 1.83x.
Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.
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