Klondike Silver Corp. Completes First Phase of Gold and Silver Exploration Program at Connaught JV Project - 96 New Claims Staked to Cover Favourable Geology on Southern Border- First Phase of 2010 Exploration Program Completed - Awaiting Assays - Fa
- 96 New Claims Staked to Cover Favourable Geology on Southern Border
- First Phase of 2010 Exploration Program Completed - Awaiting Assays
- Favourable Intrusive Rocks Much More Extensive Than Previously Mapped
- Soil Geochemical Survey Completed Over Broad Area South of Previous Surveys
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/22/10 -- Klondike Silver Corp. (TSX VENTURE: KS) (the 'Company') is pleased to announce that the first phase of a significant exploration program has been completed at its Connaught Project (50-50 Joint Venture with ATAC Resources Ltd.). The program expanded on the soil geochemical programs of the past three years, and followed up with mapping and prospecting in areas of multi-element anomalies. A program of claim staking was completed to cover several areas of favourable intrusive and skarn geology, and geochemical and geophysical anomalies. A second phase of exploration will be conducted in August, once analytical results are received.
'We are encouraged with the progress made on the Connaught Project made thus far and look forward to moving ahead with a second phase of exploration in August. We are optimistic in this property's potential for both gold and silver,' commented Company President, Richard Hughes. 'Ongoing exploration will continue to emphasize gold targets in addition to known high grade silver zones from which an historic shipment reportedly averaged 2228.5 g/t (65 opt) silver, 60% lead and 1 g/t gold.'
The Connaught property lies in the headwaters of the 60 Mile placer gold district, within the Tintina Gold Belt, and at the northwestern end of the White Gold District. The Yukon has seen increasing interest as a gold exploration target in the past few years. Great success has been achieved by Underworld Resources at their White Gold project, and by ATAC Resources at their RAU gold project, along with many other high potential gold properties in the region.
Mineralization at Connaught is intrusion related, with 14 narrow polymetallic veins discovered to date over an area of 11km by 4km. Late Cretaceous age granitic intrusions are present on the property, with metamorphic country rocks of the Yukon Tanana terrane. Hornfels and skarn zones present on the property may hold potential for bulk tonnage gold deposits. A thrust fault mapped on the property will also be investigated for enhanced gold values in a geological setting similar to the 'White Gold' property, now owned by Kinross Gold.
Geological mapping in 2010 has revealed that intrusive lithologies are much more extensive than previously known. A pluton previously mapped as less than one kilometer in diameter has now been extended to roughly 6 km by 0.5 to 1.5 km. The granitic body is dominantly quartz monzonite which is recessive weathering, with lesser granodiorite that is resistant to weathering. Several bodies of highly felsic granite, including rare graphic granite pegmatite have also been mapped. The felsic intrusive lithologies were not previously documented on the property. Bands of marble and skarn have also been shown to extend from previously known outcrops on the property. The pyroxene-garnet skarn is enriched in copper and zinc, and has been sampled to evaluate gold content which was not previously examined.
The Qualified Person for the purpose of National Instrument 43-101 is William Mann, P.Geo., who has read and agreed with the technical information in this news release.
The Board of Directors is also pleased to announce the appointment of Diana Mark as Corporate Secretary and Kathi Bartels as Assistant Corporate Secretary.
About the Connaught Property:
Previous exploration at the Connaught Property revealed silver, gold and lead mineralization in 14 veins over an area measuring roughly 11 kilometres by 4 kilometres. Porphyry and skarn mineralization is also present in the area.
About Klondike Silver:
Klondike Silver is a member of the Hughes Exploration Group of Companies and is led by a team with an excellent track record of discovery and development in Canada.
Klondike Silver Corp. has assembled a quality portfolio of silver properties in historic mineral districts in North America, and is applying advanced exploration technologies to add value to these core assets. Klondike Silver is reviving the Gowganda and Elk Lake silver camps in Ontario, and the world-famous Klondike district of Yukon Territory. The Company owns a 100 TPD fully operational flotation mill in Sandon, BC, which is currently processing material from local mines in the historic Slocan Silver Camp.
Visit Klondike Silver's web-site: www.klondikesilver.com to see Smartstox interviews with Company President, Richard Hughes.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy or contents of this news release.
Contacts:
Corporate Inquiries:
Klondike Silver Corp.
Kevin Hull
(604)-685-2222
Klondike Silver Corp.
Alan Campbell
(604)-685-2222
info@klondikesilver.com
www.klondikesilver.com