EXPLORATION & DEVELOPMENT

Klondike Gold intercepts near-surface gold

65.05m at 1.4g/t gold at Lone Star Zone

Staff reporter
Drilling at the Lone Star Zone

Drilling at the Lone Star Zone

The intersection was entirely within 45m of surface and also contained 8.45m at 6.07g/t.

The company recognised the potential for gold disseminated in host rock adjacent to quartz veining at Lone Star late in 2016, having previously focused on gold-bearing quartz veins.

Klondike Gold has started a systematic, district-scale exploration programme across the property and announced near-surface gold from core resampling at its Nugget Zone earlier this month. 

It has a minimum budget of C$2.5 million (US$1.9 million) for exploration this year and said it was fully funded through 2019 at a similar level of expenditure.

The company had $6.2 million (US$4.7 million) in working capital at the end of February.

Its shares have ranged between 21.5-60c and closed 1c lower yesterday at 31c.

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