Klondike Gold Corp. Reaches Strategic Targets with 3 New Exploration Licenses

V.KG

Klondike Gold Corp. (TSX-V:KG) (the “Company”) is pleased to report that Portuguese Authorities have granted 3 key new exploration licenses. The Company’s application for the Castelo de Paiva ,the Valongo and the Ponte do Barca exploration areas have been accepted by the Portuguese Authorities and that exploration licenses have been granted to the 100 % owned European subsidiary of Klondike Gold Corp., Klondike Gold Corp. Portugal.

CASTELO de PAIVA

The Castelo de Paiva license covers an area of 110 square kilometers and is located near the southeastern limit of the Valongo Mineral Belt approximately 60 km east of Porto. It is contiguous to Klondike Gold’s Lagares-Castromil License. Mineral occurrences of gold, silver, antimony, lead, zinc, and feldspar are common and the area includes the historic Roman gold mine of Cabranca as well as several other Roman gold mine sites. The Terramont silver, lead, zinc mine is also located in this exploration license. This silver mine was one of the most important in Europe in the 1960’s and shut down in 1973 when silver prices languished at around $ 1.80 per ounce. The Terramonte zone is of great interest to the company because of current silver prices.

VALONGO

The Valongo license covers the center of the Valongo Anticline which hosts the Valongo gold and antimony belt. Gold deposit occurrences in the Valongo belt are clustered in a number of areas which have been explored intermittently since Roman times. Old mines occur along the north-eastern limb of the Valongo anticline in the upper Arenigian quartzite near the junction with the basement-greywacke complex at Santa Justa Pias and Banjas, and also at the contact between the calc-alkaline granite and the Silurian shale at Castromil. Some antimony-gold deposits in the turbiditic greywacke and shale sequence in the vicinity of the arc-shaped thrust fault zone in Montalto, Tapada and Fontinha were also mined. In terms of Portuguese gold historical production, this auriferous district was the second most important in the 20th century, right after Jales, having produced about 5.6 tons of gold.

The Valongo License connects the Companies Lagares-Castromil license to the south with its Balazar license to the north. The Klondike Gold exploration area now extends over a contiguous area of over 550 square kilometers that covers over 80 % of the mineralization in the Valongo Gold and Antimony Belt.

PONTE DO BARCA

The Ponte do Barca license is located approximately 70 km north of Klondike Golds’ Castromil mine and hosts a shear zone associated with the Rio Lima Valley which was exploited by several Roman gold mines. Historic assay results posted in the report “Mina de Pirites Auríferas Côto da Cruz – Memória descritiva e justificativa: Situação e vias de comunicação,” presented by the Department of Mines and Economy in 1948 include:

                 
Mine  

Gold maximum

content (g/ton)

 

Gold minimum

content (g/ton)

 

Silver maximum

content (g/ton)

 

Silver

minimum

content

(g/ton)

 

Côto da Cruz   15.6   7.8   47.2   4.2
Forca 59.8 0.6 76 0.6
Eiros 58 0.2 106 1
Sobredo 79.8 0.2 416.8 5.6
Froufe 14.2 0.2 65.6 4.8
 

*The above results have not yet been verified by the company.

 

Klondike Gold’s Portuguese technical staff is currently engaged in compiling all available data in to its data base and expects to provide exploration plans for all 3 areas by September 30 2013.

About Klondike Gold Corp.

Klondike Gold Corp. is a Canadian exploration company with offices in Vancouver, British Columbia and Dawson City, Yukon. The Company is focused on the development of its Yukon properties. In addition, the Company holds a large portfolio of gold and base metal properties in southeastern British Columbia and in Portugal.

CONTACT INFORMATION
     
Inquiries: Erich Rauguth, President & CEO
Telephone: (604) 685-2222
Email:

info@klondikegoldcorp.com

 

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

Tags: GOLD

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