Klondike Gold Corp. Feb. 21 announced that receipt of the latest assays included the exciting news of a surface outcrop discovery of high-grade gold-silver in quartz veining at the Gay Gulch showing on the company's Klondike District property in Yukon, Canada.

Located roughly 20 kilometers (12 miles) southeast of Dawson City, the Klondike District Gold Project is comprised of 3,913 quartz claims in one contiguous land package covering 727 square kilometers (452 miles) of the famed Yukon gold district.

Advancing the project for over a decade, Klondike's land package includes the Eldorado property and the Klondike Gold claims. Found within the northernmost Eldorado are the Lone Star and Stander zones, which together host 21.59 million metric tons of indicated resource averaging 0.68 grams per metric ton (468,901 ounces) gold and 6.46 million tons of inferred resource averaging 0.54 g/t (111,959 oz) gold.

Nestled within the heart of the famed historical Klondike Gold Rush region, is Gay Gulch. Initially discovered through drilling in 2015, the latest assays received have hit gold grades that are reminiscent of the days of yore that caused the northern stampede.

"Our team has discovered another high grade gold-silver vein, this time at the Gay Gulch showing," said Klondike Gold's President and CEO Peter Tallman. "The company's new partnerships with respected researchers within Canadian and American institutions has been beneficial. Ongoing analysis of work conducted in 2022 is helping to characterize the style and chemistry of gold mineralization and constrain the timing of gold mineralized fault structures. This will allow the company to identify priority exploration targets for 2023."

To date, assay results have been received from a total of 26 surface rock outcrop and subcrop grab samples collected in 2022, including the headline gold-silver sample from Gay Gulch. A total of 14 surface rock samples were collected from examinations of known mineralized localities at the Lone Star zone, Stander zone, and other structural areas of interest.

Sampling from selected outcrop and subcrop yielded gold values of less than 0.5 parts per million to 9.6 g/t gold at Lone Star (four samples); 11.7 g/t gold at Stander (one sample), and less than 0.5 ppm to 0.8 g/t gold from various areas (nine samples).

Out of 12 rock grab samples collected from the Gay Gulch showing, 11 assayed between less than 0.05 g/t gold and 8.1 g/t gold and anomalous silver. No detectable tellurium was associated with these samples.

The exciting new discovery at Gay Gulch came in the 12th sample, which returned 4,064 g/t gold, 1,149 g/t silver, along with anomalous tellurium (16.1 ppm), bismuth (3.5 ppm), antimony (24.6 ppm), and mercury (15.2 ppm).

The high gold sample was collected on Eldorado Creek approximately 1,000 meters along a structural trend from Gay Gulch.

Klondike states that an outcrop of similar quartz vein in fault assayed 831 to 1,776 g/t gold with 205 to 400 g/t silver with anomalous tellurium in 2014 from Lone Star. Additionally, a 2019 drillhole cut 1,009 g/t gold with 1,035 g/t silver with anomalous tellurium over one meter.

Klondike says the discovery of high-grade gold-silver bearing quartz veining within a significant fault in outcrop bolsters its exploration model for gold mineralization on its namesake property in the Yukon.