KLONDIKE SILVER CORP.
711-675 West
Hastings Street, Vancouver, B.C. V6B 1N2 Canada (604) 685-2222
TSXV: KS
www.klondikesilver.com
FOR IMMEDIATE RELEASE
February 26, 2008
KLONDIKE
SILVER ADDS NEW RESULTS FOR
PENDING
VEIN
SAMPLES AT THE CONNAUGHT PROPERTY
Klondike
Silver Corp. (TSX-V: KS) is pleased to announce the
remaining vein sampling results from the 2007 exploration program at the
Connaught (CN) property, which is under option from ATAC
Resources Ltd. The property hosts an extensive system of silver-lead-gold
veins located within the Sixtymile Placer Gold Camp, 65 km due west of Dawson City
in western Yukon Territory.
The property is road accessible and is being explored as a high grade
silver-lead vein camp modeled after the highly productive mines of the Keno
Hill district 250 km to the east.
Historical
work identified numerous lead-in-soil geochemical anomalies and seven
silver-lead-gold bearing veins (referred to as #1 through #7) within a 13 km by
5 km area that is covered by the CN property. Approximately 218 tonnes of
galena/anglesite rich material was extracted from shallow open cuts on the #1
and #3 Veins and shipped to the Cominco smelter in 1976. The shipment
reportedly averaged 2228.5 g/t (65 opt) silver, 60% lead and 1 g/t
gold.
The 2007
exploration program at the CN property followed a property-wide, helicopter-
borne VTEM survey conducted in 2006. The work consisted of prospecting,
grid soil sampling, approximately 1100 m of excavator trenching and 566 m of
diamond drilling. Most of this work was directed toward better establishing
the tenor of mineralization at the known vein zones.
Results for
samples collected across galena rich lenses and adjacent arsenic-antimony
sulfosalt bearing selvages within the #1 and #3 Veins were reported in the News
Release dated January
28, 2008. Peak values for silver, lead and gold were 2880
g/t, 54.89% and 10.90 g/t, respectively.
The #4 Vein
lies approximately 2 km northeast of the #1 Vein and is exposed for 260 m along
the northwestern edge of an alpine knoll. It dominantly consists of
multi-episodic quartz that is variably mineralized with arsenic-antimony
sulfosalts and which is surrounded by strong clay alteration. In 1969,
previous operators reported an “average assay” of 615.8 g/t silver
and 8.32% lead across 1.22 m for a series of chip samples collected along the
northeasternmost, 114 m portion of the exposure. These samples include
peak grades of 2451 g/t silver and 34.90% lead across 0.73 m. In 1988,
diamond drilling was done in eight holes at the southwestern end of the exposure
with the best reported interval grading 534.8 g/t silver and 2.15 % lead across
2.29 m.
Five short
excavator trenches were cut in 2007 at equal intervals along an 80 m section at
the southwestern end of the vein zone. Three of the trenches tested the
footwall portion of the previously defined structure, which was mostly covered
by talus, and the other two were intended to explore the projected trace of the
vein to the southwest. The three trenches dug into the footwall of the
vein zone discovered new mineralization in a splay off the main
structure. The two southernmost trenches did not encounter bedrock
because of permafrost. Highlights from chip sampling are listed in Table
I.
Table I
Highlights
From 2007 Chip Samples - #4 Vein
Trench
|
Width (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
|
|
|
|
|
TR-07-16
|
8.25
|
79.5
|
1.73
|
-
|
including
|
1.35
|
363
|
7.80
|
0.75
|
|
|
|
|
|
TR-07-17
|
1.35
|
1347
|
27.26
|
0.97
|
including
|
0.20
|
2880
|
51.40
|
0.97
|
|
|
|
|
|
TR-07-18
|
2.30
|
1770
|
31.39
|
-
|
*All
reported intervals are true widths.
Two diamond
drill holes were located to test the vein zone at approximately 25 to 35 m
piercements beneath TR-07-16 and along strike 100 m to the southwest. Both
holes encountered intervals of weak quartz and arsenic-antimony sulfosalt
mineralization. Grades from these intervals are shown on Table II.
Table II
Significant
2007 Diamond Drill Results - #4 Vein
Hole
|
From (m)
|
To (m)
|
Interval (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
|
|
|
|
|
|
|
CN-07-03
|
76.05
|
79.85
|
3.80
|
339
|
4.04
|
0.26
|
including
|
77.02
|
79.05
|
2.03
|
409
|
10.45
|
0.11
|
|
|
|
|
|
|
|
CN-07-04
|
70.61
|
76.30
|
5.69
|
48.1
|
0.30
|
0.07
|
*True widths
are approximately 70% of the reported intervals.
The #7 Vein
and the newly discovered Stirling Vein are located approximately 3 km west of
the #4 Vein. Bulldozer trenching had previously been done in these areas
but no significant mineralization was reported.
The #7 Vein
was exposed by extending an old bulldozer trench where massive galena cobbles
were found within the lower part of the soil profile. A vein zone that is
likely the source of the galena cobbles was exposed in two excavator trenches
situated approximately 120 m apart. The northern trench, TR-07-27,
exposed a quartz vein with arsenic-antimony sulfosalt mineralization and
massive galena lenses up to 55 cm wide, along a strike length of roughly 23
m. The northernmost of the galena lenses is open to the northeast where
it projects beneath an access road. Approximately 2 tonnes of massive
galena was recovered during the exploration of this lens. Weighted
average grades and individual assay results for samples taken across the vein
at specific lengths along the trench are shown in Table III.
Table III
Significant
2007 Channel Sample Results – #7 Vein
From (length)
|
Width (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
0.0 m
|
0.56
|
443
|
9.58
|
0.45
|
4.0 m
|
0.53
|
1583
|
43.78
|
1.49
|
including
|
0.26
|
2830
|
62.65
|
0.30
|
12.0 m
|
0.10
|
3100
|
61.54
|
0.35
|
15.0 m
|
0.10
|
3060
|
74.75
|
0.13
|
21.0 m
|
0.55
|
2750
|
70.71
|
0.29
|
23.0 m
|
0.45
|
3430
|
73.46
|
0.73
|
*All
reported intervals are true widths.
TR-07-29,
which is located 120 m to the southwest of TR-07-27, exposed a vein zone
dominantly composed of quartz with arsenic-antimony sulfosalt
mineralization. A chip sample across this exposure returned 479 g/t
silver 8.81% lead and 1.51 g/t gold across 0.56 m.
The Stirling Vein
is a new discovery made by deepening an old bulldozer trench, situated
approximately 400 m northeast of the #7 Vein. It is characterized by a
strong arsenic-antimony sulfosalt-bearing quartz vein, again with intermittent
massive galena lenses up to 47 cm wide. The vein was exposed for a strike
length of 22 m. Table VI contains significant assays for samples
collected across the vein at various points along the mineralized trend.
Table IV
Significant
2007 Channel Sample Results – Stirling
Vein
From (length)
|
Width (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
0.0 m
|
0.22
|
500
|
10.05
|
1.23
|
6.5 m
|
0.59
|
821
|
19.45
|
1.51
|
7.6 m
|
0.76
|
1895
|
47.47
|
0.67
|
including
|
0.35
|
2240
|
49.56
|
0.28
|
8.75 m
|
0.66
|
2083
|
51.50
|
1.99
|
including
|
0.47
|
2660
|
64.54
|
0.67
|
|
0.19
|
656
|
19.26
|
5.23
|
11.4 m
|
0.63
|
1025
|
24.71
|
0.80
|
including
|
0.16
|
3190
|
67.53
|
0.34
|
20.0 m
|
0.43
|
361
|
6.07
|
5.81
|
22.0 m
|
0.32
|
513
|
12.90
|
3.67
|
*All
reported intervals are true widths.
Richard
Hughes, President of Klondike Silver states “We are very pleased with the
results from our 2007 sampling program at the CN property, which has confirmed
the high grade nature of the veins and the potential for new discoveries.
We are further encouraged by the significant gold potential within the
sulfosalt dominant sections of the mineralized structures.”
Klondike Silver is currently designing an aggressive 2008 exploration program
to continue its evaluation of the CN property.“
All analyses for the 2007 program
are being performed at ALS Chemex
laboratory in North Vancouver
using industry-standard fire assay and ICP techniques. This laboratory carries
ISO 9001:2000 registration and is accredited to ISO 17025 by Standards Council
of Canada for a number of specific test procedures including fire assay Au by
AA, ICP and gravimetric finish, and multi-element ICP and AA assays for Ag, Cu,
Pb and Zn.
The exploration program at the CN
property is being carried out under the supervision of Bill
Wengzynowski, P.Eng, President of Archer, Cathro & Associates (1981)
Limited.
The
technical information in this news release has been prepared in accordance with
Canadian regulatory requirements set out in National Instrument 43-101.
Mr. Wengzynowski is designated as the qualified person who reviewed this
information.
On behalf of the Board of
Directors
KLONDIKE SILVER CORP.
“Richard W. Hughes” (signed)
President
For Further
Information Contact: The Hughes Exploration Group at (604)
685-2222
Or
visit the Company’s website: www.klondikesilver.com to see
the Smartstox Report in which Stanlie Hunt interviews Klondike Silver Corp.
President Richard Hughes.
This document
contains certain forward looking statements which involve known and unknown
risks, delays and uncertainties not under the corporation’s control which
may cause actual results, performance or achievements of the corporation to be
materially different from the results, performance or expectation implied by
these forward looking statements.
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.