KLONDIKE
SILVER CORP.
711-675 West Hastings Street,
Vancouver,
B.C. V6B 1N2 (604) 685-2222 *Fax: (604) 685-3764
FOR IMMEDIATE RELEASE
TSXV: KS
www.klondikesilver.com
December 10,
2007
NEW SILVER-LEAD MINERALIZATION DISCOVERED
Klondike Silver Corp. is
pleased to announce the successful completion of this year’s 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.
It is accessed by four-wheel drive truck via the Sixty Mile Road off the Top of the World Highway,
which extends from Dawson City west into Alaska.
The property is being explored as a high grade lead-silver vein target modeled
after the highly productive Keno Hill district located 250 km to the east.
Terrain
in the vicinity of the claim block is subdued with gentle to moderate slopes
flanking broad rounded hilltops. Outcrop is confined to isolated tors on ridge crests. Geology consists primarily of metasediments belonging to the Fortymile River and Klondike Schist Assemblages
that are in thrust contact with the South Fiftymile Batholith. The metasediments
are dominantly quartz-mica schist while the batholith
is comprised of quartz monzonitic to granitic gneiss.
Historical
work began in the early 1960s and continued intermittently through the mid
1980s. During that time, exploration consisted of grid soil geochemical
sampling, ground geophysical surveys, bulldozer trenching and limited diamond
drilling. It 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 now mostly covered by the CN property.
Approximately 218 tonnes of galena/anglesite rich
material is reported to have been collected from 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
vein zones are commonly associated with northeast trending, weakly to
moderately recessive weathering lineaments. Where exposed, the veins are
typically 0.3 to 2 m wide and grade 100 to 1000 g/t silver with 0.3 to 2 g/t
gold. Lenses of nearly massive silver-rich galena are developed locally within
the vein structures. Most veins exhibit coarse, comb textured,
multi-episodic quartz hosting varying amounts of galena, anglesite, arsenopyrite, scorodite, covellite, and stibnite.
The
2007 exploration program at the CN property followed a property wide, airborne
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.
Four
historical vein zones were relocated and sampled. Excavator trenching in
the vicinity of the #1, #3, #4 and #7 veins located significant mineralization
on the floor of an old trench at the #3 Vein and discovered two promising
lenses in new trenches near the #7 Vein. All of these occurrences consist
of massive anglesite/galena in lenses, which have been exposed for widths up to
1.25 m and along strikes for up to 16 m. Approximately two tonnes of massive galena were recovered from the soil
during the exploration of the newly discovered lenses. Closely spaced
sawn channel samples were collected along each of the vein exposures to
establish grade control.
A
total of seven diamond drill holes tested at shallow depths beneath the #1, #3
and #4 veins. Mineralized vein material was encountered in all
holes. No drilling was done in the vicinity of the newly discovered
lenses near the #7 vein because they were discovered after the drill program
was completed. All assays from the 2007 trenching and drilling are
pending.
Only
30% of the property has been grid soil sampled, and trenching and diamond
drilling have tested only a small proportion of the existing soil geochemical
anomalies. A compilation of soil geochemical results from 1969 to 2007
has identified ten northeast trending linear lead-in-soil anomalies ranging in
length from 200 m to >2000 m. Four of the known vein zones coincide
with portions of these anomalies. Statistical analysis shows that lead is
highly correlated with silver. The anomalous linear trends are defined by
lead values greater than 100 ppm. The highest
lead- and silver-in soil values (6600 ppm and 24.9 ppm, respectively) were obtained from the 2007
program.
Richard
Hughes states “There is excellent potential for additional discoveries
both on the CN property and the newly acquired Mag
claim block which adjoins the CN claims to the east (see News Release dated
November 11, 2007)”. The Mag claims host
another well mineralized vein zone referred to as the #8 Vein which was
discovered by bulldozer trenching in 1969. Vein mineralogy is similar to
the veins exposed on the CN property and reported historical grades for galena-
dominant samples collected intermittently along a 275 m strike length range
from 723 g/t to 5498 g/t Ag with lead values up to 84.65%. Table I lists
historical results for samples collected in 1988 along the #8 Vein.
Table
I - #8 Vein
Length along Vein
|
Ag (g/t)
|
Pb (%)
|
0 m
|
1965
|
64.00
|
25 m
|
2500
|
72.30
|
112 m
|
1632
|
75.00
|
130 m
|
5498
|
78.76
|
143 m
|
1901
|
84.65
|
275 m
|
723
|
22.30
|
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.