KLONDIKE
SILVER CORP.
#711 – 675 West Hastings
Street, Vancouver,
B.C. V6B 1N2 Telephone: 604-685-2222 Fax:
604-685-3764
FOR IMMEDIATE RELEASE
TSXV: KS
www.klondikesilver.com
January 28, 2008
EXPLORATION RESULTS
AT THE CONNAUGHT PROPERTY
Klondike
Silver Corp. is pleased to update 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.
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.
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 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 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.
The #1 Vein
is coincident with a linear, northeast trending lead-in-soil geochemical
anomaly that extends for 1100 m along strike and which contains peak values of
7400 ppm. Historical bulldozer trenching conducted along a 220 m portion
of the anomaly exposed a vein dominantly composed of quartz and
arsenic-antimony sulfosalts with intermittent lenses of massive galena.
Detail chip
sampling was conducted along a 70 m portion of the vein zone in an open cut
left from the bulk sampling performed in the late 1960s and 1970s. The
2007 samples returned peak grades of 2550 g/t silver and 74.62% lead.
These peak values are from galena- rich lenses. Adjacent quartz vein
selvage material with arsenic-antimony sulfosalt mineralization also contains
significant silver (up to 763 g/t) and lead (up to 25.28%) accompanied by gold
values up to 10.90 g/t.
Highlights
from chip sampling at the #1 Vein are listed in Table I.
Table I
Highlights From 2007 Chip Samples - #1 Vein
From (marker)
|
Width (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
0 m
|
0.77
|
569
|
19.69
|
2.61
|
Including
|
0.16
|
2410
|
75.71
|
0.07
|
|
0.16
|
57.10
|
3.31
|
2.04
|
|
0.45
|
96.60
|
5.59
|
3.74
|
25.0 m
|
0.30
|
86.50
|
11.60
|
4.93
|
37.0 m
|
0.75
|
798
|
26.30
|
2.31
|
Including
|
0.30
|
1685
|
58.26
|
0.65
|
|
0.45
|
207
|
5.00
|
3.41
|
45.0 m
|
0.21
|
205
|
18.15
|
9.71
|
49.5 m
|
0.80
|
605
|
16.75
|
10.90
|
55.0 m
|
0.22
|
1620
|
47.72
|
3.37
|
62.5 m
|
0.90
|
1066
|
29.67
|
1.60
|
Including
|
0.20
|
2130
|
64.72
|
0.01
|
|
0.70
|
763
|
25.28
|
2.03
|
*All reported intervals are true widths.
Two diamond
drill holes tested beneath the vein on a section line that passes under the
trench 49.5 m from its start. The holes encountered quartz dominant vein
material at the anticipated piercement depths of 43 and 82 m. No
significant mineralization was associated with either intersection.
Limited
excavator trenching was performed at the #3 Vein situated 3 km north of the #1
Vein. This site is marked by an old bulldozer pit, where the largest
portion of the historical bulk sample was believed to have been
collected.
In 2007, the
base of the pit was cleared of slough and debris exposing a 5 m long massive
galena and anglesite lens that is up to 1.25 m wide. Channel samples were
sawn across the lens at various points and yielded grades up to 2880 g/t
silver, 54.89% lead and 3.54 g/t gold. The highest grades for silver and
lead are associated with massive galena and anglesite. Significant
weighted averages and key results from individual samples are illustrated in
Table II.
Table II
Significant 2007 Channel Sample Results - #3
Vein
From (marker)
|
Width (m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
0.0 m
|
1.64
|
1031
|
19.96
|
1.58
|
Including
|
0.40
|
2880
|
54.89
|
0.77
|
1.7 m
|
1.25
|
2450
|
48.81
|
0.87
|
3.4 m
|
1.60
|
1100
|
23.80
|
0.78
|
Including
|
0.75
|
2030
|
44.71
|
0.73
|
5.0 m
|
1.45
|
864
|
17.90
|
1.51
|
Including
|
0.70
|
1100
|
35.65
|
1.70
|
*All reported intervals are true widths.
Two diamond
drill holes CN-07-05 and -07 tested the #3 Vein Zone with piercements at 25 m
directly beneath the massive galena lens and 25 m along strike to the
northeast. Both holes encountered massive galena and anglesite at the
anticipated piercement points. Assays are shown in Table III.
Table III
Significant Diamond Drill Results - #3 Vein
Hole
|
From
(m)
|
To (m)
|
Interval
(m)*
|
Ag (g/t)
|
Pb (%)
|
Au (g/t)
|
|
|
|
|
|
|
|
CN-07-05
|
34.05
|
37.58
|
3.53
|
119
|
2.66
|
0.23
|
including
|
34.05
|
34.11
|
0.06
|
2130
|
17.95
|
3.94
|
|
37.51
|
37.58
|
0.07
|
2120
|
31.16
|
1.96
|
CN-07-06
|
28.94
|
30.37
|
1.43
|
535
|
4.78
|
0.65
|
including
|
30.14
|
30.37
|
0.23
|
2860
|
21.70
|
3.55
|
*True widths are approximately 70% of the reported
intervals.
A third hole
CN-07-06 was drilled from the same site as CN-07-05. It was designed to
test the vein at a target depth of 50 m but encountered a porphyry dyke that
appears to have cut-off or displaced the vein.
“Initial
results from the sampling program at the #1 and #3 Veins are very
encouraging” states Richard Hughes. “We eagerly await the
results for the remaining three veins sampled during this program and look
forward to further evaluating the #8 Vein on the newly acquired Mag claims,
which adjoin the eastern part of the CN claim block to the east”.
Vein
mineralogy at the #8 Vein 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
silver with lead values up to 84.65%. Results for samples collected in
1988 along the #8 Vein are reported in Table IV.
Table IV - #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.