Klondike Silver Corp. Discovers MineralizationWithin 20 Foot Intersection of Sil
posted on
Jun 03, 2010 12:01PM
Klondike Silver Corp. has assembled a quality portfolio of silver and silver-rich polymetallic properties in historic mineral districts of North America, and is applying advanced exploration technologies to add value to these core assets.
Klondike Silver Corp. Discovers Mineralization Within20 Foot Intersection of Silvana Main Lode Structure
- Latest Hole, K-1118, has higher carbonate-vein fragment content than allprevious holes as well as trace amounts of Zinc and Lead Sulphides
- Lode Structure Intersections Increase in Width between Holes K-1117 andK-1118
- K-1119 will be drilled from
VANCOUVER, BRITISH COLUMBIA, Jun. 3, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/03/10 -- Klondike SilverCorp. (TSX VENTURE: KS) (the "Company") is pleased to announce results from itsongoing underground drill program at its Silvana Mine in Sandon, BC.
Hole K-1117 was completed in early May from Drill Station #2 and intersecteda true width of 20 feet of lode structure. Company geologists found sporadicintersections of quartz carbonate-vein fragments within the core.
Hole K-1118 was completed on May 31st, also from Drill Station #2, and thetrue width of the lode structure intersection exceeds that of hole K-1117. Thegeologists are also seeing much more quartz carbonate-vein fragmental content inthe core of K-1118 than they did in the core of hole K-1117.
Completion of drill holes K-1117 & K-1118 at the west end of the 4625level of the Silvana silver-lead-zinc mine, brings the company further into the7,000 foot long segment of unexplored and highly prospective ground west of theMain Lode structure of the Silvana Mine.
To view a map of the Slocan Silver Camp highlighting recent work done by theCompany click on the following link:
http://www.brmstatpack.com/lt/1001/1133/slocan-map
Steve Phillips, Klondike Silver's mine manager, commented 'in my experiencethese intersected thicknesses constitute very significant widths of lodestructure'. Steve Phillips has 42 years mining-geology experience, including 17years in the Slocan Camp mostly at the Silvana Mine, 6 of which were as Minemanager, chief geologist, geologist and consultant.
Company President, Richard Hughes, made the following comments in theCompany's August 27, 2009 press release upon the initial discovery of what isbelieved to be an extension of the Main Lode structure, responsible for themajority of mineralization and production within the Silvana Silver Camp. "Wehave two goals in the current underground exploration program; first to identifythe presence of the lode structure within the prospective horizon, and second tolocate any ore-bearing chutes within the structure. The discovery of lodestructure this early in the initial phase of exploration is exciting as we arejust at the start of our target area. This 1.5 km area between the Mammoth andSilvana mines has never been tested before although it was slated forexploration before the mine shut down in the early 1990s as a result of lowmetal prices. Drilling will now focus on testing the newly discovered structurefor the presence of ore-bearing chutes as well as further delineating itsextent."
The recent intersection has demonstrated that the structure which the Companyis currently exploring has the potential to host lead-zinc-silvermineralization. The target zone is a 1.5 km long section of the Main Lodestructure that has never been tested before. The Main Lode structure is morethan 8 kilometers long, extending east from Silverton on Slocan Lake to Sandonthrough the "Silver Ridge" of the Selkirk Mountains some 50 kilometers north ofNelson, B.C.
The Company holds the ground for approximately 1.5 km between the Silvana andthe Mammoth Mine. This program represents the first attempt since the early1990s to explore west towards the Mammoth, Standard and the other major "MainLode" producers.
Company geologists are also pleased that they now have 3 points ofintersection for the lode structure and are moving the drill for hole K-1119.Hole K-1119 will be drilled from Drill Station #3, 100 meters to the west ofDrill Station #2, and is expected to begin on June 3rd.
The Qualified Person for the purpose of National Instrument 43-101 is EdCraft, PEng, who has read and agreed with the technical information in this newsrelease.
About Klondike Silver:
Klondike Silver is a member of the Hughes Exploration Group of Companies andis led by a team with an excellent track record of discovery and development inCanada.
Klondike Silver Corp. has assembled a quality portfolio of silver propertiesin historic mineral districts in North America, and is applying advancedexploration technologies to add value to these core assets. Klondike Silver isreviving the Gowganda and Elk Lake silver camps in Ontario, and the world-famousKlondike district of Yukon Territory. The Company owns a 100 TPD fullyoperational flotation mill in Sandon, BC, which is currently processing materialfrom local mines in the historic Slocan Silver Camp.
Or visit Klondike Silver's web-site: www.klondikesilver.com to see Smartstoxinterviews with Company President, Richard Hughes.
The statements made in this news release may contain forward-lookingstatements that may involve a number of risks and uncertainties. Actual eventsor results could differ materially from the Company's expectations andprojections.
The TSX Venture Exchange does not accept responsibility for the adequacy oraccuracy or contents of this news release.
Contacts:
Corporate Inquiries:
Klondike Silver Corp.
KevinHull
(604)-685-2222
Klondike Silver Corp.
AlanCampbell
(604)-685-2222
info@klondikesilver.com
www.klondikesilver.com