Klondike Silver Corp. Samples 351 g/t Silver, 10.29% Lead, and 8.1% Zinc in Jackson Basin
June 17 2009 - 1:58PM
Marketwired
Klondike Silver Corp. (TSX VENTURE: KS) (the 'Company') is pleased
to announce that recent exploration programs have discovered new
silver-rich prospects while also confirming the potential of
targets similar to past-producing mines within the Slocan Silver
Camp of south-central British Columbia.
The 2008 exploration program focused on testing several project
areas that encompass past-producing mines.
Map of Slocan Silver Camp -
http://www.klondikesilver.com/i/pdf/08-07-02-Slocan-3.pdf
JACKSON BASIN AREA
The Jackson Basin Area, includes the historic Jackson Mine
discovered in 1892. Mining continued until 1955, followed by
intermittent operations until 1975.
Trenching is planned to begin in July along with testing those
areas of the Jackson Basin believed to potentially host high-grade
silver zones. The main objectives of the 2008 exploration program
in the Jackson Basin Area was to determine the extent of the main
vein to the east of the Jackson Mine. The main lode exploited in
the past is believed to extend as far west as the Northern Belle
Crown Grant on the northeast side of the Mt. Payne which is also on
the property.
Past programs conducted east of the Jackson Mine have generated
encouraging results that revealed a thick breccia zone with massive
sulphides throughout, cross-cut by quartz veins and hosted in a
limestone of the Slocan Group.
About 2.5 meters of the breccia zone is visible in outcrop.
Further exploration is required to determine its orientation and
true thickness.
- Samples collected directly from the breccia zone returned
values of 79 g/t silver, 3.25% lead and 2.16% zinc. A vein
crosscutting the breccia zone was also sampled and returned 351 g/t
silver, 10.29% lead and 8.1% zinc.
The Company also explored other portions of the Jackson Basin,
which revealed potential for high-grade silver zones that may be
further tested in future programs.
The Company is also conducting an underground exploration
program focused on the western extent of the Main Lode hosting the
Silvana Mine, the second largest past-producer in the Slocan Silver
Camp. The goal is to define resources that can be mined and
processed in the Company's fully permitted 100-tonne-per-day
flotation mill in the nearby historic town of Sandon. The cash flow
generated from test-mining and custom mining would be used to fund
ongoing exploration programs.
The Company would also like to announce it has arranged a
Private Placement for up to 10,000,000 flow-through or non
flow-through units priced at $0.06 per unit, for total proceeds of
$600,000. Each unit will consist of either one flow through or one
non-flow through common share and one non-flow through,
non-transferable share purchase warrant entitling the holder to
purchase one additional common share for a period of two years at a
price of $0.10 per share. In accordance with Exchange policies,
finders' fees may be paid on a portion of the funds raised. The
private placement is subject to regulatory approval. The proceeds
of the private placement will be used for exploration programs,
property option payments and general working capital.
The Qualified Person for the purpose of National Instrument
43-101 is Freeman Smith, PGeo, who has reviewed the technical
contents of this news release.
About Klondike Silver:
Klondike Silver Corp. has assembled a quality portfolio of
silver properties in historic mineral districts in North America,
and is applying advanced exploration technologies to add value to
these core assets. Klondike Silver is reviving the Gowganda and Elk
Lake silver camps in Ontario, and the world-famous Klondike
district of Yukon Territory. The Company owns a 100 TPD fully
operational flotation mill in Sandon, BC, which is currently
processing material from one of its Yukon properties and local
mines in the historic Slocan Silver Camp.
Klondike Silver is a member of the Hughes Exploration Group of
Companies and is led by a team with a stellar track record of
discovery and development in Canada.
Visit Klondike Silver's web-site: www.klondikesilver.com to see
Smartstox interviews with Company President, Richard Hughes.
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Corporate Inquiries: Klondike Silver Corp. Kevin Hull
(604) 685-2222 (604) 685-3764 (FAX) info@klondikesilver.com
www.klondikesilver.com AGORACOM Investor Relations KS@agoracom.com
www.agoracom.com/ir/KlondikeSilver
Klondike Silver (TSXV:KS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Klondike Silver (TSXV:KS)
Historical Stock Chart
From Jul 2023 to Jul 2024