Klondike Silver Corp. Discovers Western Extension of Lode Structure on Initial Underground Drilling of Silvana Mine
August 27 2009 - 9:00AM
Marketwired
Klondike Silver Corp. (TSX VENTURE: KS) (the "Company") is pleased
to report that initial diamond drilling west of the past-producing
Silvana Mine has revealed the presence of a favorable structure
with similar geological characteristics to the historic "Main Lode"
structure. The "Main Lode" structure was the principal source of
silver/lead/zinc production in the prolific Sandon Silver Camp of
south-central British Columbia.
An audio interview summarizing this release has been prepared
with the Company's Mine Manager, Steve Phillips, is available
through AGORACOM Investor Relations via the following link (link
will go live at approximately 11:30am EST, August 27, 2009):
http://www.smallcapepicenter.com/executive/KSbtpr270809
"We have two goals in the current underground exploration
program; first to identify the presence of the lode structure
within the prospective horizon, and second to locate any
ore-bearing chutes within the structure. The discovery of lode
structure this early in the initial phase of exploration is
exciting as we are just at the start of our target area," comments
Company president Richard Hughes. "This 1.5 km area between the
Mammoth and Silvana mines has never been tested before although it
was slated for exploration before the mine shut down in the early
1990s as a result of low metal prices. Drilling will now focus on
testing the newly discovered structure for the presence of
ore-bearing chutes as well as further delineating its extent."
To view a map of the 2009 drilling and target area please click
on the following link (if the link does not open cut & paste it
into your browser address bar):
http://www.klondikesilver.com/i/pdf/MainLodeXsectioncropped.pdf
The "Main Lode" structure is more than 8 kilometers long,
extending east from Silverton on Slocan Lake to Sandon through the
"Silver Ridge" of the Selkirk Mountains some 50 kilometers north of
Nelson, B.C.
The Company holds the ground for approximately 1.5 km to the
west of this productive zone, to within 0.5 km of the Mammoth Mine.
This program represents the first attempt since the early 1990s to
explore west towards the Mammoth, Standard and the other major
"Main Lode" producers.
The initial phase of diamond drilling was conducted from the new
underground west extension of the main access (4625 Level) of the
Silvana Mine.
- Four BQ-size holes totaling 363.6 meters (1,193 feet) were
drilled at a departure of 9,250.00 feet E. (mine grid). This
initial drilling program represents the first stage of exploring a
1.5-kilometer long (7,000 feet) presumed highly prospective segment
of the "Main Lode" structure.
- The recently completed drill program achieved an important
objective as the structure intersected by the drilling has
characteristics typical of the "Main Lode" as mined at Silvana.
- Following this identification, the next 100 meters (330 feet)
westerly extension of the main access (4625 Level) is now under
way. The next drill station for testing the presence and resource
potential of the "Main Lode" will be at approximately 9,500 feet E.
(mine grid).
The Silvana Mine is one of 29 former producers staked or
acquired by the Company within the Slocan Camp. Other assets
include extensive exploration lands and a fully permitted
100-tonne-per-day (TPD) flotation mill.
The Silvana Mine produced approximately 8 million ounces of
silver and more than 30,000 tons each of lead and zinc from 550,000
tons of mill-feed mined from a 1.5-kilometer section of the "Main
Lode" under Silver Ridge. This section was explored, developed and
mined almost continuously from 1970 to 1993 by the Silmonac
Syndicate and its successors, including Kam-Kotia Mines Limited,
Silvana Mines Inc., Dickenson Mines Limited and Treminco Resources
Ltd. Sporadic mining has since been conducted by other companies,
including Klondike Silver.
The Qualified Person for the purpose of National Instrument
43-101 is Trygve Hoy, PEng, PhD who has read and agreed with the
technical information in 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 or contents of this news release.
Contacts: Corporate Inquiries: Klondike Silver Corp. Kevin Hull
(604)-685-2222 Klondike Silver Corp. Alan Campbell (604)-685-2222
604-685-3764 (FAX) info@klondikesilver.com www.klondikesilver.com
AGORACOM Investor Relations KS@agoracom.com
http://www.agoracom.com/ir/KlondikeSilver
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