|By Marketwired .||
|February 26, 2014 08:48 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/26/14 -- New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce that it has entered into an amending agreement with the owners of the Katisha Lake claim, Alexander Glatz and Ivar Joseph Riives (the "Optionors"), to postpone an option payment of $20,000 which was due on January 23, 2014 until August 31, 2014. In consideration for the Optionors' agreement to extend the date for the payment, the Company has agreed to issue 100,000 common shares to each of the Optionors, subject to receipt of regulatory approval. Under the terms of the option agreement, which was fully described in the Company's press release dated February 4, 2013, the Company has the right to acquire a 100% interest in the Katisha Lake claim. The shares, when issued, will be subject to a four-month statutory hold period.
The Katisha Lake claim, located in the Kawashegamuk Lake Area of Northwestern Ontario, consists of 9 claim units covering an area of 144 hectares and is contiguous to the western boundary of the Company's Goldstorm Project. The claim is host to at least eight known gold prospects, as documented in Ontario Geological Survey data files. Reconnaissance scale sampling in July 2013 produced encouraging gold assay values previously announced by the Company in a press release dated September 25, 2013 including the following.
Ten samples taken from four gold prospects located in the southwestern part of the project area, collectively referred to as the Katisha Lake gold zone, assayed an average of 2.18 g/t Au with individual samples ranging from 0.28 g/t to 8.69 g/t Au. The samples were composite grab samples representing mineralized zones ranging in thickness from 0.3 to 0.8 m. Gold mineralization at Katisha Lake is hosted by silicified zones and quartz veining developed within sheared, sericitized and pyritized zones ranging from 1 to 20 metres in width. These zones have been traced by historical exploration programs for lengths ranging from 50 to 300 metres. The zones are hosted within a complex geological setting that includes layered gabbroic sills intruding Archean aged mafic to felsic volcanic and intrusive rocks. All of these rocks are unconformably overlain by a band of Timiskaming-type sediments immediately to the north of the known gold prospects. The July sampling and geological reconnaissance program helped to confirm recent prospector sampling and observations, which indicate that the major trend of the mineralized zones at Katisha Lake is from north-south to northeast-southwest. This trend is contrary to the east-west trends that were the targets of most historical exploration activity, including a drilling program carried out by Esso Minerals Limited in the 1980s.
Grab samples are selective by nature and may not represent average grades for the mineralized zones at Katisha Lake.
The Goldstorm Project claims cover a large area, in excess of 230 square kilometres, within the southeastern part of the Eagle-Wabigoon-Manitou Lakes Greenstone Belt. Five regional scale structures and associated gold mineralization have been identified within or passing through the project boundaries. These include more than 45 kilometres of major fault zones and a 12 to 15 kilometre long band of Timiskaming-type sedimentary rocks that rest unconformably on mafic volcanic and ultramafic to felsic intrusive rocks. Maps and figures depicting the location and geology of the Goldstorm Project have been compiled in a presentation titled 'Goldstorm Project-Northwestern Ontario' available on the Company's website.
Mr. Seymour M. Sears, B.A., B.Sc., and P.Geo., a director of the Company, has reviewed and approved the technical content of this press release.
Prospectors & Developers Association Convention (PDAC)
The Company will be exhibiting at the PDAC on Tuesday March 4 and Wednesday March 5, 2014 in Booth 2201B and invites shareholders and other investors to visit us for an update.
About New Klondike
New Klondike is an Ontario focused mineral exploration and development company with a primary objective of exploring for and developing base and precious metal deposits on its Goldstorm Project. The Company presently has 18,422,845 common shares issued and outstanding. For further information about New Klondike, please visit our website at www.newklondike.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, general business and economic uncertainties.
Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.