Klondike Gold Samples up to 74.6 g/t Au (2.40 opt Au) at Gold Run Target

VANCOUVER, BC / ACCESSWIRE / November 8, 2023 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTCQB:KDKGF) ("Klondike Gold" or the "Company") is pleased to report 2023 mapping, rock sampling and diamond drilling results from five holes at the Gold Run target on the Company's 100% owned Klondike District Property (the "Property") in the Dawson mining district, Yukon, Canada.

Highlights:

10 rock grab samples from the Gold Run target assay gold up to 74.6 g/t Au (2.40 opt Au). Six of the samples contained visible gold.

Mapping indicates a major bounding thrust fault lies 1km west of the Gold Run showing areas and a second subordinate thrust fault lies 1km east. These structures control emplacement of sheeted veins containing gold mineralization.

Mapping suggests the Gold Run target area is not part of the Klondike Schist and belongs to a different assemblage.

Five diamond drill holes over a 500 meter strike length all intersected gold bearing sheeted veins with extensive carbonate alteration halos. The gold grades of individual sheeted veins is low, no visible gold was noted, and the overall frequency of veining intersected was also low. The geochemistry of the veins is also different from those intersected at the Company's gold targets elsewhere within the district.

Peter Tallman, Klondike Gold's President & CEO, states; "From the limited amount of exploration we've completed over several years at the remote Gold Run Target (~50kms SE), we've learned that it's geology, geochemistry and structural controls are quite different from that of the Lone Star/Stander/Gay Gulch areas, where we've begun to build our gold mineral resources. At this early stage of target evaluation these differences are just beginning to be understood and quantified. Gold Run remains an important target area within our Klondike district project but is at an early exploration stage compared to the development work being done elsewhere."

Prospecting, mapping, and diamond drilling was conducted at the Gold Run gold target over a 2.0 km by 1.5 km area located 50 km southeast of mineral resources estimated at the Lone Star and Stander Zones¹ and 20 km southeast of the Dominion gold target (see NR October 31, 2023) at the south-east end of the Property.

Ten prospecting samples of individual 5 to 20 cm wide outcrop or subcrop quartz veins were collected from pre-existing c.1900 to pre-1948 hand dug exploration pits, trenches, or shafts attributed to Yukon Consolidated Gold Company ("YCGC") work which included logging, road building, and camps supporting dredging operations. Six samples contained visual gold. Four ‘highlight' outcrop samples of quartz veins assayed gold between 22.5 g/t Au (0.72 opt Au) and 74.6 g/t Au (2.40 opt Au); all of these samples had visual gold. All ten samples had gold values above 0.63 g/t Au.

Mapping from outcrop and subcrop, LiDAR, geophysics, and diamond drilling is interpreted to indicate the Gold Run gold showing area is hosted by mafic volcanic rocks in a 2km-scale open fold plunging southeast. Major thrust faults occur along the limbs of this fold. The fold is cut by NW-SE oriented fractures which host gold bearing sheeted extensional veins localized in the fold hinge associated with carbonate alteration.

A total of 5 drill holes totalling 524 meters tested the Gold Run target along a 500-meter strike length and across a width of 150 meters. All drill holes intersected gold bearing sheeted veins. Every vein contained anomalous gold but no visible gold was identified and the vein density intersected in each hole was low. Table 1 summarizes gold intersections in holes GR23-494 to GR23-498.

Table 1: Summary of Significant Gold Intervals

Gold assays from sheeted veins at Gold Run target do not contain anomalous trace elements Te (tellurium) or Ag (silver) among others which are present in significant quantity at Dominion, Lone Star, Stander, or other mineralized zones within the Klondike schists. This mafic lithology area is considered to not be part of the Klondike schist assemblage as shown on government maps.

The systematic mapping / sampling survey at Gold Run is part of a broader 2023 effort to assess structural controls in gold target areas to distinguish areas of gold mineralization with tonnage potential from smaller localized showings. The Company in 2023 completed 25 diamond drill holes testing targets including the Gold Run target, Stander Zone mineral resource area¹, and Gay Gulch Showing among other targets. Rock sampling with mapping results from Stander East and other targets mapped during this effort are pending. Assays from five holes at Gold Run are reported here and the remainder of the 2023 drill hole program assays are pending.

KLONDIKE GOLD 2023 QA/QC prospecting rock and drill core sample protocols are found on our website: https://www.klondikegoldcorp.com/projects/sampling-and-assay-protocols/

QUALIFIED PERSON

The technical and scientific information contained within this news release has been reviewed and approved by Peter Tallman, P.Geo., President and CEO of Klondike Gold and Qualified Person as defined by NI 43-101 policy. Detailed technical information, specifications, analytical information and procedures can be found on the Company's website.

UPCOMING EVENTS

Klondike Gold will be participating in the following upcoming events:

• One-on-one investor meetings (Houston, Texas) - November 15 - 16, 2023
• Florida Capital Event Conference (Miami, Florida) - November 17 - 19, 2023

ABOUT KLONDIKE GOLD CORP.

Klondike Gold is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-km length of the famous Klondike Goldfields placer district. Multi-km gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company has identified a Mineral Resource Estimate of 469,000 Indicated and 112,000 Inferred gold ounces¹, a milestone first for the Klondike District. The Company is focused on exploration and development of its 727 square km property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon, within the Tr'ondëk Hwëch'in First Nation traditional territory.

¹ The Mineral Resource Estimate for the Klondike District Property was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI 43-101. The technical report supporting the Mineral Resource Estimate entitled "NI 43-101 Technical Report on the Klondike District Gold Project, Yukon Territory, Canada" has been filed on SEDAR at www.sedar.com effective November 10, 2022. Refer to news release of December 16, 2022.

ON BEHALF OF KLONDIKE GOLD CORP.

"Peter Tallman"

Peter Tallman,
President and CEO

FOR FURTHER INFORMATION:
Telephone: (604) 609-6138
E-mail: info@klondikegoldcorp.com
Website: www.klondikegoldcorp.com

Neither the 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 release.

Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. Klondike Gold does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

SOURCE: Klondike Gold Corp.