Phase Four Drilling At Klondike District Property

VANCOUVER - Klondike Gold Corp. reported on Phase 4 diamond drilling at its Klondike District Property, located in the Dawson Mining District, Yukon, Canada. Phase 4 tested for mineralization associated with graphitic thrust faults over a 4 km strike length along Eldorado Creek including at the Gay Gulch gold showing. Highlights from Phase 4 drilling along Eldorado Creek include: 1,464 g/t Ag (47.1 oz/t Ag) over 3.52 meters from 77.25 meters in EC21-436; and 30.97 g/t Au over 0.5 meters from 40.0 meters in EC21-439 at Gay Gulch Showing.

Peter Tallman, CEO, said, "The multi-ounce silver intersection in EC21-436 is exciting. To the best of our knowledge, this is the first like it in the Klondike District and is associated with the major Eldorado Creek thrust fault adjacent to the Gay Gulch gold showing. We look forward to follow-up drill testing in this area of Eldorado Creek in 2022."

Phase 4 drilling tested over a lateral distance of 4.0 km targeting graphitic thrust faults along Eldorado Creek. Thirteen (13) holes totaling 886 meters were completed in October 2021. Phase 4 drilling follows from the identification in 2021 by the Company's geology team of major graphitic thrust faults at the Lone Star Zone and Stander Zone associated with the persistence of gold-bearing sheeted quartz veins intersected in Phase 2 - Lone Star Zone and Phase 3 - Stander Zone drilling adjacent to these faults.

The objective of Phase 4 was to determine if observed graphitic outcrops along Eldorado Creek including at Gay Gulch gold showing were associated with thrust faults, determine their orientation, and test for presence of mineralization.

The Phase 4 drill program was successful in extending gold mineralization at the Gay Gulch showing. EC21-439 intersected sheeted gold-bearing quartz veins hosted within and adjacent a graphitic thrust fault with the best individual assay of 30.97 g/t Au over 0.50 meters from 40.0 meters downhole. Additionally, EC21-440 intersected sheeted gold-bearing quartz veins across a broader interval, interpreted to be a ‘mineralization halo' that assayed 0.29 g/t Au over 30.0 meters from 33.0 meters downhole. Intersections are approximately true width based on oriented core measurements of gold bearing veins.

The Phase 4 drill program also intersected high grade silver-tungsten mineralization hosted within graphitic fault breccia located adjacent to the Gay Gulch showing. EC21-436 assayed 1,464 g/t silver (47.1 oz/t silver) with 0.8% tungsten over 3.52 meters from 77.25 meters in EC21-436. The true width of this intersection is unknown based on this one intersection point. The fault and high grade silver mineralization intersected by EC21-436 remains open in all directions.