Klondike Gold Drills 0.60 g/t Au over 27.85 meters and 0.43 g/t Au over 32.7 meters at Gay Gulch Showing

VANCOUVER, BC / ACCESSWIRE / February 27, 2023 / Klondike Gold Corp. (TSX.V:KG)(FRA:LBDP)(OTCQB:KDKGF) ("Klondike Gold" or the "Company") is pleased to report gold assay results from eleven diamond drill holes at the Gay Gulch Showing on the Klondike District Property (the "Property") located in the Dawson mining district, Yukon, Canada.

Highlights from Gay Gulch Showing drilling include:

• Gold mineralization has been intersected by drilling over a 300-meter lateral distance. The mineralized zone is interpreted to begin at surface with a shallow southeast-directed plunge and remains open.
• 0.43 g/t Au over 32.7 meters in EC22-467 from 65.1 meters to 97.8 meters at 210^o azimuth.
• 0.42 g/t Au over 34.5 meters in EC22-468 from 38.0 meters to 72.5 meters at 290^o azimuth.
• 0.60 g/t Au over 27.85 meters in EC22-477 from 23.0 meters to 50.85 meters at 290^o azimuth.
• Drilling intersected extensive silicification in graphite schist adjacent the schist-graphite fault associated with a modelled anticlinal fold hinge.
• The recently reported high grade quartz vein sampled in outcrop came from the schist-graphite fault contact exposed at surface which assayed 4,064 g/t Au with 1,149 g/t Ag (refer to news release of February 21, 2023).

Peter Tallman, Klondike Gold's President & CEO, states "Congratulations to the Company's geology team jointly with Kluane Drilling personnel who outlined what has become a significant drill discovery at the Gay Gulch Showing. This ‘quick' drill program, completed during a ‘short‘ break from nearby Stander Zone drilling, succeeded in tracing the geometry of a gold mineralized fault and determined a plunge axis "on the fly" for 300 meters length which outlines the geometry of the Gay Gulch Showing for the first time. The Company can proceed in 2023 to drill test towards establishing a third mineral resource area on the Property."

Assay results for eleven (11) drill holes, EC22-467 to EC22-477, have been received which tested the Gay Gulch Showing over a 300 meter length. Significant intersections from these holes are shown in Table 1.

Table1: 2022 Exploration Program - Gay Gulch Showing - Significant Results

[NSV: no significant values]

Eleven holes targeted Gay Gulch Showing mineralization in 2022. Six holes were drilled at 210 azimuth to test for gold mineralized sheeted veins comprising typical mineralization at the Gay Gulch Showing. Mineralized intersections in 210-directed holes are approximately true thickness determined from quartz vein measurements from sheeted veins. Five holes were drilled at 290 azimuth mineralization to test for the graphitic fault structure and associated mineralization. Mineralized intersections of 290-directed holes intersecting silicification and quartz veining along the graphitic fault are estimated 70% of true thickness based on indication of shallow plunge to southeast supported by 3D modeling of mineralized extents. Mineralized intervals in holes EC22-472, EC22-474, and EC22-475 are interpreted to have intersected the top of the gold mineralized envelope consistent with a southeast plunge. Mineralization remains open and untested to the southeast.

Drill hole details including coordinates, orientation, dip, and length of hole are provided in Table 2 below.

Table 2: Drill Collar Summary for 2022 exploration program at Gay Gulch Showing

Six holes tested the Gay Gulch Showing for the first time in 2015 which led to discovery hole EC15-10 intersecting 75.6 g/t Au over 2.8m including 420 g/t Au over 0.4m. Results from 2015 holes EC15-08 to EC15-13 reported in the October 26, 2015 news release, a copy of which can be referenced at https://www.klondikegoldcorp.com/klondike-gold-reports-remaining-2015-drill-results-intersects-75-6-gt-au-over-2-8m-at-gay-gulch/.

Seven drill holes tested the Gay Gulch Showing in 2019 following up the 2015 gold discovery included EC19-244 intersecting 0.4 g/t Au over 29.8m from 5.7 meters which located the gold mineralization at surface. Results from 2019 holes EC19-242 to EC19-248 reported in the September 29, 2019 news release, a copy of which can be referenced at https://www.klondikegoldcorp.com/klondike-gold-reports-gay-gulch-drill-results-and-exploration-update/

The recent results from discovery of Gay Gulch high-grade gold mineralization in quartz veining in surface outcrop assaying 4,064 g/t Au with 1,149 g/t Ag with telluride and silver sulfosalt were reported in the February 21, 2023 news release, a copy of which can be referenced at https://www.klondikegoldcorp.com/klondike-gold-discovers-high-grade-quartz-vein-outcrop-at-gay-gulch-assaying-4064-g-t-au-with-1149-g-t-ag/.

The Company is currently compiling exploration information in the Gay Gulch area as a priority. Several linear Au-Ag-Te soil anomalies potentially resulting from in-situ high gold-silver mineralization coincident with LiDAR lineaments interpreted as potential late faults occur near the Gay Gulch Showing and will be high priority targets for 2023 exploration.

2022 QUALITY ASSURANCE / QUALITY CONTROL PROTOCOLS

All 2022 drill holes referenced in this release produced NTW (5.71 cm dia.) drill core. Assay samples from drill core are cut using a diamond saw. Half the core sample interval is bagged, tagged, and sealed; the other half is returned to the core box with a corresponding tag retained for reference. Two gold reference standards, two blank samples (a coarse and a fine), and a coarse sample duplicate per 100 samples, are routinely inserted as part of Klondike Gold's quality assurance / quality control ("QA/QC") program, independent of and additional to the laboratory QA/QC program.

Sample bags are aggregated into rice bags, sealed, and submitted by Klondike Gold personnel to Bureau Veritas Mineral Laboratories ("BV Labs") preparation facility in Whitehorse, Yukon, with chemical analysis of sample pulps completed in Vancouver, British Columbia. BV Labs is an accredited ISO 9001:2008 full-service commercial laboratory.

At BV Labs each drill core sample is crushed to 80% passing 2 mm size. A 500 g subsample is pulverized to >85% passing -75 microns size (200 mesh; code PRP70-500). All samples of 500 g are sieved to 106 microns (140 mesh) for "metallic screen" assaying. The +140 mesh fraction is weighed and assayed for gold by fire assay ("FA") fusion with a gravimetric finish (code FS631). A 30 g subsample of the -140 mesh fraction is assayed for gold by fire assay ("FA") fusion with an atomic absorption ("AA") finish (code FA430). All over-limit results in excess of 10 ppm (10 g/t) for both silver and gold are re-assayed using a 30 g subsample and assayed by FA with a gravimetric finish (code FA530-Au/Ag). Total gold grade is then calculated using a weighted average of the plus and minus fraction assay results. BV Labs independently inserts QA/QC standards, blanks, and sample duplicates through each analytical process.

UPCOMING EVENTS

Klondike Gold will be participating in the following recent or upcoming events:

PDAC (Toronto, ON) - March 5 to March 8, 2023

PDAC (Toronto, ON) - PDAC-SEG Student Minerals Colloquium: 3 Research Poster Displays

All events are subject to change.

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.

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-kilometer length of the famous Klondike Goldfields placer district. Multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company has identified an Initial Mineral Resource 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 kilometer 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 Initial 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.