Klondike Gold Samples up to 60.7 g/t Au (1.95 opt Au) at Dominion Target

VANCOUVER, BC / ACCESSWIRE / October 31, 2023 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTCQB:KDKGF) ("Klondike Gold" or the "Company") is pleased to report 2023 rock sampling and mapping results from the Dominion target on the Company's 100% owned Klondike District Property (the "Property") in the Dawson mining district, Yukon, Canada.

Highlights:

• Dominion target rock grab samples assay gold up to 60.7 g/t Au (1.95 opt Au) and silver up to 1,080 g/t Ag (34.7 opt Ag) with anomalous tellurium (10.2 g/t Te).
• Three major parallel shear zones/thrusts were mapped with each traceable over a 2 km length. These structures control emplacement of gold mineralization.

Peter Tallman, Klondike Gold's President & CEO, states; "Our team has made new gold discoveries in outcrop following implementation of several upgrades to our exploration models including re-characterization of lithologic units and new structural ideas. It is exciting and energizing to use exploration concepts that work globally in productive orogenic gold belts to re-evaluate drill targets in the Klondike with new prospecting and mapping views and find visible gold in each of them. These targets are distributed over the 50 km strike length of the Property which provides a scale of the gold district that Klondike Gold owns and is systematically exploring."

Detailed mapping and rock sampling was conducted at the Dominion gold target over a 3.5 km by 1.5 km area located 20 km southeast of mineral resources estimated at the Lone Star and Stander Zones¹ within the central-east portion of the Property.

Assay results for eighty-one rock samples of quartz veins and local host rocks have been received. Approximately half of these samples were of outcrop or subcrop quartz veins visually containing coarse pyrite, a telluride mineral, and locally with galena and native sulphur.

Seven ‘highlight' outcrop samples within the Dominion target area assayed gold between 15.1 g/t Au (0.48 opt Au) and 60.7 g/t Au (1.95 opt Au), silver between 10 g/t Ag to 684 g/t Ag, and tellurium between 2.5 g/t Te to 10.2 g/t Te. A total of forty-eight samples contained anomalous gold above 0.1 g/t Au, anomalous silver from 2 g/t Ag to a high of 1,080 g/t Ag, and anomalous tellurium above 0.2 g/t Te. Samples described herein are selective in nature, non-representative rock grab samples of locally derived subcrop or in-situ bedrock collected to test for the presence or absence of gold and other ‘economic' minerals.

Mapping identified three parallel major shear zones / thrusts characterized by the presence of entrained graphite and ultramafic rocks each traceable in surface outcrops for 2 km. These shear zones are interpreted to control distribution of localized gold-bearing shear veins and related extensional sheeted veins along the 2 km of their strike length examined by mapping. Structural controls to gold mineralization have not previously been characterized at the Dominion target or elsewhere in the Klondike District.

Figure 1: Location map of 2023 mapping areas within the Property.

This systematic mapping / sampling survey 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. Rock sampling with mapping results from Gold Run, Stander East, and other targets mapped during this effort are pending. 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. Assays for the 2023 drill hole program are pending.

KLONDIKE GOLD 2023 QA/QC rock 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.