New Klondike Extends Katisha Lake Option, Attending PDAC
26 Février 2014 - 2:47PM
Marketwired
New Klondike Extends Katisha Lake Option, Attending PDAC
TORONTO, ONTARIO--(Marketwired - Feb 26, 2014) - 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.
Goldstorm Project
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.
Qualified Person
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.
Forward-Looking Information
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.
New Klondike Exploration Ltd.Michael
CoulterPresident416-368-3332info@newklondike.comwww.newklondike.com
New Klondike Exploration Ltd. (TSXV:NK)
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