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Re: News Releases - Tuesday, July 08, 2008
EXPLORATION UPDATE ON ESPIRITU, EL CUERVO, SUZANNE & OFELIA
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Klondike Silver Corp. (TSX-V: KS) and Kootenay Gold Inc. ("Kootenay")
(TSX-V: KTN) are pleased to report an exploration update on the
generative properties optioned from Kootenay Gold to Klondike Silver in
the state of Sonora, Mexico.
All areas are in early stages of modern discovery and in all cases
there are evidences of old artisan workings.
ESPIRITU
The Espiritu prospect is represented by a polymetallic Au, Ag, Cu, Pb &
Zn mineralization that is traceable for up to 4 km in length to 500m in
width. The mineral system is related to a NE trending structural zone
hosting stockworks, veins and breccias mineralized with secondary
metallic oxides, galena, sphalerite, chalcopyrite and sulphosalts.
Mineralization is hosted in argillic, sericitic, silica and biotite
alteration zones and appears to be associated with at least two
porphyry systems. Metals values are anomalous to highly anomalous over
the whole length of the system and include gold (to 3720 ppb), silver
(to 1231 ppm) and numerous locations of copper, lead and zinc with
values greater than 1%.
A total of 55 grab samples have been collected ranging from background
to the above noted highs.
EL CUERVO
This prospect contains both skarn and epithermal low sulphidation
mineralization. The mineralization is related to granitic rocks
intruding a massive limestone unit located at and along a major basin
and range front fault. The skarn has been traced for in excess of 2 km
strike length and in excess of 500 m wide along the contact of the
granitic rock and the limestone. The skarn is a complex array of
magnetite, hematite, garnet, pyroxene, actinolite, chlorite, epidote
and ilvaite. The skarn is polymetallic with anomalous Au, Ag, Cu, Pb,
Zn, Mo & W. Values range to Au (2550 ppb), Ag (237 ppm), Cu (2.9%), Pb
(1.8%), Zn (10.9%), Mo (12500ppm) & W (2100ppm). The skarn is strongly
zoned with strongest mineralization in the eastern parts.
The epithermal, low sulphidation zone is hosted in Tertiary rhyolites
to the immediate west of the skarn and appears to represent a high
level stage of mineralization related to the down drop margin of the
basin and range front fault. Au values to 800 ppb (0.8 gr/ton) have
been noted.
A total of 122 grab samples have been taken at El Cuervo with values
ranging from background to the above noted highs.
SUZANNE
The Suzanne is represented by a polymetallic Au/Ag/Pb/Zn sheeted vein
system related to major ENE faulting. The veins and associated
stockwork are traceable for in excess of 1 km and range up to 5 m in
width. Metal values for the veins and stockworks range to Au (695 ppb),
Ag (665 ppm), Pb (6.4%), Zn (10.7%). Exploration peripheral to the vein
revealed the probable presence of further veins with the discovery of
proximal float with 506 ppb Au and 665 ppm Ag, 500 metres south from
the main discovery veins.
63 grab samples were taken ranging from background to the above noted
highs.
OFELIA
The Ofelia prospect is a low sulphidation epithermal quartz
vein/stockworks system. Preliminary exploration has shown the system
to contain gold values 5.7 gr/ton and silver values to 469 ppm, with
little or no accompanying other metals or pyrite. The Ofelia system is
hosted within a 5 km by 3 km alteration zone, most of which has not
been explored. The mineralization appears to be immediately peripheral
to the alteration system.
41 grab samples have been taken ranging from background to the above
noted highs.
All values reported are from prospector grab samples and all were
analyzed by IPL Laboratories in Richmond, B.C. Canada using multi acid
digestion agua regia with ICP and a fire assay AA finish for gold and a
fire assay gravimetric finish for gold and silver over 1000 ppb and 100
ppm respectively.
The foregoing geological disclosure has been reviewed and verified by
Kootenay's CEO, James McDonald, P.Geo. (a qualified person for the
purpose of National Instrument 43-101, Standards of Disclosure for
Mineral Projects). Mr. McDonald is a director of the Company.
About Klondike Silver
Klondike Silver Corp. has assembled a quality portfolio of silver and
silver-rich polymetallic properties in historic mineral districts of
North America, and is applying advanced exploration technologies to add
value to these core assets.
The Company holds more than 10,000 hectares of claims and crown grants
in the "Silvery Slocan" district, including numerous past-producing
mines and a fully permitted and operating 100 tons per day mill near
the historic mining town of Sandon, B.C.
Klondike Silver is reviving the historic Gowganda and Elk Lake silver
camps in Ontario, and is exploring silver-rich polymetallic targets in
the world-famous Klondike district of Yukon Territory. The Company has
also recently optioned eight high-potential mineral concessions in
under-explored historic mineral districts of Mexico.
Klondike Silver is a member of the Hughes Exploration Group of
Companies and is led by a team with a stellar track record of discovery
and development in Canada.
CONTACT INFORMATION
Corporate Inquiries: Kevin Hull or Alan Campbell
(604)-685-2222
Email: info@klondikesilver.com
Or visit Klondike Silver's web-site: www.klondikesilver.com to see
Smartstox interviews with Company Chairman and President.
AGORACOM Investor Relations
Email: KS@agoracom.com
Website: http://www.agoracom.com/ir/KlondikeSilver
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Copyright (c) 2008 KLONDIKE SILVER CORP. (KS) All rights reserved.
For more information visit our website at
http://www.klondikesilver.com/ or send mailto:info@klondikesilver.com
Message sent on Tue Jul 8, 2008 at 8:29:57 AM Pacific Time
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