– 675 West Hastings Street
Vancouver, B.C. V6B 1N2
Telephone: 604-685-2222 Fax: 604-685-3764
FOR IMMEDIATE RELEASE
February 5, 2008
Haultain property drilling update,
gowganda Silver camp
Silver Corp. (TSX-V: KS) is pleased to announce that the
Phase I Diamond Drill Program in Haultain
Township, Gowganda, Ontario,
has been completed. Nine drill holes totaling 981 metres
were drilled on diabase targets of the Flatstone
Diabase Basin. The Flatstone Diabase Basin
adjoins the Miller Lake Diabase Basin of Haultain and Nicol Townships,
where historical silver, and cobalt production from diabase-hosted
deposits exceeded 56 million ounces silver and 560 tonnes
targets were defined through prospecting with input from the assessment records
of previous explorers and producers in both Miller
Lake and Flatstone Diabase Basins.
HLT-07-01 was drilled to test the presence of silver bearing quartz-carbonate veins
associated with faulting under Babs
Lake, which lies on the eastern margin
of the Miller Lake Diabase Basin.
The target fault zone is one of two principal faults that cross the Township
from southwest to northeast, and which appear implicit in the localization of
mineralization at Miller
Lake Diabase Basin
HLT-07-02, HLT-07-03, and HLT-07-04 were drilled to test the downdip and lateral extent of a 40cm aplite
vein associated with quartz-carbonate veining and chalcopyrite mineralization.
This aplite/quartz-carbonate vein zone was exposed at
surface by logging activities and discovered during regional prospecting. Aplite veins are important as they appear to represent the
last stage of differentiation of the host diabase,
and occupy the same stratigraphic position and
structures as silver-cobalt-nickel veins in the Miller Lake Diabase
Basin, three km to the west; the Calcite Creek Diabase
Basin, five km to the east; and the Cobalt Silver Camp, some 100 km east.
HLT-07-05 was drilled to test the orientation and potential differentiation of
the diabase as well as the identity and stratigraphic relationships of the rocks at the upper and
lower contacts of the diabase.
HLT-07-06 tested the downdip extent of rocks and
structures potentially favourable for the discovery
of silver and cobalt. Target rocks were exposed on surface in trenching carried
out by the Company in 2006, and are seen in historic shafts in the area.
Drill holes HLT-07-07,
HLT-07-08, and HTL-07-09 tested a strong zone of quartz-carbonate veining over
a 175m distance. This zone is visible at surface, and mapping suggests the
orientation of the vein set is consistent with large-scale structural
observations at the past-producing Miller Lake O’Brien Mine in the Miller Lake
Diabase Basin, which produced in excess of 36
million ounces silver and 360 tonnes of cobalt
between 1910 and 1965. The vein zone also appears correlative with the Haultain Mine prospect some in the Flatstone Diabase Basin,
and the Wigwam Silver prospect in the adjoining Calcite Lake
Silver Corporation CEO Mr. Richard Hughes said, “This first phase drill
program should allow us to develop a specific discovery model for Miller Lake
Diabase Basin style silver-cobalt-nickel veins
in underexplored areas of the Gowganda Silver Camp,
and in Haultain township especially”.
has also finished renovating the old Gowganda school
(see News Release No. and date) to support four-season core logging, sampling,
and grassroots exploration activities. Accordingly, detail logging and mapping
of the drill holes is now underway.
On behalf of the Board of
KLONDIKE SILVER CORP.
“Richard W. Hughes”
Information Contact: The Hughes Exploration Group at (604)
visit the Company’s website: www.klondikesilver.com to see
the Smartstox Report in which Stanlie
Hunt interviews Klondike Silver Corp. President Richard Hughes.
contains certain forward looking statements which involve known and unknown
risks, delays and uncertainties not under the corporation’s control which
may cause actual results, performance or achievements of the corporation to be
materially different from the results, performance or expectation implied by
these forward looking statements.
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.