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KLONDIKE SILVER CORP.
711-675 West Hastings Street, Vancouver, B.C. V6B 1N2 (604) 685-2222 *Fax: (604)
685-3764
FOR IMMEDIATE RELEASE
May 10, 2007
TSXV: KS
Klondike Silver Corp. Announces 2007 Yukon Exploration Programs
Klondike Silver Corp. (TSXV: KS) is currently
conducting pre-season planning for its Yukon exploration programs at the Idaho
Creek and Connaught (CN) properties which are under option from ATAC Resources
Ltd.
The Idaho Creek
property is located in west-central Yukon
within the Dawson
Range, a well mineralized
region of the productive Tintina Gold Belt. The Tintina Gold Belt hosts
several major deposits including Donlin Creek, Pogo, Fort Knox,
Keno Hill and Casino. The property lies 14 km east of the Casino porphyry
gold-copper-molybdenum deposit, which has a measured and indicated mineral
resource of 964 Mt grading 0.22% Cu, 0.24 g/t Au and 0.02% Mo. (Note:
This resource estimation was prepared by Western Copper Corporation and
conforms to NI 43-101). The Idaho Creek claims are underlain by the same
intrusive rocks hosting the Casino Deposit.
Cumulative results from work completed to date on the
property suggest the Idaho Creek claims are underlain by a high level porphyry
system. The mineralization exposed at surface and identified in drill holes
is hosted in veins and stockwork fracture zones resembling those commonly
observed in halos above buried porphyry systems. The 2007 program will
consist of 1200 m of diamond drilling to test the best anomalies defined by
induced polarization surveys conducted during the 2006 season. This work
is scheduled to commence in early June.
The Connaught (CN)
property hosts an extensive system of silver-lead-gold veins located
within the Sixty Mile placer gold camp in western Yukon. The property covers roughly
4100 hectares. Key parts of the area now covered by the CN claims have
been staked almost continuously from 1965 until 2006 when they came open and
were immediately restaked by ATAC Resources.
The property is largely underlain by metaplutonic
rocks of the South Fiftymile Batholith and metasedimentary rocks of the
Fortymile River Assemblage. There is very little structural data because
this part of the Yukon
escaped the effects of Cordilleran glaciation, and as result local topography
is subdued.
Most of exploration conducted in the vicinity of the
current claim block was done between 1965 and 1988. The exploration was
largely modeled on the nearby Keno Hill district, which produced over 200
million ounces of silver at an average grade of 1400 g/t (40 opt). Work
done at the CN area consisted of soil geochemical and geophysical surveys,
localized bulldozer trenching and limited diamond drilling. The work,
which was almost exclusively restricted to ridge tops, identified seven
northeast trending vein zones. The veins are characterized by coarse comb
textured multi-episodal quartz and carbonate mineralized with variable amounts
of galena, arsenopyrite, pyrite, chalcopyrite, stibnite and associated oxides,
carbonates and sulphates.
Approximately 218 tonnes of mineralized vein material
were extracted from the No. 1 and No. 3 veins in the western part of the
property in 1966 and 1976. This material was shipped to a smelter and
reportedly averaged 2228.5 g/t silver, 60% lead and 1.0 g/t gold. The
most recent sampling program conducted in 1998 obtained similar grades from
specimens and channel samples across veins still partially exposed in the old
bulldozer trenches. This sampling campaign also identified significant
gold and silver values (up to 3.2 g/t and 55.2 g/t respectively) in alteration
selvages adjacent of some of the vein zones.
A VTEM survey was flown across the entire property in
early summer 2006 by Klondike Silver. While the known veins show little
to no VTEM response, four conductors were identified along strike in the
eastern part of the property. This area also returned the highest lead
values obtained from stream sediment samples collected from the property.
Data reduction and modeling of specific conductors are currently in process by
Geotech Limited.
The 2007 program will consist of roughly 400 hours of
excavator trenching to test along strike from, and completely across, the known
veins in order to evaluate both high grade and bulk potential of the
system. Trenching will also be done across numerous unexplored
geochemical anomalies that lie between the known veins. Approximately
1000 m of diamond drilling will be done beneath the best targets identified by
the trenching program. Additional mapping, prospecting and soil geochemical
surveys will be conducted concurrently with the trenching and drilling
programs. This work is expected to start in early July following the
completion of drilling at the Idaho Creek property.
Richard Hughes states “the Idaho Creek and Connaught properties offer an excellent chance for
significant new discoveries and we are eager to commence the 2007 exploration
programs”.
The technical information in this news release has
been prepared in accordance with Canadian regulatory requirements set out in
National Instrument 43-101.
Mr. Bill Wengzynowski, P.Eng is designated as the
qualified person who reviewed this information and will be supervising the
exploration in the 2007 season.
On behalf of the Board of Directors
Klondike Silver Corp.
Signed “Richard
W. Hughes”
President
Contact: 604-685-2222