Mar 5 2013
New Klondike Exploration Ltd. ("New Klondike" or the "Company") is pleased to announce that it has increased the size of the property that makes up the Company's 'Goldstorm Project' located in Northwestern Ontario.
An additional 29 claims, consisting of 343 claim units, contiguous with the north-eastern boundary of the original property were acquired by staking. The Goldstorm Project now consists of 109 unpatented mining claims comprised of 1,443 claim units and covering approximately 23,088 hectares, an area in excess of 230 square kilometres.
The new claims were acquired to cover the northwest extension of a major zone of deformation and carbonate alteration referred to as the Long Lake Fault Zone. At least two known gold prospects and numerous zones of green carbonate alteration lie within the new claims. Green carbonate alteration is often associated with gold mineralization in other mining camps such as the Kirkland Lake - Larder Lake gold district.
The Goldstorm Project claims cover a large area 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 metasedimentary rocks that rest unconformably on mafic metavolcanic 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' posted on the Company's website, or by clicking here: http://media3.marketwire.com/docs/NK%20Final%20presentation%20030213.pdf.
Nineteen of the new claims, consisting of 237 claim units, are within an area of common interest of the Santa Maria property in which the Company holds a 30% working interest and as such, the Company has granted the operator, Black Widow Resources Inc., a one-half of one percent (0.5%) net smelter royalty on the 19 claims. In addition, New Klondike has granted a one-half of one percent (0.5%) net smelter royalty on all 29 of the new claims to Dave Powers Geological Services, pursuant to an agreement with Mr. David Powers, for having introduced the Goldstorm Project concept to the Company, which was more fully described in the Company's press release on November 15, 2012.
Michael Coulter, President of New Klondike said, "The inclusion of these new claims into the Goldstorm Project has added more coverage of the favourable regional scale structures within the property. Several historic gold and other important mineral showings have also now been added to enhance our geological model for the project. We continue to advance our plans to implement a comprehensive exploration program on this long-overlooked and prospective area."
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.
Source: http://www.newklondike.com/