Klondike Gold Acquires 689 Mining Claims Expanding Klondike District Project by 27%

About this update from Klondike Gold Corp.

[{"type":"text","content":"Klondike Gold Acquires 689 Mining Claims Expanding Klondike District Project by 27%VANCOUVER, BC / ACCESSWIRE / February 16, 2023 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTCQB:KDKGF) (\"Klondike Gold\" or the \"Company\") is pleased to announce that it has entered into a Property Acquisition Agreement with C2C Gold Corp. (\"C2C\") for the purchase, by Klondike Gold of a 100% interest in C2C's \"Quartz\" and \"Sulphur\" properties comprised of 689 mining claims covering 143 square kilometers located in the Dawson mining district, Yukon, Canada (the \"Property Acquisition Agreement\").Upon completion of this transaction, Klondike Gold will have expanded its Klondike District Property land position covering the prospective Klondike goldfields with direct ownership of a total of 3,913 quartz claims (increased from 3,078) in one contiguous district-encompassing property covering a 727 square kilometer area (increased from 585), expanding the property area by 27%.In return for the acquisition by Klondike Gold of a 100% interest in C2C's Quartz and Sulphur properties, plus 12 years of exploration data, the terms of the Property Acquisition Agreement are as follows:Issuance of 1,000,000 common shares of the Company to C2C; andThe granting to C2C of a 1% net smelter returns royalty (\"NSR Royalty\") in respect of C2C's Quartz and Sulphur properties, of which Klondike Gold may purchase one-half of the NSR Royalty (being a 0.5% NSR Royalty) from C2C for cash in the amount of $500,000 at any time. The Quartz and Sulphur properties each have underlying 2% NSR Royalty obligations where Klondike Gold has the right to purchase one-half (or 1%) of each NSR Royalty for one million dollars ($1,000,000) cash and has a right of first refusal to purchase the remaining 1%.Peter Tallman, Klondike Gold's CEO, states \"We welcome the opportunity to consolidate our land position covering the prospective southeast side of the Klondike District into one contiguous district-spanning claim group. The claim package will allow systematic exploration, evaluation and ranking of gold targets across the district with geological understanding of variations and potential zonation. Klondike Gold believes there is significant potential for multiple discoveries and this consolidation will allow the greatest opportunity for testing the best possible targets.\"A map of ...

More updates from Klondike Gold Corp.