Business
Klondike Gold Reports on Lagares-Castromil, Portugal
Klondike Gold Reports on Lagares-Castromil, Portugal Vancouver, British Columbia CANADA, Aug...
About this update from Klondike Gold Corp.
[{"type":"text","content":"Klondike Gold Reports on Lagares-Castromil, PortugalKlondike Gold Reports on Lagares-Castromil, Portugal\nVancouver, British Columbia CANADA, August 30, 2013 /FSC/ - Klondike Gold Corp.  (KG - TSX Venture), (the \"Company\") is pleased to report on the results of recent examinations conducted by the Company's geological consultants on the Lagares-Castromil concession of northern Portugal.\nAs reported in the Company's News Release dated February 26, 2013, the Lagares-Castromil concession contains two contiguous gold deposits (Castromil ad Serra da Quinta), that were discovered and exploited during Roman times. \nThe two deposits occur along a northwest trending belt and are mainly hosted within a Hercynian granitic body that is intrusive into folded Lower Paleozoic metasedimentary rocks. Gold occurrences tend to be located near the contact between the granite and the metasediments and are commonly spatially related to a reverse fault that is located at or near the contact between the granite and metasediments.  Gold mineralization at Castromil and Serra da Quinta occurs over a strike length of 1,700 m and is open ended in both directions.\nSince 1960, this mineralized belt has been investigated by several major mining companies, including Noranda, Anglo American, Billiton and Min Met.  The most recent work was carried out by Connary Minerals (\"Connary\") between 1994 and 1997. It culminated in the preparation of a Feasibility Study which showed positive economics at gold prices in the $325-375 range. A substantial amount of diamond drilling was done on the property by Billiton (65 holes totaling 2875 m at Castromil and 45 holes totaling 1873 m at Serra da Quinta) and Connary (276 short percussion holes and 17 diamond holes). Based on the results of drilling and of extensive channel sampling of underground workings  ACE Howe International (\"ACE\"), consultants to Connary, estimated at Castromil a measured - indicated mineral  resource of 2.42 million tonnes at an average grade of 1.89 g/t Au (no breakdown between measured and indicated resources is provided in  the ACE report).\nNote that these resource estimates are historic in nature, are not 43-101 compliant and a qualified person has not done sufficient work to classify the historical estimates as current mineral r...