TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- New Klondike Exploration Ltd. (TSX VENTURE: NK) ("New Klondike" or the "Company") is pleased to announce that it has filed a National Instrument 43-101 compliant technical report (the "Report") for the Goldstorm Project (the "Goldstorm Project" or the "Project"), a highly prospective, gold focused exploration project in Northwestern Ontario, located south-southeast of the City of Dryden. New Klondike acquired the Project by staking a large contiguous claim group, centered in the Kawashegamuk Lake Area, comprised of 79 mining claims totaling 1,091 claim units covering approximately 17,450 hectares. A preliminary description of the Project was provided in the Company's press release on November 15, 2012.
The Report was co-authored by David H. R. Powers, H.B.Sc., P.Geo. and Seymour M. Sears, B.A., B.Sc., P.Geo.; and is titled "NI 43-101 Technical Report on the Goldstorm Project, Kenora Mining Division, Ontario, Canada" with an effective date of November 15, 2012. Excerpts from the summary section of the Report are set out below. A complete copy of the Report is available on SEDAR www.sedar.com or on the Company's website www.newklondike.com. The Company plans to file an updated technical report for the Goldstorm Project in the near future to include information regarding additional contiguous claims recently added to the Project.
Michael Coulter, President of New Klondike said, "We are very pleased with the outcome of the preliminary compilation and evaluation of the Goldstorm Project geology and the identification of numerous and significant structural features within the Project area presented in the Report. The conclusions and recommendations have surpassed our initial expectations since initiating the acquisition of the Project in July 2012. We look forward to implementing a comprehensive exploration program on this long-overlooked and prospective area of Ontario."
The following was excerpted from the Report:
"Conclusions and Recommendations
The Goldstorm Project covers a large area within the south-eastern part of the Eagle-Wabigoon-Manitou Lakes Greenstone belt in the Wabigoon Subprovince of the Superior Province of the Canadian Shield. The claims are centered on a band of Timiskaming-type sedimentary rocks that rest unconformably on felsic volcanic and ultramafic to felsic intrusive rocks. Two major fault structures pass through the claim group. Gold mineralization occurs in association with all of the rock units.
At least 5 areas within the boundaries of the Project area have been identified as having excellent potential to host economic gold deposits:
1. The unconformity between the Timiskaming-type sedimentary rocks and the underlying volcanic rocks in the south part of the Project area.
2. The highly deformed zone represented by the east-west trending Mosher Bay-Washeibemaga Lake Fault zone which lies along the north side of the Timiskaming-type sediments in the center of the Project.
3. The mafic to ultramafic sills that are found within the upper part of the Wapageisi Group volcanic rocks that host many known Au occurrences in the Latisha Lake area, southern part of the Project.
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