Many of these features are found in association with the gold deposits of the Timmins-Porcupine, Kirkland Lake - Larder Lake and Red Lake gold camps of Ontario.
The Goldstorm Project covers a 15 km long section of the Timiskaming-type sediments. These sediments unconformably overlie felsic to mafic volcanics containing known gold occurrences. The northern margin of the sedimentary rocks are highly deformed and lie along a major east-west trending fault referred to as the Mosher Bay - Washeibemaga Lake Fault. This fault joins with the northwest trending Long Lake fault zone that traverses the eastern side of the Project area. Both faults and the Timiskaming-type sedimentary rocks exhibit intense carbonate alteration and have numerous associated gold occurrences. Both structures are deep seated and regional in scale and have potential to host significant gold mineralization. Several volcanic centers have been identified within the property boundaries. These structures have excellent potential for VMS-type base-metal/gold mineralization. The gabbroic to ultramafic intrusions have potential for nickel-copper and/or platinum group element mineralization.
The Goldstorm Project area has seen sporadic and limited exploration for base metals in the past, but public records show very little documentation of any sustained programs for gold exploration. More than 200 gold occurrences have been compiled within the Eagle-Wabigoon-Manitou Greenstone Belt. In the immediate area of the Goldstorm Project, there have been 8 historic gold producers, together accounting for approximately 18,000 ounces of gold. Most of these small operations were active between 1899 and 1909 and were all from narrow, high-grade quartz veins.
New Klondike Exploration Ltd. has not conducted any exploration on the Project to date."
An independent evaluation and interpretation of existing government airborne geophysical data covering parts of the Goldstorm Project is presently underway.
About the Authors of the Report
Mr. Sears is a director of New Klondike and has provided geological consulting services to the Company since 2009. Mr. Powers introduced the Goldstorm Project concept to the Company and his consulting practice was granted a one-half of one percent (0.5%) net smelter royalty on the Goldstorm Project as consideration therefor.
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.
About New Klondike
New Klondike is a mineral exploration and development company focused on the acquisition and development of base and precious metal deposits on the Goldstorm Project and its other exploration properties in Ontario. The Company presently has 17,342,845 common shares issued.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to the Company's expected exploration plans and strategies, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure of the Company to execute its proposed exploration plans and strategies as indicated herein and general business and economic uncertainties.
Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
New Klondike Exploration Ltd.
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