With the competitiveness of the gold sector continuing unabated – and the flight of investors to the shiny yellow metal as a safe haven, it is encouraging to see more gold firms heralding new finds.
Vancouver-based Klondike Gold Corp. (TSX-Venture: KG) Tuesday reported assays from nine drill holes testing the Nugget Zone along the Nugget Fault on the Company’s 576-square-kilometre Klondike District Property, Yukon Territory.
A total of 12 drill holes totaling 913 metres tested the Nugget Zone, with reports yet to come back on three of them.
Meantime, drill testing along 200 metres at Nugget Zone has intersected gold mineralization and discovered a new parallel zone of high-grade gold.
Drill hole EC19-267 intersected new mineralization grading 1,009 g/t Au with 1,035 g/t Ag over one metre. This is a new discovery 25 metres below the known Nugget Zone mineralization and remains open.
For good measure, drill hole EC19-266 intersected Nugget Zone mineralization grading 1.8 g/t Au over 49.6 metres (4.60-54.20 m) beginning at surface.
Shares in KG zoomed early Tuesday afternoon, gaining 2.5 cents, or 6.7%, to 40 cents, on 1.5 million