TORONTO, ONTARIO--(Marketwire - March 4, 2013) - New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce that it has increased the size of the property that makes up the Company's 'Goldstorm Project' located in Northwestern Ontario. An additional 29 claims, consisting of 343 claim units, contiguous with the north-eastern boundary of the original property were acquired by staking. The Goldstorm Project now consists of 109 unpatented mining claims comprised of 1,443 claim units and covering approximately 23,088 hectares, an area in excess of 230 square kilometres.
The new claims were acquired to cover the northwest extension of a major zone of deformation and carbonate alteration referred to as the Long Lake Fault Zone. At least two known gold prospects and numerous zones of green carbonate alteration lie within the new claims. Green carbonate alteration is often associated with gold mineralization in other mining camps such as the Kirkland Lake - Larder Lake gold district.
The Goldstorm Project claims cover a large area within the southeastern part of the Eagle-Wabigoon-Manitou Lakes Greenstone Belt. Five regional scale structures and associated gold mineralization have been identified within or passing through the project boundaries. These include more than 45 kilometres of major fault zones and a 12 to 15 kilometre long band of Timiskaming-type metasedimentary rocks that rest unconformably on mafic metavolcanic and ultramafic to felsic intrusive rocks. Maps and figures depicting the location and geology of the Goldstorm Project have been compiled in a presentation titled 'Goldstorm Project-Northwestern Ontario' posted on the Company's website, or by clicking here: http://media3.marketwire.com/docs/NK%20Final%20presentation%20030213.pdf.
Nineteen of the new claims, consisting of 237 claim units, are within an area of common interest of the Santa Maria property in which the Company holds a 30% working interest and as such, the Company has granted the operator, Black Widow Resources Inc., a one-half of one percent (0.5%) net smelter royalty on the 19 claims. In addition, New Klondike has granted a one-half of one percent (0.5%) net smelter royalty on all 29 of the new claims to Dave Powers Geological Services, pursuant to an agreement with Mr. David Powers, for having introduced the Goldstorm Project concept to the Company, which was more fully described in the Company's press release on November 15, 2012.
Michael Coulter, President of New Klondike said, "The inclusion of these new claims into the Goldstorm Project has added more coverage of the favourable regional scale structures within the property. Several historic gold and other important mineral showings have also now been added to enhance our geological model for the project. We continue to advance our plans to implement a comprehensive exploration program on this long-overlooked and prospective area."
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. For further information about New Klondike please visit our website www.newklondike.com.
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.