Klondike Star Begins Exploration in Egypt
SOURCE:
Klondike Star Mineral Corp.
2008-04-08 06:00:00
Klondike Star Begins Exploration in Egypt
SEATTLE, WA–( EMWNews – April 8, 2008) – Donald W. Flinn, P.Eng., Chief Operating
Officer of Klondike Star Mineral Corporation (
the first mineral exploration field expedition to the Oweinat property is
underway.
Coordinated by a senior director on the Board of Directors, Dr. Albert
Khelfa who holds Egyptian and Canadian citizenship, senior company
geologists, Exploration Manager, Bill Mann, M.Sc., P.Geo. and Chief
Geologist, Dr. Tim Liverton are conducting the initial property examination
of the concession in conjunction with Egyptian Mineral Resources Authority
(EMRA) geologists.
This exploration mission has several objectives. First, to review EMRA
regional and geological mapping, reports and sampling procedures in person
with Egyptian geologists. It will also reinforce the Company presence in
the country and establish relationships with key suppliers and exploration
support contractors, as well as with the leadership and potential labor
force from settlements in proximity to the Oweinat property and its access
routes.
Second, to independently sample and map the major mineralized targets at
sites identified from the results published by EMRA geologists, collect and
compile existing data from previous EMRA work and compile GIS base maps.
Sampling will adhere to rigorous quality assurance/ quality control (QA/QC)
standards, including sample chain of custody, and analysis by independent,
certified laboratories. A National Instrument 43-101 report is planned
with the assistance of a qualified, independent Qualified Person as
required by Canadian securities authorities.
Third, to make preparations for expanded exploration including systematic
prospecting, sampling and geophysical surveys which are considered a quick
and effective method for mapping beneath sand cover. Airborne magnetics
and EM are suggested, as the known rock types have high contrast in
magnetic susceptibilities (e.g. magnetite iron formation, kimberlite pipes
and ultramafic rocks), and some Archaean targets are likely to be good EM
conductors (massive sulphide deposits).
And finally, to identify top targets for test drilling of the largest and
highest grade zones. Prioritization of targets for drilling from amongst
the numerous mineralized zones already identified could be one of the most
difficult tasks for the team.
The nature of the property, with significant outcrop, limited weathering of
rocks and shallow sand covering of extensions to geologically interesting
zones, lends itself to a relatively low-tech, cost-effective exploration
program that is expected to reveal the most promising areas for intensive
evaluation in short order.
About the Oweinat property, Arab Republic of Egypt
Klondike Star, through its subsidiary, Klondike Star Canada Inc. has an
exclusive concession awarded by the Arab Republic of Egypt and the Egyptian
Mineral Resources Authority for the Oweinat property encompassing an
expansive 1,245 square kilometer/481 square mile block in Western Desert of
Egypt. The Oweinat block is north of the border between Egypt and Sudan,
near the Libyan border.
Based on preliminary review of the mineral potential of the Oweinat block
by the geology department of Klondike Star, the Company believes there is
excellent potential for discovery of multiple gold deposits, and potential
for iron ore within a vast area.
The area was essentially unexplored geologically prior to a program of
regional scale mapping and prospecting jointly initiated in 1992 by
geological survey agencies in Egypt and Libya. This work, which produced a
geological map at a scale of 1:100,000, identified highly favourable
Archaean terrain with abundant bodies of BIF (banded iron formation). Gold
was found to be common within the BIF bodies, and in certain quartz veins,
shear zones, dykes and alteration zones in the same areas.
The Egyptian Mineral Resources Authority has identified multiple zones with
high gold grades that warrant a substantial exploration effort. Favourable
areas identified by the regional work program were selected for follow-up
work in 1996 to 1998, and again in 2000. A bulk sample of 2.5 tons was
collected and processed returning 6.8 g/t gold. Of the 13 widely separated
blocks studied and sampled in detail within the concession, 6 areas
returned analyses above 10 g/t gold and 12 returned gold analyses above 1
g/t by fire assay.
Values up to 43.32 g/t gold over 5m and 34.38 g/t gold over 5m were
reported by analysis of rock sampling by EMRA. Iron analyses are mostly in
the 20 to 50% Fe2O3 range, with some large samples averaging 32%, however
there may be potential for enriched areas among the dozens of BIF bands
that are up to hundreds of metres thick and extend for kilometers/miles.
About Klondike Star
Klondike Star is a well-governed junior mineral exploration and development
enterprise with world-class projects in Canada and Egypt. The company has
majority or 100% interests in 5 gold projects totaling about 290 km2/112.4
mi2 in the Yukon, located in the northwest corner of Canada underlying the
site of the world-renowned Klondike gold producing region; and residual
interests in three other gold, base and precious metal projects. Major
properties include the advanced-stage exploration Lone Star Gold Project
with a scoping study in progress, the intermediate-stage Dominion Gold (and
silver) property; and, the pre-development Indian River Gold Project. The
mission is to explore, develop and operate new mines as socially
responsible, sustainable developments. Through its wholly owned Canadian
subsidiary, Klondike Star has been awarded the right to explore and develop
gold, iron ore and other minerals on the expansive 1,245 km2/481 mi2
Oweinat concession in the Arab Republic of Egypt through a competitive,
international bidding process.
The statements in the press release that relate to the company’s
expectations with regard to the future impact on the company’s results from
new products or actions in development are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act of 1995.
The statements in this document may also contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Since this
information may contain statements that involve risk and uncertainties and
are subject to change at any time, the company’s actual results may differ
materially from expected results.
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions