June 22, 2023 - TheNewswire - Vancouver, Canada – Klondike Silver Corp. (the “Company”) (TSXV:KS) | (OTC:KLSVF) | (WKN:A1H8T1) is pleased to report on progress from its current underground drill program from workings at the Silvana Mine, targeting western extensions of the mine outside of the historic Silvana claim block that the Company owns in southeastern, British Columbia.

Drill holes from this first phase of drilling were laid out to intersect, map and model the extensions of vein structures down dip of three mineralized lodes from surface on the Silvana Mine claims, with the intention of targeting silver, zinc and lead mineralization in the Company’s next phase of drilling.

Five holes were drilled in a fan southerly from drill station 2. Four of the holes intersected the Main Vein structures that were projected downwards from the surface workings of the historic Jennie Lind-Read and Evening Lode mines and one hole was ended short of the zone in a fault with a strong flow of water. Drilling is now oriented northerly from station 2 to intersect downward projections of the Carnation Hanging wall and Foot wall Lodes.

Core logging is under way. Intervals of core have been marked for sampling; these cores will be sawed lengthwise with one half bagged and sent to an independent lab for analyses, and one half retained for further inspection.  

Klondike president and CEO, Mr. Tom Kennedy stated “We are extremely pleased to have intersected an extension of the Main Vein structure that supported production at the Silvana Mine and numerous other historic mines on the company’s tenure in the Slocan Mining Camp. The Company’s Silvana Silver Mile target is an area 1.5km along strike and between the Mammoth and Silvana Mines that has yet to be fully explored due to fractured ownership, which is a common theme in areas of British Columbia with significant historic mining activities dating back more than 100 years.  The Silvana Silver Mile is 100% within Klondike’s claim block. Klondike’s management and exploration teams are encouraged by the potential to find and develop a resource in the Main Vein structure between the Mammoth and Silvana mines in the Company’s 1.5km Silvana Silver Mile zone, as combined past production of the Main Lode included 28 million oz silver, 209 million lbs zinc and 258 million lbs lead.

The technical information in this news release has been reviewed by Locke Goldsmith, M.Sc., P. Eng, P. Geo., a qualified person with respect to NI 43-101.

About Klondike Silver

• Klondike’s Silvana Mine Silver Zinc Lead project is located in South Eastern B.C. 

• Klondike’s 114 square kilometer claim block is 138 km north of the Trail B.C. smelter.  

• Klondike Silver is exploring from underground, along the 9 km “Main Lode”.  The “Main Lode” is the most prolific mineralized structure in the Slocan Mining Camp.   

• There are 13 past producing mines that are situated along the “Main Lode” which have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far.  (source: BC MINFILE). 

• There are 67 past producing mines that are situated in Klondike Silver’s 114 square kilometer claim block.  (source: BC MINFILE). 

On Behalf of the Board of Directors

KLONDIKE SILVER CORP

“Thomas J. Kennedy”

 CEO and Director

Additional information can be found on Klondike Silver’s website: www.klondikesilver.com

Neither the 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 release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.