Click here to close now.


Microsoft Cloud Authors: Liz McMillan, Jordan Sanders, Carmen Gonzalez, Pat Romanski, Keith Mayer

News Feed Item

New Klondike Options Strategic Gold Prospect Contiguous to the Goldstorm Project

TORONTO, ONTARIO -- (Marketwire) -- 02/04/13 -- New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce that it has entered into an option agreement to purchase a 100% interest in a strategic mining claim in the Kawashegamuk Lake Area, near Katisha Lake, contiguous to the western boundary of the Company's Goldstorm Project. The claim (the "Katisha Lake Claim") is jointly owned by Alexander Glatz and Ivar Joseph Riives (the "Optionors") of Dryden, Ontario. The transaction forms part of the Company's continuing land acquisition strategy for the Goldstorm Project area.

The Katisha Lake Claim consists of 9 claim units covering an area of 144 hectares. The claim is host to at least eight known gold prospects, as documented in Ontario Geological Survey data files. During the mid-1980s, Esso Minerals Limited ("Esso") carried out an exploration program on a property that included the Katisha Lake Claim. That work program included shallow drill testing of five of these prospects.

Gold mineralization at Katisha Lake is hosted by silicified zones and quartz veining developed within sheared, sericitized and pyritized zones ranging from 1 to 20 metres in width. These zones have been traced for lengths ranging from 50 to 300 metres. The zones are hosted within layered gabbroic sills that intrude Archean aged mafic to felsic volcanic rocks. All of these rocks are unconformably overlain by a band of Timiskaming-type sediments immediately to the north of the known gold (Au) prospects. Historic sampling from quartz veining and silicified zones within the host structures has returned gold values ranging from 2.06 to 18.6 grams per tonne (g/t). The results from the 1985 and 1987 Esso drilling programs are only partially available. The best assay result from the available data was a 1.55 metre intersection that assayed 8.57 g/t Au. The assay results and other data from the Katisha Lake Claim are historic in nature and have not been verified by the Qualified Person (identified below). A work program that will include re-sampling of the surface exposures of the known Au prospects is currently being planned.

Michael Coulter, President of New Klondike said, "We are pleased to have added this important property to the Goldstorm Project. The Company believes that the Katisha Lake Claim is highly representative of one of our five key exploration target areas identified in our geological model for the Goldstorm Project. As discussed in the technical report filed by the Company on January 29, 2013, the unconformity between the Timiskaming-type sedimentary rocks and the underlying volcanic rocks have excellent potential to host economic gold deposits. The property has good access as it is traversed by a major forestry road and is expected to provide near-term drill targets for the Company."

Option Terms

The Optionors have granted New Klondike the right and option (the "Option") to acquire a one hundred percent (100%) interest in the Katisha Lake Claim, over the four-year term of the Option, by:

--  making cumulative cash payments of $150,000 ($20,000 (paid) on signing
    and subsequent payments on the first, second, third and fourth
    anniversary dates of the agreement of $20,000, $30,000, $30,000 and
    $50,000, subject to the Company's right to make up to fifty percent
    (50%) of the payments due on the second, third and fourth anniversary
    dates in common shares; 
--  making minimum annual exploration expenditures of $5,000 during the term
    of the Option; 
--  granting the Optionors a two percent (2%) net smelter royalty upon
    exercise of the Option, subject to the Company's right to purchase one
    percent (1%) of the net smelter royalty at any time for $250,000,
    payable in cash or common shares; and 
--  making annual advance royalty payments of $2,500 to each Optionor
    commencing on February 15, 2017, to a maximum cumulative total of
    $25,000, subject to the Company's right to prepay this amount at any
    time in cash or common shares. 

In the event that the Company elects to satisfy any of the future payments described above by issuing its common shares, the number of shares to be issued will be determined by the 30-day volume-weighted average price of the Company's common shares on the TSX Venture Exchange at the time of issue, subject to a minimum price of $0.10. Any shares issued will be subject to four-month statutory hold period.

An existing one percent (1%) net smelter return and/or net sales return royalty on the Katisha Lake Claim, payable to Ontario Exploration Corporation, remains the responsibility of the Optionors, and would be paid out of any royalty payments to which they are entitled, and not by New Klondike.

Qualified Person

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

Forward-Looking Information

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 exercise the Option, 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context with p...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment process from development to production scenarios using Docker containers.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them to design hosted applications.
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...