February 26, 2021 – Vancouver, Canada – Klondike Silver Corp. (“Klondike Silver” or the “Company”) (TSX.V: KS) reports that it has engaged Tetra Tech, Inc., a consulting and engineering firm to complete the following work as the company prepares for its next phases of exploration at the Company’s 100% owned Silvana Mine property located in the Slocan Mining Camp in South Eastern British Columbia:

• Dam Safety Inspection Report (target date: Q1, 2021)
• Geotechnical Site Investigation Survey, Factual Report and Geotechnical Assessment (target date: Q2 2021)
• Erosion Protection As-builts Report (target date: Q3, 2021).

Tom Kennedy, Klondike Silver CEO stated “Tetra Tech has been engaged to complete the required work as outlined above in this news release. Completing the required work is the next step towards realizing the Company’s ultimate objective to reactivate mining operations at its Silvana mine. Such work is required by the Chief Gold Commissioner for British Columbia (in cancelling the Free Miner Certificate). When the engineering reports are complete and reviewed by the appropriate government bodies, the Company will make an application for reinstatement of its Free Miner Certificate to allow continuation of its exploration activities.  Until then, the Company’s focus and objective will continue to be the resolution of the orders of the Mines Inspection Branch to address the current concerns about tailings facilities.  The Company is of the view that the timelines for resolution of the matters are realistic and expects to complete the necessary work within those timelines.”

Silver, Zinc and Lead ore from Klondike Silver’s Silvana mine was last processed in 2012-2013. The concentrate was shipped from Klondike’s mill to the Teck smelter in Trail B.C.

The scientific and technical disclosure in this news release has been reviewed and approved by David Makepeace, P.Eng., Senior Geologist – Environmental Engineer at Geospectrum Engineering, who is an independent consultant to the Company and Qualified Person as defined in NI 43-101. 

About Klondike Silver

Klondike’s Silvana Mine Silver Zinc Lead project is located in South Eastern B.C., 138 km north of the Trail B.C. smelter.  The Company is exploring, the western extension of the Silvana Mine, along the “Main Lode”.  The “Main Lode” is a 9 km vein structure which is the most prolific mineralized structure in the Slocan Mining Camp.  There are 13 historical mines that are situated along the 9 km vein structure which have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far.  Including 8 of the 13 above there are 68 historical mines that are situated in the Klondike Silver 116 square kilometer claim block which have produced 1,258,000 kg of silver, 72 million kg of zinc and 158 million kg lead so far.  (source: BC MINFILE).

Additional information can be found on the Company 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.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.