Oct 9 2014
Klondex Mines Ltd. ("Klondex" or the "Company") today provides an update on recent underground infill and exploration drilling from its Fire Creek gold project near Elko, Nevada. An updated mineral resource estimate for Fire Creek, which includes these drill results, is expected to be released in 4Q2014.
In all, 124 infill and exploration core holes have been drilled since February 1, 2014 for a total of 12,490 meters (40,976 ft) (see Table 1). The core holes were drilled from multiple drill platforms and from various locations in existing mineral headings (See FIGURE 1). Drilling from the existing headings provided opportunities to define the veins in areas that were previously inaccessible to drilling. The objective of the infill drill program (<100 ft drill spacing) is to convert the inferred mineral resource to the measured and indicated category.
The increased confidence of the strike length and up/down dip projections in our model will allow Klondex to develop more accurate short and long term mine plans. The known limits of the veins' projected dip and strike length remain open and are constrained only by drilling.
Highlights:
- 157.8 g/t (4.6 opt) Au over 3.55 m (11.4 ft) - FCU-0199 - Karen Vein
- 85.7 g/t (2.5 opt) Au over 4.68 m (15.0 ft) - FCU-0209 - Karen Vein
- 1,474.6 g/t (43.0 opt) Au over 0.62 m (2.0 ft) - FCU-0043 - Joyce Vein
- 367.6 g/t (10.7 opt) Au over 1.87 m (6.0 ft) - FCU-0086 - Joyce Vein
- 1,404.6/t (41.1 opt) Au over 0.53 m (1.7 ft) - FCU-0011 - Vonnie Vein
- 174.9 g/t (5.1 opt) Au over 1.00 m (3.2 ft) - FCU-0160 - Hui Wu Vein
Main Zone
Vonnie Vein:
- Infill drilling increased confidence of 930' of strike length and 375' of dip extent.
Joyce Vein:
- Infill drilling increased confidence of 900' of strike length and 575' of dip extent.
West Zone
Hui Wu Vein:
- Infill drilling increased confidence of 600' of strike length and 300' of dip extent.
Karen Vein:
- Infill drilling increased confidence of 600' of strike length and 275' of dip extent.
Honeyrunner:
- The defined strike length of the Honeyrunner is approximately 472 m (1,550 ft), and 160 m (525 ft) of known vertical dip extent (see press release dated September 15, 2014).
Brent Kristof, Chief Operating Operator of Klondex, commented, "We are encouraged by these high grade drill intercepts and the results of additional infill and exploration drilling at Fire Creek. All vein structures remain open along strike and up and down dip. Given this, Klondex continues to look to expand the life of the Fire Creek Project through its drilling programs.
"We intend to continue delineating the veins and increasing the quality of the mineral resource. We are excited to update our technical report later this year. The new mineral resource will add more data from the West Zone, including the Karen, Hui Wu and Honeyrunner, as well as the new drilling on Joyce and Vonnie."
Assays were performed by ALS Chemex of Elko, Nevada and American Assay Laboratories (AAL) of Reno, Nevada (both independent laboratories), as directed under the supervision of Klondex staff.
About Klondex Mines Ltd.
Klondex is focused on the exploration, development and production of its two high quality gold and silver projects in the mining-friendly jurisdiction of north central Nevada. The 1200 tpd milling facility is processing mineralized materials from the Midas Mine and the Fire Creek Project. Midas is fully-permitted and has been in operations since 1998. Fire Creek is located ~100 miles south of Midas and is operating an ongoing bulk sampling program that began in 2013. All major infrastructure is in place at Fire Creek.
Qualified Person
Mark Odell of Practical Mining LLC is the Independent Qualified Person (Nevada PE 13708 and SME 2402150), who has reviewed and approved the contents of this press release for the purposes of National Instrument 43-101.