Klondex Mines Intercepts New Areas of Gold Mineralization at Its Fire Creek Project
December 19 2013 - 6:30AM
Marketwired
Klondex Mines Intercepts New Areas of Gold Mineralization at Its
Fire Creek Project
RENO, NEVADA and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec
19, 2013) - Klondex Mines Ltd. (TSX:KDX)(OTCQX:KLNDF), a Nevada
gold exploration and development company, today reports gold assays
at its Fire Creek gold Project in Nevada, from surface drilling.
The drilling suggests possible extensions of the current mineral
resource model.
Four reverse circulation (RC) holes were drilled as part of the
Fire Creek hydrology study (see FIGURE 1). RC chips were logged,
and samples collected on 5 ft intervals for assaying. Three of the
four holes intercepted mineralization outside of the current
mineral resource model that are in line with the underground
workings. Grades from the surface drilling range from 16.3 g/t
(0.47 opt) Au to 5.1 g/t (0.15 opt) Au. See Tables 2 and 3 below,
for detailed sample results. Table 1 details significant assays and
locations in relation to the mineral resource model at Fire
Creek.
Drill Hole |
Intercept |
Location |
FC-13-27S |
13.0 g/t (0.38 opt) Au over 10.7m (35 ft) |
250 ft north of the known Joyce structure block model, and 1070 ft
north of the last blasted Joyce face round. |
FC-13-26S |
9.2 g/t (0.27 opt) Au over 4.6m (15 ft) |
480 ft south of the closest modeled vein and west of the main
ramp |
FC-13-25S |
10.4 g/t (0.30 opt) Au over 1.5m (5 ft) |
250 ft south of the resource model |
Table 1: RC drilling during the hydrology
study |
Mike Doolin, Klondex General Manager stated, "These intercepts
continue to support our view that the Fire Creek project is
significantly underexplored. The 2014 drill program is designed to
follow up on new discoveries as well as extend the strike length
and vertical extent of the current known mineralization, as we
continue to unlock value at Fire Creek. Based on my personal
experience, in these styles of mineral deposits, RC drill holes
dilute and underestimate the grades. We expect that additional core
drilling in these areas will clarify grades and widths."
The technical information contained in this press release has
been reviewed and approved by Steven L. McMillin, CPG-11031
(American Inst. of Prof. Geol.), Chief Geologist for Klondex Mines
Ltd., as a non-independent Qualified Person for the purposes of
National Instrument 43-101.
RC sample size was monitored during drilling and kept to
approximately 10-15kg. Reference chips were collected in standard
chip trays for logging. Assays were performed by ALS Minerals in
Reno, Nevada (an independent laboratory), under the supervision of
Klondex staff. Fire Creek QA/QC protocols include insertion of
standards, blanks, and duplicates approximately every 20 samples.
Standard and blank samples use accredited reference material. Gold
analyses were obtained via industry standard fire assay with atomic
absorption finish. For samples returning greater than 10.00 g/t Au,
a follow-up fire assay analysis with a gravimetric finish was
performed.
About Klondex Mines Ltd. (www.klondexmines.com)
Klondex Mines is focused on the exploration and development of
its high-grade Fire Creek gold deposit in north central Nevada.
Fire Creek is a compelling gold project located in a
mining-friendly jurisdiction, near major producers, power,
transportation, mining infrastructure and milling facilities. As at
December 19, 2013, the Company had 79.2 million shares issued and
outstanding and 97.2 million shares fully diluted.
Hole No. |
AZI |
DIP |
Depth |
Depth |
|
|
|
(m) |
(ft) |
FC-13-24S |
227 |
-60 |
452.7 |
1500 |
FC-13-25S |
66 |
-60 |
403.9 |
1325 |
FC-13-26S |
248 |
-60 |
518.2 |
1700 |
FC-13-27S |
60 |
-60 |
518.2 |
1700 |
Table 2: RC drilling azimuth, dip and
depth |
|
Hole No. |
From |
To |
Length |
From |
To |
Length |
Grade |
Grade |
|
(m) |
(m) |
(m) |
(ft) |
(ft) |
(ft) |
(g/t Au) |
(opt Au) |
FC-13-24S |
No Significant Intercept |
|
|
|
|
|
|
|
|
|
FC-13-25S |
126.5 |
131.1 |
4.57 |
415 |
430 |
15 |
8.49 |
0.248 |
including |
128.0 |
129.5 |
1.52 |
420 |
425 |
5 |
6.59 |
0.192 |
including |
129.5 |
131.1 |
1.52 |
425 |
430 |
5 |
10.40 |
0.303 |
|
|
|
|
|
|
|
|
|
FC-13-26S |
161.5 |
164.6 |
3.05 |
530 |
540 |
10 |
6.16 |
0.180 |
including |
161.5 |
163.1 |
1.52 |
530 |
535 |
5 |
8.17 |
0.238 |
and |
233.2 |
234.7 |
1.52 |
765 |
770 |
5 |
6.59 |
0.192 |
and |
239.3 |
242.3 |
3.05 |
785 |
795 |
10 |
7.18 |
0.209 |
including |
239.3 |
240.8 |
1.52 |
785 |
790 |
5 |
5.13 |
0.149 |
including |
240.8 |
242.3 |
1.52 |
790 |
795 |
5 |
9.24 |
0.269 |
and |
256.0 |
257.6 |
1.52 |
840 |
845 |
5 |
7.02 |
0.205 |
and |
297.2 |
304.8 |
7.62 |
975 |
1000 |
25 |
9.21 |
0.269 |
including |
297.2 |
298.7 |
1.52 |
975 |
980 |
5 |
12.50 |
0.365 |
including |
298.7 |
300.2 |
1.52 |
980 |
985 |
5 |
8.01 |
0.234 |
including |
300.2 |
301.8 |
1.52 |
985 |
990 |
5 |
7.11 |
0.207 |
and |
373.4 |
391.7 |
18.29 |
1225 |
1285 |
60 |
5.12 |
0.149 |
including |
374.9 |
376.4 |
1.52 |
1230 |
1235 |
5 |
5.09 |
0.148 |
including |
376.4 |
378.0 |
1.52 |
1235 |
1240 |
5 |
7.23 |
0.211 |
including |
378.0 |
379.5 |
1.52 |
1240 |
1245 |
5 |
7.91 |
0.231 |
including |
379.5 |
381.0 |
1.52 |
1245 |
1250 |
5 |
5.65 |
0.165 |
including |
384.0 |
385.6 |
1.52 |
1260 |
1265 |
5 |
5.97 |
0.174 |
including |
387.1 |
388.6 |
1.52 |
1270 |
1275 |
5 |
6.64 |
0.194 |
|
|
|
|
|
|
|
|
|
FC-13-27S |
342.9 |
365.8 |
22.86 |
1125 |
1200 |
75 |
8.36 |
0.244 |
including |
344.4 |
345.9 |
1.52 |
1130 |
1135 |
5 |
5.94 |
0.173 |
including |
349.0 |
350.5 |
1.52 |
1145 |
1150 |
5 |
5.40 |
0.157 |
including |
353.6 |
355.1 |
1.52 |
1160 |
1165 |
5 |
11.65 |
0.340 |
including |
355.1 |
356.6 |
1.52 |
1165 |
1170 |
5 |
13.85 |
0.404 |
including |
356.6 |
358.1 |
1.52 |
1170 |
1175 |
5 |
14.95 |
0.436 |
including |
358.1 |
359.7 |
1.52 |
1175 |
1180 |
5 |
16.25 |
0.474 |
including |
359.7 |
361.2 |
1.52 |
1180 |
1185 |
5 |
10.90 |
0.318 |
including |
361.2 |
362.7 |
1.52 |
1185 |
1190 |
5 |
12.15 |
0.354 |
including |
362.7 |
364.2 |
1.52 |
1190 |
1195 |
5 |
10.30 |
0.300 |
and |
449.6 |
451.1 |
1.52 |
1475 |
1480 |
5 |
5.56 |
0.162 |
Table 3: RC drilling widths and grades, true widths
are unknown. |
This news release contains certain information that may
constitute forward-looking information under applicable Canadian
securities legislation, including information about the magnitude
and quality of the Fire Creek Project the results of exploration
and assay sampling at the Fire Creek Project, the Company's
intention and ability to monetize mineralized material, timing of
the updated mineral resource estimate at the Fire Creek Project and
the bulk sampling program. This forward-looking information entails
various risks and uncertainties are based on current expectations,
and actual results may differ materially from those contained in
such information. These risks and uncertainties include, but are
not limited to the risks and hazards associated with environmental
compliance and permitting for its underground operations, the
strength of the global economy; the price of gold; operational,
funding and liquidity risks; the degree to which mineral resource
estimates are reflective of actual mineral resources; the degree to
which factors which would make a mineral deposit commercially
viable are present. Risks and uncertainties about the Company's
business are more fully discussed in the Company's disclosure
materials filed with the securities regulatory authorities in
Canada and available at www.sedar.com. Readers are urged
to read these materials. Klondex assumes no obligation to update
any forward-looking information or to update the reasons why actual
results could differ from such information unless required by
law.
Klondex Mines Ltd.Paul HuetPresident &
CEO1-775-284-5757investors@klondexmines.comKlondex Mines Ltd.Alison
TullisManager, Investor
Relations1-647-233-4348atullis@klondexmines.comwww.klondexmines.comCatalyst
Global LLCToni TrigianiInvestor
Relations1-212-924-9800kdx@catalyst-ir.com
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