Klondex Mines Continues to Advance Surface Exploration and Underground Development at its Fire Creek Gold Project in Nevada
18 Outubro 2011 - 10:37AM
Business Wire
Klondex Mines Ltd. (TSX: KDX) today reviewed the exploration and
development progress being made at its 100%-owned Fire Creek gold
property in the Battle Mountain-Eureka Trend in Northern Nevada.
Photos of Fire Creek activity are available at the Klondex
website.
Klondex CEO, Blane Wilson, commented, “We are making excellent
headway on both our surface and underground programs, having
completed 9,435 meters (30,954 feet) of surface drilling and 537
meters (1,763 feet) of underground workings through October 10,
2011. We have also commenced in-fill drilling from underground.
Despite a late start for our surface drilling program, resulting
from weather and permitting delays, we are now making excellent
progress, with encouraging results. We anticipate making our first
drilling results announcement from the surface program in the near
future.
“Our underground program is also moving along well and enabled
us to commence underground in-fill drilling in mid-September. Based
on our overall development progress, we expect to be able to
commence our bulk sampling program during the first quarter of
2012. This unprecedented level of activity at Fire Creek should
enable Klondex to provide progress updates with increased frequency
through the fall and winter months.”
Surface Drilling Program:
Klondex is executing its largest-ever surface drilling program
this season at Fire Creek. The program is budgeted at U.S. $3.4
million and includes approximately 11,000 meters (36,000 feet) of
diamond core (core) drilling and 7,000 meters (23,000 feet) of
reverse circulation (RC) drilling focused on the following
goals:
- In-fill core drilling of the Main, Far
North and New North Zones.
- Core drilling of new veins intersected
by RC drilling of IP anomalies.
- Directional drilling to test possible
extensions of Main Zone veins at depth.
- RC drilling of all ten remaining
untested IP targets.
Through October 10th approximately 52% of the planned program
has been completed. In late September Klondex received regulatory
approvals to construct new drill roads and drill pads required to
complete the 2011 drilling program and that work is now being
completed.
Presently Klondex has five surface drill rigs – two RC, two core
and one directional core – working at Fire Creek. In addition, an
underground drill rig is now on site and has been operating since
mid-September. In aggregate, this represents the largest base of
drilling activity since Klondex initiated its exploration program
in 2004.
Underground Exploration & Development Program:
Klondex embarked on its underground exploration and development
program in April 2011. The underground program involves a 1,113
meter (3,650 foot) decline to access Main Zone mineralization to
enable further evaluation of the resource at depth as well as for
bulk sampling.
Through October 10, 2011, Klondex has completed 537 meters
(1,763 feet) of underground development, including 379 meters
(1,243 feet) of the decline.
Klondex’s underground drilling program has so far completed 608
meters (1,996 feet) in three separate holes. The program is testing
the Main Zone mineralization to help further define the Fire Creek
mineral resource and to guide underground development. Klondex also
expects to initiate bulk sampling in the first quarter of 2012.
Under its Nevada state permits, Klondex is able to extract and
process up to 36,500 short tons of material per year with a maximum
of 120,000 short tons over the permit's five-year life. Klondex
plans to target higher grades for its bulk sampling activity.
Fire Creek Site Progress:
Construction of Fire Creek’s surface facilities is also moving
forward according to plan, with the completion of two lined water
drainage ponds and the lined Waste Rock Repository. Klondex has
also completed the two ground water monitoring wells that are
required under its Water Pollution Control Permit.
About Klondex Mines Ltd.
(www.klondexmines.com):
Klondex Mines is focused on the exploration and development of
its 100% owned Fire Creek gold deposit in North Central Nevada.
Fire Creek is a compelling gold mining prospect that is located
near power, transportation, mining infrastructure and several
milling facilities. Fire Creek’s updated mineral resource is
reviewed in the table below. For more information on the mineral
resource estimates, please refer to Klondex’s disclosure available
at the SEDAR website and here.
Fire Creek Project - Indicated and Inferred
Mineral Resource as of May 21, 2011 Gold Cut-off
Metric
Grade GPT
Classification
Tonnes GPT
Oz. Gold 4.0 Indicated 5,176,050
9.90 1,647,052 4.0 Inferred 1,732,810 8.22 458,084
7.0 Indicated 2,145,283 17.62
1,215,019 7.0 Inferred 555,043 12.54 223,794
In addition to an active surface exploration program at Fire
Creek, in April 2011 Klondex initiated an underground exploration
and development program being pursued via an underground decline.
The program is designed to enable more cost effective in-fill
drilling of its existing resource from underground stations as well
as to enable bulk sampling for metallurgical testing of up to
120,000 short tons of material (limited to 36,500 short tons per
year). Bulk sampling is targeted to begin in Q1 2012.
As of October 10, 2011, Klondex had 37.0 million shares issued
and outstanding and 43.8 million shares on a diluted basis
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as
defined under National Instrument 43-101, has reviewed and approved
the technical information contained in this press release.
On Behalf of Klondex Mines Ltd.
Blane W. WilsonPresident & CEO
Klondex Mines Ltd. (AMEX:KLDX)
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