Klondex Mines Ltd. (TSX: KDX and OTCQX: KLNDF), a Nevada gold
exploration company, today reported long intercepts of
near-surface, oxidized gold mineralization for the recently
completed surface drilling program at its Fire Creek gold project
in Lander County, Nevada. Fifteen reverse circulation (RC) holes
were drilled for a total of 2,781 meters (9,124 feet). Ten of these
holes were extended by core drilling to test for deeper, high-grade
gold veins. Results presented here are for the RC portions of the
holes only, as summarized in Table 1. Klondex expects to
announce assay results for the core-hole extensions in the coming
weeks when they are complete.
Historically, exploration at Fire Creek focused on this
disseminated, low-grade, gold mineralization as an open-pit,
heap-leach project. However, since Klondex resumed exploration on
the property in 2004, exploration has successfully targeted the
deeper, high-grade vein system. The rise in gold prices since then
makes it timely to revisit the bulk-minable potential of the
low-grade mineralization, in addition to the existing underground
resource.
Project Overview:
As previously disclosed in the Company’s June 30, 2012 MD&A,
in July Klondex deferred further surface and underground drilling
activity at Fire Creek in order to focus its efforts on the
advancement of the Fire Creek resource model and geology. The
Company will report the remaining results from its 2012 surface and
underground drilling programs in the coming months.
The Board also decided to delay the preparation of an updated
technical report until the Company has concluded a thorough review
of the Fire Creek project. This is expected to take several months
and will delay the updated technical report until sometime in the
first half of 2013.
Drilling Overview:
The 15-hole surface-drilling program was designed to delineate
gold mineralization in the Main Zone. RC pre-collar holes were
drilled from the surface to approximately 183 meters in depth, and
then certain holes were extended by core drilling. The program
consisted of five fans of three holes each, as shown in Figure
1 (click here). Table 2 shows the depths, azimuths and
dips of the pre-collars.
Geology and Mineralization
The target area drilled is composed of a Tertiary basalt lava
flow and interbedded tuff sequence typical of the Northern Nevada
Rift, a NNW-trending regional structural feature which hosts
numerous epithermal gold deposits, including Fire Creek. The
stratigraphy is divided into an upper basalt package, a clay
altered tuff unit, and a lower basalt package. The tuff is a marker
unit that may represent a hiatus in between deposition of the lower
and upper basalts; it occurs in all the holes from a depth of
approximately 15 meters to 58 meters.
The highest assays in the RC pre-collars occur in the oxidized
material. Oxidation extends from surface to approximately 96
meters, while the gold mineralization extends to depths of over 300
meters. Alteration within the basalts is composed of variable clay,
silica, and calcite, with iron oxides and pyrite defining the
transition from oxidized to reduced material. The mineralized
intervals are commonly associated with either pervasive silica or
silica veinlets. Metallurgical test work is required before
assumptions can be made about gold recovery. Klondex is considering
options for modeling, metallurgy, and further drilling. Table
1 shows intercepts relative to oxidized and reduced rock.
Table 1:
Significant intercepts from the reverse
circulation portions of the 2012 surface drilling program.
From
To Thickness From
To
Thickness
Avg. Grade
Hole Id
(m)
(m)
(m)
(ft) (ft)
(ft)
Gold-ppm*
OX** FC12-07S 12.2 45.7 33.5
40 150 110 0.61 O including 16.8
19.8 3.0 55 65 10 2.03 O including 30.5 35.1 4.6 100 115 15 3.53 O
including 39.6 44.2 4.6 130 145 15 3.03 R and 50.3 70.1 19.8 165
230 65 0.88 R including 62.5 65.5 3.0 205 215 10 5.31 R and 74.7
80.8 6.1 245 265 20 0.23 M and 108.2 161.5 53.3 355 530 175 0.45 R
and 170.7 182.9 12.2 560 600 40 0.27 R
FC12-08S 0
38.1 38.1 0 125 125 0.81
O including 30.5 35.1 4.6 100 115 15 3.42 O including 50.3
51.8 1.5 165 170 5 6.02 O
and 42.7 114.3
71.6 140 375 235 0.63 O/R
including 50.3 56.4 6.1 165 185 20 2.33 O and 167.6 179.8 12.2 550
590 40 0.19 R
FC12-09S 0 38.1 38.1
0 125 125 0.64 O including 30.5
32.0 1.5 100 105 5 5.05 O and 67.1 93.0 25.9 220 305 85 0.27 O and
123.4 182.9 59.4 405 600 195 0.30 R
FC12-10S 0
7.6 7.6 0 25 25 1.28
O and 15.2 38.1 22.9 50
125 75 0.48 O/M and 65.5 83.8 18.3 215
275 60 0.20 O and 138.7 166.1 27.4 455 545 90 0.27 O/R and 175.3
182.9 7.6 575 600 25 0.32 R FC12-11S 0 7.62 7.6 0 25 25 0.23 O
and 15.2 73.2 58.0 50 240
190 0.63 O including 36.6 38.1 1.5 120 125 5
5.69 O and 108.2 112.8 4.6 355 370 15 0.20 R and 117.3 152.4 35.1
385 500 115 0.21 R and 161.5 179.8 18.3 530 590 60 0.19 R
FC12-12S 0 65.5 65.5 0
215 215 0.45 O and 70.1 115.8 45.7 230
380 150 0.33 O/R and 144.8 167.6 22.9 475 550 75 0.26 R and 173.7
179.8 6.1 570 590 20 0.21 R
FC12-13S 0 41.1
41.1 0 135 135 0.81 O
including 0 1.5 1.5 0 5 5 4.39 O including 21.3 25.9 4.6 70 85 15
2.82 O and 59.4 73.2 13.7 195 240 45 0.23 O and 114.3 128.0 13.7
375 420 45 0.20 R and 155.4 163.1 7.6 510 535 25 0.14 R and 167.6
173.7 6.1 550 570 20 0.26 R
FC12-14S 0 45.7
45.7 0 150 150 0.89 O
including 0 3.0 3.0 0 10 10 3.79 O including 41.1 44.2 3.0 135 145
10 2.75 O and 59.4 82.3 22.9 195 270 75 0.20 O/R and 111.3 134.1
22.9 365 440 75 0.25 R and 161.5 167.6 6.1 530 550 20 0.16 R and
176.8 182.9 6.1 580 600 20 0.18 R
FC12-15S 1.5
71.6 70.1 5 235 230 1.17
O including 29.0 32.0 3.0 95 105 10 2.40 O including 33.5
39.6 6.1 110 130 20 4.06 O including 42.7 44.2 1.5 140 145 5 10.55
O and 79.2 82.3 3.0 260 270 10 0.25 O and 88.4 112.8 24.4 290 370
80 0.32 R and 138.7 182.9 44.2 455 600 145 0.50 R
FC12-16S
1.5 10.7 9.1 5 35 30
0.55 O and 16.8 54.9 38.1
55 180 125 0.79 O and 62.5 67.1
4.6 205 220 15 0.25 O and 111.3 153.9 42.7 365 505 140 0.25 R
FC12-17S 3.05 71.6 68.6 10
235 225 0.66 O including 36.6 39.6 3.0
120 130 10 2.31 O and 100.6 123.4 22.9 330 405 75 0.30 R and 141.7
153.9 12.2 465 505 40 0.57 R and 163.1 167.6 4.6 535 550 15 0.17 R
and 173.7 182.9 9.1 570 600 30 0.53 R
FC12-18S 0
48.8 48.8 0 160 160 0.71
O FC12-19S 3.0 57.9 54.9
10 190 180 1.45 O including 32.0
39.6 7.6 105 130 25 2.88 O including 42.7 56.4 13.7 140 185 45 3.22
O
and 74.7 102.1 27.4 245
335 90 0.34 O/M and 118.9
147.8 29.0 390 485 95
1.25 O including 138.7 146.3 7.6 455 480 25 2.49 O
and 152.4 239.3 86.9 500
785 285 1.02 M/R including
169.2 173.7 4.6 555 570
15 10.66 M including 198.1 201.2 3.0 650 660
10 3.11 R and 246.9 335.3 88.4 810 1100 290 0.79 R including 317.0
320.0 3.0 1040 1050 10 4.88 R
FC12-20S 6.1
123.4 117.3 20 405 385
1.87 O including 35.1 47.2
12.2 115 155 40 12.96 O
and including 38.1 42.7 4.6 125
140 15 31.87 O including 61.0 65.5 4.6
200 215 15 2.99 O and 128.0 131.1 3.0 420 430 10 0.43 O/M and 135.7
141.7 6.1 445 465 20 0.49 R and 150.9 182.9 32.0 495 600 105 0.33 R
FC12-21S 21.3 120.4 99.1 70
395 325 1.08 O including 64.0 68.6 4.6
210 225 15 2.40 O including 71.6 82.3 10.7 235 270 35 3.96 O and
152.4 161.5 9.1 500 530 30 0.88 R and 167.6 181.4 13.7 550 595 45
1.06 R True widths cannot be determined at this time. *0.15 ppm
cutoff, 3.5 meters maximum internal waste **Oxidation O=oxidized,
M=mixed, R=reduced
Table 2
Reverse circulation (RC) hole depths,
azimuths, and dips.
Hole Id Depth-m Depth-ft Azimuth
Dip FC12-07S 182.9 600 78.3 -51.2 FC12-08S 182.9 600 80.4
-70.3 FC12-09S 182.9 600 77.1 -45.4 FC12-10S 182.9 600 85.4 -45.3
FC12-11S 182.9 600 93.7 -51.0 FC12-12S 182.9 600 93.6 -65.6
FC12-13S 182.9 600 103.0 -45.2 FC12-14S 182.9 600 103.9 -51.5
FC12-15S 182.9 600 104.4 -66.5 FC12-16S 182.9 600 116.3 -43.7
FC12-17S 182.9 600 114.2 -60.9 FC12-18S 48.8 160 116.3 -42.8
FC12-19S* 355.1 1165 129.2 -40.0 FC12-20S 182.9 600 129.8 -50.6
FC12-21S 182.9 600 128.9 -53.9 *Completed as RC in its entirety
About Klondex Mines Ltd. (www.klondexmines.com):
Klondex Mines is focused on the exploration and development of
its Fire Creek gold deposit in North Central Nevada. Fire Creek is
a compelling gold mining prospect located in a region of prolific
gold production that is near power, transportation, mining
infrastructure and several milling facilities. As of August 29,
2012, Klondex had 47.3 million shares issued and outstanding, and
59.1 million shares on a fully diluted basis.
Sample results cited in this news release were obtained from
reverse circulation holes completed by Rimrock Drilling, an
independent contractor working under the direction of Klondex
staff. Assays were determined by ALS Minerals, Reno, Nevada, an
independent analytical laboratory.
The content of this press release has been reviewed by Steven L.
McMillin, CPG-11031 (American Inst. of Prof. Geol.), Project
Manager and Chief Geologist for Klondex Mines Ltd., as a
non-independent Qualified Person.
This news release contains forward-looking statements, including
about current expectations on the timing of project development.
These forward-looking statements entail various risks and
uncertainties, are based on current expectations, are subject to a
number of uncertainties and risks, and actual results may differ
materially from those contained in such statements. These
uncertainties and risks include, but are not limited to, 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; the risks and hazards associated with
underground operations. 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 statement or to update the reasons why actual
results could differ from such statements unless required by
law.
On Behalf of Klondex Mines Ltd.
William MatlackInterim CEO
Klondex Mines Ltd. (AMEX:KLDX)
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