Klondex Mines Ltd. (TSX: KDX and OTCQX: KLNDF), a Nevada gold
exploration company, today reported several intercepts of gold
mineralization for the recently completed surface drilling program
at its Fire Creek gold project in Lander County, Nevada. A total of
2,465 meters (8,086 feet) of core were drilled to extend ten holes
that had been pre-collared with reverse circulation (RC) drilling;
the results are summarized in Table 1.
Highlights:
All ten core holes encountered gold mineralization, with the
best results including:
- 2,910 g/t (85 oz/ton) gold over 1.5
meters (4.8 feet) in hole FC12-11S (the same intercept also
contained 5,960 g/t (174 oz/ton) silver).
- 97.9 g/t (2.9 oz/ton) gold over 0.4
meters (1.7 feet) in hole FC12-13S.
- 57.7 g/t (1.7 oz/ton) gold over 1.1
meters (3.7 feet) in hole FC12-21S.
Preliminary modeling indicates that the gold mineralization in
FC12-11S occurs in a zone that is traceable and supports continuity
for 152 meters (500 feet) along strike (Figure 1 - click
here), the entire north-south extent of this core drilling
program.
Paul Huet, Klondex’s newly appointed President & CEO
commented, “This year’s exploration drilling at our Fire Creek gold
project continued to identify gold mineralization, with FC12-11S
returning grades that confirm the need for continued active
exploration. We are currently developing an enhanced geologic model
and updated resource estimate for Fire Creek and remain focused on
unlocking the value of this deposit in the heart of Nevada gold
country.”
Drilling Overview
The drilling program was designed to delineate gold
mineralization in the Main Zone. Reverse circulation (RC)
pre-collar holes were drilled from the surface to approximately 183
meters (600 feet) in depth and then extended by core drilling. Nine
core extensions were completed to planned depths, and one was
terminated early because of fluid infiltration between the hole and
the underground workings. The program consisted of drill hole fans,
as shown in Figure 1 (click here), with drill hole depths,
azimuths and dips summarized in Table 2.
Geology and Mineralization
The highest assays from this program occur within the lower
basalt rock package of the Tertiary volcanic sequence at Fire Creek
and are associated with alteration envelopes of
quartz-calcite-pyrite. The highest-grade intercepts reported here
are associated with strongly silicified breccia cemented by quartz
± calcite ± sulfides.
Underground Development Program
As of September 21, 2012, Klondex’s underground development has
totaled 1,253 meters (4,111 feet) of workings, with 949 meters
(3,112 feet) of advance in the main decline. The decline was
initiated in 2011 to enable underground exploration and in-fill
drilling of the Main Zone mineralization. Klondex plans to continue
development of the decline and workings parallel to strike,
providing it access for exploration drilling in the near term, and
future access for bulk sampling or full-scale mining activity.
Klondex’s plans for the next 12 months are focused on the
continuation of surface and underground exploration aimed at
expanding both the scope of the resource as well as the
understanding of the deposit’s geologic structure and profile. With
this expanded knowledge, the Company feels it will be in a strong
position to make development decisions for the project.
Table 1
Significant intercepts from the core
portions of the 2012 surface drilling program.
Hole Id From (m) To
(m)
Thickness (m) From (ft)
To
(ft)
Thickness
(ft)
Grade gpt
Au
FC12-07S 224.9 235.3 10.4 738.0
772.0 34.0 4.81 including 224.9
225.8 0.9 738.0 740.8 2.8 29.20
including 234.1 235.3 1.2 768.0
772.0 4.0 16.0 and 238.1 239.5
1.4 781.2 785.8 4.6 3.64
FC12-09S 182.9 188.2 5.3 600.0
617.3 17.3 3.73 including 186.9
188.2 1.3 613.1 617.3 4.2 8.34
FC12-10S 219.7 221.1 1.4 720.7
725.5 4.8 9.16 and 225.3 226.5
1.2 739.2 743.2 4.0 20.30
FC12-11S 238.7 242.6 3.9 783.2
795.8 12.6 1,113.16 including 238.7
240.2 1.5 783.2 788.0 4.8
2,910.00 including 240.2 240.8 0.6
788.0 790.0 2.0 16.75
FC12-13S
230.0 231.0 1.0 754.7 757.8 3.1
45.80 including 230.6 231.0 0.4
756.4 757.8 1.4 96.40
FC12-16S
254.6 258.2 3.6 835.2 847.0 11.8
4.54 including 254.6 255.1 0.5
835.2 837.0 1.8 12.75 including 256.7
258.2 1.5 842.2 847.0 4.8
6.27 and 261.8 263.0 1.2 859.0
862.7 3.7 57.70
FC12-17S 190.4
201.2 10.8 624.7 660.0 35.3 3.20
including 193.5 194.3 0.8 634.9
637.6 2.7 8.25 including 194.3 195.1
0.8 637.6 640.0 2.4 4.97 and
214.4 215.9 1.5 703.3 708.3
5.0 4.36 and 319.8 321.0 1.2
1,049.1 1,053.0 3.9 24.30
FC12-18S 218.2 225.6 7.4 716.0
740.0 24.0 2.92 including 218.2
219.5 1.3 716.0 720.0 4.0 8.82
FC12-20S 191.8 193.0 1.2 629.3
633.3 4.0 5.48 and 214.1 215.8
1.7 702.5 708.0 5.5 3.33 and
296.2 297.4 1.2 971.9 975.6
3.7 5.42 and 332.1 334.7 2.6
1,082.5 1,098.0 15.5 7.45 including
329.9 330.2 0.3 1,082.5 1,083.2
0.7 37.1 and 332.1 333.8 1.7
1,089.5 1,095.0 5.5 14.53
FC12-21S 183.9 184.3 0.4 603.3
604.5 1.2 19.95 and 190.3 196.4
6.1 624.4 644.3 19.9 2.23 True
widths cannot be determined at this time.
Table 2
Final Depths for the combined core and RC
program
Hole Id Depth
(m)
Depth
(ft)
Azimuth Dip FC12-07S 273.6
898 78.3 -51.2 FC12-08S* 182.8
600 80.4 -70.3 FC12-09S 270.9 889
77.1 -45.4 FC12-10S 334.0 1096
85.4 -45.3 FC12-11S 304.1 998 93.7
-51.0 FC12-12S* 182.8 600 93.6
-65.6 FC12-13S 273.6 898 103.0 -45.2
FC12-14S* 182.8 600 103.9 -51.5
FC12-15S* 182.8 600 104.4 -66.5
FC12-16S 334.3 1097 116.3 -43.7
FC12-17S 387.0 1270 114.2 -60.9
FC12-18S 276.4 907 116.3 -42.8
FC12-19S* 355.1 1165 129.2 -40.0
FC12-20S 363.2 1192 129.8 -50.6
FC12-21S 227.3 746 128.9 -53.9 *Drilled
entirely RC
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 September 21,
2012, Klondex had 47.3 million shares issued and outstanding, and
59.6 million shares on a fully-diluted basis.
Sample results cited in this news release were obtained from
core holes completed by American 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.Paul
Andre HuetPresident & CEO
Klondex Mines Ltd. (AMEX:KLDX)
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