Klondex Mines Begins Drifting on New Karen Vein at Fire Creek; Average of 74.9 g/t (2.18 opt) Gold Over 25 m (82 ft) of Strik...
05 Maio 2014 - 8:00AM
Marketwired
Klondex Mines Begins Drifting on New Karen Vein at Fire Creek;
Average of 74.9 g/t (2.18 opt) Gold Over 25 m (82 ft) of Strike
Length
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) -
Klondex Mines Ltd. (TSX:KDX)(OTCQX:KLNDF) ("Klondex" or the
"Company") today announced that it began initial drifting at its
Fire Creek Project on the Karen Vein, located 45.7 m (150 ft) west
of the main decline, parallel to the Joyce Vein and Vonnie Vein.
This structure is one of the western veins initially discovered in
2013 during development work on the secondary egress. In addition,
nine drill holes were drilled to the west of the decline with the
intent to define and extend the Karen Vein and test for additional
paralleling structures in this zone (Figure 1).
To date, 25 m (82 ft) of exploration development has been
completed along strike of the Karen Vein. The weighted average
grade of samples from the Karen Vein is 74.9 g/t (2.18 opt) Au with
an average width of 0.5 m (1.5 ft). This information was derived
from face samples ranging from 4.6 g/t (0.14 opt) Au to 176.5 g/t
(5.1 opt) Au. Channel samples from the Karen Vein, taken north and
south of the 5360 access, are summarized and detailed in Table
1.
Brent Kristof, Klondex Mines COO, commented, "This is very
encouraging news for Fire Creek because it is further evidence of
the asset's considerable potential and a classic example of how
additional mineralization is typically discovered during
underground development in these epithermal vein systems. These
initial results further support our theory that Fire Creek is under
drilled. The addition of the Karen Vein provides us additional
flexibility to execute the 2014 mine plan. At this stage, we do not
know how many ounces will result but are encouraged by the fact
that a mineralized vein is visible on the North and South Faces
(Figure 2). We will continue to extend the drift along strike while
our drills define the vertical extensions."
Mr. Kristof continued, "The Karen Vein has the potential to add
to our current mineral resource estimate. We are in the process of
planning an infill drilling program around the Karen Vein designed
to extend the vein both along strike, north and south, and up and
down dip. We expect that by year-end we will have an updated
mineral resource estimate for Fire Creek that will include more of
this western zone."
|
Table 1: Karen Vein Development |
|
|
length, feet |
vein width, feet |
vein channel, g/t |
vein channel, au opt |
|
35-40 |
0.7 |
130.919 |
3.818 |
|
30-35 |
1.3 |
4.629 |
0.135 |
|
24-30 |
1.2 |
13.785 |
0.402 |
|
15-24 |
2.1 |
9.224 |
0.269 |
|
9-15 |
1.3 |
57.539 |
1.678 |
N. |
0-9 |
2.6 |
130.542 |
3.807 |
5360 Access |
|
|
|
|
S. |
0-7 |
0.6 |
66.351 |
1.935 |
|
7-12 |
1.0 |
73.209 |
2.135 |
|
12-24 |
1.6 |
61.619 |
1.797 |
|
24-36 |
1.5 |
176.525 |
5.148 |
|
36-42 |
1.2 |
14.436 |
0.421 |
|
Karen Overall Average |
1.5 |
74.855 |
2.183 |
A total of six underground exploration drill holes from Muck Bay
5 (MB5) and three infill drill holes from the Main Decline to the
west have defined and expanded the Karen Vein. Mineralization of
the Karen Vein is consistent with the first intercept of FC-12-120U
(January 20, 2014). Infill drilling from the Main Decline has
increased our confidence in the vertical extent of the Karen Vein
45.7 m (150 ft) below and 10.7 m (35 ft) above the Main Decline.
Previously drilled surface holes, underground drill holes and
underground development suggests the Karen Vein can possibly extend
at least 548.6 m (1800 ft) to the north and 106.7 m (350 ft) to the
south along strike from MB5. Table 2 below shows the significant
results of these drill holes.
Table 2: West Zone Drilling Intercepts |
Hole ID |
Azi |
Dip |
TD |
From |
To |
Length |
From |
To |
Length |
Au Grade |
Vein |
Drill Station |
|
|
(m) |
(ft) |
(m) |
(ft) |
(g/t) Au |
(opt) Au |
FC13121U |
256 |
19 |
88.1 |
289 |
20.0 |
23.5 |
3.47 |
65.6 |
77 |
11.4 |
20.76 |
0.606 |
Karen |
DDS 20 / MB 5 |
and |
|
|
|
|
31.2 |
31.8 |
0.55 |
102.5 |
104.3 |
1.8 |
7.42 |
0.216 |
|
and |
|
|
|
|
63.4 |
64.1 |
0.70 |
208 |
210.3 |
2.3 |
7.31 |
0.213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FC13122U |
260 |
-11 |
246.0 |
807 |
14.0 |
15.1 |
1.13 |
46 |
49.7 |
3.7 |
19.12 |
0.558 |
Karen |
DDS 20 / MB 5 |
and |
|
|
|
|
17.1 |
17.4 |
0.30 |
56 |
57 |
1 |
17.00 |
0.496 |
Karen |
and |
|
|
|
|
47.2 |
47.9 |
0.70 |
154.7 |
157 |
2.3 |
11.79 |
0.344 |
|
and |
|
|
|
|
63.1 |
65.1 |
1.98 |
207 |
213.5 |
6.5 |
26.10 |
0.761 |
|
and |
|
|
|
|
133.2 |
134.7 |
1.52 |
437 |
442 |
5 |
6.48 |
0.189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FC13123U |
196 |
60 |
62.8 |
206 |
No Significant Results |
|
|
|
|
DDS 20 / MB 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FC14125U |
260 |
-20 |
211.5 |
694 |
14.9 |
17.9 |
2.96 |
48.9 |
58.6 |
9.7 |
13.21 |
0.385 |
Karen |
DDS 20 / MB 5 |
and |
|
|
|
|
78.3 |
79.9 |
1.52 |
257 |
262 |
5 |
14.50 |
0.423 |
|
and |
|
|
|
|
131.7 |
136.2 |
4.57 |
432 |
447 |
15 |
8.08 |
0.236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCU-0012 |
277 |
-19 |
306.9 |
1007 |
15.7 |
16.9 |
1.19 |
51.5 |
55.4 |
3.9 |
47.63 |
1.389 |
Karen |
DDS 20 / MB 5 |
and |
|
|
|
|
44.2 |
44.8 |
0.61 |
145 |
147 |
2 |
4.81 |
0.140 |
|
and |
|
|
|
|
58.7 |
59.3 |
0.58 |
192.6 |
194.5 |
1.9 |
7.60 |
0.222 |
|
and |
|
|
|
|
203.3 |
204.1 |
0.76 |
667 |
669.5 |
2.5 |
8.08 |
0.236 |
|
and |
|
|
|
|
208.3 |
208.7 |
0.40 |
683.3 |
684.6 |
1.3 |
3.45 |
0.101 |
|
and |
|
|
|
|
212.4 |
213.7 |
1.22 |
697 |
701 |
4 |
3.56 |
0.104 |
|
and |
|
|
|
|
227.7 |
231.3 |
3.66 |
747 |
759 |
12 |
4.87 |
0.142 |
|
and |
|
|
|
|
240.2 |
241.7 |
1.52 |
788 |
793 |
5 |
4.73 |
0.138 |
|
and |
|
|
|
|
244.4 |
245.0 |
0.55 |
802 |
803.8 |
1.8 |
4.85 |
0.141 |
|
and |
|
|
|
|
249.3 |
250.7 |
1.37 |
818 |
822.5 |
4.5 |
4.42 |
0.129 |
|
and |
|
|
|
|
254.7 |
256.6 |
1.95 |
835.6 |
842 |
6.4 |
3.83 |
0.112 |
|
and |
|
|
|
|
287.0 |
289.6 |
2.56 |
941.6 |
950 |
8.4 |
3.49 |
0.102 |
|
and |
|
|
|
|
294.7 |
295.7 |
0.94 |
966.9 |
970 |
3.1 |
4.14 |
0.121 |
|
and |
|
|
|
|
305.4 |
306.9 |
1.52 |
1002 |
1007 |
5 |
5.43 |
0.159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCU-0013 |
272 |
5 |
95.4 |
313 |
15.1 |
15.9 |
0.85 |
49.4 |
52.2 |
2.8 |
58.58 |
1.709 |
Karen |
DDS 20 / MB 5 |
and |
|
|
|
|
17.4 |
18.6 |
1.22 |
57 |
61 |
4 |
9.14 |
0.267 |
Karen |
and |
|
|
|
|
43.6 |
44.4 |
0.82 |
143 |
145.7 |
2.7 |
3.74 |
0.109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCU-0039 |
260 |
-32 |
52.7 |
173 |
17.4 |
17.8 |
0.43 |
57.1 |
58.5 |
1.4 |
7.98 |
0.233 |
|
Main Decline |
and |
|
|
|
|
45.7 |
46.6 |
0.91 |
150 |
153 |
3 |
11.75 |
0.343 |
Karen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCU-0040 |
260 |
-53 |
63.7 |
209 |
24.6 |
25.6 |
1.04 |
80.6 |
84 |
3.4 |
5.37 |
0.157 |
|
Main Decline |
and |
|
|
|
|
55.5 |
57.6 |
2.13 |
182 |
189 |
7 |
9.64 |
0.281 |
Karen |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCU-0041 |
260 |
10 |
56.4 |
185 |
24.4 |
25.1 |
0.76 |
80 |
82.5 |
2.5 |
12.95 |
0.378 |
|
Main Decline |
and |
|
|
|
|
49.9 |
51.1 |
1.22 |
163.8 |
167.8 |
4 |
175.89 |
5.131 |
Karen |
and |
|
|
|
|
53.0 |
54.0 |
0.94 |
174 |
177.1 |
3.1 |
16.55 |
0.483 |
Karen |
Au cutoff 3.43 g/t (0.1 opt) for diluted grade
Mark Odell of Practical Mining LLC, an independent Qualified
Person (Nevada PE 13708 and SME 2402150) for the purposes of
National Instrument 43-101, reviewed and approved the contents of
this press release.
Face sample assays were analyzed by SGS Minerals Services and
drill core assays were analyzed by ALS Chemex of Elko, Nevada
(independent laboratories), under Klondex staff supervision. For
additional sampling parameters, please refer to the press release
dated September 30, 2013.
About Klondex Mines Ltd. (www.klondexmines.com)
Klondex Mines is focused on the exploration, development and
production of its high quality gold and silver projects. The
Company is operating an ongoing bulk sampling program at its Fire
Creek gold project located in north central Nevada. Fire Creek is
in a mining-friendly jurisdiction, with onsite power and mining
infrastructure, and near major producers. Midas, Klondex's newly
acquired operating mine and milling facility are located ~100 miles
north of Fire Creek.
Cautionary Note Regarding Technical Information and
Forward-looking Information
A production decision at the Midas mine was made by prior
owners of the mine, prior to the completion of the acquisition of
the Midas mine by Klondex. To the knowledge of Klondex, this
production decision was not based on a feasibility study of mineral
reserves demonstrating economic and technical viability
prepared in accordance with NI 43-101 but was based on internal
studies conducted by the prior owner of the mine. Klondex has no
reason to believe that the data on which such studies were based or
that the results of such studies are unreliable. However, readers
are cautioned that there is increased uncertainty and higher risk
of economic and technical failure associated with such production
decisions.
This news release contains certain information that may
constitute forward-looking information under applicable Canadian
securities legislation, including but not limited to information
about current expectations on the timing and success of exploration
sampling activities, the timing and success of mining operations
and timing of an updated mineral resource estimate at the Fire
Creek Project. This forward-looking information entails various
risks and uncertainties that are based on current expectations, and
actual results may differ materially from those contained in such
information. 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; and the ability of Klondex
to fund its substantial capital requirements and 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 information or
to update the reasons why actual results could differ from such
information unless required by law.
Klondex Mines Ltd.Paul HuetPresident &
CEO775-284-5757investors@klondexmines.comKlondex Mines Ltd.Alison
TullisManager, Investor
Relations647-233-4348atullis@klondexmines.com
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