Klondex Mines (KDX-T) Announces New Discovery at Fire Creek Mine; Drilling Continues to Extend Main Vein System
Nov 10, '16 - NR
Klondex Minesis pleased to provide an update on surface and underground drilling at its Fire Creek Mine, located in northern Nevada, USA. The following drill results are in addition to those included within the mineral reserve and mineral resource estimates released on September 12, 2016.
Fire Creek Mine Surface Drilling Highlights:
FCC-0020: 0.53 opt Au over 10.0 ft, or 18.01 g/t over 3.0 m -- West Zone
FCC-0033: 0.38 opt Au over 9.2 ft, or 13.15 g/t over 2.8 m -- Northwest Expansion and 0.65 opt Au over 1.5 ft, or 22.40 g/t over 0.5 m -- Northwest Expansion
FCC-0042: 0.39 opt Au over 1.3 ft, or 13.30 g/t over 0.4 m -- North Expansion
FCC-0053: 0.62 opt Au over 0.8 ft, or 21.30 g/t over 0.2 m -- Northwest Expansion
Fire Creek Mine Underground Drilling Highlights:
FCU-0649: 12.11 opt Au over 5.1 ft, or 415.33 g/t over 1.6 m -- Joyce Vein
FCU-0656: 6.71 opt Au over 5.0 ft, or 230.03 g/t over 1.5 m -- Hui Wu Vein
FCU-0661: 5.82 opt Au over 1.0 ft, or 199.52 g/t over 0.3 m -- Vein 18
FCU-0638: 3.98 opt Au over 6.8 ft, or 136.48 g/t over 2.1 m -- Vein 5
FCU-0668: 3.49 opt Au over 2.9 ft, or 119.51 g/t over 0.9 m -- Vein 13
Fire Creek Mine Surface Drilling Summary ( Table 1):
14 surface holes totaling 19,801 ft (6,033 m) were drilled during the reporting period. These holes targeted vein extensions in the Northwest, North, Eastern and South Expansion areas, along strike and up and down dip. ( Figure 1)
West Zone New Discovery
Hole FCC-0020 targeted a 6,500 ft (1,980 m) geophysical anomaly approximately 3,960 ft (1,207 m) west of the current mine workings. This intercept is approximately 400 ft (1,207 m) below surface and suggests a new mineralized structure that is open in all directions.
The Fire Creek District contains a number of similar geophysical anomalies that have not yet been tested, further suggesting additional growth potential of the Fire Creek land position. A follow-up drill program is in progress.
Fire Creek Mine Underground Drilling Summary ( Table 2):
65 underground holes totaling 41,172 ft (12,549 m) were drilled during the reporting period. These holes tested vein extensions along strike and vertically which continues to suggest the continuity of this high grade vein system. ( Figure 2) This drilling extended Vein 16 875 ft (266.7 m) to the south along strike and 175 ft (53.3 m) vertically and extended Vein 9 to the north along strike by 100 ft (30.5 m).
Until this year, this area had limited surface drilling with sparse results. Tighter sampling and underground drilling suggests that there could be a robust vein network within a short distance northeast of the main workings. West-ward directed drilling has continued to define and infill the resource model along the Karen and Honeyrunner veins. ( Figure 3)
Infill, down-dip drilling continued on Karen, Hui Wu, Joyce and Vonnie veins. These drill results continue to highlight wide, high grade ore shoots near existing mine development, a portion of which may be in production in 2017. ( Figure 4)
Brian Morris, Vice President Exploration stated, "These underground drill results continue to demonstrate the robust, high-grade nature of the vein system." Mr. Morris continued, "The new discovery in the West Zone is another example of our Fire Creek exploration team utilizing and confirming our understanding of the geophysical data set. This indicates that we may have a much larger, district-wide system at Fire Creek and suggests the potential to expand well beyond the current footprint."
Assays were performed by ALS Chemex of Reno, Nevada, as directed under the supervision of Klondex staff. This organization is an ISO 17025 accredited independent laboratory.
A description of the data verification methods, quality assurance program and quality control measures applied can be found in the technical reports titled "Technical Report for the Fire Creek Project, Lander County, Nevada," dated March 28, 2016 and with an effective date of June 30, 2015 which is available under the Company's issuer profile on SEDAR at www.sedar.com.
About Klondex Mines Ltd. ( www.klondexmines.com)
Klondex is a well-capitalized, junior-tier gold and silver mining company focused on exploration, development, and production in a safe, environmentally responsible, and cost-effective manner. The Company has 100% interests in three producing mineral properties: the Fire Creek Mine and the Midas Mine and ore milling facility, both of which are located in the state of Nevada, USA, and the True North Gold Mine (formerly the Rice Lake Mine) and mill in Manitoba, Canada. The Company also has 100% interests in two recently acquired projects, the Hollister mine and the Aurora mine and ore milling facility (formerly known as Esmeralda), also located in Nevada, USA.
Qualified Person
Scientific and technical information in this press release has been reviewed and approved by Brian Morris (AIPG CPG-11786), a "qualified person" within the meaning of NI 43-101.
For More Information
John Seaberg
Senior Vice President, Investor Relations & Corporate Development
O: 775-284-5757
M: 303-668-7991
jseaberg@klondexmines.com |
