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Lander County
Nevada
Updated: 22-Jul-10
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| |   Wed Jan 20, 2010
High-Grade Gold Veins Discovered East of Main Zone in Klondex's 2009 Exploration Program
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| | - Drilling Continues to Expand Scope of Fire Creek
Mineralization With Further Exploration Planned for 2010 -
Vancouver, British Columbia - January 20, 2010 - Klondex Mines Ltd. (TSX: KDX) ("Klondex" or "KDX") today announced final results from its 2009 drilling campaign. The 2009 program included RC drilling of two IP anomalies, one of which yielded the discovery of two new veins. The IP anomaly targets were developed in a geophysical survey also conducted in 2009. KDX completed 15 holes totaling 20,221 feet (6,163 meters) within the Fire Creek project in 2009. The results are reported in the table below, and the drill plan showing all 2009 drill holes is posted at www.klondexmines.com. The bulk of the results for holes FC0901 through FC0905 were previously released.
2009 Geophysical Survey Identifies 15 Drilling Targets
In the summer of 2009 a new detailed, multi-method geophysical survey was run at Fire Creek (FC). The survey identified 15 untested anomalies that are drilling targets. Using a reverse circulation (RC) drill rig Klondex tested two of the anomalies. Drill holes FC0912RC through FC0915RC tested two anomalies located east of the Main vein zone. Holes FC0912RC and FC0913RC intersected two high-angle dikes with weakly anomalous gold values near the margins of the dikes below the first anomaly drilled.
RC Program Identifies Two New Veins
Hole FC0914RC intersected a broad zone of +0.03 oz/ton gold occurring between 925 and 1360 feet. Within this anomaly are two veins consisting of 3.5 feet (1.1 meter) true width of 0.26 oz/ton (9.1 g/t) gold and 0.76 oz/ton (25.9 g/t) silver and 3.5 feet (1.1 meter) true width of 0.26 oz/ton (9.1 g/t) gold and 0.18 oz/ton (6.3 g/t) silver. This new discovery is approximately 300 feet (91 meters) east of the nearest vein. FC0915RC was lost before reaching the mineralized horizon. Core drilling of the new discovery is planned in the spring of 2010.
Robert Sibthorpe, KDX's Technical Director, commented, "Our 2009 drilling program continued to expand the scope of mineralization at Fire Creek, an effort we will recommence in the spring. Drilling in 2009 extended Main zone mineralization further south and extended New North zone mineralization to the north, while also establishing a new vein system in the Eastern side of the Main zone. We also initiated an RC drilling program to more cost effectively test 15 anomalies identified in our 2009 geophysical program. Given our substantial property position and the success we have achieved, we are very optimistic about the potential to further extend the scope of the Fire Creek resource in 2010 and in the future."
Main Zone Definition Drilling Yields 1.45 oz/ton Intercept
Holes FC0901 through FC0905 were targeted within the Main vein zone and were used to further define areas suitable for bulk sampling once underground work is initiated. These results included several +0.25 oz/ton gold values including 8.8 feet (2.7 meters) true width of 1.45 oz/ton (49.9 g/t) gold and 0.88 oz/ton (30.1 g/t) silver in hole FC0903.
| Summary 2009 Drill Results - Fire Creek |
| Hole No. |
From
(feet) |
To
(feet) |
Interval
(feet) |
True
Width
(feet) |
Gold
(oz/ton) |
Silver
(oz/ton) |
True
Width
(meters) |
Gold
(grams/
tonne) |
Silver
(grams/
tonne) |
Target
Area |
| FC0901 |
885 |
945 |
60 |
42.0 |
0.124 |
0.312 |
12.8 |
4.25 |
10.7 |
Main |
| including |
885 |
893 |
8 |
5.6 |
0.237 |
0.663 |
1.7 |
8.12 |
22.7 |
Main |
|
935 |
945 |
10 |
7.0 |
0.505 |
0.461 |
2.1 |
17.30 |
15.8 |
Main |
| FC0902 |
1035 |
1055 |
20 |
14.0 |
0.055 |
0.091 |
4.3 |
1.90 |
3.1 |
Main |
| FC0903 |
220 |
270 |
50 |
40.0 |
0.104 |
0.057 |
12.2 |
3.56 |
1.9 |
Main |
| including |
250 |
260 |
10 |
8.0 |
0.331 |
0.044 |
2.4 |
11.34 |
1.5 |
Main |
| |
915 |
943.2 |
28.2 |
20.8 |
0.730 |
0.470 |
6.3 |
25.00 |
16.1 |
Main |
| including |
915 |
927.5 |
12.5 |
8.8 |
1.457 |
0.879 |
2.7 |
49.90 |
30.1 |
Main |
| FC0904 |
727.8 |
745 |
17.2 |
12.0 |
0.312 |
0.572 |
3.7 |
10.70 |
19.6 |
Main |
| |
810 |
815 |
5 |
3.5 |
0.295 |
0.149 |
1.1 |
10.10 |
5.1 |
Main |
| FC0905 |
575 |
590 |
15 |
10.7 |
0.043 |
0.006 |
3.3 |
1.47 |
0.2 |
Main |
| |
612.5 |
625 |
12.5 |
8.8 |
0.067 |
0.047 |
2.7 |
2.30 |
1.6 |
Main |
| |
785 |
795 |
10 |
7.1 |
0.526 |
0.435 |
2.2 |
18.00 |
14.9 |
Main |
| |
915 |
1001 |
86 |
60.2 |
0.050 |
0.199 |
18.3 |
1.70 |
6.8 |
Main |
| FC0906 |
500 |
510 |
10 |
7.0 |
0.093 |
0.219 |
2.1 |
3.17 |
7.5 |
S. Main Ext. |
| |
615 |
625 |
10 |
7.0 |
0.063 |
0.234 |
2.1 |
2.17 |
8.0 |
S. Main Ext. |
| FC0907 |
905 |
920 |
15 |
10.6 |
0.062 |
0.059 |
3.2 |
2.14 |
2.0 |
N. Main Ext. |
| FC0908 |
850 |
885 |
35 |
29.8 |
0.077 |
0.053 |
9.1 |
2.63 |
1.8 |
N. Main Ext. |
| |
1195 |
1220 |
25 |
20.0 |
0.046 |
0.172 |
6.1 |
1.56 |
5.9 |
N. Main Ext. |
| FC0909 |
No Values >10 feet @ > 0.03 oz/ton Gold |
N. Main Ext. |
| FC0910 |
790 |
805 |
15 |
12.0 |
0.053 |
0.053 |
3.7 |
1.80 |
1.8 |
New North |
| FC0911 |
815 |
840 |
25 |
20.0 |
0.044 |
0.155 |
6.1 |
1.51 |
5.3 |
New North |
| |
895 |
910 |
15 |
12.0 |
0.063 |
<0.015 |
3.7 |
2.16 |
<0.5 |
New North |
| FC0912RC |
No Values >10 feet @ > 0.03 oz/ton Gold |
IP Anom. #2 |
| FC0913RC |
No Values >10 feet @ > 0.03 oz/ton Gold |
IP Anom. #2 |
| FC0914RC |
925 |
940 |
15 |
12.0 |
0.053 |
0.020 |
3.7 |
1.83 |
0.7 |
IP Anom. #1 |
| |
1010 |
1025 |
15 |
12.0 |
0.032 |
0.140 |
3.7 |
1.10 |
4.8 |
IP Anom. #1 |
| |
1115 |
1125 |
10 |
7.1 |
0.054 |
0.126 |
2.2 |
1.84 |
4.3 |
IP Anom. #1 |
| |
1225 |
1235 |
10 |
7.1 |
0.196 |
0.581 |
2.2 |
6.70 |
19.9 |
IP Anom. #1 |
| including |
1225 |
1230 |
5 |
3.5 |
0.265 |
0.756 |
1.1 |
9.08 |
25.9 |
IP Anom. #1 |
| |
1345 |
1360 |
15 |
10.5 |
0.127 |
0.143 |
3.2 |
4.35 |
4.9 |
IP Anom. #1 |
| including |
1350 |
1355 |
5 |
3.5 |
0.265 |
0.184 |
1.1 |
9.07 |
6.3 |
IP Anom. #1 |
| FC0915RC |
No Values >10 feet @ > 0.03 oz/ton Gold -- Hole Lost |
IP Anom. #1 |
| Note: Table only includes values equivalent to ≥ 10 feet @ ≥ 0.03 oz/ton gold |
Main and New North Zone Extension Drilling
Six of the remaining holes were targeted on possible extensions of the Main zone to the north and south and the north extension of the New North vein zone. FC0906 is the first hole to test the southernmost extension of Main, and it found two sub-grade veins worthy of further testing. FC0907 through FC0909 tested the northern extension of the Main zone. FC0907 and FC0908 both hit sub-grade veins with FC0908 intersecting 29.8 feet (9.1 meters) true width of 0.08 oz/ton (2.6 g/t) gold. Located on the northernmost discovery at Main, this major fault zone will be tested further. FC0909 did not intersect any significant veining.
Drill holes FC0910 and FC0911 tested the northern extension of the New North zone. FC0910 was a 100-meter step-out and the first hole to explore this far north. The sub-grade vein intersected indicates the mineralized structure is still present, and a fence of holes are planned to further test this area. FC0911 was drilled to test directly west of a previous vein intercept and intercepted two sub-grade veins.
Klondex will continue testing additional geophysical anomalies in 2010 using an RC rig to identify vein zones and then following up with core drilling.
As of September 30, 2009, KDX had 30,964,089 shares issued and outstanding, 34,879,089 shares on a fully diluted basis and cash of approximately CDN $4.4 million and working capital of CDN $3.8 million.
About Klondex Mines:
Klondex Mines Ltd. is a gold exploration company with four projects in North Central Nevada. The Company is focused on the development of its high-grade Fire Creek gold deposit where it has identified the following NI 43-101 compliant resource:
Fire Creek Project - Indicated and Inferred Resource *
NI 43-101 Dated March 30, 2009
Classification |
Metric |
Grams Gold Equivalent |
Total Ounces |
| |
Tonnes |
Per Metric Tonne |
Gold Equivalent |
| Indicated |
5,043,033 |
10.11 |
1,639,822 |
| Inferred |
1,833,423 |
8.63 |
508,799 |
* Fire Creek has a gold-to-silver ratio of approximately 1:1, indicating the resource is approximately 98.3% gold and 1.7% silver. Reflects a cutoff grade of 5 grams per tonne and 60 units of silver equivalent to one unit of gold.
For more information, please visit www.klondexmines.com.
Richard Kern (P.Geo), of Reno, Nevada, a qualified person as defined under National Instrument 43-101and has reviewed and approved the technical information contained in this press release.
ON BEHALF OF KLONDEX MINES LTD.
"William Solloway"
President
"Bob Sibthorpe"
Director
Investor Contact:
David Collins
Jaffoni & Collins Incorporated
KDX@jcir.com
(212) 835-8500
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