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Jul 14, 2010: News: Klondex Sets Term Sheet for $10 - $20 Million in Gold-Backed Financing... (more...)
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Lander County
Nevada
Updated: 22-Jul-10
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| |   Wed Dec 29, 2004
Klondex Completes Phase 2 Drilling
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| | Klondex Mines announces the final results of Phase 2 drilling program at its 100% owned Fire Creek Property, located on the Northern Nevada Rift in the Battle Mountain-Eureka Trend in Nevada. Phase 2 was comprised of 13 drill holes totaling 6,323 meters (20,741 feet). All holes were "pre-collared" with a reverse circulation drill to a pre-determined depth and then completed to target depth with a diamond drill rig. The first three drill holes of Phase 2 were announced during October of this year (FC 0416 through FC 0418). Of the remaining 10 drill holes for which results have now been received, six were located to extend the zone of known mineralization to the south. The other four holes were located to extend the zone of known mineralization down dip and test for parallel veins.
Table 1 lists the results for all holes drilled by Klondex by section and Table 2 separates results by individual vein. Figure 1 is a plan map of the drill hole and vein locations.
Strike Extension Holes; With the Central mineralized zone open to the north and the south, it was determined that the southern direction should be investigated during Phase 2 since the early onset of winter conditions made access to the higher elevations associated with the northern drill sites difficult.
Drill Hole FC 0419 was drilled on Section 50N to test the strike extension to the south of the gold mineralization detected in two intercepts in FC 0413 (12.45 gpt over 1.5 m and 84.2 gpt over 1.5 m) on Section 100N. FC 0419 returned corresponding gold intercepts of 8.68 gpt over 1.5m (0.252 oz/ton over 5 feet) and 73.4 gpt over 1.5m (2.219 opt over 5 feet).
Drill Holes FC 0420, FC 0421, FC 0422, FC 0424 and FC 0428 were drilled on Sections 0N through 450S in an attempt to test the southern strike extension. These holes, while containing anomalous gold values, did not return any high grade intercepts.
Dip Extension Holes; Based on drilling to date it has been determined that the gold-bearing veins at Fire Creek generally strike north-northwest and dip steeply to the west.(Since all drill holes were angled at 45 degrees to these structures, true widths are estimated to be about 70% of actual drill intercept widths). Phase 1 drilling established the presence of the Main Zone which tended to return high gold values from Section 100N through 450N (350 meters) at about 1675m (5500 feet) above sea level or about 175m (575 feet) below surface. With the exception of FC 0418 which tested the Far North Zone, all of the other dip extension drill holes in Phase 2 were located west of Phase 1 holes and were angled to the east to intercept the Main Zone at depth. The previously reported drill hole FC 0417 on Section 300N was significant in that it not only intercepted the Main Zone at depth but also discovered two parallel veins to the west of the Main Zone, named the Middle Vein and the West Vein. FC 0416, also previously reported, confirmed the continuity of the Middle vein and the Main Vein on Section 250N with an intercepts of 26.1 gpt over 3.05m (0.762 opt over 10 feet) and 5.4 gpt over 4.6m (0.157 opt over 15 feet) respectively.
Drill Hole FC 0426 was drilled on Section 250N beneath FC 0416 and intercepted the westernmost vein with an intercept of 4.2 gpt over 3.05 m (0.123 opt over 10 feet) and the Middle Vein with an intercept of 63.0 gpt over 1.52 m (1.84 opt over 5 feet).
Drill hole FC 0423 was drilled on Section 50N beneath the high grade intercept in FC 0419 and gave an "Main Vein" intervals of 4.42 gpt over 1.52 m (0.129 opt over 5 feet) and 5.2 gpt over 3.05m (0.150 opt over 10 feet). While the grades in FC 0423 are lower than those in FC 0419, the gold-bearing vein is present in FC 0423 at almost 350 meters below surface and 150 meters below the FC 0419 intercept, a significant increase in dip extent.
Drill Hole FC 0427, also drilled on Section 50N, and beneath FC 0423 appears to have intercepted the Middle Vein bearing 3.18 gpt over 1.52 m (0.093 opt over 5 feet).
FC0425 was drilled from the same location but at a steeper angle than FC 0417 (which included an intercept grading 441 gpt over 1.42 meters or 12 opt over 5 feet) on Section 300N to test the down-dip extent of the high-grade veining of the Middle Vein. The hole drifted 200 feet off-section and intersected much different stratigraphy than 0417. It appears there is a fault between the two holes. While the failure of FC 0425 to encounter the down dip extension of FC 0417, the continuity of the Middle Vein in this area was improved by the strong intercept at depth in FC 0426 on Section 250N. The westernmost vein may be represented in FC 0425 by an intercept grading 4.19 over 10.7 m (0.122 opt over 35 feet).
Comments on the Year 2004 Drilling and Future Plans
The Company is pleased with the results this year from Fire Creek generated by 28 holes and 11,370 meters (36,295 feet) of reverse circulation and core drilling. These holes investigated the north northwesterly striking mineralized structure over a length of 1.4 kilometers. Fifty-0ne significant intercepts were reported from 21 of these holes and the high grade, narrow vein style of mineralization was determined to be similar to that of the Midas (Ken Snyder) Mine, another Nevada gold deposit located on the Northern Nevada Rift.
Drilling to date appears to have defined four vein systems on the Fire Creek Property. Detailed information on each vein is presented in Table 3.
The Main Vein has been encountered in 15 drill holes and 28 significant intercepts over a strike length of 550 meters at depths ranging from 140 meters to 440 meters vertically from surface. The intercepts range from very high grades over short widths to wider lower grade intercepts. The Main Vein remains open to depth and to the north.
The Middle Vein has been encountered in 9 drill holes (16 intercepts) and was discovered in holes designed to find depth extensions of the Main Zone which is some 100 meters to the east.
The Middle Vein has similar strike and dip extent dimensions as the Main Zone and has numerous very high grade intercepts including the series of multi-ounce per tonne intercepts in FC 0417. This vein is also open to the north and to depth.
The West Vein is located some 125 meters west of the Middle Vein and has been detected in the three most westerly located drill holes. These holes indicate vein strike and dip dimensions of 100 and 200 meters respectively, and the vein is open in all directions. Intercepts to date have been between 4-8 gpt gold over 1.5-10 meters.
The Far North Vein is located 500 meters northwest of the current northern strike extent of the main and Middle Veins. It has been detected in the three holes drilled in this area. Moderate gold grades (4-8 gpt) over substantial widths (7-52 meters) have been encountered.
The limited extent of drilling at Fire Creek currently precludes a resource estimate at this time. The Main Vein and the Middle Vein now both appear to be approaching needed size dimensions and all four veins represent drill targets for resource expansion in year 2005.
While planning and environmental permitting continues for a large summer drilling program, additional testing will be done from existing drill sites beginning in January. The Company is also investigating the cost/benefit of an exploration and development decline for direct underground access to the vein systems and to provide underground drill sites for ore shoot definition. Metallurgical testing of drill core material is currently in progress.
The Company currently has a working capital position of $6.7 million.
Richard Kern (P.Geo) of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101and has reviewed the technical information contained in this press release.
Klondex has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. ALS Chemex Labs of Reno, Nevada is responsible for all the Klondex Mine's assaying.
Klondex Mines was founded in 1974 and is a Tier two exploration company listed on the TSX Venture Exchange under the symbol " KDX". The company's property portfolio contains five gold exploration projects all in Nevada. A description of theses projects, including maps and photographs can be viewed on the company website at: www.klondexmines.com
ON BEHALF OF KLONDEX MINES LTD.,
"William J. Solloway" "Robert A. Sibthorpe"
President & Director Director
For further information contact
William Solloway - 917-306-3679 or
Robert Eadie - 604-602-4935
Notes:
FC0414 was abandoned due to technical problems prior to reaching target depth
The following holes were drilled but failed to return significant gold values;
FC0410 was drilled beneath holes FC0411 and FC0411B to test for the down dip extension of the South Zone;
FC0407 and FC0409 were drilled to test for the northern strike extension of the Main Zone. Access restrictions forced these holes to be collared further east than optimal and these holes intersected the target at an elevation higher than the other Main Zone holes;
FC 0420,FC 0421, FC 0422. FC 0424, and FC 0428 were drilled in the southern portion of the property and failed to intercept high grade gold.
True widths are estimated at this time to be approximately 70% of reported widths.
Sections are metric i.e. 250N is 50 meters north of 200N
Notes:
*FC0414 was abandoned due to technical problems prior to reaching target depth
The following holes were drilled but failed to return significant gold values:
FC0410 was drilled beneath holes FC0411 and FC0411B to test for the down dip extension of the South Zone;
FC0407 and FC0409 were drilled to test for the northern strike extension of the Main Zone. Access restrictions forced these holes to be collared further east than optimal and these holes intersected the target at an elevation higher than the other Main Zone holes;
FC 0420,FC 0421, FC 0422. FC 0424, and FC 0428 were drilled in the southern portion of the property and failed to intercept high grade gold.
True widths are estimated at this time to be approximately 70% of reported widths.
Sections are metric i.e. 250N is 50 meters north of 200N
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| | You can view the Next News item: Tue Jan 18, 2005, Klondex Begins Phase 3 Drilling on 100% Owned Fire Creek Gold Property in the Battle Mountain-Eureka Trend in Nevada
You can view the Previous News item: Fri Nov 26, 2004, Klondex Mines Ltd. Closes $6.25 Million Bought Deal Financing and Completes Phase 2 Drill Program
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