October 8, 2014
Vancouver, BC - October 8, 2014 - Klondex Mines Ltd.
- 157.8 g/t (4.6 opt) Au over 3.55 m (11.4 ft) - FCU-0199 - Karen Vein
- 85.7 g/t (2.5 opt) Au over 4.68 m (15.0 ft) - FCU-0209 - Karen Vein
- 1,474.6 g/t (43.0 opt) Au over 0.62 m (2.0 ft) - FCU-0043 - Joyce Vein
- 367.6 g/t (10.7 opt) Au over 1.87 m (6.0 ft) - FCU-0086 - Joyce Vein
- 1,404.6/t (41.1 opt) Au over 0.53 m (1.7 ft) - FCU-0011 - Vonnie Vein
- 174.9 g/t (5.1 opt) Au over 1.00 m (3.2 ft) - FCU-0160 - Hui Wu Vein
KLNDF:OTCQX) (“Klondex” or the “Company”) today provides an update on
recent underground infill and exploration drilling from its Fire Creek
gold project near Elko, Nevada. An updated mineral resource estimate
for Fire Creek, which includes these drill results, is expected to be
released in 4Q2014.
In all, 124 infill and exploration core holes have been drilled since
February 1, 2014 for a total of 12,490 meters (40,976 ft) (
). The core holes were drilled from multiple drill platforms and from various locations in existing mineral headings (FIGURE 1
Drilling from the existing headings provided opportunities to define
the veins in areas that were previously inaccessible to drilling. The
objective of the infill drill program (<100 ft drill spacing) is to
convert the inferred mineral resource to the measured and indicated
The increased confidence of the strike length and up/down dip
projections in our model will allow Klondex to develop more accurate
short and long term mine plans. The known limits of the veins’ projected
dip and strike length remain open and are constrained only by drilling.
• Infill drilling increased confidence of 930’ of strike length and 375’ of dip extent.
• Infill drilling increased confidence of 900’ of strike length and 575’ of dip extent.
Hui Wu Vein:
• Infill drilling increased confidence of 600’ of strike length and 300’ of dip extent.
• Infill drilling increased confidence of 600’ of strike length and 275’ of dip extent.
• The defined strike length of the Honeyrunner is approximately 472 m
(1,550 ft), and 160 m (525 ft) of known vertical dip extent (see press
release dated September 15, 2014).
Brent Kristof, Chief Operating Operator of Klondex, commented,
“We are encouraged by these high grade drill intercepts and the results
of additional infill and exploration drilling at Fire Creek. All vein
structures remain open along strike and up and down dip. Given this,
Klondex continues to look to expand the life of the Fire Creek Project
through its drilling programs.
“We intend to continue delineating the veins and increasing the quality
of the mineral resource. We are excited to update our technical report
later this year. The new mineral resource will add more data from the
West Zone, including the Karen, Hui Wu and Honeyrunner, as well as the
new drilling on Joyce and Vonnie.”
Assays were performed by ALS Chemex of Elko, Nevada and American Assay
Laboratories (AAL) of Reno, Nevada (both independent laboratories), as
directed under the supervision of Klondex staff.
About Klondex Mines Ltd. (www.klondexmines.com)
Klondex is focused on the exploration, development and production of its
two high quality gold and silver projects in the mining-friendly
jurisdiction of north central Nevada. The 1200 tpd milling facility is
processing mineralized materials from the Midas Mine and the Fire Creek
Project. Midas is fully-permitted and has been in operations since 1998.
Fire Creek is located ~100 miles south of Midas and is operating an
ongoing bulk sampling program that began in 2013. All major
infrastructure is in place at Fire Creek.
For More Information
Klondex Mines Ltd.
President & CEO
Manager, Investor Relations
Mark Odell of Practical Mining LLC is the Independent Qualified Person
(Nevada PE 13708 and SME 2402150), who has reviewed and approved the
contents of this press release for the purposes of National Instrument
Cautionary Note Regarding Technical Information and Forward-looking Information
A production decision at the Fire Creek Project has not been made by
Klondex, as it is still in the bulk sampling phase. Although a
production decision at the Fire Creek Project has not been made, the
mineralized material extracted from the Fire Creek Project under the
bulk sample permit is processed through the Midas mill.
A production decision at the Midas Mine was made by previous operators
of the mine, prior to the completion of the acquisition of the Midas
mine by Klondex and Klondex made a decision to continue production
subsequent to the acquisition. This decision by Klondex to continue
production and, to the knowledge of Klondex, the prior production
decision were not based on a feasibility study of mineral reserves
demonstrating economic and technical viability prepared in accordance
with NI 43-101. 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 the timing,
extent and success of infill exploration drilling activities, the timing
and completion of an updated mineral resource estimate at the Fire
Creek Project and the possible upgrading of mineral resources 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.
Back to the News page