Klondex Mines drills 36 oz/ton gold over 2.8 feet in Nevada

Klondex Mines Ltd. [KDX:TSX; KLDX:NYSE MKT] has provided an update on surface and underground drilling at the Fire Creek Project and Midas Mine, both located in northern Nevada. The following drill results are in addition to those included in the mineral resources released on September 16, 2015 and mineral reserves released on December 3, 2015.

Fire Creek Project drilling highlights:

  • FCU-0484: 35.99 oz/ton gold over 2.8 feet, or 1,233.9 g/t over 0.9 metres (Joyce vein), including 93.90 oz/ton gold over 1.0 foot, or 3,220.1 g/t over 0.30 metres;
  • FCU-0470: 3.05 oz/ton gold over 5.3 feet, or 104.7 g/t over 1.6 m (Karen vein);
  • FCU-0442: 2.80 oz/ton gold over 3.0 feet, or 95.9 g/t over 0.9 m (Karen vein);
  • FCU-0433: 4.51 oz/ton gold over 2.0 feet, or 154.5 g/t over 0.6 m (vein 46);
  • FCU-0507A: 1.29 oz/ton gold over 7.0 feet, or 44.3 g/t over 2.1 m (Karen vein).

Midas Mine — West Zone drilling highlights:

  • DMC-0280: 5.40 oz/ton gold-equivalent over 1.2 feet, or 186.3 g/t over 0.4 m (Rico vein);
  • DMC-0290: 1.73 oz/ton gold-Eq over 4.5 feet, or 59.4 g/t over 1.4 m (Midas trend);
  • DMC-0284: 0.50 oz/ton gold-Eq over 2.0 feet, or 16.4 g/t over 0.6 m (Midas trend).

Midas Mine — South Zone drilling highlights:

  • DMC-0292: 0.11 oz/ton gold-Eq over 40.5 feet, or 3.7 g/t over 12.3 m (Trinity), including 0.39 oz/ton gold-Eq over 4.0 feet, or 13.3 g/t over 1.2 m;
  • DMC-0292: 0.05 oz/ton gold-Eq over 60.5 feet, or 1.6 g/t over 18.4 m (Trinity);
  • DMC-0293: 0.22 oz/ton gold-Eq over 23.5 feet, or 7.6 g/t over 7.2 m (Trinity), including 0.61 oz/ton gold-Eq over 5.0 feet, or 21.0 g/t over 1.5 m, including 0.54 oz/ton gold-Eq over 2.0 feet, or 18.4 g/t over 0.6 m.

Brian Morris, Vice-President, Exploration, stated, “I am very pleased with the excellent results from our exploration and infill drilling programs at both projects. These results are significant as they indicate additional mineralization at our properties. This data was not included in our mineral resource and reserve updates released earlier in the year. The underground drilling results at Fire Creek continue to extend known veins, while also discovering new mineralized structures to the west and north of the main veins.

“At Midas, these results are extremely positive for us. We expect that the West and South zones will be the future of mining at Midas, and these current drill intercepts add to the positive results we announced on Oct. 8.”

In the Trinity zone to the south at Midas, the drill results continue to support the existence of a large gold system where the mineralization is widely disbursed with a core of high-grade pods. This discovery is significant because the mineralization could potentially be the southern extension of the Colorado Grande structure, only in the form of a disseminated, highly oxidized breccia system rather than a narrow vein epithermal system.

Fire Creek Project

A total of 38,956 feet (11,874 m) of underground drilling were completed from 75 core drill holes at Fire Creek in the second half of 2015. The intent of this drilling program was to infill and extend previously defined mineralization both vertically and laterally, and to explore for new high-grade veins to the west. Drilling is continuing, and the mineralization remains open in all directions.

Midas Mine

A total of 10,910 feet (3,325 m) of surface drilling were completed from 11 core drill holes in the West and South zones at Midas in the second half of 2015. Drilling in the West and South zones was intended to test historic vein drill intercepts and to expand the current mineral resources in these areas. The Midas Mine is between Elko and Reno about 100 miles north of the Fire Creek Project.

The 100%-owned Midas Mine and milling facility, Elko County, Nevada. The gold-silver mine has been in production since 1998. Source: Klondex Mines Ltd.

The 100%-owned Midas Mine and milling facility, Elko County, Nevada. The gold-silver mine has been in production since 1998. Source: Klondex Mines Ltd.

Filed in: Gold, Resources

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