🕐05.05.14 - 13:27 Uhr
KLONDEX MINES BEGINS DRIFTING ON NEW KAREN VEIN AT FIRE CREEK; AVERAGE OF 74.9 G
/T (2.18 OPT) GOLD OVER 25 M (82 FT) OF STRIKE LENGTH
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Klondex Mines Begins Drifting
on new Karen Vein
at Fire Creek;
Average of 74.9 g/t (2.18 opt) Gold over 25 m (82 ft) of Strike Length
Vancouver, BC - May 5, 2014 - Klondex Mines Ltd.
(TSX: KDX; OTCQX: KLNDF) ("Klondex"
or the "Company") today announced that it began initial drifting at its Fire Creek
Project on the Karen Vein, located 45.7 m (150 ft) west of the main decline, parallel
to the Joyce Vein and Vonnie Vein.
This structure is one of the western veins initially
discovered in 2013 during development work on the secondary egress.
In addition,
nine drill holes were drilled to the west of the decline with the intent to define
and extend the Karen Vein and test for additional paralleling structures in this
zone (Figure 1
To date, 25 m (82 ft) of exploration development has been completed along strike
of the Karen Vein.
The weighted average grade of samples from the Karen Vein is
74.9 g/t (2.18 opt) Au with an average width of 0.5 m (1.5 ft).
This information
was derived from face samples ranging from 4.6 g/t (0.14 opt) Au to 176.5 g/t (5.1
opt) Au.
Channel samples from the Karen Vein, taken north and south of the 5360
access, are summarized and detailed in Table 1.
Brent Kristof, Klondex Mines COO, commented, "This is very encouraging news for
Fire Creek because it is further evidence of the assets considerable potential
and a classic example of how additional mineralization is typically discovered during
underground development in these epithermal vein systems.
These initial results
further support our theory that Fire Creek is under drilled.
The addition of the
Karen Vein provides us additional flexibility to execute the 2014 mine plan.
At
this stage, we do not know how many ounces will result but are encouraged by the
fact that a mineralized vein is visible on the North and South Faces (Figure 2
We will continue to extend the drift along strike while our drills define the vertical
extensions."
Mr.
Kristof continued, "The Karen Vein has the potential to add to our current mineral
resource estimate.
We are in the process of planning an infill drilling program
around the Karen Vein designed to extend the vein both along strike, north and
south, and up and down dip.
We expect that by year-end we will have an updated mineral
resource estimate for Fire Creek that will include more of this western zone."
Table 1: Karen Vein Development
length, feet
vein width, feet
vein channel, g/t
vein channel,
au opt
35-40
0.7
130.919
3.818
30-35
1.3
4.629
0.135
24-30
1.2
13.785
0.402
15-24
2.1
9.224
0.269
9-15
1.3
57.539
1.678
N.
0-9
2.6
130.542
3.807
5360 Access
S.
0-7
0.6
66.351
1.935
7-12
1.0
73.209
2.135
12-24
1.6
61.619
1.797
24-36
1.5
176.525
5.148
36-42
1.2
14.436
0.421
Karen Overall Average
1.5
74.855
2.183
A total of six underground exploration drill holes from Muck Bay 5 (MB5) and three
infill drill holes from the Main Decline to the west have defined and expanded the
Karen Vein.
Mineralization of the Karen Vein is consistent with the first intercept
of FC-12-120U (January 20, 2014
Infill drilling from the Main Decline has increased our confidence in the vertical
extent of the Karen Vein 45.7 m (150 ft) below and 10.7 m (35 ft) above the Main
Decline.
Previously drilled surface holes, underground drill holes and underground
development suggests the Karen Vein can possibly extend at least 548.6 m (1800 ft)
to the north and 106.7 m (350 ft) to the south along strike from MB5.
Table 2
the significant results of these drill holes.
Mark Odell of Practical Mining LLC, an independent Qualified Person (Nevada PE 13708
and SME 2402150) for the purposes of National Instrument 43-101, reviewed and approved
the contents of this press release.
Face sample assays were analyzed by SGS Minerals Services and drill core assays
were analyzed by ALS Chemex of Elko, Nevada (independent laboratories), under Klondex
staff supervision.
For additional sampling parameters, please refer to the press
release dated September 30, 2013.
About Klondex Mines Ltd.
(www.klondexmines.com
Klondex Mines is focused on the exploration, development and production of its high
quality gold and silver projects.
The Company is operating an ongoing bulk sampling
program at its Fire Creek gold project located in north central Nevada.
Fire Creek
is in a mining-friendly jurisdiction, with onsite power and mining infrastructure,
and near major producers.
Midas, Klondexs newly acquired operating mine and milling
facility are located ~100 miles north of Fire Creek.
For More Information
Klondex Mines Ltd.
Paul Huet
President & CEO
775-284-5757
Alison Tullis
Manager, Investor Relations
647-233-4348
Cautionary Note Regarding Technical Information and Forward-looking Information
A production decision at the Midas mine was made by prior owners of the mine, prior
to the completion of the acquisition of the Midas mine by Klondex.
To the knowledge
of Klondex, this production decision was not based on a feasibility study of mineral
reserves demonstrating economic and technical viabilityprepared in accordance with
NI 43-101 but was based on internal studies conducted by the prior owner of the
mine.
Klondex has no reason to believe that the data on which such studies were
based or that the results of such studies are unreliable.
However, 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 current expectations on the timing and success of exploration
sampling activities, the timing and success of mining operations and timing of an
updated mineral resource estimate 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 Companys business are more fully discussed in
the Companys 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.
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Suite 600, 595 Howe Street, Vancouver, BC
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