🕐10.09.14 - 12:54 Uhr
KLONDEX REPORTS ON MIDAS INFILL DRILLING PROGRAM
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Klondex Reports on Midas Infill Drilling Program
Vancouver, BC - September 10, 2014 -Klondex Mines Ltd.
(KDX:TSX; KLNDF:OTCQX) ("Klondex"
or the "Company") today provides an update on recent underground infill and exploration
drilling from its Midas Mine, near Winnemucca, Nevada.
More than 100 core holes
have been drilled since Klondex purchased the property, totaling approximately
18,288 m (60,000 ft).
The drilling was included in the original 2014 drilling budget
(see TABLE 1
all drill results).
The current drilling program supports the Companys development
and exploration program scheduled to begin in late September (see press release
dated September 4, 2014
ADVANCE
Advance infill drilling on the 905 vein at planned production Spirals 8 and 9 has
produced encouraging results for potentially increasing the mineral resources (see
FIGURE 1
Sixty-six (66) core holes have been completed along approximately 914 m (3,000
ft) of vein strike at 23 to 38 m (75 to 125 ft) centers.
Results of this program
support the existing inferred mineral resource estimate and have provided additional
information for use in mine planning (see FIGURE 2
and FIGURE 3
Engineering is underway, incorporating these zones into production planning.
Highlights from the 905 Vein at Spirals 8 and 9 include (from North to South):
Intercept
Au Grade
Ag Grade
Au Equiv.
Grade
Length
MUC-02554
37 g/t (1.1 opt) Au
68 g/t (2 opt) Ag
37 g/t (1.1 opt)
0.7 m (2.3 ft)
MUC-02502
48 g/t (1.4 opt) Au
11,251 g/t (329 opt) Ag
226 g/t (6.6 opt)
0.4 m (1.4 ft)
MUC-02495
41 g/t (1.2 opt) Au
3,180 g/t (93 opt) Ag
90 g/t (2.6 opt)
0.3 m (1.1 ft)
MUC-02529
99 g/t (2.9 opt) Au
2,223 g/t (65 opt) Ag
133 g/t (3.9 opt)
0.4 m (1.4 ft)
MUC-02532
38 g/t (1.1 opt) Au
1778 g/t (52 opt) Ag
65 g/t (1.9 opt)
0.8 m (2.6 ft)
*AuEq calculated using 63:1 Au to Ag conversion ($1200/oz Au and $19/oz Ag)
DEVELOP
Drilling and technical work to develop additional mineral resources is focused on
remnant areas adjacent to historically mined veins and on the Queen Vein south of
current workings (FIGURE 4
Identification of drill targets adjacent to historically mined veins has been driven
by two factors: 1) a lack of drilling on vein edges, and 2) Klondexs ability to
mine narrower stopes using more selective mining methods.
Forty-two Remnant Targets
have been identified at Midas.
Drilling on the first three of these targets has
identified a combination of indicated and inferred mineral resources the Company
intends to mine, located very near to existing infrastructure (See FIGURE 5
FIGURE 6
and FIGURE 7
Significant intercepts from the Remnant drilling program include:
Intercept
Au Grade
Ag Grade
Au Equiv.
Grade*
Length
Remnant Area 305 Vein North
MUC-02577
87.3 g/t (2.5 opt) Au
864 g/t (25 opt) Ag
101 g/t (2.9 opt)
0.3 m (0.9 ft)
MUC-02586
121.3 g/t (3.5 opt) Au
672 g/t (20 opt) Ag
132 g/t (3.8 opt)
0.3 m (1.1 ft)
Remnant Area 205 Vein North
MUC-02589
25.0 g/t (0.7 opt) Au
349 g/t (10 opt) Ag
31 g/t (0.9 opt)
2.4 m (7.8 ft)
MUC-02592
40.0 g/t (1.2 opt) Au
168 g/t (5 opt) Ag
43 g/t (1.3 opt)
0.6 m (2.0 ft)
Remnant Area 105 Vein Central
MUC-02537
10.0 g/t (0.3 opt) Au
202 g/t (6 opt) Ag
13 g/t (0.4 opt)
2.9 m (9.4 ft)
MUC-02539
9.7 g/t (0.3 opt) Au
184 g/t (5 opt) Ag
12 g/t (0.4 opt)
1.9 m (6.3 ft)
MUC-02538
8.9 g/t (0.3 opt) Au
161 g/t (5 opt) Ag
11 g/t (0.3 opt)
1.2 m (3.9 ft)
*AuEq calculated using 63:1 Au to Ag conversion ($1200/oz Au and $19/oz Ag)
Technical work has also been advancing to prepare a mineral resource estimate on
the Queen Vein, located immediately south of current Midas underground workings.
Metallurgical assessment, geologic modeling, and block modeling on drill intercepts
at 90 foot centers will be used to quantify a potential mineral resource.
Paul Huet, Klondexs President and CEO, commented: "We are very committed to Midas
and remain focused on our goal to increase its mineral resource.
This accelerated
exploration program is quickly producing encouraging results within close proximity
to the existing mine workings."
Channel assays were completed by Klondex laboratories and Dave Francisco Lab (Fallon,
Nevada).
Drill assays were analyzed by American Assay Labs (Sparks, Nevada).
All
assay programs were under Klondex staff supervision and best practice quality control
systems.
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.
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.
Cindy Williams of GeoInsights Inc.
is the Independent Qualified Person (SME #4038498
and SEG #865470), who has reviewed and approved the contents of this press release
for the purposes of National Instrument 43-101.
For More Information
Klondex Mines Ltd.
Paul Huet
President & CEO
775-284-5757
[mailto:]
Alison Dwoskin
Manager, Investor Relations
647-233-4348
[mailto:]
Qualified Person
Cindy Williams, BSc, MSc Geology, Principal at GeoInsights Inc, a "qualified person"
as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101"), reviewed and is responsible for the technical information contained
in this press release.
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 current expectations on the timing, extent and success
of exploration, development and metallurgical sampling activities, the timing and
success of mining operations, the timing and completion of an updated mineral resource
estimate in respect of the Midas Project, the Companys intention and ability to
monetize mineralized material, the successful execution of the bulk sampling program
at the Fire Creek Project, project development and related permitting.
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 304, 595 Howe Street, Vancouver, BC
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