ELKO, NV and VANCOUVER, BC--(Marketwired - Jun 27, 2013) - Klondex Mines Ltd. (
The high-grade gold mineralization was encountered while following up on a surface drill intercept from FC-12-11S that returned 2,910 g/t Au (85 opt Au) over 1.5m (4.8ft) as announced on September 24, 2012. As a part of the exploration and sampling program, Klondex is assaying the Vonnie vein after each exploration round.
| 5400 Vonnie B1 North Vein | ||||||||
| From 5400 CC (ft) | Vein Width (m) | Vein Width (ft) | Gold Grade (g/t) | Gold Grade (opt) | ||||
| 0-6 | 0.55 | 1.8 | 110.8 | 3.2 | ||||
| 6-12 | 0.12 | 0.4 | 574.7 | 16.8 | ||||
| 12-15 | 0.15 | 0.5 | 171.9 | 5.0 | ||||
| 15-19 | 0.12 | 0.4 | 1917.2 | 55.9 | ||||
| 19-25 | 0.09 | 0.3 | 1197.8 | 34.9 | ||||
| 25-29 | 0.09 | 0.3 | 1245.2 | 36.3 | ||||
| 29-33 | 0.18 | 0.6 | 1908.8 | 55.7 | ||||
| 33-38 | 0.09 | 0.3 | 490.5 | 14.3 | ||||
| 38-42 | 0.21 | 0.7 | 8218.3 | 239.7 | ||||
| 42-48 | 0.18 | 0.6 | 3436.1 | 100.2 | ||||
| 48-52 | 0.12 | 0.4 | 1167.3 | 34.0 | ||||
| 52-55 | 0.06 | 0.2 | 2382.2 | 69.5 | ||||
| 55-59 | 0.09 | 0.3 | 3096.6 | 90.3 | ||||
| 59-63 | 0.15 | 0.5 | 20231.1 | 590.0 | ||||
| 63-69 | 0.12 | 0.4 | 15891.6 | 463.4 | ||||
| 69-74 | 0.12 | 0.5 | 22396.0 | 653.1 | ||||
Table 1: Channel sample assays along the Vonnie Vein
Paul Huet, Klondex President and CEO, commented, "We are very encouraged by these results. With our team's substantial expertise in narrow vein systems, we expect to be able to minimize dilution while maximizing grade. We anticipate that these grades will allow us to be more selective in our mining process."
Steve McMillin, Klondex Chief Geologist, stated, "Sampling improves our understanding of structures, provides a much better geological understanding of the deposit and identifies targets for follow-up drilling. Current drilling continues to confirm the continuity of mineralization as we move south on 75 foot centers along the ramp."
The potential quantities and grades of the mineralization reported above are conceptual in nature and there has been insufficient work to date to define a mineral resource in the Vonnie Vein structure. Furthermore, it is uncertain if further exploration will result in discovery of a mineral resource in this area of the Fire Creek project.
Sampling a given face is conducted after the face location has been measured, photographed, and mapped in detail. Continuous rock-chip channel samples are then collected by Klondex staff in 11" x 17" sample bags from the footwall, vein, and hanging wall. Salient features including sample number, channel length, location on face, rock type, and alteration are documented. Samples are sent to SGS Mineral Services Division lab in Elko, Nevada, an independent laboratory, for gravimetric fire assay analysis with blanks and standards.
The information contained in this press release has been approved by Steven L. McMillin, CPG-11031 (American Inst. of Prof. Geol.), Chief Geologist for Klondex Mines Ltd., as a non-independent Qualified Person for the purposes of National Instrument 43-101.
About Klondex Mines Ltd. (www.klondexmines.com) Klondex Mines is focused on the exploration and development of its Fire Creek gold deposit in North-Central Nevada. Fire Creek is a compelling gold project located in a mining-friendly jurisdiction, near major producers, power, transportation, mining infrastructure and its milling facility. At June 26, 2013, Klondex had 64.4M shares issued and outstanding and 85.8M shares, fully diluted.
This news release contains certain information that may constitute forward-looking information under applicable Canadian securities legislation, including information about the magnitude and quality of the Fire Creek project and the results of exploration and metallurgical testing at the Fire Creek project. This forward-looking information entails various risks and uncertainties are based on current expectations, and actual results may differ materially from those contained in such information. These risks and uncertainties include, but are not limited to the risks and hazards associated with environmental compliance and permitting for its underground operations, 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. Risks and uncertainties about the Corporation's business are more fully discussed in the Corporation'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.
Contact: Paul Huet President & CEO Klondex Mines Ltd. 807-939-2841 Email Contact Alison Tullis Manager, Investor Relations Klondex Mines Ltd. 647-233-4348 Email Contact Toni Trigiani Investor Relations Catalyst Global LLC 212-924-9800 Email Contact
