🕐08.10.14 - 12:54 Uhr
KLONDEX RELEASES FIRE CREEK DRILL PROGRAM RESULTS
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Klondex Releases Fire Creek Drill Program Results
Highlights:
* 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
Vancouver, BC - October 8, 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 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) (see Table 1
The core holes were drilled from multiple drill platforms and from various locations
in existing mineral headings (See 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 category.
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.
Main Zone
Vonnie Vein:
* Infill drilling increased confidence of 930 of strike length and 375 of dip
extent.
Joyce Vein:
* Infill drilling increased confidence of 900 of strike length and 575 of dip
extent.
West Zone
Hui Wu Vein:
* Infill drilling increased confidence of 600 of strike length and 300 of dip
extent.
Karen Vein:
* Infill drilling increased confidence of 600 of strike length and 275 of dip
extent.
Honeyrunner:
* 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.
Paul Huet
President & CEO
775-284-5757
[mailto:]
Alison Dwoskin
Manager, Investor Relations
647-233-4348
[mailto:]
Qualified Person
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 43-101.
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 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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Klondex Mines Ltd.
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Suite 304, 595 Howe Street, Vancouver, BC
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