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Klondex Mines edges higher after releasing underground drilling results from Fire Creek

The drilling focused primarily on increasing the confidence level in the current mineral resource estimate, as well as extending mineralization to the north, south and up-dip.
Nevada road sign
It's all go in Nevada, with Klondex issuing its second update from the region this week

Shares in Klondex Mines Ltd (TSE:KDX, NYSEMKT:KLDX) edged up after the company issued an update on underground drilling results at its Fire Creek mine.

Assay results have been received for 165 underground drill holes totalling 127,720 feet (38,929.1 metres) at Fire Creek, which is located in northern Nevada.

The drilling focused primarily on increasing the confidence level in the current mineral resource estimate, as well as extending mineralization to the north, south and up-dip.

Klondex said assay results continue to support high-grade mineralization continuity along strike and vertically.

Highlights from the drilling included:

North:

  • FCU-0749: 0.91 ounce per ton gold over 6.3 feet, or 31.21 grams per tonne over 1.9 metres -- Honeyrunner/Vein 59;

  • FCU-0738: 1.12 ounces per ton Au over 1.3 feet, or 38.50 g/t over 0.4 m -- Karen;

  • FCU-0769: 0.77 ounce per ton Au over 17.3 feet, or 26.25 g/t over 5.3 m -- Honeyrunner/Vein 55;

  • FCU-0711: 0.32 ounce per ton Au over 32.5 feet, or 10.95 g/t over 9.9 m -- Honeyrunner.

Results show high grades and wide drilled widths offering an opportunity for future bulk-tonnage mining. Continuous mineralization on multiple veins has been extended to the north along strike by roughly 750 feet (228.6 metres) and 500 feet (152.4 m) down-dip.

Up-dip:

  • FCU-0850: 1.61 ounces per ton Au over 5.0 feet, or 55.13 g/t over 1.5 m -- Joyce;

  • FCU-0752: 2.68 ounces per ton Au over 1.5 feet, or 91.81 g/t over 0.5 m -- Vein 31;

  • FCU-0804: 1.32 ounces per ton Au over 1.3 feet, or 45.33 g/t over 0.4 m -- Honeyrunner;

  • FCU-0780: 0.45 ounce per ton Au over 31.2 feet, or 15.48 g/t over 9.5 m -- Vein 21.

Mineralization has been extended up-dip above the existing mine workings by 50 to 200 feet (15.2 to 61.0 m). Assays suggest mineralization continues with similar grades and widths to what has traditionally been mined along these veins.

South:

  • FCU-0822: 3.56 ounces per ton Au over 1.5 feet, or 122.01 g/t over 0.5 m -- Vein 39;

  • FCU-0821: 1.70 ounces per ton Au over 1.3 feet, or 58.22 g/t over 0.4 m -- Vein 39;

  • FCU-0733: 1.60 ounces per ton Au over 1.0 feet, or 55.01 g/t over 0.3 m -- Vein 45;

  • FCU-0823A: 0.84 ounce per ton Au over 11.8 feet, or 28.69 g/t over 3.6 m -- Vein 39/Joyce;

  • Including 1.66 ounces per ton Au over 2.2 feet, or 56.81 g/t over 0.7 m and including 3.33 ounces per ton Au over 1.3 feet, or 114.01 g/t over 0.4 m.

Mineralization has been extended up-dip above the existing mine workings by 50 to 200 feet (15.2 to 61.0 m). Assays suggest mineralization continues with similar grades and widths to what has traditionally been mined along these veins.

The results follow hot on the heels of surface drill results from the Trinity zone at its Midas mine in Nevada, announced on Thursday.

The company also revealed on Friday it has has donated the Rock Creek lands to the Western Shoshone Indians of Nevada. The lands were transferred on August 17, 2017 and a celebration was held on August 18, 2017 in Battle Mountain, Nevada.

Shares in Klondex were up 0.1% at C$4.20 in a falling market.

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