Klondex Mines Ltd. (TSX:KDX) (NYSE American:KLDX)
(“Klondex” or the “Company”) is pleased to provide the final
results of the 2017 surface exploration drill program on the Zeus
target at its Fire Creek Mine (“Fire Creek”) located in northern
Nevada, USA.
Surface Exploration Drilling Highlights: (TABLE
1)
- FCC-0095: 1.65 opt Au over 35.0 ft, or 56.65 g/t over 10.7 m
- Including 16.05 opt Au over 2.3 ft, or 550.3 g/t over 0.7
m
- Including 6.52 opt Au over 1.2 ft, or 223.41 g/t over 0.4 and
0.41 opt Au over 3.4 ft, or 13.95 g/t over 1.0 m
- FCC-0097: 0.14 opt Au over 15.8 ft, or 4.75 g/t over 4.8
m
- FCC-0107: 0.16 opt Au over 15.0 ft, or 5.57 g/t over 4.6
m
Surface Exploration Drill Summary:
(FIGURE 1)Seven surface holes were drilled in 2017
totaling 9,868.5 ft (3,007.9 m). The final results from the last
four holes of the drill program were recently received. The focus
of this drill program was to infill and step out from last year’s
drilling with the intent to develop a resource within this
mineralized structural corridor. Klondex expects to release an
updated resource estimate for Nevada operations during the first
quarter of 2018.
Surface Exploration Drilling Key Points:
(FIGURES 2 and 3)This surface exploration drill program
builds on results previously released in 2017 (reported in a press
release dated November 15, 2017) and the 2016 exploration program
which successfully tested a north-south geophysical anomaly located
about 4,000 ft (1,219 m) northwest of the current mine workings.
This drilling has identified a zone of high grade mineralization
within the Zeus structural corridor, approximately 900 ft (274 m)
in length and 400 ft (122 m) vertical. This high grade zone is
within 400 ft (122 m) of surface and is open in all directions.
Additional drilling is scheduled in 2018 as Klondex expects to
continue to infill and extend this significant high grade
mineralization.
Mr. Brian Morris, Senior Vice President,
Exploration, said, “The final 2017 drill results continue to
support the tremendous potential to expand the high grade resource
in the Fire Creek District.” Mr. Morris elaborated, “In addition,
we are seeing evidence of a halo of lower grade mineralization
outside the high grade structures, similar to the Fire Creek open
pit resource. Moreover, geophysics suggest that Zeus is part of a
major 6,500 ft (1,981.2 m) structural corridor which we plan to
continue to define along strike in 2018.”
2017 Operating Results and 2018
GuidanceKlondex will provide 2017 operating results and
2018 guidance metrics before the United States and Canada financial
markets open on Wednesday, February 7, 2018. The Company will
further discuss this information during its Investor Day meeting to
take place the same day at 9:00 am Eastern Standard Time.
Assays were performed by American Assay
Laboratories of Sparks, Nevada, as directed under the supervision
of Klondex staff. This organization is an ISO 17025 accredited
independent laboratory.
A description of the data verification methods,
quality assurance program and quality control measures applied can
be found in the technical report titled “Technical Report for the
Fire Creek Project, Lander County, Nevada”, dated March 28, 2016
and with an effective date of June 30, 2015 which is available
under the Company’s issuer profile on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov.
Qualified PersonScientific and
technical information in this press release has been reviewed and
approved by Brian Morris (AIPG CPG-11786), a "qualified person"
within the meaning of NI 43-101.
About Klondex Mines Ltd.
(www.klondexmines.com)Klondex
is a junior-tier gold and silver mining company focused on
exploration, development, and production in a safe, environmentally
responsible, and cost-effective manner. The Company has 100%
interests in four producing mineral properties: the Fire Creek
Mine, the Midas Mine and ore milling facility, the Hollister Mine,
all of which are located in the state of Nevada, USA, and the True
North Mine and mill in Manitoba, Canada. The Company also has a
100% interest in the Aurora mine and ore milling facility, also
located in Nevada, USA.
Contact: Mike
BecksteadDirector, Investor RelationsO: 775-284-5757M:
406-290-4165mbeckstead@klondexmines.com
Cautionary Note Regarding
Forward-looking Information This news release contains
certain information that may constitute forward-looking information
or forward-looking statements under applicable Canadian and United
States securities legislation (collectively, “forward-looking
information”), including but not limited to the exploration
potential at the Fire Creek Mine, expected gold recoveries, the
potential of the drilling to increase resources, the timing of an
updated mineral resource update and future exploration and
production plans of Klondex. 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 mineral
reserve estimates are reflective of actual mineral reserves; 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 Company’s business are more fully discussed
in the Company’s disclosure materials filed with the securities
regulatory authorities in Canada and United States available at
www.sedar.com and www.sec.gov, respectively. 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.
Cautionary note to U.S. investors regarding estimates of
measured, indicated and inferred resources and proven and probable
reserves The terms “mineral reserve”, “proven mineral
reserve” and “probable mineral reserve” are Canadian mining terms
as defined in accordance with Canadian National Instrument
43-101-Standards of Disclosure for Mineral Projects (“NI 43-101”)
and the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM)-CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (“CIM Definition
Standards”) These definitions differ from the definitions in the
SEC Industry Guide 7 (“SEC Industry Guide 7”) under the Securities
Act.
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource” and “inferred mineral
resource” are defined in, and required to be disclosed by NI
43-101for Canadian filers; however, these terms are not defined
terms under SEC Industry Guide 7 and are normally not permitted to
be used in reports and registration statements filed with the SEC.
Investors are cautioned not to assume that all or any part of a
mineral deposit in these categories will ever be converted into
reserves. “Inferred mineral resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that
all, or any part, of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an inferred mineral
resource exists or is economically or legally mineable.
Photos accompanying this announcement are
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/1838735f-3442-4b82-b7e7-0928139f20ee
http://www.globenewswire.com/NewsRoom/AttachmentNg/724a20e4-ee02-433d-bf14-b944e98780c9
http://www.globenewswire.com/NewsRoom/AttachmentNg/6f0ddbe6-cbbb-4132-9ca5-b6463e0147c6
A PDF accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/29802da2-3216-4cf1-8ff2-09705b094595
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