Jul 30 2013
Klondex Mines Ltd. a Nevada gold exploration and development company, today reported that its underground development program targeting the Joyce and Vonnie structures yielded 1,302 tonnes (1,435 tons) of mineralized material during June at an average grade of 119.8 g/t (3.49 opt) Au using a 1,714.7 g/t (50 opt) cap on Au sample results.
Details of the grades encountered along the Joyce and Vonnie structures sampled in June are outlined in press releases dated June 27, 2013 and July 10, 2013. The underground development program is expected to continue through the remainder of 2013. Assays were performed by SGS Minerals Services of Elko, Nevada (an independent laboratory), under the supervision of Klondex staff.
June's 1,435 tons are in addition to 682 tons in May, for a total of 2,117 tons that will be shipped to Newmont for processing; initial payments are expected in August (see July 25, 2013 press release). July activities are expected to be more in line with May's development, resulting from the areas of the project being developed.
Mike Doolin, Klondex General Manager, stated, "We're extremely encouraged by the grades and continuity of widths encountered during this month's program along the Joyce and Vonnie structures and look forward to shipping our material in the coming weeks. Proceeds received from monetizing our material will be used towards funding a second drill, follow-up work on recent discoveries, and also toward continued waste development in anticipation of our 2014 bulk sampling program."
Mr. Doolin added, "Our resource estimate is progressing well and will be released within the coming weeks. In addition, while our team is focused on the exploration and development program, our vent raise contractors are making steady, but slower than expected progress, and now anticipate completion by early September."
The technical 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 July 25, 2013, Klondex had 64.4M shares issued and outstanding and 86.8M shares, fully diluted.
Source: http://www.klondexmines.com/