KLONDEX MINES LTD. T.KDX

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News Show printable version of '5.58 oz per ton gold over 4.8 feet received from P...' in a New WindowEmail '5.58 oz per ton gold over 4.8 feet received from P...' to a friendFri Oct 21, 2005 5.58 oz per ton gold over 4.8 feet received from Phase 4 Drilling at Fire Creek, Nevada View News Release in PDF Format Vancouver, British Columbia: Klondex Mines Ltd. (TSX-V: KDX). The company has received assays results from the first 5 drill holes of its Phase 4 program at its 100%-owned Fire Creek property in the Battle Mountain-Eureka Trend in Northern Nevada. This drill Program will include some 30 holes and about 12000 meters. The objectives of the program are to test continuity of mineralization within the known zones of mineralization and expand the mineralization along strike. Drill Holes FC0512 through FC0514 were drilled on section 350 North within the resource area identified in the NI 43-101 compliant Inferred Resource estimate of 556,342 tons grading 0.72 oz/ton (400,529 gold ounces) reported in a Press Release dated May 18,2005. Significant intercepts include: FC0513; 1.22 opt gold over 24.8 feet from 1025.2-1050 feet (42.0 gpt over 7.56 m) including 2.88 opt gold over 9.8 feet (99.2 gpt over 3.0m) including 5.58 opt gold over 4.8 feet (192.4 gpt over 1.46m) FC0512; 0.471 opt over 15 feet from 1045-1060 feet (16.24 gpt over 4.57m) The majority of the high grade intercepts encountered to date in the Main and West Veins occur in a horizon between 5500 and 5100 feet above sea level (about 700 to 1100 feet below surface) which is interpreted as the 'boiling zone" where gold mineralization tends to concentrate in epithermal mineral deposits. The intercept in FC0513 is the best encountered to date in the Main Vein and the FC0512 intercept is typical of mineralization encountered in the West Vein when drilling penetrates the veins between these elevations. FC0514 encountered numerous sub-ore intercepts (1-5 gpt gold) over 5 and 10 foot widths but appears to have passed through the two veins above the boiling zone. Drill hole FC0513 encountered drilling difficulties and was terminated prior to target depth and before reaching the West Vein. True widths are estimated to be between 50% and 70% of reported widths. Drill holes FC0510 and FC0511 were significant step out holes drilled 500 meters to the north of the known resource area, primarily to test for the possible strike extension of the Main Vein and to test for evidence of intensive hydrothermal activity and alteration this far north. The Main Vein is believed to have been detected in FC0510 (3.12 gpt gold from 417.7 to 420.7 meters and 3.06 gpt from 439 to 442.1 meters) and in FC0511 (1.22 gpt over 3 meters). These intercepts are all below 5000 feet in elevation and may indicate that drill holes collared further east could encounter the Main Vein and grades and widths more typical of those found further to the south. Further results from Phase 4 will be released as received. A location map is posted on the corporate website. The Company currently has a working capital position of $4.19 million and 17,151,317 shares are currently issued and outstanding. Richard Kern (P.Geo) of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101and has reviewed the technical information contained in this press release. Klondex has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. ALS Chemex Labs of Reno, Nevada is responsible for all the Klondex Mine's assaying. Klondex Mines was founded in 1974 and is a Tier two exploration company listed on the TSX Venture Exchange under the symbol "KDX". The company's property portfolio contains five gold exploration projects all in Nevada. A description of theses projects, including maps and photographs can be viewed on the company website at: www.klondexmines.com ON BEHALF OF KLONDEX MINES LTD. "William Solloway" President "Bob Sibthorpe" Director For further information please contact: William Solloway - [phone] Robert Eadie - [phone] or toll free 1-866-602-4935 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. In addition, this release is not for distribution to U. S. newswire services or for dissemination in the United States. Klondex Mines Phase 4 Drill Results (Partial) ----------------------------------------------------------------------- East North Elev TD Hole# Section (UTM) (UTM) (ft) Azim Angle (ft) ----------------------------------------------------------------------- FC0510 950N 529202 4480025 6188 76 -46 1500 ----------------------------------------------------------------------- FC0511 950N 529160 4480009 6200 75 -44 1897 ----------------------------------------------------------------------- FC0512 350N 529452 4479467 6165 75 -68 2500 ----------------------------------------------------------------------- FC0513 350N 529755 4479555 6186 255 -45 1320 ----------------------------------------------------------------------- FC0514 350N 529698 4479538 6230 255 -45 1558 ----------------------------------------------------------------------- ----------------------------------------------------------------------- Length Au Au Ag Ag Hole# FROM TO (ft) (ppm) (opt) (ppm) (opt) ----------------------------------------------------------------------- FC0510 1370 1380 10 3.12 0.09 29.35 0.85 1440 1450 10 3.06 0.09 5.30 0.15 ----------------------------------------------------------------------- FC0511 1610 1620 10 1.22 0.04 0.00 0.00 ----------------------------------------------------------------------- FC0512 460 470 10 3.45 0.10 1.70 0.05 1045 1060 15 16.24 0.47 54.37 1.58 1190 1195 5 1.69 0.05 1.80 0.05 ----------------------------------------------------------------------- FC0513 955 960 5 1.13 0.03 3.80 0.11 984.2 990.5 6.3 2.46 0.07 6.76 0.20 1025.2 1050 24.8 41.96 1.22 13.51 0.39 1025.2 1035 9.8 99.23 2.88 20.52 0.60 1025.2 1030 4.8 192.38 5.58 28.44 0.82 ----------------------------------------------------------------------- FC0514 520 580 60 1.60 0.05 5.37 0.16 951.9 953.8 1.9 7.36 0.21 5.30 0.15 1105 1110 5 3.70 0.11 8.90 0.26 1130 1140 10 2.05 0.06 10.30 0.30 1235 1240 5 4.05 0.12 17.30 0.50 1305 1310 5 1.01 0.03 1.20 0.03 1470 1480 10 1.75 0.05 22.75 0.66 1500 1505 5 1.76 0.05 5.70 0.17 1550 1555 5 2.55 0.07 0.00 0.00 ----------------------------------------------------------------------- Note: True widths are estimated to be 50%-70% of reported widths. View News Release in PDF Format: File: https://www.klondexmines.com/i/pdf/2005-10-21_NR.pdf 97 KB, approx. 19 seconds at 56.6Kbps You can view the Previous News item: Thu Aug 11, 2005, Phase 4 Drilling in Progress at Fire Creek You can return to the main News page, or press the Back button on your browser. Home | Company | Properties | Stock Quote | Corporate Info | Downloads Photos | News | Contact | QwikReport © 2004 Klondex Mines Ltd. All Rights Reserved.