Vancouver Drilling is paying off for Klondex Mines (KDX-V) which just hit several high grade zones and lower grades over good widths at its Fire Creek property in Nevada’s Battle Mountain-Eureka trend. The 5,000 acre property is situated in Lander County about 15 miles north of the Pipeline and 20 miles north of the Cortez mines.
The drill program was following up the depth extent of high grade gold found in structures during its Phase I drilling this summer when a 5 ft. intercept returned 2.46 oz. gold per ton, was reported.
The results for the first three angle holes from Phase II were released. Before reaching its target, hole FC0417 drilled at an angle on section 350N, encountered several veins that ran 10 ft. grading 0.404 oz. gold and 10 ft. of 0.334 oz. gold both within a 50 ft. interval that averaged 0.169 oz. gold from a depth of 1010 ft. Another two intercepts of high grade averaged 20 ft. of 0.421 oz. and 25 ft. grading 2.594 oz. gold which included a 5 foot section grading 12 oz. gold.
Hole FC0416 drilled on section 250N hit three intercepts beginning at 690 ft. downhole. The best intercept was 80 feet of 0.071 ounces gold and 0.06 oz. silver per ton (24.4 metres of 2.43 grams gold and 2.1 grams silver per tonne) starting at a downhole depth of 1320 feet (400 metres), including a 15 ft. interval of 0.157 oz. gold and 0.8 oz. silver. Further up the hole, starting at 690 ft. depth, there are two 10 ft. intercepts grading 0.762 oz. gold with 0.22 oz. silver; and 0.087 oz. gold with 0.1 oz. silver.
The third hole (FC0418), drilled on section 950N, intersected 170 ft. of 0.11 oz. gold from a depth of 810 ft. which included three higher grade intercepts."There will be results for another eight holes released over the next six weeks or so," says Klondex President William Solloway from New York.
The company’s shares have more than doubled in value to the $2 level on the TSX Venture Exchange since the announcement.
The company was paired up with Aurenco Partners until 1999 when they opted out of the joint venture owing to depressed gold market conditions. Aurenco had been under contract to develop and mine the property and had spent over US$4.25 million on the property over ten years.
Be the first to comment on "Klondex’s high-grade on Fire"