SOURCE: Klondex Mines Ltd.

Klondex Mines Ltd.

October 31, 2013 09:08 ET

Klondex to Begin Drilling the West Zone

RENO, NV and VANCOUVER, BC--(Marketwired - Oct 31, 2013) - Klondex Mines Ltd. (TSX: KDX) (OTCQX: KLNDF), a Nevada gold exploration and development company, is pleased to announce a second underground diamond drill rig designated for exploration drilling will be at the Fire Creek gold project in the first week of November to follow up on previously identified exploration targets. The ongoing infill drilling program is currently drilling the northern extensions of the Joyce and Vonnie veins.

A three-phase exploration drilling program will initially target the West Zone mineralization approximately 105m (345 ft) west of the ramp, accessed from different points on the ramp. The West Zone was discovered while drilling for the recently completed secondary egress (see press release dated January 21, 2013). Klondex also drilled five holes west of the ramp from MB 5400, and 97.5m (320 ft) south from the secondary egress (see press release dated May 30, 2013).

Phase 1 drilling will take place from MB 5 to test the northern extension of mineralization, 29.2m (96 ft) north of the secondary egress drift (Figure 1). Twenty holes, totaling 5,212m (17,100 ft), are planned in this phase of drilling. Phases 2 and 3 of the drilling program, estimated at a total of 5,000m (16,422 ft), are intended to test the southern extension and tenor of the mineralization identified in earlier drilling from MB 5400.

The current infill program is designed to confirm the continuity of the Joyce and Vonnie veins to the north and to test a parallel mineralized structure east of the Vonnie vein. Five drill holes have been completed from MB 6; logging is in progress and assays are pending. An additional 13 holes are planned, totaling 2,472m (8,110 ft), to test for up-dip and down-dip continuity, as well as to better define the Joyce and Vonnie veins to the south (Figure 2).

Steve McMillin, Klondex Chief Geologist, commented, "This exploration program is designed to continue building our current mineral resource base, by drilling to the West, North and the Southern Main Zone, where we have identified high-priority drill targets. We believe these new targets will continue to demonstrate the high-grade nature of the deposit within close proximity to the current underground development."

The technical information contained in this press release has been approved and verified by Steven L. McMillin, CPG-11031 (American Inst. of Prof. Geol.), Chief Geologist for Klondex Mines Ltd., 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 project in North-Central Nevada. Fire Creek is permitted for bulk sampling, with the necessary infrastructure in place and on site. The project is located in a mining-friendly jurisdiction, near its toll milling facilities, and major producers. As of October 31, 2013, and assuming the conversion of the special warrants to shares, Klondex has 79.2mm shares issued and outstanding and 103.1mm shares fully diluted.

This news release contains certain information that may constitute forward-looking information under applicable Canadian securities legislation, including but not limited to, information about the magnitude and quality of the Fire Creek Project, information about current expectations regarding the planned exploration and drilling at the Fire Creek Project and the potential expansion of mineralization This forward-looking information entails various risks and uncertainties are based on current expectations, and actual results may differ materially from those contained in such information. These risks and uncertainties include, but are not limited to the risks and hazards associated with environmental compliance and permitting for its underground operations, 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 factors which would make a mineral deposit commercially viable are present. 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 available at www.sedar.com. 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.

Contact Information

  • Company Contact:
    Paul Huet
    President & CEO
    Klondex Mines Ltd.
    775-284-5757
    Email Contact

    Alison Tullis
    Manager, Investor Relations
    Klondex Mines Ltd.
    647-233-4348
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    Toni Trigiani
    Investor Relations
    Catalyst Global LLC
    212-924-9800
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