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Klondex finds evidence of increased mineralization at its Midas Mine

Published: 23:24 07 Apr 2015 AEST

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Klondex Mines (TSE:KDX) (OTCQX:KLNDF) has found evidence of increased mineralization at its Midas Mine in Nevada during the 2015 Phase I drill program.

Since January 2015, the Canadian gold producer has targeted drilling 40 core holes, for a total of about 7,600 meters, in untested areas to expand high grade shoots near the existing infrastructure.

Klondex says the drilling results suggest that Midas may have significant additional mineral resources:

"Of particular interest are the results from the newly identified mineralized zone on the 505 Vein, which lies only 100 feet east of the current development and has the potential to be incorporated into the 2015 mine plan. Furthermore, the drilling on the 905 Vein further to the east confirms the presence of high grade mineralization to the south of Spiral 8," said Klondex’s VP Exploration and Geology Services, Brian Morris.

Klondex’s 2015 exploration program will proceed along the new zones while additional drilling will be performed to delineate and expand the promising high-grade mineralization targets.

Last March, Klondex reported profits of over $18 million and revenue of some $122 million during 2014, its first year of production.

The Canadian company transformed itself from an insolvent business to a producer with two underground assets after acquiring the operating Midas mine in Nevada in February 2014, generating revenue from a bulk sampling program at its Fire Creek asset only last year.

Klondex boasts some important results at the Midas property since acquisition, including an important increase in mineral resources and grades, as well as a substantial reduction in dilution.

The precious metals producer says its production is coming from what it believes to be two of the highest grade mines in North America. Klondex is also undertaking a bulk sampling program at its Fire Creek project, and is looking to develop the asset to a full production scenario.

Klondex is focused on the exploration, development and production of its two high quality gold and silver project, the Midas Mine and the Fire Creek project, in north central Nevada. Midas is fully-permitted and has been in operations since 1998. Fire Creek is located ~100 miles south of Midas and is operating an ongoing bulk sampling program that began in 2013.

 

 

 

 

 

 

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