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Monday, 26th November 2007 (2603 views)

Recent core drilling from a Phase Six operation on the Nevada-based Fire Creek gold property has intercepted a new zone of high-grade gold mineralisation, according to Klondex Mines.

A recent drill hole on the site yielded 18 grams of gold per tonne over a length of 9.1 metres, including a 3.05-metre segment containing 38 grams of gold per tonne.

Because of the recent discovery, the area of known mineralisation on the site's Main Zone has been extended to 1,000 metres, which the company expects will increase the property's gold resource estimate during the next update in 2008.

It is expected that two core rigs will remain onsite to conduct more drilling until mid-December, with an underground exploration venture to continue into the new year.

Klondex Mines holds ownership or vital interest in a number of mining claims in northern Nevada, coving an area of 9,750 acres of land.

Situated within the Battle Mountain gold belt, Fire Creek is the company's flagship property. An earlier indicated mineral resource estimate for the site indicates the presence of one million ounces of gold over two zones on the site.

 

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