Lumina Gold secures ‘slightly better’ Ecuador terms with Cangrejos mining permit, analyst says
The contract includes $25 million in advance royalty payments to the government split into four stages.
Klondex Mines (TSE:KDX) announced today that it hit 30,228.7 g/t (881.7 opt) Au over 0.2m (0.7ft) 106′ South of 5400 crosscut at its Fire Creek project in Nevada, US.
The stock was up 5.22% to $1.21. The company’s 52-week range is 91 cents to $1.51.
Here is part of the company’s news release.
Klondex Sampling Averages 132.8 g/t (3.87 opt) Au over Strike Length of 144.2m (473ft); Demonstrates Joyce Structure Continuity by Exploration Development
Sampling Highlights:
- 30,228.7 g/t (881.7 opt) Au over 0.2m (0.7ft) 106′ South of 5400 crosscut
- 632.8 g/t (18.5 opt) Au over 0.5m (1.6ft) 135′ North of 5370 cross cut
Elko, NV & Vancouver, BC – July 10, 2013 -Klondex Mines Ltd. (TSX: KDX; OTCQX: KLNDF) is pleased to announce results from its ongoing 2013 exploration and development program on the Joyce (A1) structure at its Fire Creek project, located in Nevada. The weighted average grade of samples from the Joyce structure is 132.8 g/t (3.87 opt) Au along 144.2 m (473 ft) strike, with an average width of 0.6m (2.0ft). This information was derived from 94 face samples ranging from 1.4 g/t (0.04 opt) Au to 30,228.7 g/t (881.6 opt) Au. Joyce channel samples taken from north and south of the 5370 and the 5400 crosscuts are summarized and detailed in tables 1 and 2, respectively.
To date, 144.2m (473 ft) of exploration development is now complete on the Joyce Structure. Previous drilling near the 5400 and 5370 cross cuts demonstrate that the mineralization extends beyond the current boundaries, both along strike and at depth.
Mike Doolin, Fire Creek General Manager commented, “We are obviously very pleased with the results and the valuable perspective the data provides. Not only do these results confirm the continuity of the mineralization along strike, but they also demonstrate the overall grade consistency within the Joyce Structure.”
Comments
ClydeP
all the info is there in the headline and first three lines of text. An investor should know the characteristics of the deposit if the investor has been following the play. As apple says, do your homework. If you don’t understand the geology and can’t/won’t read what is being stated, keep your money in your pocket.
Do the math – 144 m long at 0.6 m width and 2.6 s.g. and 3.8 oz/t (is that oz/st or oz per metric tonne? looks like the conversion is to st) is 369 ounces per vertical meter. A 6 ft cut along the vein – 2 weeks drill blast much and fill – would yield 668 ounces. Assuming 100% recovery of the vein material shot. In perspective, if that amount of Au were contained in a 3 gram deposit,you would have to mine 7,000 tonnes.