A total of 36 underground holes totalling 17,998 feet (5,486 m) were drilled in 2014 and 2015 by the prior owner and were not previously released. These holes encountered multiple veins and extended the Gloria vein system approximately 800 feet to the west and approximately 300 feet vertically.
The Gloria vein system remains open up and down dip and along strike to the west. The gold and silver miner intends to infill drill the Gloria vein system in the fourth quarter of 2016 to develop a mineral resource estimate and continue stepping out to the west.
The historical drilling program was conducted in 2008. Three holes did not render any significant results. This surface exploration drill program discovered the Hatter graben vein system, an east-west-trending structural zone containing several subparallel high-grade veins.
Results of this program indicate that the system is approximately 1,800 feet (about 550 m) in strike and approximately 1,200 feet (365 m) in vertical extent and is open in all directions. Klondex intends to infill the widely spaced drill holes from surface to develop a mineral resource estimate.
“We are extremely excited to be reunited with this important asset. Several members of the Klondex team have significant experience with and knowledge of Hollister. We believe the Gloria and the Hatter graben zones have significant exploration potential,” said Paul Huet, president and chief executive officer.
“We have successfully completed the consolidation of Fire Creek, Midas and Hollister, three high-grade underground mines servicing one central mill at Midas, providing a unique opportunity to capture significant synergies among these operations. This has been a long-term vision and we are extremely proud of our team to be the company to finally accomplish this goal,” he added.
To the knowledge of Klondex, vein samples were analyzed by either metallic screen or standard fire assay procedures and quality assurance/quality control results were within acceptable limits.
Story by ProactiveInvestors