Klondex Mines upgrades True North reserve estimate again

It’s only a couple of months since Klondex Mines Ltd (NYSE:KLDX, TSE:KDX) upgraded the resources estimate at True North, but it was at it again today.

The total proved plus probable (2P) mineral reserve at the gold mine In Manitoba, Canada, is now 147,900 ounces of gold, which is a 25% increase on the previous estimate.

True North’s 2P mineral reserve is now estimated at 104,700 ounces of gold (Au) at a grade of 8.30 Au grams per tonne (g/t) contained within 434,000 tons; this represents an increase of around 23% from the prior estimate.

The probable tailings mineral reserve has been put at 43,200 Au oz at a grade of 0.75 Au g/t, contained within 1.95mln tons – an increase of about 33% from the prior estimate.

“This updated mineral reserve estimate is another milestone in the ramp-up of True North. As expected, the system is beginning to unveil its real potential as we continue to see robust grades and widths at depth as well as up-dip mineralization in the 710/711 zones,” said Brian Morris, senior vice president of exploration at Klondex.

“We continue to make good progress ramping up the mine at True North with infrastructure being put in place. We expect production to be weighted to the second half of the year and remain on track to meet our annual production guidance,” he added.

Story by ProactiveInvestors