Klondex currently has four offerings,two of which Midas and Fire Creek are a normal steady-state production and have been for the last two to three years. We are going to have a pivotal year achieving over 220,000 gold equivalent ounces, which is a huge step up from 2016,in fact it’s about a 36 percent growth over last year. It has created a great buying opportunity.
The Midas Property covers approximately 30,000 acres and includes owned fee lands and unpatented mining claims in addition to seven lease agreements located approximately 58 miles northeast of Winnemucca, Nevada, in Elko County. The Midas Property includes the underground mine, the 1,200 tons per day Merrill Crowe processing facility, related support infrastructure, and mining and milling equipment. Klondex has an approved plan of operations with the BLM for exploration activities on the property. Klondex has a second plan of operations associated with the construction of five vent raises which were designed for ventilation to remote areas of the proposed expanded underground. The mill and most of the Midas infrastructure are located on private lands.
The portal to the underground mine is located approximately one-half mile west of the mill and other site facilities. The portal provides entry to a system of declines and ramps that access the gold and silver-bearing veins. Mining levels are developed at vertical intervals of nominally 50 feet to access the mineralized vein. The mineralized material is excavated and loaded into underground haul trucks, which transport it to a surface transfer stockpile located outside the mine portal. The mineralized material is then trucked from the transfer stockpile to the main stockpile area adjacent to the mill. In the mill, the mineralized material is crushed, processed, and refined to extract gold and silver. Molten gold/silver is poured from the refinery furnace into molds, and the resulting doré is shipped off-site for refining.
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