TORONTO, ONTARIO--(Marketwired - Nov. 12, 2015) - Kirkland Lake Gold Inc. (TSX:KGI) ("Kirkland Lake Gold" or the "Company"), an operating and exploration gold company, provides an update on the underground exploration drilling program on the South Mine Complex ("SMC") at the Company's Macassa Mine Complex, and in particular on the South Claims (formerly a part of the Queenston Mining Joint Venture property).
The South Claims are located approximately 800 metres south of the #2 shaft at the Macassa Mine Complex, and lie immediately southwest of the HM claim, and hosts a portion of the SMC. Exploration results on the HM claim were recently reported by the Company on October 20th, 2015. This eighteen-hole (6,140 metres or 20,145 feet) drilling program is a continuation of the program detailed in the Company's press release dated January 20th, 2015. This program concentrated on expanding the SMC by testing the New South Zone ("NSZ") and intersected both new and previously identified hanging wall ("HWZ") and footwall zones ("FWZ") to the NSZ.
Highlights:
- NSZ intersected in drill hole 53-2891B returned 386.7 grams per tonne ("g/t") uncut, (73.4 g/t cut) or 11.28 ounces per ton ("opt") uncut (2.14 oz/t cut) over a true width of 7.5 metres (24.6 feet). Intersected at the -5653 foot elevation (1,723 metres below surface).
- Drill hole 53-2891B returned several high grade intervals including 5,678.8 g/t or (165.63 opt) over a true width of 0.3 metres (1.0 feet), 396.7 g/t (11.57 opt) over a true width of 0.6 metres (2.0 feet) and 1,845.6 g/t (53.83 opt) over a true width of 0.4 metres (1.3 feet). The NSZ remains open to the west and down-dip from this intersection. Drill hole 53-2694A, located 19.8 meters east of 53-2891B returned 25.7 g/t (0.75 opt) over a true width of 3.2 metres 10.6 feet). A previously identified FWZ was intersected in this drill hole and returned 243.4 g/t uncut or 120 g/t cut (7.10 opt uncut or 3.5 opt cut) over a true width of 0.2 metres (0.8 feet).
- New and previously identified FWZ and HWZ intersected.
- Drill hole 53-2780 intersected two new hanging wall veins which returned 26.4 g/t (0.77 opt) over a core length of 1.5 metres (4.9 feet), and 39.4 g/t (1.15 opt) over a core length of 0.7 meters (2.3 feet). In addition, this drill hole intersected a previously identified footwall vein which returned 556.8 g/t or 120 g/t cut (16.24 opt uncut or 3.5 opt cut) over a true width of 0.2 meters (0.6 feet).
Notes: Higher grade assays are cut to 246.9 g/t (7.20 opt) or 120.0 g/t (3.50 opt), depending on the zone (see tables below for more information).
Mr. George Ogilvie, Chief Executive Officer of the Company commented, "The SMC remains an important zone for the Company and these results released today on the South Claims combined with the previously released results from the HM claim are encouraging for the future delineation and expansion of this zone. Drilling continues to intersect high grade mineralization further expanding the zone. We will continue to spend approximately 68% of our exploration efforts on the SMC drilling in 2016."
SMC Underground Drilling on the South Claims
Of the eighteen drill holes testing the NSZ, nine, or 50% of the holes intersected sufficient grade intervals for which a mineral resource may be calculated. Eleven of the eighteen holes returned significant intersections on either the NSZ or SMC related HWZ or FWZ. Seven of the eighteen holes returned insufficient grade intervals to delineate a mineral resource.
The following figures, referred to elsewhere in this release, may be viewed at the Company's website at www.klgold.com.
The following table summarize the latest underground drilling results in metric values:
SMC UNDERGROUND EXPLORATION (SOUTH CLAIMS) – Metric Table (5300 Level)
| DRILL HOLE |
ZONE |
DIP (degrees) |
AZIMUTH (degrees) |
FROM (m) |
TO (m) |
CORE LENGTH (m) |
TRUE WIDTH (m) |
ASSAY (g/t) |
CUT (g/t) |
| 53-2663 |
NSZ |
-51 |
013 |
- |
- |
- |
- |
NSV |
- |
| 53-2664 A |
NSZ |
-44 |
013 |
250.7 |
251.9 |
1.2 |
1.0 |
17.1 |
- |
| 53-2665 |
NSZ |
-47 |
022 |
249.3 |
249.6 |
0.3 |
N/C |
1.7 |
- |
| 53-2693 C |
NSZ |
-24 |
270 |
272.9 |
274.6 |
1.7 |
1.1 |
437.5 |
48.3* |
| |
Including |
|
|
272.9 |
273.3 |
0.4 |
0.1 |
2,387.0, VG |
- |
| 53-2694 A |
NSZ |
|
|
226.3 |
230.8 |
4.5 |
3.2 |
25.7 |
- |
| |
Including |
|
|
226.6 |
227.0 |
0.4 |
0.3 |
167.7, VG, Tell |
- |
| |
And |
-33 |
277 |
229.9 |
230.2 |
0.3 |
0.2 |
46.6, VG, Tell |
- |
| |
And |
|
|
230.2 |
230.5 |
0.3 |
0.2 |
72.0, VG, Tell |
|
| |
FWZ |
|
|
269.0 |
269.3 |
0.3 |
0.2 |
243.4, VG, Tell |
120.0** |
| 53-2696 |
NSZ |
-29 |
285 |
226.1 |
226.4 |
0.3 |
N/C |
4.1 |
- |
| |
FW |
|
|
232.0 |
232.3 |
0.3 |
?? |
372.0 |
120.0** |
| 53-2697 |
NSZ |
-22 |
290 |
248.9 |
249.2 |
0.3 |
N/C |
1.0 |
- |
| 53-2698 |
NSZ |
-31 |
295 |
223.7 |
224.1 |
0.4 |
N/C |
1.7 |
- |
| 53-2775 |
NSZ |
-35 |
296 |
217.8 |
218.3 |
0.5 |
N/C |
6.9 |
- |
| 53-2776 |
NSZ |
|
|
217.2 |
219.3 |
2.1 |
2.0 |
13.4 |
- |
| |
Including |
|
|
219.0 |
219.3 |
0.3 |
0.3 |
35.7, VG |
- |
| 53-2776 C |
NSZ |
-43 |
296 |
214.0 |
214.8 |
0.8 |
0.7 |
107.3 |
- |
| |
Including |
|
|
214.0 |
214.4 |
0.4 |
0.3 |
139.9, VG, Tell |
- |
| |
And |
|
|
214.4 |
214.8 |
0.4 |
0.3 |
75.1, VG |
- |
| 53-2777 A |
NSZ |
|
|
203.5 |
204.6 |
1.1 |
1.1 |
163.5 |
142.6* |
| |
Including |
-53 |
296 |
203.9 |
204.2 |
0.3 |
0.3 |
321.3, VG, Tell |
- |
| |
And |
|
|
204.2 |
204.6 |
0.4 |
0.3 |
245.5, VG, Tell |
- |
| 53-2779 |
NSZ |
-42 |
279 |
215.3 |
215.6 |
0.3 |
N/C |
4.1 |
- |
| 53-2780 |
HWZ |
|
|
86.8 |
88.3 |
1.5 |
?? |
26.4 |
- |
| |
Including |
|
|
87.4 |
88.3 |
0.9 |
?? |
33.9, VG |
- |
| |
HWZ |
-26 |
279 |
103.2 |
103.9 |
0.7 |
?? |
39.4, VG |
- |
| |
NSZ |
|
|
247.0 |
247.3 |
0.3 |
N/C |
7.2, VG |
- |
| |
FWZ |
|
|
300.3 |
300.6 |
0.3 |
0.2 |
556.8, VG, Tell |
120.0** |
| 53-2888 |
NSZ |
-62 |
305 |
- |
- |
- |
- |
NSV |
- |
| 53-2889 |
NSZ |
-37 |
302 |
218.1 |
218.5 |
0.4 |
0.4 |
26.4, VG |
- |
| 53-2890 |
NSZ |
-53 |
285 |
202.7 |
204.2 |
1.5 |
1.5 |
21.9 |
- |
| |
Including |
|
|
202.7 |
203.0 |
0.3 |
0.3 |
88.8 |
- |
| 53-2891B |
NSZ |
|
|
230.1 |
240.1 |
10.0 |
7.5 |
386.7 |
73.4* |
| |
Including |
|
|
231.5 |
231.8 |
0.3 |
0.3 |
86.7, VG |
- |
| |
And |
|
|
231.8 |
232.2 |
0.4 |
0.3 |
5,678.8, VG, Tell |
- |
| |
And |
|
|
233.3 |
234.0 |
0.7 |
0.6 |
396.7, VG, Tell |
- |
| |
And |
-32 |
273 |
235.0 |
235.9 |
0.9 |
0.7 |
80.2 |
- |
| |
And |
|
|
238.1 |
238.4 |
0.3 |
0.2 |
173.1, VG |
- |
| |
And |
|
|
238.4 |
238.7 |
0.3 |
0.2 |
162.5, VG |
- |
| |
And |
|
|
238.7 |
239.1 |
0.4 |
0.3 |
82.6, VG |
- |
| |
And |
|
|
239.1 |
239.6 |
0.5 |
0.4 |
1,845.6, VG, Tell |
- |
| |
|
|
|
|
|
|
|
|
|
| NSV = No significant value, VG = Visible Gold; Tell = Tellurides; *Cut = cut to 246.9 g/t, **Cut = cut to 120.0 g/t. |
| N/C = True width not calculated, will not make minimum requirements for resource definition. |
| ?? = True width unknown, requires additional drilling to ascertain geometry. |
The following table summarizes the latest underground drilling results in imperial values:
SMC UNDERGROUND EXPLORATION (SOUTH CLAIMS) – Imperial Table (5300 Level)
| DRILL HOLE |
ZONE |
DIP (degrees) |
AZIMUTH (degrees) |
FROM (feet) |
TO (feet) |
CORE LENGTH (feet) |
TRUE WIDTH (feet) |
ASSAY (opt) |
CUT (opt) |
| 53-2663 |
NSZ |
-51 |
013 |
- |
- |
- |
- |
NSV |
- |
| 53-2664 A |
NSZ |
-44 |
013 |
822.4 |
826.4 |
4.0 |
3.2 |
0.50 |
- |
| 53-2665 |
NSZ |
-47 |
022 |
818.0 |
819.0 |
1.1 |
N/C |
0.05 |
- |
| 53-2693 C |
NSZ |
-24 |
270 |
895.5 |
901.0 |
5.5 |
3.7 |
12.76 |
1.41* |
| |
Including |
|
|
895.5 |
896.5 |
1.0 |
0.7 |
69.62, VG |
- |
| 53-2694 A |
NSZ |
|
|
742.4 |
757.2 |
14.8 |
10.6 |
0.75 |
- |
| |
Including |
|
|
743.4 |
744.7 |
1.3 |
0.9 |
4.89, VG, Tell |
- |
| |
And |
-33 |
277 |
754.2 |
755.2 |
1.0 |
0.7 |
1.36, VG, Tell |
- |
| |
And |
|
|
755.2 |
756.2 |
1.0 |
0.7 |
2.10, VG, Tell |
- |
| |
FWZ |
|
|
882.5 |
883.5 |
1.0 |
0.8 |
7.10, VG, Tell |
3.5** |
| 53-2696 |
NSZ |
-29 |
285 |
741.9 |
742.9 |
1.0 |
N/C |
0.12 |
- |
| |
FW |
|
|
761.0 |
762.0 |
1.0 |
?? |
10.85 |
3.5** |
| 53-2697 |
NSZ |
-22 |
290 |
816.6 |
817.6 |
1.0 |
N/C |
0.03 |
- |
| 53-2698 |
NSZ |
-31 |
295 |
734.0 |
735.1 |
1.0 |
N/C |
0.05 |
- |
| 53-2775 |
NSZ |
-35 |
296 |
714.5 |
716.2 |
1.7 |
N/C |
0.20 |
- |
| 53-2776 |
NSZ |
|
|
712.5 |
719.5 |
7.0 |
6.4 |
0.39 |
- |
| |
Including |
|
|
718.5 |
719.5 |
1.0 |
0.9 |
1.04, VG |
- |
| 53-2776 C |
NSZ |
-43 |
296 |
702.2 |
704.6 |
2.4 |
2.2 |
3.13 |
- |
| |
Including |
|
|
702.2 |
703.4 |
1.2 |
1.1 |
4.08, VG, Tell |
- |
| |
And |
|
|
703.4 |
704.6 |
1.2 |
1.1 |
2.19, VG |
- |
| 53-2777 A |
NSZ |
|
|
667.5 |
671.1 |
3.6 |
3.5 |
4.77 |
4.16* |
| |
Including |
-53 |
296 |
669.1 |
670.1 |
1.0 |
1.0 |
9.37, VG, Tell |
- |
| |
And |
|
|
670.1 |
671.1 |
1.0 |
1.0 |
7.16, VG, Tell |
- |
| 53-2779 |
NSZ |
-42 |
279 |
706.3 |
707.4 |
1.1 |
N/C |
0.12 |
- |
| 53-2780 |
HWZ |
|
|
284.8 |
289.7 |
4.9 |
?? |
0.77 |
- |
| |
Including |
|
|
286.7 |
389.7 |
3.0 |
?? |
0.99, VG |
- |
| |
HWZ |
-26 |
279 |
338.6 |
340.9 |
2.3 |
?? |
1.15, VG |
- |
| |
NSZ |
|
|
810.5 |
811.5 |
1.0 |
N/C |
0.21, VG |
- |
| |
FWZ |
|
|
985.3 |
986.3 |
1.0 |
0.6 |
16.24, VG, Tell |
3.50** |
| 53-2888 |
NSZ |
-62 |
305 |
- |
- |
- |
- |
NSV |
- |
| 53-2889 |
NSZ |
-37 |
302 |
715.5 |
717.0 |
1.5 |
1.4 |
0.77, VG |
- |
| 53-2890 |
NSZ |
-53 |
285 |
665.0 |
670.0 |
5.0 |
4.9 |
0.64 |
- |
| |
Including |
|
|
665.0 |
666.0 |
1.0 |
1.0 |
2.59 |
- |
| 53-2891 B |
NSZ |
|
|
754.8 |
787.8 |
33.0 |
24.6 |
11.28 |
2.14* |
| |
Including |
|
|
759.4 |
760.6 |
1.2 |
0.9 |
2.53, VG |
- |
| |
And |
|
|
760.6 |
761.9 |
1.3 |
1.0 |
165.63, VG, Tell |
- |
| |
And |
|
|
765.0 |
767.7 |
2.7 |
2.0 |
11.57, VG, Tell |
- |
| |
And |
-32 |
273 |
771.0 |
774.0 |
3.0 |
2.2 |
2.34 |
- |
| |
And |
|
|
781.1 |
782.1 |
1.0 |
0.8 |
5.05, VG |
- |
| |
And |
|
|
782.1 |
783.1 |
1.0 |
0.8 |
4.74, VG |
- |
| |
And |
|
|
783.1 |
784.3 |
1.2 |
0.9 |
2.41, VG |
- |
| |
And |
|
|
784.3 |
786.1 |
1.8 |
1.3 |
53.83, VG, Tell |
- |
| |
|
|
|
|
|
|
|
|
|
| NSV = No significant value, VG = Visible Gold; Tell = Tellurides; *Cut = cut to 7.2 opt; **Cut = cut to 3.5 opt. |
| N/C = True width not calculated, will not make minimum requirements for resource definition. |
| ?? = True width unknown, requires additional drilling to ascertain geometry. |
QA/QC Controls
The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. The drill core is sawn in half with one half of the core samples shipped to Swastika Laboratories in Swastika, Ontario. The other half of the core is retained for future assay verification. Other QA/QC includes the insertion of blanks, and the regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values.
Qualified Person
The results of the Company's underground diamond drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of Mr. Stewart Carmichael, P.Geo., Manager of Exploration. Mr. Carmichael is the 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and has reviewed and approved this news release. As the Manager of Exploration, Mr. Carmichael is not considered independent.
Technical Information
The Company's Macassa Mine Property is the subject of a technical report prepared by Glenn R. Clark, P.Eng., titled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario at January 1, 2015, dated May 22, 2015, which has been filed on SEDAR (www.sedar.com).
About the Company
Kirkland Lake Gold Inc. is a gold producer with assets in Kirkland Lake, northeastern Ontario. Current gold production is in excess of 150,000 ounces per year and is expected to grow to over 180,000 ounces per year in the next three years as exploration and development work continue. The exploration program is aimed at maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years, with the current mine life estimated at between ten to fourteen years of production in a high grade gold camp.
The Company is committed to building a sustainable mining company that is recognized as a safe and responsible gold producer. Kirkland Lake Gold plans to evolve into an intermediate gold mining company centered in the historically robust Kirkland Lake gold camp, while evaluating opportunities for growth in other safe mining jurisdictions.
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements
This Press Release contains statements which constitute "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, including but not limited to; the Company's planned drilling program on the SMC and the timing and results thereof; and the ability to delineate additional mineral resources and the timing thereof. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2015, and the Company's Management's Discussion and Analysis for the interim period ended July 31, 2015, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.