Kirkland Lake Gold Inc.: New Drilling Continues to Extend the South Mine Complex; Expansion More Than 300 Feet East of Previous Limit
KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 06/15/10 -- Kirkland Lake Gold Inc. (TSX: KGI)(AIM: KGI) (the Company), an operating and exploration gold mining company, is pleased to announce that recent underground exploration drilling has resulted in the further expansion of the South Mine Complex (SMC) on the Company's 100% owned Macassa property. The SMC now consists of 25 or more mineralized zones, some of which are now in production while others are being explored and developed under the Company's exploration and ore-body definition programs.
Recent drilling from one of several exploration programs currently in progress has extended the SMC 340 feet east of the previous known limits and includes the following results:
-- Drill hole 50-1242 has intersected the New South Zone and assayed 6.24
ounces of gold per ton (opt) uncut (4.82 opt cut) over a core length of
12.5 feet (estimated 3.0 feet true width). A second zone interpreted to
represent a hanging wall zone to the New South Zone returned 2.10 opt
over a core length of 3.9 feet (estimated 0.9 feet true width). The
hanging wall intersection has effectively extended the South Mine
Complex 340 feet further east than previously released drill hole 53-
1506 which intersected the New South Zone and assayed 8.60 opt uncut
(3.50 opt cut) over an estimated true width of 5.2 feet (see the
Company's news release dated January 12, 2010).
-- Infill drilling, the results of which are disclosed in this release, has
shown that the intersection in drill hole 53-1506 (8.60 opt over 5.2
feet true width), previously interpreted to be footwall to the New South
Zone, has been reinterpreted as being on the New South Zone itself as it
begins a northerly change in strike.
-- Drill hole 50-1153 has extended the New South Zone 160 feet down dip
from the above previously released drill hole 53-1506 and assayed 0.77
opt over a true width of 5.5 feet.
-- Drill holes 53-1520 to 53-1524 all intersected the structure controlling
the New South Zone but returned negligible assays. These holes likely
lie outside the east-trending flat plunge line for the zone.
-- Both hanging wall and footwall mineralization to the New South Zone has
been intersected in many of the recent drill results.
'Since January we have extended the South Mine Complex more than 500 feet east of the previously defined limit. We now have numerous drill targets in this area of the Macassa Mine to test over the next year including the New South Zone and the recently discovered Lower SMC or '08 Break,' said Stewart Carmichael, Chief Exploration Geologist. He added, 'We also plan to increase exploration drilling from 8 shifts per week to 14 shifts per week upon completion of the new dry facility, which will allow for a 56% increase in exploration drilling starting in July.'
The figures referred to in this release may be viewed at the Company's website at www.klgold.com and will provide context to the above statements. Figures 1 (http://media3.marketwire.com/docs/KGI15Fig1.jpg), 2 (http://media3.marketwire.com/docs/KGI15Fig2.jpg) and 3 (http://media3.marketwire.com/docs/KGI15Fig3.jpg) are plan views showing the latest drilling results on the New South Zone and subsidiary footwall and hanging wall intersections.
The following table summarizes the latest drilling results (Imperial values)
----------------------------------------------------------------------------
HOLE AZI-
DRILL DIP MUTH
HOLE FROM TO (deg- (deg- ASSAY
No. ZONE (feet) (feet) rees) rees) (oz per ton/feet)
----------------------------------------------------------------------------
50- New South HW 2820.6 2824.5 -14.5 098 2.10/3.9' CL=0.9' TW,VG,
1242 New South 2658.2 2670.7 Tell
6.24/12.5' CL=3.0' TW,
Incl. 2658.2 2660.2 Uncut
and 2661.7 2663.4 4.82/12.5' CL=3.0' TW,
and 2663.4 2664.2 Cut(ii)
and 2664.2 2666.7 7.46/2.0' CL=0.5' TW,VG,
and 2668.7 2670.7 Tell
5.59/1.7' CL=0.4' TW
28.79/0.8' CL=0.2' TW,
VG, Tell
7.19/2.5' CL=0.6' TW,VG,
Tell
6.09/2.0' CL=0.5' TW,VG,
Tell
----------------------------------------------------------------------------
50- New South 2667.5 2689.0 -15.8 104.7 0.77/21.5' CL=5.5' TW
1153 Incl. 2680.7 2682.2 2.16/1.5' CL=0.4' TW,VG
and 2682.2 2683.2 2.00/1.0' CL=0.3' TW,VG
and 2688.0 2689.0 4.82/1.0' CL=0.3' TW,VG,
New South FW 2609.5 2620.6 Tell
1.28/11.1' CL=2.8' TW,
Incl. 2609.5 2610.9 Uncut
and 2618.4 2619.4 1.09/11.1' CL=2.8' TW,
Cut(i)
3.02/1.4' CL=0.4' TW
5.60/1.0' CL=0.3' TW,VG,
Tell
----------------------------------------------------------------------------
50- New South 2258.0 2259.7 -15.8 104.7 0.10/1.7' CL=TW N/C
1153W1
----------------------------------------------------------------------------
53- New South HW 363.6 366.0 -70 304 0.01/2.4' CL=TW NC
1502 New South 394.4 396.4 0.20/2.0' CL= TW N/C
----------------------------------------------------------------------------
53- New South 445.8 450.0 -28 320 0.43/4.2' CL=3.3' TW
1503 Incl. 449.0 450.0 1.17/1.0' CL=0.8 'TW,VG
New South FW 479.1 483.0 0.03/3.9' CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 401.8 403.3 -43 331 4.19/1.5' CL=1.2'TW,
1504 Uncut
New South 419.2 426.2 3.5/1.5' CL=1.2' TW,
Incl. 419.2 420.7 Cut(i)
New South FW 433.2 435.1 1.70/7.0' CL=6.4' TW
4.22/1.5' CL=1.4' TW,VG
0.20/1.9' CL=TW NC
----------------------------------------------------------------------------
53- New South HW 394.0 395.0 -78 006 0.65/1.0' CL=TW NC
1505 New South 447.0 450.5 0.19/3.5' CL=TW NC
----------------------------------------------------------------------------
53- New South 476.5 479.1 -54 010 1.11/2.6' CL=1.9' TW
1519 Incl. 477.7 479.1 1.87/1.4' CL=1.0' TW
New 500.0 503.0 0.74/3.0' CL=??' TW
New South FW 513.5 520.0 0.07/6.5' CL=TW NC
----------------------------------------------------------------------------
53- New South HW 488.5 491.0 -28 335 0.02/2.5' CL=TW N/C
1520 New South 507.4 508.4 0.05/1.0' CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 494.0 498.2 -18 320 0.04/4.2' CL=TW N/C
1521 New South 531.0 533.0 0.04/2.0' CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 562.7 564.8 -18 335 0.07/2.1' CL= TW N/C
1522 New South 588.2 590.0 0.04/1.8' CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 478.0 479.0 -17 346 0.04/1.0' CL= TW N/C
1523 New South 639.7 641.2 0.10/1.5' CL= TW N/C
----------------------------------------------------------------------------
53- New South 424.9 425.9 -26 350 0.02/1.0' CL= TW N/C
1524
----------------------------------------------------------------------------
53- New South HW 380.0 381.0 -75 331 0.02/1.0' CL= TW NC
1561 New South 410.0 415.4 1.12/5.4' CL=5.1' TW
Incl. 410.0 411.0 1.65/1.0' CL=0.9' TW,VG
and 413.1 415.4 1.91/1.0' CL=0.9' TW,VG,
Tell
----------------------------------------------------------------------------
53- New South HW 471.2 475.2 -43 357 NSV
1562 New South 493.7 508.0 2.39/14.3' CL=9.8' TW
Incl. 493.7 495.7 2.14/2.0' CL=1.4' TW,VG,
and 496.7 498.7 Tell
and 504.0 506.2 3.21/2.0' CL=1.4' TW
New South FW 526.5 530.5 6.92/2.2' CL=1.5' TW,VG,
Tell
0.38/4.0' CL=1.4' TW
----------------------------------------------------------------------------
53- New South HW 432.0 441.0 -46 353 1.92/9.0' CL=6.5' TW,
1563 Uncut
Incl. 432.0 433.0 1.20/9.0' CL=6.5'TW,
and 435.5 437.5 Cut(i)
New South 459.7 470.0 2.53/1.0' CL=0.7' TW,VG,
Incl. 460.8 462.5 Tell
6.74/2.0' CL=1.4' TW,VG,
Tell
0.99/10.3' CL=7.4' TW
2.28/1.7' CL=1.2' TW
----------------------------------------------------------------------------
TW = True Width,
CL = Core Length,
VG = Visible Gold,
Tell = Tellurides,
(i)Cut = cut to 3.5 opt,
(ii)Cut = cut to 7.2 opt
?? TW = Unknown True Width,
TW NC = True Width Not Calculated
The following table summarizes the latest drilling results (Metric values)
----------------------------------------------------------------------------
HOLE AZI-
DRILL DIP MUTH
HOLE FROM TO (deg- (deg- ASSAY
No. ZONE (m) (m) rees) rees) (grams per tonne/m)
----------------------------------------------------------------------------
50- New South HW 859.7 860.9 -14.5 098 72.00/1.2m CL=0.3m TW,
1242 New South 810.2 814.0 VG, Tell
213.94/3.8m CL=0.9m TW,
Incl. 810.2 810.8 Uncut
and 811.3 811.8 165.26/3.8m CL=0.9m TW,
and 811.8 812.0 Cut(ii)
and 812.0 812.8 255.77/0.6m CL=0.2m TW,
and 813.4 814.0 VG,
191.66/0.5m CL=0.1m TW
987.09/0.2m CL=0.1m TW,
VG,
246.52/0.8m CL=0.2m TW,
VG,
208.80/0.6m CL=0.2m TW,
VG,
----------------------------------------------------------------------------
50- New South 813.1 819.6 -15.8 104.7 26.40/6.5m CL=1.7m TW
1153 Incl. 817.1 817.5 74.06/0.4m CL=0.1m TW,VG
and 817.5 817.8 68.57/0.3m CL=0.1m TW,VG
and 819.3 819.6 165.26/0.3m CL=0.1m TW,
New South FW 795.4 798.8 VG, Tell
43.89/3.4m CL=0.9m TW,
Incl. 795.4 795.8 Uncut
and 798.1 798.4 37.37/3.4m CL=0.9m TW,
Cut(i)
103.54/0.4m CL=0.1m TW
192.00/0.3m CL=0.1m TW,
VG, Tell
----------------------------------------------------------------------------
50- New South 688.2 688.8 -15.8 104.7 3.43/0.6m CL=TW N/C
1153W1
----------------------------------------------------------------------------
53- New South HW 110.8 111.6 -70 304 0.30/0.8m CL=TW NC
1502 New South 120.2 120.8 6.86/0.6m CL= TW N/C
----------------------------------------------------------------------------
53- New South 135.9 137.2 -28 320 14.74/1.3m CL=1.0m TW
1503 Incl. 136.9 137.2 40.11/0.3m CL=0.2m TW,VG
New South FW 146.0 147.2 1.02/1.2m CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 122.5 122.9 -43 331 143.66/0.4m CL=0.4m TW,
1504 Uncut
New South 127.8 129.9 120.0/0.4m CL=0.4m TW,
Incl. 127.8 128.2 Cut(i)
New South FW 132.0 132.6 58.29/2.1m CL=2.0m TW
144.69/0.4m CL=0.4m TW,
VG
6.86/0.6m CL=TW NC
----------------------------------------------------------------------------
53- New South HW 120.1 120.4 -78 006 22.29/0.3m CL=TW NC
1505 New South 136.2 137.3 6.51/1.1m CL=TW NC
----------------------------------------------------------------------------
53- New South 145.2 146.0 -54 010 380.06/0.8m CL=0.6m TW
1519 Incl. 145.6 146.0 64.11/0.4m CL=0.3m TW
New 152.4 153.3 25.37/0.9m CL=??m TW
New South FW 156.5 158.5 2.40/2.0m CL=TW NC
----------------------------------------------------------------------------
53- New South HW 148.9 149.7 -28 335 0.69/0.8m CL=TW N/C
1520 New South 154.7 155.0 1.71/0.3m CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 150.6 151.9 -18 320 1.37/1.3m CL=TW N/C
1521 New South 161.8 162.5 1.37/0.7m CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 171.5 172.2 -18 335 2.40/0.7m CL=TW N/C
1522 New South 179.3 179.8 1.37/0.5m CL=TW N/C
----------------------------------------------------------------------------
53- New South HW 145.7 146.0 -17 346 1.37/0.3m CL=TW N/C
1523 New South 195.0 195.4 3.43/0.4m CL=TW N/C
----------------------------------------------------------------------------
53- New South 129.5 129.8 -26 350 0.69/0.3m CL=TW N/C
1524
----------------------------------------------------------------------------
53- New South HW 115.8 116.1 -75 331 0.69/0.3m CL=TW NC
1561 New South 125.0 126.6 38.40/1.6m CL=1.6m TW
Incl. 125.0 125.3 56.57/0.3m CL=0.3m TW,VG
and 125.9 126.6 65.49/0.3m CL=0.3m TW,
VG, Tell
----------------------------------------------------------------------------
53- New South HW 143.6 144.8 -43 357 No Significant Values
1562 New South 150.5 154.8 81.94/4.3m CL=3.0m TW
Incl. 150.5 151.1 73.37/0.6m CL=0.4m TW,
and 151.4 152.0 VG, Tell
and 153.6 154.3 110.06/0.6m CL=0.4m TW
New South FW 160.5 161.7 237.26/0.7m CL=0.5m TW,
VG, Tell
13.03/1.2m CL=0.4m TW
----------------------------------------------------------------------------
53- New South HW 131.7 134.4 -46 353 65.83/2.7m CL=2.0m TW,
1563 Uncut
Incl. 131.7 132.0 41.14/2.7m CL=2.0m TW,
and 132.7 133.4 Cut(i)
New South 140.1 143.3 86.74/0.3m CL=02m TW,
Incl. 140.5 141.0 VG, Tell
231.09/0.7m CL=0.4m TW,
VG, Tell
33.94/3.2m CL=2.3m TW
78.17/0.5m CL=0.4m TW
----------------------------------------------------------------------------
TW = True Width,
CL = Core Length,
VG = Visible Gold,
Tell = Tellurides
(i)CUT = cut to 120.0 grams/tonne,
(ii)Cut = 247.0 grams/tonne
?? TW = Unknown True Width,
TW NC = True Width Not Calculated
About the Company
The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced some 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
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 (which includes a 'qualified person', Stewart Carmichael P.Geo., the Company's Chief Exploration Geologist, for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators). Mr. Carmichael also supervised the preparation of the information that forms the basis of the technical disclosure in this release.
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, or to Polymet Resources Inc. in Cobalt, 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.
The Company's Macassa Mine Property is the subject of a reserve report prepared by Glenn R. Clark, P.Eng. entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario dated July 16, 2009, which has been filed on SEDAR (www.sedar.com).
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR 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 be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
705 567 5208
705 568 6444 (FAX)
bhinchcliffe@klgold.com
Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
416 840 7884
416 850 1617 (FAX)
lcarpenter@klgold.com
www.klgold.com
Pelham Bell Pottinger
Klara Kaczmarek
+44 207 861 3883
kkaczmarek@pelhambellpottinger.co.uk
NOMAD: Panmure Gordon (UK) Limited
Dominic Morley / Callum Stewart
+44 207 459 3600
dominic.morley@panmure.com
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
guy.wilkes@oceanequities.co.uk