Kirkland Lake Gold Inc.: Eastern Portion of the New South Zone Extended in Dip Drill Hole 53-1657 Returns 2.48 Ounces Per Ton Over 14.7 Feet True Width
KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 10/05/10 -- 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.
'This latest round of drilling not only confirms the strength of mineralization on the east portion of the South Mine Complex, but also increases both the down and up dip components,' said Stewart Carmichael, Chief Exploration Geologist. He added, 'As planned, we now have most of the exploration drills working on a 14 shift per week schedule including a new drill bay on the 5300 level to test the up dip component of the SMC.'
Recent drilling from one of several exploration programs currently in progress has extended the east portion of the New South Zone down dip and up dip of the previous known limits and includes the following results:
- Drill hole 53-1657 has intersected the New South Zone and assayed 2.48 ounces of gold per ton (opt) uncut (0.73 opt cut) over a core length of 16.2 feet (estimated 14.7 feet true width). This intersection is located 100 feet down dip of previously reported drill hole 50-1153 which assayed 0.77 opt over a true width of 5.5 feet (see the Company's news release dated June 15, 2010). (see figure 1: http://media3.marketwire.com/docs/figure1KGI.pdf)
- A second new drill hole, 53-1656, intersected the New South Zone and assayed 0.36 opt over a core length of 9.6 feet (estimated 9.3 feet true width). This intersection is located 60 feet down dip of previously released drill hole 53-1519 (1.11 opt over a true width of 1.9 feet) and 120 feet west of 53-1657. (see figure 1)
- Drill holes 53-1594 and 53-1595 tested a blank gap within the central portion of the New South Zone between the 5500 and 5700 levels. Both holes intersected high grade mineralization. Drill hole 53-1594 assayed 3.06 opt uncut (2.21 opt cut) over a true width of 6.5 feet and included 10.53 opt over a true width of 1.7 feet. Drill hole 53-1595 assayed 1.16 opt over a true width of 18.1 feet.
- Drill hole 53-1675 intersected the New South Zone and assayed 5.00 opt over a true width of 0.6 feet. This intersection is located 210 feet up dip from previously released drill hole 53-1506 which assayed 8.60 opt uncut (3.5 opt cut) over an approximate true width of 5.2 feet. Though bracketed by two weak drill holes (53-1522 and 53-1523), this intersection may represent the opening of a new lens of the New South Zone, open up dip.
A larger capacity drill has been mobilized into the 5305 drift in this area of the SMC and will concentrate on testing the possible extension of the `08 Break as intersected in drill hole 53-1520 which assayed 6.14 opt uncut (1.82 opt cut) over an estimated true width of 11.8 feet. (see the Company's news release dated January 12, 2010). Further testing of the New South Zone will begin in early 2011 upon completion of a new drill bay to be located at the east end of the 5305 drift.
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. Figure 1 is a plan view showing the latest drilling results on the New South Zone.
The following table summarizes the latest drilling results (Imperial values)
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HOLE AZI-
DIP MUTH
DRILL FROM TO (deg- (deg- ASSAY
HOLE No. ZONE (feet) (feet) rees) rees) (oz per ton/feet)
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53-1657 New 478.8 495.0 -71 334 2.48/16.2' CL=14.7' TW Uncut
South
0.73/16.2' CL=14.7' TW, Cut(ii)
Incl. 481.3 482.3 2.24/1.0' CL=0.9' TW, VG
and 482.3 483.3 25.91/1.0' CL=0.9' TW, VG
and 494.0 495.0 9.42/1.0' CL=0.9' TW, VG, Tell
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53-1656 New 451.0 454.0 -69 294 0.31/3.0' CL=?'? TW
South HW
New 467.4 477.0 0.36/9.6' CL=9.3' TW
South
New 487.5 492.1 0.49/4.6' CL=??' TW
South FW
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53-1675 New 597.0 598.0 -21 323 5.00/1.0' CL=0.6' TW, VG
South
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53-1594 New 272.0 273.0 -68 300 1.53/1.0' CL=??' TW, VG, Tell
South HW
New 325.5 326.5 0.41/1.0' CL=??' TW, VG
South HW
New 339.0 345.6 3.06/6.6' CL=6.5' TW, Uncut
South
2.21/6.6' CL=6.5 TW, Cut(ii)
Incl. 341.9 343.6 10.53/1.7' CL=1.7' TW, VG
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53-1595 New 357.0 376.5 -85 300 1.16/19.5' CL=18.1' TW
South
Incl. 359.5 362.0 2.97/2.5' CL=2.3' TW, VG
and 362.0 363.0 4.94/1.0' CL=0.9' TW, VG
and 372.5 374.5 1.11/2.0' CL=1.9' TW
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TW = True Width,
CL = Core Length,
VG = Visible Gold,
Tell = Tellurides,
Cut(i) = cut to 3.5 opt,
Cut(ii) = cut to 7.2 opt,
?? TW = Unknown True Width,
The following table summarizes the latest drilling results (Metric values)
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HOLE AZI-
DIP MUTH
DRILL FROM TO (deg- (deg- ASSAY
HOLE No. ZONE (m) (m) rees) rees) (grams per tonne/m)
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53-1657 New 145.9 150.9 -71 334 85.03/5.0m CL=4.5m TW Uncut
South
25.03/5.0m CL=4.5m TW, Cut(ii)
Incl. 146.7 147.0 76.80/0.3m CL=0.3m TW, VG
and 147.0 147.3 888.35/0.3m CL=0.3m TW, VG
and 150.6 150.9 322.97/0.3m CL=0.3m TW,
VG, Tell
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53-1656 New 137.5 138.4 -69 294 10.63/0.9m CL=??m TW
South HW
New 142.5 145.4 12.34/2.9m CL=2.8m TW
South
New 148.6 150.0 16.80/1.4m CL=??m TW
South FW
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53-1675 New 182.0 182.3 -21 323 171.43/0.3m CL=0.2m TW, VG
South
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53-1594 New 82.9 83.2 -68 300 52.46/0.3m CL=??m TW, VG, Tell
South HW
New 99.2 99.5 14.06/0.3m CL=??m TW, VG
South HW
New 103.3 105.3 104.92/2.0m CL=2.0m TW, Uncut
South
75.77/2.0m CL=2.0m TW, Cut(ii)
Incl. 104.2 104.7 361.03/0.5m CL=0.5m TW, VG
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53-1595 New 108.8 114.8 -85 300 39.77/6.0m CL=5.5m TW
South
Incl. 109.6 110.3 101.83/0.7m CL=0.7 TW, VG
and 110.3 110.6 169.37/0.3m CL=0.3 TW, VG
and 113.5 114.1 38.06/0.6m CL=0.6m TW
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TW = True Width,
CL = Core Length,
VG = Visible Gold,
Tell = Tellurides
CUT(i) = cut to 120.0 grams/tonne,
Cut(ii) = 247.0 grams/tonne,
?? TW = Unknown True Width,
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 14, 2010, 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
Katherine Roe
+44 207 459 3600
katherine.roe@panmure.com
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart
+44 207 459 3600
callum.stewart@panmure.com
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
guy.wilkes@oceanequities.co.uk