South Mine Complex Extended Further East; Drill Hole 53-2111A Assays 2.97 Ounces of Gold Per Ton Over 10.0 Feet True Width
KIRKLAND LAKE, ONTARIO -- (Marketwire) -- 11/05/12 -- Kirkland Lake Gold Inc. (the Company) (TSX: KGI)(AIM: KGI), an operating and exploration gold company, is pleased to announce drilling results from recently completed underground diamond drilling exploration program. This particular program includes further drilling on the HM property which was formerly held under a joint venture with Queenston Mining Inc. but which was acquired, along with the South Claims, North Amalgamated and other joint venture properties, from Queenston on August 30, 2012.
This most recent round of drilling on the HM claim and the adjoining west Macassa claim has served to extend the South Mine Complex to its furthest point east to date. (see figure 1)
The following are some of the highlights of the new exploration programs:
-- Drill hole 53-2111A returned 2.97 ounces of gold per ton (opt) (uncut)
or 1.61 opt cut over a true width of 10.0 feet. This intersection has
extended the New South Zone an additional 220 feet east from previously
reported drill hole 53-1797 (8.55 opt uncut) or 3.5 opt cut over a true
width of 0.9 feet. (see the Company's news release dated November 15,
2011). This is the furthest east intersection to date on the South Mine
Complex bringing the total strike length to date of the SMC to
approximately 3,500 feet.
-- Drill holes 53-1978 and 53-1979 tested an inferred resource area of the
New South Zone. Both of these drill holes returned high grade gold
mineralization including 4.64 opt (uncut) or 2.34 opt cut over a true
width of 17.5 feet (53-1978) and 3.45 opt (uncut) or 2.73 opt cut over a
true width of 5.3 feet (53-1979). (see figure 2)
-- Drill hole 53-1980 successfully tested potential footwall mineralization
with three footwall zones intersected including 0.26 opt over a true
width of 5.4 feet, a second zone assaying 2.12 opt (uncut) or 1.98 opt
cut over a true width of 4.2 feet, and a third zone assaying 3.06 opt
over a core length of 1.0 feet.
"Drill hole 53-2111A confirms that the South Mine Complex continues east with strong mineralization and remains open in that direction." said Stewart Carmichael, Exploration Manager. "This latest round of drilling has also intersected a number of narrower zones, though with still significant mineralization in both the hanging wall and footwall to the New South Zone which will be further tested over the next year," added Mr. Carmichael.
Mr. Harry Dobson, Chairman commented, "The high-grade results over larger widths confirm our strategic thinking in acquiring 100% interest in these claims. Underground development is in place to both continue drilling on the HM and South Claims, and connect the eastern extension of the SMC to our trackless haulage ramp."
-- Development is now proceeding on schedule with the 5300 level
exploration drift now extended 100 feet east along the HM-North
Amalgamated claim boundary. A large drill bay will be excavated 320 feet
further along this drift which will enable the Company to fully explore
the potential extension of the SMC to the east. This drift will continue
eastward through the Kirkland Minerals, Teck Hughes and eventually the
Lakeshore property, providing and excellent platform for exploration
drilling to test for SMC style mineralization as well as other potential
mineralized systems associated with the Main and South Breaks.
The following figure, referred to elsewhere in this release, may be viewed at the Company's website at www.klgold.com.
-- Figure 1 - general plan view showing the location of the latest drilling
results detailed in this release.
-- Figure 2 - detailed plan view showing the latest drilling results from
the underground drill program on the HM and Macassa claim.
The following tables summarize the latest drilling results in imperial values:
5300 LEVEL EXPLORATION
----------------------------------------------------------------------------
HOLE
DRILL FROM TO DIP AZIMUTH ASSAY
HOLE No. ZONE (feet) (feet) (degrees)(degrees) (oz per ton/feet)
----------------------------------------------------------------------------
53-2111A Hanging 666.5 670.5 -42 015 0.29/4.0' CL=??' TW
Wall
New South 686.1 700.0 2.97/13.9' CL=10.0' TW,
Uncut
1.61/13.9' CL=10.0' TW,
Cut(i)
Incl. 686.1 687.5 20.66/1.4' CL=1.0' TW,
Vg, Tell
and 691.4 692.8 5.71/1.4' CL=1.0' TW,
VG, Tell
and 695.9 697.4 1.51/1.5' CL=1.1' TW
----------------------------------------------------------------------------
53-1978 Hanging 529.0 533.5 -58 359 1.06/4.5' CL=3.7' TW
Wall
Hanging 593.5 595.0 0.58/1.5' CL=??' TW, VG,
Wall Tell
New South 615.5 636.4 4.64/20.9' CL=17.5' TW,
Uncut
2.34/20.9' CL=17.5' TW,
Cut(i)
Incl. 615.5 617.2 9.53/1.7' CL=1.4' TW,
VG, Tell
and 617.2 619.2 13.58/2.0' CL=1.7' TW,
VG, Tell
and 632.3 634.4 22.17/2.1' CL=1.8' TW,
VG, Tell
Footwall 737.5 738.5 0.89/1.0' CL=??' TW, VG
Footwall 750.5 751.5 3.10/1.0' CL=0.9' TW,
VG, Tell
Footwall 1,154.4 1,155.8 0.27/1.4' CL=??' TW
----------------------------------------------------------------------------
53-1979 Hanging 513.0 514.5 -67 356 0.21/1.5' CL=??' TW
Wall
Hanging 523.0 526.7 0.70/3.7' CL=??' TW
Wall
Incl. 525.5 526.7 1.81/1.2' CL=??' TW, VG
New South 552.0 558.0 3.45/6.0' CL=5.3' TW,
Uncut
2.73/6.0' CL=5.3' TW,
Cut(i)
Incl. 553.0 554.5 2.23/1.5' CL=1.3' TW
and 556.5 558.0 10.09/1.5' CL=1.3' TW,
VG
----------------------------------------------------------------------------
53-1980 New South 642.7 644.7 -45 344 0.02/2.0' CL= TW Not
Calculated
Footwall 799.7 805.5 0.26/5.8' CL=5.4' TW
Footwall 967.5 972.0 2.12/4.5' CL=4.2' TW,
Uncut
1.98/4.5' CL=4.2' TW,
Cut(ii)
Incl. 970.0 972.0 3.80/2.0' CL=1.9' TW, VG
Footwall 986.0 987.0 3.06/1.0' CL=??' TW,
Tell
----------------------------------------------------------------------------
53-2108 New South 506.6 515.7 -70 042 0.28/9.1' CL=8.7' TW
Incl. 511.6 512.6 1.62/1.0' CL=1.0' TW, VG
Footwall 710.4 712.4 0.20/2.0' CL=??' TW
Footwall 1,049.6 1,050.8 0.62/1.2' CL=??' TW
Footwall 1,065.8 1,066.8 1.85/1.0' CL=??' TW
----------------------------------------------------------------------------
53-2109 Hanging 566.6 568.6 -55 025 6.79/2.0' CL=1.6' TW,
Wall Uncut
1.96/2.0' CL=??' TW,
Cut(ii)
Incl. 566.6 567.6 13.16/1.0' CL=??' TW,
VG, Tell
New South 596.7 607.4 0.53/10.7' CL=8.9' TW
Incl. 606.2 607.4 3.02/1.2' CL=1.0' TW, VG
Footwall 627.3 628.4 1.47/1.1' CL=??' TW, VG
Footwall 867.2 869.1 1.34/1.9' CL=1.6' TW, VG
----------------------------------------------------------------------------
53-2110 Hanging 354.6 356.1 -80 042 0.89/1.5' CL=??' TW, VG
Wall
New South 504.0 524.2 0.03/20.2' CL=TW Not
Calculated
Footwall 637.5 638.5 0.40/1.0' CL=??' TW
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides,
(i)Cut = cut to 7.2 opt, (ii)Cut=cut to 3.5 opt.,?? TW = True Width Unknown
The following tables summarize the latest drilling results in metric values:
5300 LEVEL EXPLORATION
----------------------------------------------------------------------------
HOLE
DRILL FROM TO DIP AZIMUTH ASSAY
HOLE No. ZONE (m) (m) (degrees) (degrees) (grams per tonne/m)
----------------------------------------------------------------------------
53-2111A Hanging 203.1 204.4 -42 015 9.94/1.3m CL=??m TW
Wall
New 209.1 213.4 101.83/4.3m CL=3.0m TW,
South Uncut
55.20/4.3m CL=3.0m TW,
Cut(i)
Incl. 209.1 209.6 708.35/0.5m CL=0.3m TW, Vg,
Tell
and 210.7 211.2 195.77/0.5m CL=0.3m TW, VG,
Tell
and 212.1 212.6 51.77/0.5m CL=0.3m TW
----------------------------------------------------------------------------
53-1978 Hanging 161.2 162.6 -58 359 36.34/1.4m CL=1.1m TW
Wall
Hanging 180.9 181.4 19.89/0.5m CL-??m TW, VG,
Wall Tell
New 187.6 194.0 159.09/6.4m CL=5.3m TW,
South Uncut
80.23/6.4m CL=5.3m TW,
Cut(i)
Incl. 187.6 188.1 326.75/0.5m CL=0.4m TW, VG,
Tell
and 188.1 188.7 465.60/0.6m CL=0.5m TW, VG,
Tell
and 192.7 193.4 760.12/0.7m CL=0.5m TW, VG,
Tell
Footwall 224.8 225.1 30.51/0.3m CL=??m TW, VG
Footwall 228.8 229.1 106.29/0.3m CL=0.3m TW, VG,
Tell
Footwall 351.9 352.3 9.26/0.4m CL=??m TW
----------------------------------------------------------------------------
53-1979 Hanging 156.4 156.8 -67 356 7.2/0.4m CL=??m TW
Wall
Hanging 159.4 160.5 24.00/1.1m CL=??m TW
Wall
Incl. 160.2 160.5 62.06/0.3m CL=??m TW, VG
New 168.2 170.1 118.29/1.9m CL=1.6m TW,
South Uncut
93.60/1.9m CL=1.6m TW,
Cut(i)
Incl. 168.6 169.0 76.46/0.4m CL=0.4m TW
and 169.6 170.1 345.95/0.4m CL=0.4m TW, VG
----------------------------------------------------------------------------
53-1980 New 195.9 196.5 -45 344 0.07/0.6m CL= TW Not
South Calculated
Footwall 243.7 245.5 8.91/1.8m CL=1.6m TW
Footwall 294.9 296.3 72.69/1.4m CL=1.3m TW,
Uncut
67.89/1.4m CL=1.3m TW,
Cut(ii)
Incl. 295.6 296.3 130.29/0.7m CL=0.6m TW, VG
Footwall 300.5 300.8 104.92/0.3m CL=??m TW, Tell
----------------------------------------------------------------------------
53-2108 New 154.4 157.2 -70 042 9.60/2.8m CL=2.7m TW
South
Incl. 155.9 156.2 55.54/0.3m CL=0.3m TW, VG
Footwall 216.5 217.1 6.86/0.6m CL=??m TW
Footwall 319.9 320.3 21.26/0.4m CL=??m TW
Footwall 324.9 325.2 63.43/0.3m CL=??m TW
----------------------------------------------------------------------------
53-2109 Hanging 172.7 173.3 -55 025 232.8/0.6m CL=0.5m TW,
Wall Uncut
67.20/0.6m CL=??m TW,
Cut(ii)
Incl. 172.7 173.0 451.20/0.3m CL=??m TW, VG,
Tell
New 181.9 185.1 18.17/3.2m CL=2.7m TW
South
Incl. 184.8 185.1 103.54/0.3m CL=0.3m TW, VG
Footwall 191.2 191.5 50.40/0.3m CL=??m TW, VG
Footwall 203.4 203.9 45.94/0.5m CL=0.5m TW, VG
----------------------------------------------------------------------------
53-2110 Hanging 108.1 108.5 -80 042 30.51/0.4m CL=??m TW, VG
Wall
New 153.6 159.8 1.03/6.2m CL=TW Not
South Calculated
Footwall 194.3 194.6 13.71/0.3m CL=??m TW
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides, Cut
(i) = cut to 246.9 grams/tonne, Cut(ii) =cut to 120.0 grams/tonne, ?? TW =
True Width Unknown
About the Company
Kirkland Lake Gold Inc. is an operating and exploration gold company located in Kirkland Lake, ON in the Southern Abitibi gold belt. Its goal is to create a self-sustaining and long lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production to 250,000 - 300,000 ounces per year in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production rate.
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. 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 at January 1, 2012 dated May 29, 2012, which has been filed on SEDAR (www.sedar.com) under the Company's filings.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains statements which constitute "forward-looking statements", 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", "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, and 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 resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, 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, 2012 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 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.
Glossary of Terms
National Instrument 43-101 Definitions of Resources and Reserves
The Reserve and Resource estimation classifications as prescribed in National Instrument 43-101 are given here for clarity.
Mineral Resource
Mineral Resources are sub-divided into 3 categories depending on the geological confidence. The highest level with the most confidence is the 'Measured' category. The next level of confidence is the 'Indicated' category and the lowest level, or the resource with the least confidence, is the 'Inferred' category.
Measured Mineral Resource
A 'Measured Mineral Resource' is that part of a Mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
Inferred Mineral Resource
An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling, gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
Indicated Mineral Resource
An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
Mineral Reserve
Mineral Reserves are sub-divided into 2 categories. The highest level of Reserves or the level with the most confidence is the 'Proven' category and the lower level of confidence of the Reserves is the 'Probable' category. Reserves are distinguished from resources as all of the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state "Minerals Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that, "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals."
Probable Mineral Reserve
A 'Probable Mineral Reserve' is the economically mineable part of an Indicated and in some circumstances a Measured Mineral Resource demonstrated by a least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
Proven Mineral Reserve
A 'Proven Mineral Reserve' is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.
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
+1 705 567 5208
+1 705 568 6444 (FAX)
bhinchcliffe@klgold.com
www.klgold.com
Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
+1 416-840-7884
+1 705 568 6444 (FAX)
lcarpenter@klgold.com
www.klgold.com
NOMAD: Panmure Gordon (UK) Limited
Katherine Roe
+44 (0) 20 7 8862500
katherine.roe@panmure.com
NOMAD: Panmure Gordon (UK) Limited
Callum Stewart
+44 (0) 20 7 8862500
callum.stewart@panmure.com