Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced results from 17 holes (7,176 m) of drilling at the Detour
Lake property. Of the 17 holes, three holes (2,520 m) were
drilled west of the Main Pit in the Saddle Zone area, five holes
(1,860 m) were drilled at the North Pit area and nine holes (2,796
m) were drilled at the 58 North area. The Main Pit, West Pit and
North Pit are located along the Detour Mine Trend (“DMT”),
immediately north of the Sunday Lake Deformation Zone (“SLDZ”). The
58 North Zone (“58 N”) is located eight kilometers to the south
near the Lower Detour Deformation Zone (“LDDZ”). These holes
represent the first to be drilled as part of a 250,000 m
exploration program to be completed by the end of 2021, which is
designed mainly to collect information for an updated and
potentially expanded Mineral Reserve and mine production plan.
A key focus of the Company’s initial exploration
program at the Detour Lake Mine is drilling around the Main Pit,
where the Company is targeting significant growth in Mineral
Reserves. Initial drilling in the Saddle Zone near the Main Pit
intersected broad zones of mineralization with attractive open-pit
grades as well as intervals of significantly higher grades at depth
which support the potential for a future underground mining
operation below the Main Pit (still to be evaluated). The Saddle
Zone is situated between the Main Pit and West Pit location and is
an area that is under-explored, has no current Mineral Reserves and
only limited Mineral Resources. Drilling at the North Pit area,
located northwest of the Main Pit, intersected attractive open-pit
grades and extended known mineralization to depth and along strike
of the current Mineral Resources. 58 N is an additional exploration
target, which the Company is investigating as a potential future
underground mining operation. New drilling at 58 N intersected
high-grade mineralization up to 175.0 m west of the current Mineral
Resource.
Tony Makuch, President and CEO of Kirkland
Lake Gold, commented: “A key driver in our decision to acquire
Detour Gold was the potential to substantially increase Mineral
Reserves at Detour Lake Mine in support of future production growth
and improved unit costs. Our exploration program has definitely
been impacted by COVID-19, and we would like to acknowledge the
hard work of our exploration team in both ramping up our drilling
program and in generating encouraging results in a very short
period of time. Virtually all holes reported today
intersected significant mineralization. The Saddle Zone is a
high-potential target in between the Main and West pits where there
has been very little previous drilling. Today’s drill results
highlight the potential for significant growth in open-pit Mineral
Resources at attractive grades in the gap between the two pits, and
also include intervals of high-grade mineralization at depth that
are supportive of a potential underground mining concept. We also
succeeded in extending mineralization at the North Pit location, to
the northwest of the Main Pit, another important open-pit target.
At 58 N, we intersected high-grade mineralization up to 175.0 m
from the current Mineral Resource. These results are very
encouraging as 58 N has the potential to be a standalone
underground mining operation that could significantly enhance
average grades by adding high-grade Mineral Reserves to our current
open-pit production profile.
“Looking forward, exploration work continues to
ramp up, with two drills currently working, with that number to
increase to four drills by August and six drills by October.
Drilling is currently focused on the Saddle Zone. We plan to
complete about 70,000 m of drilling between now and the end of the
year, with the remainder of the exploration program to be completed
in 2021. As with both our Macassa and Fosterville operations,
Detour Lake has considerable exploration upside, and we are very
encouraged by the potential for value creation from continued
exploration success.”
Saddle Zone – Main Pit Area
Drilling at the “Saddle Zone” targeted areas
along the DMT between the Main Pit and the West Pit location where
there is little to no past drilling, no current Mineral Reserves
and very limited Mineral Resources. Significant results from the
drilling include: 1.41 gpt over 121.0 m, including
16.33 gpt over 3.5 m from hole
DLM-20-004, 1.23 gpt over 138.0 m, including
4.11 gpt over 23.9 m, 1.77 gpt over 37.0
m, including 14.73 gpt over 3.0 m, and
3.09 gpt over 18.0 m from hole DLM-20-008 and
1.25 gpt over 65 m and 1.43 gpt over 17.0
m from hole DLM-20-006. Hole DLM-20-004 is located
immediately east of the West Pit location and intersected
mineralization between 400 and 600 m below surface and 200 m below
the current resource pit shell. Hole DLM-20-008 was drilled 350 m
to the east of DLM-20-004 near the west limit of the Main Pit and
intersected mineralization between 150 and 400 m below surface
where there is no previous drilling and no current Mineral
Reserves. Preliminary observations from the drilling indicate that
the mineralization within the holes is hosted mainly by broad zones
containing variable amounts of quartz and pyrite, which are
controlled by east-west trending, moderately north dipping folds
and shear structures, similar to those found at the Main and West
pits. Based on the new results, the Company believes there is
excellent potential to identify further extensions to
mineralization, including to depth, and for the addition of Mineral
Resources and Mineral Reserves between the Main and West pits, for
both open pit and potentially underground mining, through
additional drilling.
58 North Zone
Drilling at 58 N targeted the west portion of
the current Mineral Resource in this area, which totals 2.9 million
tonnes grading 5.8 gpt for 534,000 ounces in the Indicated category
and 1.0 million tonnes grading 4.35 gpt for 136,000 ounces in
the Inferred category. Significant results from the drilling
include 14.6 gpt over 5.0 m from hole DLD-20-504,
11.7 gpt over 13.0 m from hole DLD-20-503,
5.9 gpt over 8.0 m from hole DLD-20-499 and
8.6 gpt over 3.0 m from hole DLD-20-496.
Holes DLD-20-496 and DLD-20-499 were designed to infill the west
portion of the current Mineral Resource and confirm previous
results, while holes DLD-20-503 and DLD-20-504 tested the main
structure between 150 and 175 m to the west and are among the
highest grade results from the 58 N area to date. Based on new data
from the program, 58 N lies to the south of the LDDZ and at the
intersection of a westerly trending structural zone with a feldspar
porphyry stock. The new intersections being reported today all
appear to lie on the westerly extension of the structural zone from
58 N and are defined by a series of thinner units from the same
feldspar porphyry. The area to the west of the new drilling remains
open for further testing and expansion.
North Pit Area
Drilling at the North Pit was completed in the
central part of the area and with holes targeting approximately 150
m below surface and 75 m below the current Mineral Reserve and
Mineral Resource. Significant results from the program include
1.10 gpt over 9.0 m and 1.82 gpt over 3.0
m from hole DLM-20-003 and 1.76
gpt over 5.0 m and 1.80 gpt over 4.0 m
in hole DLM-20-001. Based on information to date,
mineralization at the North Pit location has similar
characteristics to the Main and West Pits, but lies along a
separate structural trend located approximately 500 m to the north
(North Walter Lake Trend) where there has been substantially
less drilling, both along strike and to depth. Given the limited
drilling in this area, the potential to add new Mineral Resources
with further exploration success is considered excellent.
Exploration work at Detour Lake is ongoing with
two drills current working, targeting to complete at least 75,000
meters by the end of 2020. The Company plans to increase the number
of drills to four by August and to six drills by October.
To view the figures accompanying the
press release, please click on the following links:
Figure 1. Detour Lake Property – Plan
View is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/26013003-0c28-4d8a-8983-b3fac1899489
Figure 2. Detour Lake
Mine – Drill Results – Plan View is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6f869f0-fc6e-4836-9441-14eb532c3386
Figure 3. Detour Lake
Mine – Longitudinal View is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b25002e3-6e9b-458d-94d4-1d7c4bdb89a0
Figure 4. 58 N – Drilling Results – Plan
View is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb570cc0-be78-4431-b0d2-0c7ee7bb6c3f
Qualified Persons
The Company’s exploration programs at Detour
Lake are conducted under the supervision of Eric Kallio, P.Geo.,
Senior Vice President, Exploration. Mr. Kallio, as well as Keith
Green, P.Geo., Director, Exploration, Canada, and Adree DeLazzer,
Exploration Manager, Detour Lake Mine, are ‘qualified persons’ for
the purpose of National Instrument 43-101, Standards of Disclosure
for Mineral Projects, of the Canadian Securities Administrators,
and have reviewed and approved the scientific and technical
information in this news release.
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 best
practices. Samples are logged and sampled in a secure facility at
the Detour mine site and under supervision of Qualified Geologists.
NQ sized core is sawn in half with one half of the core prepared
for shipment, the other half of core retained for future assay
verification. Preparations for shipment include; placing individual
samples with corresponding sample tag into sealed plastic bags,
which are in turn placed into labelled and zip tied rice bags, and
subsequently placed onto pallets, shrink wrapped and couriered
to ALS Laboratories in Timmins, Ontario by Manitoulin
Transport. Sample preparation is completed by ALS
Laboratories in Timmins then sent to their Vancouver Lab for
analysis.
Assaying of the samples is completed using Fire
Assay techniques with samples less than 10 grams per tonne being
analyzed with Atomic Absorption (AA) and samples greater than 10
grams per tonne with gravimetric finish. Selected high grade
samples are also analyzed using the screen metallics procedure.
Internal laboratory checks conducted by ALS include the insertion
of 1 blank, 2 certified reference standards and 3 duplicates for
every 78 samples (per fusion furnace). ALS Laboratories are
certified by the Standards Council of Canada (SCC) which conforms
with CAN-P-1579 and for the Accreditation of Mineral Analysis
Testing Laboratories and CAN-P-4E ISO/IEC 17025: General
Requirements for the Competence of Testing and Calibration
Laboratories.
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a growing gold
producer operating in Canada and Australia that produced 974,615
ounces in 2019. The production profile of the Company is anchored
by three high-quality operations, including the Macassa Mine and
Detour Lake Mine, both located in Northern Ontario, and the
Fosterville Mine located in the state of Victoria, Australia.
Kirkland Lake Gold's solid base of quality assets is complemented
by district scale exploration potential, supported by a strong
financial position with extensive management expertise.
For further information on Kirkland Lake Gold
and to receive news releases by email, visit the website at
www.kl.gold.
Cautionary Note Regarding Forward-Looking
Information
This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact included in this release are forward-looking
statements that involve various risks and uncertainties. These
forward-looking statements include, but are not limited to,
statements with respect to planned exploration programs, costs and
expenditures, the ability to potentially expand Mineral Reserves,
changes in Mineral Resources and conversion of Mineral Resources to
proven and probable reserves, and other information that is based
on forecasts of future operational or financial results, estimates
of amounts not yet determinable and assumptions of management.
These forward-looking statements include, but are not limited to,
statements with respect to future exploration potential, project
economics, timing and scope of future exploration, anticipated
costs and expenditures, changes in Mineral Resources and conversion
of Mineral Resources to proven and probable reserves, and other
information that is based on forecasts of future operational or
financial results, estimates of amounts not yet determinable and
assumptions of management.
Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends", or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) are not
statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of
risks and uncertainties that could cause actual events or results
to differ from those reflected in the forward-looking statements.
Exploration results that include geophysics, sampling, and drill
results on wide spacings may not be indicative of the occurrence of
a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity,
metallurgical characteristics and economic potential to be classed
as a category of Mineral Resource. A Mineral Resource that is
classified as "Inferred" or "indicated" has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an "indicated Mineral
Resource" or "Inferred Mineral Resource" will ever be upgraded to a
higher category of resource. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into proven and probable reserves.
There can be no assurance that forward-looking
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include, among
others, risks related to international operations, risks related to
obtaining the permits required to carry out planned exploration or
development work, the actual results of current exploration
activities, conclusions of economic evaluations and changes in
project parameters as plans continue to be refined as well as
future prices of gold, as well as those factors discussed in the
section entitled "Risk Factors" in the Company’s Annual Information
Form and other disclosures of "Risk Factors" by the Company and its
predecessors, available on SEDAR. Although Kirkland Lake Gold has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Cautionary Note to U.S. Investors -
Mineral Reserve and Resource Estimates
All references to Mineral Resources and Mineral
Reserves set out in this news release are in accordance with
Canadian National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule
developed by the Canadian Securities Administrators, which
established standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
The terms "mineral reserve", "proven mineral reserve" and "probable
mineral reserve" are Canadian mining terms as defined in accordance
with NI 43-101 and the CIM Standards. These definitions differ
materially from the definitions in SEC Industry Guide 7 ("SEC
Industry Guide 7") under the United States Securities Act of 1933,
as amended, and the Exchange Act.
In addition, the terms "Mineral Resource",
"measured Mineral Resource", "indicated Mineral Resource" and
"Inferred Mineral Resource" are defined in and required to be
disclosed by NI 43-101 and the CIM Standards; however, these terms
are not defined terms under SEC Industry Guide 7 and are normally
not permitted to be used in reports and registration statements
filed with the U.S. Securities and Exchange Commission (the "SEC").
Investors are cautioned not to assume that all or any part of
mineral deposits in these categories will ever be converted into
reserves. "Inferred Mineral Resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an Inferred Mineral Resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in very limited circumstances.
Investors are cautioned not to assume that all or any part of a
Mineral Resource exists, will ever be converted into a Mineral
Reserve or is or will ever be economically or legally mineable or
recovered.
FOR FURTHER INFORMATION PLEASE CONTACT
Anthony Makuch, President, Chief Executive
Officer & DirectorPhone: +1 416-840-7884, E-mail:
tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor Relations
Phone: +1 416-840-7884, E-mail: mutting@kl.gold
Table 1. – Detour Lake Mine – Drill Results
Target |
Hole Number |
UTM NAD83 |
Hole Length (m) |
Azimuth (°) |
Dip |
From (m) |
To (m) |
Length (m) |
Au gpt |
Easting |
Northing |
Saddle Area |
DLM-20-004 |
589045 |
5541730 |
801 |
180 |
-55 |
123.0 |
143.0 |
17.0 |
0.74 |
AND |
|
188.0 |
193.0 |
5.0 |
1.73 |
AND |
|
288.0 |
290.0 |
2.0 |
3.52 |
AND |
|
526.0 |
559.0 |
33.0 |
0.65 |
AND |
|
602.2 |
617.0 |
14.8 |
1.03 |
AND |
|
676.0 |
797.0 |
121.0 |
1.41 |
INCL. |
|
713.5 |
717.0 |
3.5 |
16.33 |
INCL. |
|
765.0 |
772.0 |
7.0 |
5.32 |
AND |
|
792.0 |
797.0 |
5.0 |
2.55 |
DLM-20-006 |
588964 |
5541752 |
783 |
180 |
-56 |
56.0 |
73.0 |
17.0 |
1.56 |
INCL. |
|
61.0 |
65.0 |
4.0 |
4.30 |
AND |
|
293.0 |
297.0 |
4.0 |
1.18 |
AND |
|
533.0 |
550.0 |
17.0 |
1.43 |
AND |
|
604.0 |
609.0 |
5.0 |
0.85 |
AND |
|
638.0 |
652.0 |
14.0 |
0.42 |
AND |
|
707.0 |
772.0 |
65.0 |
1.25 |
INCL. |
|
723.0 |
731.0 |
8.0 |
4.15 |
INCL. |
|
758.0 |
764.0 |
6.0 |
3.66 |
DLM-20-008 |
589414 |
5541246 |
936 |
180 |
-65 |
52.0 |
57.8 |
5.8 |
0.89 |
AND |
|
129.0 |
132.0 |
3.0 |
1.67 |
AND |
|
151.0 |
289.0 |
138.0 |
1.23 |
INCL. |
|
201.0 |
224.9 |
23.9 |
4.11 |
INCL. |
|
204.0 |
205.0 |
1.0 |
15.35 |
INCL. |
|
223.0 |
224.9 |
1.9 |
18.98 |
AND |
|
355.0 |
360.0 |
5.0 |
1.48 |
AND |
|
382.0 |
384.0 |
2.0 |
3.87 |
AND |
|
403.0 |
440.0 |
37.0 |
1.77 |
INCL. |
|
433.0 |
436.0 |
3.0 |
14.73 |
AND |
|
614.0 |
614.6 |
0.6 |
13.65 |
AND |
|
884.0 |
902.0 |
18.0 |
3.09 |
INCL. |
|
901.0 |
902.0 |
1.0 |
16.35 |
North Pit |
DLM-20-001 |
589037 |
5542139 |
405 |
180 |
-57 |
189.0 |
194.0 |
5.0 |
1.76 |
AND |
|
288.0 |
292.0 |
4.0 |
1.80 |
AND |
|
394.6 |
398.0 |
3.4 |
1.47 |
DLM-20-002 |
589043 |
5541814 |
351 |
180 |
-54 |
127.0 |
132.0 |
5.0 |
0.89 |
AND |
|
160.0 |
169.0 |
8.2 |
0.50 |
DLM-20-003 |
588957 |
5542128 |
351 |
180 |
-52 |
154.0 |
157.0 |
3.0 |
1.82 |
AND |
|
235.0 |
238.0 |
3.0 |
1.67 |
AND |
|
250.0 |
258.0 |
8.0 |
0.96 |
AND |
|
274.0 |
283.0 |
9.0 |
1.10 |
DLM-20-005A |
588957 |
5542128 |
399 |
180 |
-65 |
307.0 |
322.0 |
15.0 |
0.77 |
DLM-20-007 |
588996 |
5542163 |
354 |
180 |
-52 |
168.0 |
173.0 |
5.0 |
0.77 |
AND |
|
290.0 |
296.0 |
6.0 |
0.71 |
58 North |
DLD-20-496 |
595346 |
5533538 |
477 |
360 |
-55 |
304.5 |
308.0 |
3.5 |
3.7 |
AND |
|
318.0 |
340.6 |
22.6 |
1.7 |
INCL. |
|
336.0 |
339.0 |
3.0 |
8.6 |
DLD-20-497 |
595300 |
5533589 |
342 |
360 |
-52 |
243.0 |
246.0 |
3.0 |
3.6 |
AND |
|
272.0 |
276.0 |
4.0 |
3.0 |
DLD-20-498 |
595334 |
5533637 |
342 |
360 |
-54 |
187.2 |
202.7 |
15.5 |
2.1 |
INCL. |
|
190.8 |
193.0 |
2.2 |
5.2 |
INCL. |
|
197.0 |
202.7 |
5.7 |
3.0 |
DLD-20-499 |
595305 |
5533645 |
306 |
360 |
-53 |
185.0 |
193.0 |
8.0 |
5.9 |
INCL. |
|
189.0 |
193.0 |
4.0 |
10.5 |
DLD-20-500 |
595235 |
5533635 |
294 |
360 |
-52 |
207.7 |
221.0 |
13.3 |
1.5 |
INCL. |
|
214.0 |
221.0 |
7.0 |
2.1 |
DLD-20-501 |
595235 |
5533675 |
225 |
360 |
-52 |
160.0 |
168.0 |
8.0 |
2.7 |
INCL. |
|
162.0 |
167.0 |
5.0 |
3.7 |
DLD-20-502 |
595235 |
5533715 |
216 |
360 |
-52 |
105.0 |
124.6 |
19.6 |
2.2 |
INCL. |
|
105.0 |
109.0 |
4.0 |
4.7 |
INCL. |
|
118.0 |
124.6 |
7.0 |
2.6 |
DLD-20-503 |
595150 |
5533680 |
291 |
360 |
-54 |
198.0 |
211.0 |
13.0 |
11.7 |
INCL. |
|
198.0 |
206.0 |
8.0 |
18.1 |
INCL. |
|
202.0 |
203.0 |
1.0 |
46.4 |
INCL. |
|
204.0 |
205.0 |
1.0 |
40.4 |
DLD-20-504 |
595121 |
5533796 |
303 |
360 |
-52 |
214.0 |
219.0 |
5.0 |
14.6 |
|
|
|
|
|
|
|
|
|
|
|
Notes:1. Assays are reported uncut.2. True widths are unknown at
this time and intervals are reported using core lengths intersected
in the holes.
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