Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the
“Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced results from 8 holes (9,171 m) and one wedge hole (1,143
m) of drilling at the Detour Lake property. The new holes being
reported are the second batch of results from the recently
announced 250,000 m exploration program. The Company is targeting
completion of the program by the end of 2021 in order to collect
information for updated, and potentially expanded, Mineral Resource
and Mineral Reserve estimates. The new holes announced today are
all from drilling in the Saddle Zone, located in an area between
the Main Pit and West Pit locations that is underexplored, has no
Mineral Reserves and only limited Mineral Resources.
Tony Makuch, President and CEO of Kirkland Lake
Gold, commented: “Today’s results are extremely encouraging and
support our view that there is a much larger deposit around the
Main Pit and West Pit locations than is currently included in
Mineral Reserves. In fact, based on results and observations to
date, there is increasing evidence that there is a broad and
continuous corridor of mineralization extending between the two pit
locations to a depth of up to 820 m below surface. Upon completing
the acquisition of Detour Gold Corporation at the end of January,
we immediately focused in on the Saddle Zone as a high-potential
target where there had been very limited previous drilling. Results
from drilling in the Saddle Zone have included numerous
intersections containing attractive grades over substantial widths,
which highlight the potential for significant growth in open-pit
Mineral Resources and also are supportive of a potential
underground mining concept, which could add higher-grade mill feed
to our production profile.”
West Portion of Saddle
Zone
Drilling in the west portion of the Saddle Zone
included four holes (4,169 m) and one wedge hole (1,143 m) which
targeted the Detour Mine Trend (“DMT”) directly east of the West
pit between 400 and 600 m below surface.
Significant results from the drilling include:
1.17 gpt over 17.0 m and 1.80 gpt over
58.5 m, including 5.76 gpt over 2.8 m and 19.29
gpt over 2.0 m, from DLM-20-015; 2.39 gpt over
29.0 m, including 11.57 gpt over 2.8 m
and 10.01 gpt over 2.0 m, 1.47 gpt over
39.0 m, 1.43 gpt over 17.6 m, and
1.39 gpt over 25.5 m, including 8.74 gpt
over 2.0 m, from hole DLM-20-010; 1.51 gpt over
18.7 m, including 8.87 gpt over 2.0 m, 1.40 gpt
over 26.6 m, including 8.04 gpt over 2.0
m and 2.02 gpt over 10.0 m, including
6.30 gpt over 2.0 m, from hole DLM-20-012; and
2.02 gpt over 38.1 m from DLM-20-010W. These holes
were drilled on a section 100 m east of previously announced hole
DLM-20-04, which intersected 1.25 gpt over 65.0 m and 1.41 gpt over
121.0 m and 1.03 gpt over 14.8 m (see press release dated June 29,
2020).
Additional results from this area include:
1.28 gpt over 17.0 m, including 7.58 gpt
over 2.0 m, and 1.23 gpt over 14.0 m,
including 6.89 gpt over 2.0 m from hole
DLM-20-009, which was drilled 80 m west of DLM-20-04 and 200 m
below the West pit reserve shell.
Central Portion of the Saddle
Zone
Drilling in the central portion of the Saddle
Zone included one hole (1,095 m) and targeted the DMT approximately
midway between the current reserve pits for the Main and West pits
and approximately 400 m below surface.
Significant results from the drilling include:
1.10 gpt over 142 m, including 9.39 gpt
over 2.0 m, 2.15 gpt over 16.0 m and
1.23 gpt over 12.0 m in hole DLM-20-016, which was
drilled 120 m east of DLM-20-15 and 180 m west of previously
reported DLM-20-08, which intersected 1.23 gpt over 138.0 m and
1.77 gpt over 37.0 m (see press release dated June 29, 2020).
Results from this hole are considered extremely encouraging as it
is one of the first to be drilled within the central area of the
Saddle Zone and contains mineralization of similar style and gold
tenor to that found in the West and Main pits. Given the above
intersections and other results from the program, there appears to
be strong evidence for a broad continuous corridor of
mineralization following the DMT and extending from the Main Pit to
the West Pit (a distance of 800 m) and then westwards under the
West pit.
East Portion of Saddle Zone
Drilling in the east portion of the Saddle Zone
included three holes (3,907 m) and targeted areas along the DMT
directly west of the Main Pit Mineral Reserve shell between 380 and
820 m below surface.
Significant results from the drilling including:
1.42 gpt over 78.0 m, including 8.54 gpt
over 3.0 m, and 5.25 gpt over 6.0 m, 1.08 gpt over 51.0 m,
including 5.96 gpt over 3.0 m, 1.21 gpt over 43.0 m, 0.90
gpt over 51.0 m, 1.73 gpt over 15.0 m and 1.50 gpt
over 13.0 m from hole DLM-20-014a, which was drilled
approximately 380 m below surface and 200 m east of previously
announced DLM-20-08 which intersected 1.23 gpt over 138 m (see
press release dated June 29, 2020).
Additional results from this area include
1.38 gpt over 73.0 m, including 6.89 gpt
over 3.0 m and 1.27 gpt over 12.2 m from
hole DLM-20-013a and, 8.68 gpt over 2.0 m, 1.01 gpt over
5.7 m and 0.62 gpt over 10.5 m from hole
DLM-20-011 which were drilled 180 m east of hole DLM-20-14a between
750 and 820 m below surface (420 m below the current Main Pit
Reserve shell). These holes are among the deepest to test this part
of the DTM trend to date and strongly demonstrate that the gold
system not only remains open to depth but contains grades which
could be of interest for developing either open pit or underground
Mineral Resources.
Based on assay results and other observations
obtained from the program to date, the outlook for the project
continues to look encouraging with there being evidence of a broad
and continuous corridor of mineralization extending between the
West and Main pits and to a depth of up to 820 m below
surface. The work also suggests that mineralization within the
corridor is very similar to that found in the West and Main pits
and is hosted mainly by broad zones containing variable amounts of
quartz and pyrite, which are controlled mainly by east-west
trending, moderately north dipping folds and shear structures which
plunge at a shallow angle to the west. Given results to date, the
potential to identify further extensions to mineralization as well
as potential additions to Mineral Resources and Mineral Reserves
between the Main and West pits through additional drilling is
considered excellent.
Exploration work at Detour Lake is ongoing with
four 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 six in October.
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 Steve Gray,
Exploration Superintendent, 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 predominantly sawn in half with one half of the
core prepared for shipment, the other half of core retained for
future assay verification. A smaller percentage of the core is not
sawn and shipped as whole core samples. 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 and to Activation Laboratories in
Timmins, by Gold Heart Courier Service. Sample preparation by ALS
Laboratories is completed in Timmins then sent to their Vancouver
Lab for analysis while both sample preparation and analysis by
Activation Laboratories is completed in Timmins.
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).
Internal laboratory checks conducted by
Activation Laboratories include the insertion of 2 blanks very 24
samples, 1 prep duplicate every 50 samples, 1 lab duplicate every
10 samples, and multiple certified reference standards for every 24
samples.
Both ALS and Activation Laboratories are
certified by the Standards Council of Canada (SCC) which conforms
with ASB-RG Mineral Analysis Laboratory 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 identify areas of future
extensions to mineralization, expand and add Mineral Reserves and
Mineral Resources at the Detour Lake Mine including the potential
conversion of Mineral Resources to proven and probable reserves,
project economics, timing and scope of future exploration,
anticipated costs and expenditures 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 – Saddle Zone – Significant
Assay Results
Target |
Hole Number |
UTM NAD83 |
Hole Length(m) |
Azimuth(°) |
Dip |
From(m) |
To (m) |
Length(m) |
Augpt |
Easting |
Northing |
West/MainPit |
DLM-20-009 |
5541659 |
588965 |
732.0 |
180 |
-55 |
107.0 |
115.0 |
8.0 |
1.14 |
AND |
|
262.0 |
269.0 |
7.0 |
1.19 |
AND |
|
483.0 |
492.0 |
9.0 |
1.12 |
AND |
|
519.0 |
533.0 |
14.0 |
1.23 |
INCL. |
|
526.0 |
528.0 |
2.0 |
6.89 |
AND |
|
584.0 |
601.0 |
17.0 |
1.28 |
INCL. |
|
590.0 |
592.0 |
2.0 |
7.58 |
DLM-20-010 |
5541604 |
589128 |
1046.8 |
180 |
-57 |
30.0 |
37.0 |
7.0 |
1.22 |
AND |
|
434.0 |
460.0 |
26.0 |
0.79 |
AND |
|
469.0 |
497.3 |
28.3 |
0.61 |
AND |
|
619.0 |
648.0 |
29.0 |
2.39 |
INCL. |
|
629.0 |
631.8 |
2.8 |
11.57 |
INCL. |
|
646.0 |
648.0 |
2.0 |
10.01 |
AND |
|
679.0 |
688.0 |
9.0 |
1.11 |
AND |
|
742.5 |
768.0 |
25.5 |
1.39 |
INCL. |
|
750.2 |
752.2 |
2.0 |
8.74 |
AND |
|
828.5 |
831.0 |
2.5 |
3.11 |
AND |
|
886.0 |
925.0 |
39.0 |
1.47 |
AND |
|
1029.2 |
1046.8 |
17.6 |
1.43 |
DLM-20-010W1 |
5541604 |
589128 |
1143 |
180 |
-57 |
854.0 |
862.0 |
8.0 |
0.74 |
AND |
|
881.9 |
920.0 |
38.1 |
2.02 |
INCL. |
|
900.8 |
906.3 |
5.5 |
5.21 |
INCL. |
|
912.0 |
920.0 |
8.0 |
4.72 |
AND |
|
1043.7 |
1048.2 |
4.5 |
2.56 |
DLM-20-011 |
5541631 |
589687 |
1404 |
172 |
-61 |
458.0 |
460.0 |
2.0 |
8.68 |
AND |
|
770.3 |
776.0 |
5.7 |
1.01 |
AND |
|
792.0 |
808.0 |
16.0 |
0.52 |
AND |
|
1203.0 |
1213.5 |
10.5 |
0.62 |
DLM-20-012 |
5541666 |
589127 |
1295 |
168 |
-64 |
502.0 |
520.7 |
18.7 |
1.51 |
INCL. |
|
505.0 |
507.0 |
2.0 |
8.87 |
AND |
|
532.0 |
558.6 |
26.6 |
1.40 |
INCL. |
|
542.8 |
544.8 |
2.0 |
8.04 |
AND |
|
582.0 |
591.8 |
9.8 |
0.93 |
AND |
|
616.0 |
624.0 |
8.0 |
1.41 |
AND |
|
1017.0 |
1027.0 |
10.0 |
2.02 |
INCL. |
|
1017.0 |
1019.0 |
2.0 |
6.30 |
AND |
|
1037.0 |
1043.4 |
6.4 |
1.51 |
DLM-20-013A |
5541631 |
589687 |
1395 |
172 |
-61 |
923.0 |
996.0 |
73.0 |
1.38 |
INCL. |
|
973.0 |
976.0 |
3.0 |
6.89 |
AND |
|
1034.0 |
1036.0 |
2.0 |
3.44 |
AND |
|
1070.8 |
1083.0 |
12.2 |
1.27 |
DLM-20-014A |
5541249 |
589574 |
1108 |
177 |
-71 |
10.0 |
23.0 |
13.0 |
1.50 |
INCL. |
|
12.0 |
15.0 |
3.0 |
4.75 |
AND |
|
93.0 |
95.0 |
2.0 |
3.00 |
AND |
|
146.0 |
161.0 |
15.0 |
1.73 |
INCL. |
|
156.0 |
161.0 |
5.0 |
4.19 |
AND |
|
174.0 |
225.0 |
51.0 |
0.90 |
AND |
|
259.0 |
278.0 |
19.0 |
0.60 |
AND |
|
342.0 |
385.0 |
43.0 |
1.21 |
INCL. |
|
366.0 |
368.0 |
2.0 |
7.38 |
AND |
|
406.0 |
420.0 |
14.0 |
0.94 |
AND |
|
478.0 |
534.0 |
56.0 |
0.76 |
AND |
|
564.0 |
642.0 |
78.0 |
1.42 |
INCL. |
|
595.0 |
598.0 |
3.0 |
8.54 |
INCL. |
|
623.0 |
629.0 |
6.0 |
5.25 |
AND |
|
868.0 |
919.0 |
51.0 |
1.08 |
INCL. |
|
885.0 |
888.0 |
3.0 |
5.96 |
DLM-20-015 |
5541478 |
589131 |
1095 |
180 |
-55 |
350.0 |
364.0 |
14.0 |
0.70 |
AND |
|
374.0 |
397.0 |
23.0 |
0.81 |
AND |
|
412.0 |
424.0 |
12.0 |
1.12 |
INCL. |
|
414.0 |
416.0 |
2.0 |
4.42 |
AND |
|
447.3 |
460.0 |
12.8 |
0.98 |
AND |
|
471.0 |
499.0 |
28.0 |
0.81 |
AND |
|
532.5 |
591.0 |
58.5 |
1.80 |
INCL. |
|
545.0 |
547.8 |
2.8 |
5.76 |
INCL. |
|
559.0 |
561.0 |
2.0 |
19.29 |
INCL. |
|
570.0 |
576.0 |
6.0 |
5.00 |
AND |
|
606.2 |
616.0 |
9.8 |
1.29 |
AND |
|
635.0 |
652.0 |
17.0 |
1.17 |
AND |
|
873.0 |
892.1 |
19.1 |
0.71 |
DLM-20-016 |
589249 |
5541547 |
1095 |
180 |
-56 |
361.9 |
381.5 |
19.6 |
0.66 |
AND |
|
|
|
|
|
411.0 |
482.0 |
71.0 |
0.66 |
AND |
|
|
|
|
|
550.0 |
566.0 |
16.0 |
2.15 |
AND |
|
|
|
|
|
591.0 |
603.0 |
12.0 |
1.23 |
AND |
|
|
|
|
|
739.0 |
881.0 |
142.0 |
1.10 |
INCL. |
|
|
|
|
|
874.0 |
876.0 |
2.0 |
9.39 |
AND |
|
|
|
|
|
949.0 |
951.0 |
2.0 |
4.23 |
AND |
|
|
|
|
|
1046.0 |
1056.0 |
10.0 |
1.50 |
- Assays are reported uncut.
- Assay intervals are reported as drill thickness
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d9fd2e4-0a40-46f2-a01f-0b038ba6ac18
https://www.globenewswire.com/NewsRoom/AttachmentNg/6387baa4-ba67-4970-999a-6e0e5bd82a74
https://www.globenewswire.com/NewsRoom/AttachmentNg/ab639d1b-f35c-41c1-8504-374b101bb5b7
Kirkland Lake Gold (NYSE:KL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kirkland Lake Gold (NYSE:KL)
Historical Stock Chart
From Sep 2023 to Sep 2024