|
• |
Infill drilling at Swan Zone (“Swan”) continues to
return intercepts with extremely high
grades, substantial widths and visible
gold |
|
|
- Key
intercepts: |
289 g/t Au
over 7.45 m (ETW 6.0 m); |
|
|
|
155 g/t Au
over 11.9 m (ETW 9.9 m); |
|
|
|
423 g/t Au
over 3.55 m (ETW 3.2 m); |
|
|
|
215 g/t Au
over 7.2 m (ETW 5.9m); and |
|
|
|
353 g/t Au
over 4.0 m (ETW 3.4 m) |
|
• |
High-grade, visible-gold bearing Swan mineralization
intersected 200 m downplunge of current Mineral
Reserves |
|
|
- Key
intercept: |
83.1 g/t Au
over 8.6 m (ETW 6.8 m) |
|
• |
Significant growth in Swan Mineral Reserves expected in
Fosterville’s December 31, 2018 Mineral Reserve and Mineral
Resource estimates. |
|
Abbreviations include: g/t Au: grams per tonne gold; m: metres;
ETW: estimated true widths |
Kirkland Lake Gold Ltd. (“Kirkland Lake
Gold” or the “Company”) (TSX:KL)
(NYSE:KL) (ASX:KLA) today announced new high-grade results from the
ongoing underground drilling programs at the Fosterville Mine in
Victoria, Australia. Underground drilling continues to target
down-plunge extensions of Swan Mineral Reserves with results
providing confirmation of the geological model and continuity of
high-grade, visible-gold bearing mineralization on the Swan
structure.
Results from 19 new drill holes, totaling 6,482
m, outside of the December 31, 2017 Measured and Indicated Mineral
Resources in the Swan Zone continue to return intervals of
exceptionally high grades with visible gold. The drilling
demonstrates that high-grade, visible-gold bearing quartz veins
extend at least 200 m down-plunge from current Mineral
Reserves.
Tony Makuch, President and CEO of Kirkland Lake
Gold, commented: “We are quickly establishing Fosterville as a new,
world-class gold camp, with the new drill results at Swan being the
latest indication that there is much more to be found in terms of
Mineral Reserves and Mineral Resources. Today’s intercepts
confirm earlier drill results that demonstrated strong continuity
of high-grade, visible-gold bearing Swan mineralization over 100 m
down plunge from existing Mineral Reserves. They also include
the intersection of high-grade Swan mineralization an additional
100 m down plunge, creating a potential 200 m envelope of
exceptionally high-grade mineralization over substantial widths,
with visible gold, which will drive future Mineral Reserve growth.
With the new results, we are increasingly confident that our
upcoming December 31, 2018 Mineral Reserve and Mineral Resource
estimates will include a considerable increase in Mineral Reserves
in the Swan Zone and a higher overall average grade and increased
Mineral Reserve base for the Fosterville Mine as a whole.
“In addition, there are many more
targets to be explored at Fosterville, in the Lower Phoenix
Gold System, as well as at Harrier South, Robbin’s Hill and through
our regional Large Ore Deposit Exploration or LODE program. At
Lower Phoenix South, we are following up on drilling earlier this
year that intersected mineralization 750 m down plunge of the
current Swan Mineral Resources. Work is also continuing to assess
the new mineralized structure, called Cygnet, which runs parallel
to Swan, and was first announced in July. We will also soon
commence deep drilling from a new exploration drift at Harrier
South, where we have seen a trend towards increasing grades with
visible gold in quartz-carbonate veins at depth, comparable to the
well documented progression to higher grades at Lower Phoenix. At
Robbin’s Hill, we reported the intersection of visible-gold bearing
quartz veins earlier in the year and have two surface drills
working to further extend this highly-prospective mineralization,
while a variety of exploration techniques are being used to explore
multiple other targets in the surrounding area.”
Swan Mineralized Zone Drilling
Program
Results from the ongoing underground resource
drilling program at the Swan Zone continue to demonstrate
high-grade continuity down plunge from current Mineral
Reserves.
High-Grade, Visible-Gold Bearing Intercepts
Include:
- 289 g/t Au over 7.45 m (ETW 6.0 m), including 2,857 g/t Au over
0.75m (ETW 0.6 m) in hole UDH2551;
- 155 g/t Au over 11.9 m (ETW 9.9 m), including 1,566 g/t Au over
1.1m (ETW 0.9 m) in UDH2584A;
- 423 g/t Au over 3.55 m (ETW 3.2 m), including 760 g/t Au over
1.95m (ETW 1.8 m) in UDH2555;
- 215 g/t Au over 7.2 m (ETW 5.9 m), including 846 g/t Au over
1.55m (ETW 1.3 m) in UDH2590; and
- 353 g/t Au over 4.0 m (ETW 3.4 m), including 3,740 g/t Au over
0.35m (ETW 0.3 m) in UDH2552.
All drill results are presented in Table 1 and
all drill collars are listed in Table 2.
Since the July 31, 2018 Kirkland Lake Gold News
Release, underground diamond drilling in the Swan Zone has
continued to return encouraging results down-plunge from current
Mineral Reserves (Figure 1). Reported drill results are from 19
holes (6,482 m), of which 12 contain visible-gold mineralization
with nine intervals of greater than 100 gram-metres and five
intervals of greater than 1,000 gram-metres (i.e. gold grade x
estimated true width) (Figure 2). All reported drill results are
outside the December 31, 2017 Measured and Indicated Mineral
Resources and highlight the continued significant Mineral Reserve
growth potential of Swan.
Continued infill drilling into the December 31,
2017 Inferred Swan Mineral Resource has confirmed the strong
continuity of high-grade, visible-gold bearing mineralization to a
distance of up to 100 m down-plunge of Mineral Reserves. Two 1,000
gram-metre intercepts, 155 g/t Au over 11.9 m (ETW 9.9 m) from
UDH2584A and 289 g/t Au over 7.45 m (ETW 6.0 m) from UDH2551,
are located 100 m and 80 m down plunge from Mineral Reserves,
respectively.
Previously drilling identified high-grade
(>30 gram-metres), visible-gold bearing mineralization down
plunge to 6230mN in hole UDE158 (November 7, 2017 Kirkland Lake
Gold News Release). The intercept from UDH2494 of 83.1 g/t Au over
8.6 m (ETW 6.8 m), released today, demonstrates that exceptionally
high-grade, visible-gold bearing mineralization (>100
gram‑metres) extends at least 200 m down-plunge of Mineral Reserves
to the 6175mN northing and remains open for further extension.
Swan Footwall Splay
Infill drilling and ongoing interpretation of
Swan has identified a mineralized footwall splay fault, named the
Swan Footwall Splay (Figure 3). The fault emanates from and
branches off the Swan Fault at approximately 6400mN and 4000mRL.
The interpreted synthetic fault dips marginally steeper than the
Swan structure at approximately 50° and has been defined
down to the 3825mRL at a maximum separation distance of 20 m from
the Swan Fault. Gold grades are highest on this structure
immediately footwall to the Swan Fault.
Key Gold Intercepts:
- 24.0 g/t Au(1) over 2.6 m (ETW 2.2 m) in hole UDH2555; and
- 8.1 g/t Au over 3.5 m (ETW 3.1 m) in hole UDH2552
(1) Visible gold drill intercept
Over the remainder of 2018, infill drilling from
the Phoenix 4190 m drill platform will continue to target the
December 31, 2017 Inferred Swan Mineral Resource down plunge of
Mineral Reserves. It is anticipated that drill results will be
returned from intercepts spaced at a nominal 25m x 25m separation
to an approximate depth of 3900mRL and northing 6200mN on the Swan
structure. This drill coverage is expected to be sufficient to
support conversion to an Indicated Mineral Resource category and
enable a Mineral Reserve evaluation to be completed in time for
inclusion in the December 31, 2018 Mineral Reserve and Mineral
Resource estimates.
To view the figures referenced in this
News Release, visit the links below.
http://www.globenewswire.com/NewsRoom/AttachmentNg/7015019e-2765-497b-8311-dc8e593df183 –
Figure 1 - Long Projection of Fosterville Gold
Mine
http://www.globenewswire.com/NewsRoom/AttachmentNg/41966bda-1998-4507-8c1d-8dc96a094bd1 –
Figure 2 - Longitudinal Projection of Swan and Swan
Footwall Mineralization, Fosterville Gold Mine
http://www.globenewswire.com/NewsRoom/AttachmentNg/2f130ba7-361a-4c28-ad98-fa9364e4ca9b –
Figure 3 - Phoenix Mineralization System Schematic
Cross Section 6250mN
Qualified Persons
Troy Fuller, MAIG, Geology Manager, Fosterville
Gold Mine, is a "qualified person" as such term is defined in
National Instrument 43-101 and has reviewed and approved the
technical information and data included in this News Release.
Drilling and Underground Sampling Assay
QAQC
Kirkland Lake Gold has in place quality-control
systems to ensure best practice in drilling, sampling and analysis
of drill core. All diamond drill hole collars (Table 2) are
accurately surveyed using a Leica TS16 Total Station instrument and
down-hole deviations are measured by electronic multi-shot
cameras.
Sampling consisted of diamond drill core that
was either full core or half core sampled. Half core samples were
cut longitudinally in half with a diamond saw; one-half of the
drill core was sent to an independent laboratory for analysis and
the other drill core half retained for reference.
Sample pulps are returned from the assay laboratory for reference
and future geological or metallurgical studies. Drill core sample
intervals vary between 0.3 and 1.2m in length and were determined
from logging of sulfide and visible gold to geological
boundaries.
Samples containing visible-gold or considered
likely to contain visible-gold were separated from sulfide gold
samples and dispatched independently for assaying. At the
laboratory “visible-gold” jobs were processed through a single
pulverizer and material barren of gold (‘quartz wash’) was crushed
before and after each sample to minimize the potential for gold to
contaminate successive samples.
Assay results are based on 25-gram charge fire
assays. Mean grades are calculated using a variable lower grade
cut-off (generally 2 g/t Au) and maximum 2m internal dilution. No
upper gold grade cut is applied to the data. However, during future
Mineral Resource studies the requirement for assay top cutting will
be assessed.
All samples were assayed at On Site
Laboratories, an independent laboratory in Bendigo, Victoria. The
facility is registered ISO 9001:2008 (CERT-C33510).
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a mid-tier gold
producer with 2018 production targeted at over 635,000 ounces of
gold from mines in Canada and Australia. The production profile of
the Company is anchored by two high-grade, low-cost operations,
including the Macassa Mine located in Northeastern 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 and operational
expertise. For further information on Kirkland Lake Gold, and to
receive news releases by email, visit the Company’s website
www.klgold.com.
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, changes in Mineral Resource estimates, potential
growth in Mineral Resources, conversion of Mineral Resources to
proven and probable Mineral 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, financial statements and related MD&A for the periods
ended December 31, 2017 and June 30, 2018 and other disclosures of
"Risk Factors" by the Company and its predecessors, which are filed
with the securities regulatory authorities in certain provinces in
Canada and available on SEDAR. Although the Company has attempted
to identify key factors that could cause actual results to differ
materially, there may be other factors that cause unanticipated and
unintended results. 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 resource and reserve estimates included in
this news release or documents referenced in this news release have
been prepared 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: +1 416-840-7884E-mail:
tmakuch@klgold.com
Mark Utting, Vice-President, Investor Relations Phone: +1
416-840-7884 E-mail: mutting@klgold.com
Table 1: |
Drill Assay Intercepts for the Swan and Swan Footwall Splay
Diamond Drilling, Lower Phoenix Mineralized System, Fosterville
Gold Mine (The results are outside of Indicated Mineral
Resources appearing in the December 31, 2017 Technical Report on
the Mineral Resources and Mineral Reserves of The Fosterville Gold
Mine, dated April 2, 2018, and available on sedar.com) |
Hole ID |
From (m) |
To (m) |
DownholeInterval (m) |
EstimatedTrue Width (m) |
GoldGrade (g/t Au) |
GeologicalStructure/Zone |
Swan Mineralization |
UDH2156(1) |
282.6 |
291.0 |
8.4 |
7.1 |
86.9 |
Swan |
Including(1) |
283.9 |
284.25 |
0.35 |
0.3 |
1,474 |
Swan |
and (1) |
289.35 |
289.85 |
0.5 |
0.4 |
279 |
Swan |
UDH2484 |
368.45 |
369.55 |
1.1 |
1.0 |
2.5 |
Swan |
UDH2488 |
375.8 |
376.8 |
1.0 |
0.9 |
2.1 |
Swan |
UDH2493 (1) |
387.6 |
389.5 |
1.9 |
1.5 |
40.4 |
Swan |
Including(1) |
387.6 |
388.0 |
0.4 |
0.3 |
161 |
Swan |
UDH2494(1) |
393.4 |
402.0 |
8.6 |
6.8 |
83.1 |
Swan |
Including(1) |
398.3 |
400.0 |
1.7 |
1.3 |
366 |
Swan |
UDH2495(1) |
366.2 |
372.5 |
6.3 |
5.8 |
11.7 |
Swan |
Including(1) |
367.65 |
369.6 |
1.95 |
1.8 |
28.6 |
Swan |
UDH2496(1) |
349.8 |
352.0 |
2.2 |
2.0 |
10.5 |
Swan |
Including(1) |
349.8 |
350.55 |
0.75 |
0.7 |
27.1 |
Swan |
UDH2542 |
283.4 |
290.1 |
6.7 |
6.0 |
10.0 |
Swan |
Including |
286.65 |
289.1 |
2.45 |
2.2 |
21.0 |
Swan |
UDH2545 |
No Significant Intercept |
Swan |
UDH2551(1) |
308.0 |
315.45 |
7.45 |
6.0 |
289 |
Swan |
Including(1) |
308.3 |
309.05 |
0.75 |
0.6 |
2,857 |
Swan |
UDH2552(1) |
283.9 |
287.9 |
4.0 |
3.4 |
353 |
Swan |
Including(1) |
284.4 |
284.75 |
0.35 |
0.3 |
3,740 |
Swan |
UDH2555(1) |
267.0 |
270.55 |
3.55 |
3.2 |
423 |
Swan |
Including(1) |
267.0 |
268.95 |
1.95 |
1.8 |
760 |
Swan |
UDH2584A(1) |
310.35 |
322.25 |
11.9 |
9.9 |
155 |
Swan |
Including(1) |
318.1 |
319.2 |
1.1 |
0.9 |
1,566 |
Swan |
UDH2587 |
285.1 |
290.3 |
5.2 |
4.4 |
20.0 |
Swan |
Including |
288.3 |
289.8 |
1.5 |
1.3 |
35.3 |
Swan |
UDH2590(1) |
292.8 |
300.0 |
7.2 |
5.9 |
215 |
Swan |
Including(1) |
296.05 |
297.6 |
1.55 |
1.3 |
846 |
Swan |
UDH2598(1) |
256.95 |
269.9 |
12.95 |
12.0 |
31.5 |
Swan |
Including(1) |
265.1 |
268.05 |
2.95 |
2.7 |
101 |
Swan |
UDH2629 |
272.7 |
278.0 |
5.3 |
5.0 |
15.2 |
Swan |
Including |
273.05 |
274.95 |
1.9 |
1.8 |
26.2 |
Swan |
UDH2632(1) |
274.7 |
279.95 |
5.25 |
5.0 |
175 |
Swan |
Including(1) |
279.0 |
279.95 |
0.95 |
0.9 |
930 |
Swan |
UDH2633 |
269.25 |
285.2 |
15.95 |
15.3 |
3.5 |
Swan |
Including |
283.05 |
283.95 |
0.9 |
0.9 |
13.9 |
Swan |
Swan Footwall Splay
Mineralization |
UDH2496 |
360.7 |
362.0 |
1.3 |
1.2 |
6.0 |
Swan Splay |
UDH2552 |
296.0 |
299.5 |
3.5 |
3.1 |
8.1 |
Swan Splay |
UDH2555(1) |
279.4 |
282 |
2.6 |
2.2 |
24.0 |
Swan Splay |
UDH2584A |
347.6 |
348.45 |
0.85 |
0.7 |
2.7 |
Swan Splay |
UDH2598 |
275.8 |
278.8 |
3.0 |
2.7 |
4.0 |
Swan Splay |
UDH2632 |
302.85 |
303.7 |
0.85 |
0.8 |
2.7 |
Swan Splay |
UDH2633 |
297.95 |
299.95 |
2.0 |
1.9 |
3.1 |
Swan Splay |
Notes: (1) - Visible gold observed in
drill intercept. |
Drill intercepts containing visible gold or greater than 30
Gram-Metre (gold grade x estimated true width) are shown in bold
text.
Table 2:
Underground Diamond Drill Hole Collar
Locations, Fosterville Gold Mine
Hole ID |
Northing (m) |
Easting (m) |
Elevation (m) |
Collar Azimuth (°) |
Collar Plunge (°) |
Depth (m) |
UDH2156 |
6,357.3 |
1,406.5 |
4,192.6 |
102.0 |
-43.6 |
302 |
UDH2484 |
6,233.7 |
1,339.3 |
4,194.5 |
98.9 |
-33.2 |
396.1 |
UDH2488 |
6,233.7 |
1,339.4 |
4,194.5 |
98.9 |
-38.2 |
390.2 |
UDH2493 |
6,233.5 |
1,339.4 |
4,194.5 |
100.9 |
-45.2 |
426 |
UDH2494 |
6,233.5 |
1,339.1 |
4,194.1 |
105.5 |
-48.3 |
410.7 |
UDH2495 |
6,233.5 |
1,338.9 |
4,194.1 |
90.2 |
-47.6 |
386.7 |
UDH2496 |
6,233.9 |
1,339.1 |
4,194.0 |
83.9 |
-48.5 |
374.6 |
UDH2542 |
6,357.2 |
1,406.5 |
4,192.9 |
109.3 |
-34.3 |
324 |
UDH2545 |
6,356.1 |
1,406.4 |
4,192.7 |
115.8 |
-39.9 |
335 |
UDH2551 |
6,356.2 |
1,406.4 |
4,192.7 |
115.4 |
-49.0 |
330.2 |
UDH2552 |
6,357.3 |
1,406.5 |
4,192.5 |
110.2 |
-50.8 |
310.5 |
UDH2555 |
6,357.6 |
1,406.5 |
4,192.8 |
98.1 |
-50.1 |
296.9 |
UDH2584A |
6,365.8 |
1,381.9 |
4,192.0 |
116.9 |
-55.9 |
356.6 |
UDH2587 |
6,356.2 |
1,406.4 |
4,192.8 |
104.6 |
-32.2 |
308 |
UDH2590 |
6,355.1 |
1,406.3 |
4,192.9 |
106.5 |
-47.0 |
308 |
UDH2598 |
6,355.2 |
1,406.3 |
4,192.5 |
98.2 |
-56.8 |
293.8 |
UDH2629 |
6,366.8 |
1,381.6 |
4,191.9 |
79.2 |
-60.6 |
296.7 |
UDH2632 |
6,366.6 |
1,381.7 |
4,191.9 |
87.7 |
-58.8 |
317.5 |
UDH2633 |
6,366.1 |
1,381.6 |
4,192.0 |
93.0 |
-57.8 |
318.2 |
Notes: Collar locations are in
Fosterville Mine Grid coordinate system.
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