Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
reported new drill results from 19 holes (9,522 m) of underground
exploration drilling as well as 15 holes (29,085 m) of previously
drilled (not reported) and re-interpreted holes from the Macassa
Mine in Kirkland Lake, Ontario.
All of the new holes being reported were
collared within two platforms located on the east portion of the
5300 Level, with 18 of the 19 new holes (8,760 m) being focused on
confirmation and extension of the South Mine Complex (“SMC”) to the
east (Figure 1). Results from the drilling included 43.1 gpt over
2.1m from hole 53-4016, 31.0 gpt over 2.3m from hole 53-4052 and
16.4 gpt over 2.1 m from hole 53-4088 which define a minimum 75 m
extension of the SMC complex east of the current resource as well
as 19.3 gpt over 4.2m from hole 53-4086 located 25m to the
south.
One of the new holes (762 m) was designed to
test the Main Break below the Kirkland Minerals shaft near the east
limit of previous drilling. The hole (53-4052) was highly
successful, intersecting 141.1 gpt over 2.4 m and 9.7 gpt over 2.0
m near the 6,850 Level, 300 m below the deepest level off the
Kirkland Minerals shaft and 50 m east of previous drilling (Figures
2 and 3). Very importantly, the high-grade intersection is located
within 650 m of the Company’s new #4 Shaft location (currently
under development) and is believed to be part of a newly-identified
corridor of high-grade mineralization 700 m long and 300 m high
along the Main Break. The new corridor has been identified based on
the results of new drilling as well as the interpretation of
previously drilled but not reported holes along the Main Break on
the Kirkland Minerals property, which is wholly owned by Kirkland
Lake Gold. The corridor is located below the 5,850 Levels and
extends between the new #4 Shaft location and hole 53-4052.
Additional key intercepts from the results being announced today
include: 27.7 gpt over 2.1 m from AB17-07W3, 19.7 gpt over 2.0 m
from hole AB15-130 and 18.5 gpt over 2.4 m from hole 53-3350. The
corridor remains open along strike and to depth. A new exploration
drift being developed off the 5700 Level to provide access to the
SMC East will be extended into the high-grade corridor in support
of further exploration of this high-potential target area.
Tony Makuch, President and CEO of Kirkland Lake
Gold, commented: “We are extremely encouraged by the exploration
results being announced today, which include the continued
expansion of the SMC as well as the identification of a large area
of high-grade mineralization along the historic Main Break located
in close proximity to the location of our new #4 Shaft (currently
under development). We have a truly unique and very exciting
opportunity at Macassa to add substantial new Mineral Resources
and, ultimately, Mineral Reserves through the continued growth of
the SMC, the identification of high-grade mineralization along the
largely unexplored Amalgamated Break, and also by drilling along
the Main Break, which accounts for most of the 25 million ounces of
historic production in the Kirkland Lake camp. While the resurgence
of mining in Kirkland Lake over the last 10 – 15 years has been
driven by the discovery and growth of the SMC, we have always
recognized that the Main Break remains a highly-prospective target
for additional exploration success and Mineral Resource growth. The
fact that the new corridor of high-grade mineralization along the
Main Break is located close to planned infrastructure adds
significantly to the value creating potential of today’s
results.”
Exploration drilling at Macassa has temporarily
ceased as part of the Company’s COVID-19 health and safety
protocols, which include the suspension of non-essential work. Upon
the resumption of full operations at Macassa, exploration drilling
will resume with up to six underground and surface
drills.
To view the figures accompanying the
press release, please click on the following links:
Figure 1. Plan View – SMC
EastFigure 2. Cross Section – Looking
WestFigure 3. Long Section – Looking
North
Qualified Person
The Company’s exploration programs at Macassa
are conducted under the supervision of Eric Kallio, P.Geo., Senior
Vice President, Exploration. Eric Kallio is the ‘qualified person’
for the purpose of National Instrument 43-101, Standards of
Disclosure for Mineral Projects, of the Canadian Securities
Administrators, and has 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. 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 certified reference
standards, 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.
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 www.klgold.com.
Cautionary Note Regarding
Forward-Looking Information
This Press Release contains statements which
constitute ”forward-looking statements” within the meaning of
applicable securities laws, 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”,
“should”, “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 such as, without
limitation, opinion, assumptions and estimates of management
regarding the Company’s business, including but not limited to; the
continued exploration programs on the SMC and Amalgamated Break
mineralization, the timing and results thereof; the ability to
continue to expand the SMC and Amalgamated Break and to increase
levels of resources and reserves as a result of such exploration
programs and the anticipated timing thereof; the potential to
increase the level of resources and reserves and potential
conversion of mineral resources; the anticipated completion date of
the #4 shaft and potential impact and benefits thereof; the amount
of future production over any period; and assumptions made relating
to operating cash costs based on forecasts and projections.
Such opinions, assumptions and estimates, 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, the
impact of COVID-19, 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 reserves and resources, changes in project parameters as
plans continue to be refined, changes in project development,
construction, production and commissioning time frames, 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 December 31, 2019 and its filings for the
quarterly period ended December 31, 2019, 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 to 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.
Cautionary Note to U.S. Investors -
Mineral Reserve and Resource Estimates
All references to Mineral Resources and Mineral
Reserves included 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
RelationsPhone: +1 416-840-7884E-mail: mutting@klgold.com
Table 1. New Drill Holes – SMC East
and Main Break (‘’MB’’)1
BHID |
ZONE |
COLLARS - UTM NAD83 |
ELEVATION |
HOLELENGTH(m) |
DIRECTION |
CORE INTERVAL |
RESULTS |
EASTING |
NORTHING |
AZIMUTH |
DIP |
FROM(m) |
TO (m) |
LENGTH(m) |
Au_gpt |
53-3903 |
East |
570026 |
5331724 |
-1260 |
427 |
337 |
-46 |
NSV |
53-3904 |
East |
570026 |
5331724 |
-1261 |
411 |
353 |
-53 |
265.5 |
267.6 |
2 |
5.9 |
And |
East |
|
279.7 |
281.7 |
2 |
10.1 |
Including |
East |
|
280 |
280.6 |
0.6 |
32.5 |
53-3930 |
East |
570168 |
5331803 |
-1261 |
518 |
344 |
-39 |
316.8 |
318.8 |
2 |
16.1 |
Including |
East |
|
317.4 |
318.1 |
0.6 |
43.2 |
And |
East |
|
321.3 |
323.3 |
2 |
6.3 |
53-3931 |
East |
570168 |
5331803 |
-1261 |
533 |
1 |
-36 |
408.6 |
410.6 |
2 |
3.8 |
53-4008 |
East |
570170 |
5331801 |
-1257 |
12 |
303 |
-19 |
Hole Restarted |
53-4008A |
East |
570170 |
5331801 |
-1257 |
503 |
303 |
-19 |
NSV |
53-4010 |
East |
570170 |
5331801 |
-1257 |
594 |
305 |
-30 |
NSV |
53-4011 |
East |
570166 |
5331804 |
-1259 |
579 |
310 |
-27 |
298.1 |
300.1 |
2 |
5.1 |
Including |
East |
|
298.1 |
299.0 |
0.9 |
11.1 |
53-4012 |
East |
570168 |
5331803 |
-1260 |
442 |
320 |
-52 |
302.7 |
305.1 |
2.4 |
3.4 |
53-4013 |
East |
570167 |
5331805 |
-1260 |
488 |
330 |
-32 |
322.5 |
324.6 |
2.1 |
8.7 |
Including |
East |
|
323.7 |
324.6 |
0.9 |
18 |
53-4014B |
East |
570168 |
5331805 |
-1260 |
564 |
336 |
-33 |
325.8 |
328.3 |
2.4 |
7.3 |
Including |
East |
|
327.7 |
328.3 |
0.6 |
16.8 |
And |
East |
|
355.5 |
357.6 |
2 |
8.1 |
Including |
East |
|
355.5 |
355.9 |
0.3 |
52 |
53-4015 |
East |
570168 |
5331805 |
-1260 |
518 |
343 |
-35 |
329.8 |
331.8 |
2 |
3.5 |
53-4016 |
East |
570169 |
5331806 |
-1260 |
604 |
348 |
-33 |
344.4 |
346.5 |
2.1 |
43.1 |
Including |
East |
|
344.4 |
345.0 |
0.6 |
143.5 |
And |
East |
|
350.9 |
352.9 |
2 |
4.1 |
Including |
East |
|
351.5 |
351.8 |
0.3 |
25.7 |
53-4052 |
East |
570169 |
5331805 |
-1260 |
762 |
354 |
-45 |
312.9 |
315.2 |
2.3 |
31 |
Including |
East |
|
312.9 |
313.5 |
0.6 |
109.6 |
And |
MB |
|
708.5 |
710.5 |
2 |
3.5 |
Including |
MB |
|
710 |
710.3 |
0.3 |
19.3 |
And |
MB |
|
722.2 |
724.7 |
2.4 |
141.1 |
Including |
MB |
|
722.2 |
723.1 |
0.9 |
306.7 |
And |
MB |
|
728.8 |
730.8 |
2 |
9.7 |
Including |
MB |
|
728.8 |
729.2 |
0.5 |
33.8 |
53-4056 |
East |
570170 |
5331804 |
-1260 |
610 |
360 |
-55 |
359.7 |
361.7 |
2 |
4.5 |
Including |
East |
|
360.7 |
361.2 |
0.5 |
15.1 |
And |
East |
|
368 |
370.8 |
2.7 |
4 |
53-4086 |
East |
570170 |
5331801 |
-1257 |
707 |
319 |
-67 |
308 |
312.2 |
4.2 |
19.3 |
Including |
East |
|
308 |
308.5 |
0.5 |
60.3 |
Including |
East |
|
310.4 |
311.3 |
0.9 |
51.4 |
53-4087 |
East |
570169 |
5331804 |
-1260 |
411 |
344 |
-48 |
238.4 |
240.8 |
2.4 |
3.1 |
And |
East |
|
298.7 |
301.0 |
2.3 |
4.4 |
And |
East |
|
305.2 |
307.2 |
2 |
3.9 |
Including |
East |
|
306 |
306.6 |
0.6 |
10.3 |
53-4088 |
East |
570169 |
5331803 |
-1260 |
396 |
353 |
-59 |
318.1 |
320.2 |
2.1 |
16.4 |
Including |
East |
|
318.4 |
319.6 |
1.2 |
27 |
And |
East |
|
337.1 |
340.2 |
3 |
7.9 |
Including |
East |
|
339.5 |
340.2 |
0.6 |
25.1 |
And |
East |
|
363.8 |
366.1 |
2.3 |
3.2 |
53-4090 |
East |
570170 |
5331803 |
-1260 |
442 |
2 |
-59 |
344.7 |
350.2 |
5.5 |
6.3 |
Including |
East |
|
344.7 |
345.3 |
0.6 |
27.8 |
- True widths are not known at this time.
Table 2.
Previously-Drilled Holes – Main Break (‘’MB’’) and
SMC1
BHID |
ZONE |
COLLARS - UTM NAD83 |
ELEVATION |
HOLELENGTHm) |
DIRECTION |
CORE INTERVAL |
RESULTS |
EASTING |
NORTHING |
AZIMUTH |
DIP |
FROM (m) |
TO (m) |
LENGTH(m) |
Au_gpt |
|
|
|
|
|
|
|
|
|
|
|
|
53-3348 |
MB |
569715 |
5331621 |
-1262 |
821 |
331 |
-37 |
NSV |
53-3349 |
MB |
569714 |
5331621 |
-1262 |
823 |
324 |
-37 |
751.8 |
754.5 |
2.7 |
7.6 |
Including |
|
752.2 |
752.7 |
0.5 |
26.4 |
53-3350 |
MB |
569714 |
5331621 |
-1262 |
884 |
324 |
-44 |
783.5 |
785.6 |
2.0 |
4.4 |
And |
MB |
|
790.5 |
792.9 |
2.4 |
18.5 |
Including |
|
791.7 |
792.9 |
1.2 |
32.7 |
53-3501 |
MB |
569712 |
5331621 |
-1262 |
884 |
300 |
-55 |
769.4 |
771.4 |
2.0 |
6.1 |
Including |
|
769.7 |
770.2 |
0.5 |
19.5 |
53-3502 |
MB |
569713 |
5331621 |
-1262 |
899 |
315 |
-54 |
NSV |
AB-15-106 |
MB |
570286 |
5331583 |
334 |
2863 |
292 |
-77 |
NSV |
AB-15-129 |
MB |
570028 |
5331564 |
336 |
2602 |
292 |
-80 |
2400.3 |
2402.3 |
2.0 |
4.1 |
And |
MB |
|
2432.9 |
2434.9 |
2.0 |
16.9 |
Including |
|
2432.9 |
2433.5 |
0.5 |
41.0 |
AB-15-130 |
MB |
570155 |
5331648 |
334 |
2582 |
291 |
-76 |
2365.5 |
2367.5 |
2.0 |
19.7 |
Including |
|
2365.5 |
2365.9 |
0.4 |
90.3 |
AB-15-33 |
MB |
570496 |
5331853 |
330 |
2604 |
292 |
-80 |
2297.2 |
2299.4 |
2.2 |
3.8 |
AB-16-02 |
SMC |
570344 |
5331756 |
341 |
2628 |
293 |
-74 |
1717.9 |
1720.0 |
2.0 |
4.2 |
Including |
SMC |
|
1718.9 |
1719.6 |
0.8 |
8.5 |
And |
SMC |
|
1727.1 |
1729.1 |
2.0 |
33.3 |
Including |
SMC |
|
1727.3 |
1727.6 |
0.3 |
203.7 |
And |
MB |
|
2046.1 |
2048.1 |
2.0 |
17.4 |
Including |
MB |
|
2046.9 |
2047.2 |
0.3 |
86.5 |
AB-17-04A |
MB |
570277 |
5331716 |
338 |
2218 |
296 |
-74 |
NSV |
AB-17-07W3 |
MB |
570257 |
5331908 |
-433 |
1561 |
304 |
-75 |
1394.2 |
1396.3 |
2.1 |
27.7 |
Including |
|
1394.2 |
1394.6 |
0.5 |
117.8 |
AB-17-13 |
MB |
570730 |
5331916 |
321 |
2249 |
318 |
74 |
1969.4 |
1971.4 |
2.0 |
4.1 |
Including |
|
1969.4 |
1971.4 |
2.0 |
4.1 |
MB-16-04 |
MB |
570288 |
5331587 |
334 |
2828 |
290 |
-73 |
NSV |
MB-16-07 |
MB |
570496 |
5331853 |
330 |
2640 |
299 |
-78 |
NSV |
- True widths are not known at this time.
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