Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
reported new high-grade drill intersections from underground
exploration drilling within the SMC at the Macassa Mine, Kirkland
Lake, Ontario. The new results involve 20 holes for 7,560 m of
underground drilling from the east exploration drift on the
5300-foot level (“5300 Level”). Underground drilling from the 5300
Level will continue throughout the remainder of 2018.
The new high-grade intersections are situated
within the 259 m eastern extension of the SMC, first reported in
June 2017 (see Kirkland Lake Gold News Release dated June 28,
2017). The new intersections result from a continuation of the 2018
infill drilling program, with previous results reported in April
2018 (see Kirkland Lake Gold News Release dated April 27, 2018).
The results will support further Mineral Resource expansion, as all
but two of the intersections are located outside of the existing
Mineral Resource blocks. Of particular significance, the new
results include high-grade intersections within Footwall veins 78 m
to the east of existing Mineral Resources within the SMC. In
addition, the results have identified a high-potential area within
the eastern extension of the SMC, which includes high grades and
true widths well in excess of those normally seen in the area.
The intersections reported today are located approximately
560 m south-southeast of the location for the new #4 Shaft, with
Phase 1 targeted for completion early in 2022. By comparison, these
intersections are approximately 2.1 km east of the current
production shaft (the #3 Shaft).
Tony Makuch, President and Chief Executive
Officer of Kirkland Lake Gold, commented: “We continue to report
encouraging drill results to the east and southeast of existing
resources within the SMC. The new drill results increase our
confidence that, going forward, we will see continued solid
resource growth within the SMC mineralization, and also achieve
high levels of resource conversion, leading to higher levels of
Mineral Reserves. In 2017, we achieved substantial growth in
Mineral Resources, increasing Measured and Indicated Resources by
58% (to 2.1 million ounces at an average grade of 17.1 g/t) and
Inferred Resources by 48% (to 1.4 million ounces at an average
grade of 22.2 g/t) compared to the prior year. Through
ongoing drilling, we are now poised to convert a high level of
these resources, adding to our already large base of Mineral
Reserves (2.03 million ounces at 21.0 g/t). The large reserve
and resource base at Macassa, as well as the considerable potential
to identify new ounces through continued drilling success, was a
key consideration in our decision to move forward with our #4
Shaft. Exploration work is continuing at the mine, with three
underground drills in operation to further explore for Mineral
Resource conversion and expansion opportunities in the SMC.”
Underground Drilling Program Defining, Upgrading and
Expanding Mineral Resource Areas
Recent drilling conducted from the easternmost
drill stations on the 5300 Level concentrated on follow up drilling
in the eastern extension area first detailed in June 2017 and was a
continuation of drilling reported in April 2018 (see Kirkland Lake
Gold News Release dated April 27, 2018).
The mineralization intersected with the new
drill results is consistent with the SMC, striking east-west in the
geology grid with dips between 17 and 30 degrees south. The
dominant mineral present appears to be gold-bearing telluride
calaverite, with visible gold also commonly being
observed.
A high-grade area with greater than average
widths has been defined within the SMC mineralized envelope with a
strike length of approximately 73 m and a dip component of 45 m.
Within this area, drilling has shown, on average, grades >= 30
g/t and true widths >= 3.0 m. Recent drill holes of note
in this area include: 53-3453 (34.6 g/t over 3.7 m true
width), 53-3455 (38.4 g/t over 3.9 m true
width), 53-3466 (65.5 g/t over 3.6 m true
width), and 53-3505 (36.3 g/t over 4.2 m true
width). The mineralization remains open to the east and is
bound to the south by the Amalgamated Break. Considered a potential
feeder structure for the SMC, the Amalgamated Break has undergone
significant post-ore movement.
Underground Development Now Advancing
West Leg
As reported in the News Release dated April 27,
2018, underground development on 5300 Level will include a 152-m
drift and drill bay extension to the west. To date, this drift has
advanced 68 m. Exploration at this location will concentrate on
locating and defining Mineral Resources, which could be developed
in the short term. While this development is underway, one of the
exploration drills on 5300 Level will be re-located to the recently
completed far east drill bay to continue testing and expanding the
SMC to the east. Subject to continued favourable results from this
program, the 5300 Level east exploration drift may be extended an
additional 152 m east.
To view a PDF of the figures referenced in this
News Release, visit the links below. Tables are provided at the end
of this News Release.
http://www.globenewswire.com/NewsRoom/AttachmentNg/3e37f74e-a94c-4a26-8980-1a476ae47812 –
Figure 1
http://www.globenewswire.com/NewsRoom/AttachmentNg/da7dc6fe-0654-4444-b134-e0f2a4d5056f –
Figure 2
Qualified Person
The Company’s exploration programs at Macassa
are conducted under the supervision of Stewart Carmichael, P.Geo.,
Regional Exploration Manager. Mr. Carmichael 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 mid-tier gold
producer with 2018 production targeted at over 620,000 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 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 mineralization, the
timing and results thereof; the ability to continue to expand the
SMC and to increase its level of resources and the timing thereof;
the potential to increase the level of Mineral Resources and
Mineral Reserves; 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. 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, 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, 2017, 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.
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: SMC East Underground Exploration (5300
Level)
Below summarizes the latest SMC East underground
drilling results in metric values:
DRILLHOLE |
ZONE |
DIP(degree) |
AZIMUTH(degrees) |
FROM(m) |
TO(m) |
CORELENGTH(m) |
ASSAY(g/t) |
TRUEWIDTH (m) |
53-3405 |
SMC |
-72 |
342 |
216.4 |
217.5 |
1.1 |
241.0(83.0*) |
1.1 |
Including |
|
216.7 |
217.0 |
0.3 |
842.8, VG |
0.3 |
53-3406 |
SMC |
-76 |
347 |
221.3 |
222.9 |
1.6 |
24.3 |
1.4 |
Including |
|
222.5 |
222.9 |
0.4 |
57.6, VG |
0.3 |
53-3407 |
SMC |
-70 |
354 |
216.6 |
217.7 |
1.1 |
9.3 |
1.0 |
Undefined Footwall |
227.0 |
227.7 |
0.7 |
16.0 |
? |
53-3414 |
SMC |
-74 |
001 |
222.4 |
224.7 |
2.3 |
54.2 |
2.3 |
Incl. |
|
223.3 |
233.9 |
0.6 |
67.4, VG |
0.5 |
and |
|
224.3 |
224.7 |
0.4 |
189.1, VG |
0.4 |
Undefined Footwall |
|
241.1 |
241.9 |
0.8 |
50.7 |
? |
53-3443 |
SMC |
-64 |
255 |
245.5 |
245.9 |
0.4 |
NSV |
NC |
53-3444 |
SMC |
-70 |
262 |
234.5 |
235.0 |
0.5 |
0.9 |
NC |
53-3445 |
SMC |
-62 |
262 |
237.5 |
238.0 |
0.5 |
12.9 |
0.4 |
53-3446 |
SMC |
-65 |
266 |
239.2 |
239.8 |
0.6 |
7.4 |
NC |
53-3447 |
SMC |
-78 |
270 |
213.4 |
216.4 |
Intersected Diabase Dyke at Target |
53-3448 |
SMC |
-67 |
270 |
233.3 |
233.6 |
0.3 |
367.8(240.0*),Tell |
0.3 |
Undefined Footwall |
262.5 |
263.1 |
0.6 |
15.8 |
? |
53-3449 |
SMC |
-61 |
270 |
229.0 |
232.7 |
3.7 |
2.7 |
NC |
53-3450 |
SMC |
-72 |
274 |
226.6 |
226.9 |
0.3 |
NSV |
NC |
53-3451 |
SMC |
-64 |
274 |
228.2 |
229.1 |
0.9 |
7.2 |
NC |
53-3453 |
SMC |
-75 |
281 |
222.2 |
226.3 |
4.1 |
34.6 |
3.7 |
Including |
|
222.2 |
222.7 |
0.5 |
89.7, VG |
0.5 |
and |
|
226.0 |
226.3 |
0.3 |
172.4, VG,Tell |
0.3 |
Undefined Footwall |
246.8 |
247.1 |
0.3 |
86.8 |
? |
Undefined Footwall |
313.9 |
317.8 |
3.9 |
16.8 |
? |
53-3454A |
SMC |
-64 |
281 |
223.3 |
224.5 |
1.2 |
3.8 |
NC |
53-3455 |
SMC |
-77 |
292 |
220.4 |
224.6 |
4.2 |
38.4 |
3.9 |
Including |
|
221.1 |
221.4 |
0.3 |
93.4, VG |
0.3 |
and |
|
221.4 |
221.7 |
0.3 |
137.3, VG |
0.3 |
and |
|
223.7 |
224.0 |
0.3 |
122.1, VG |
0.3 |
Undefined Footwall |
304.2 |
306.5 |
2.3 |
12.0 |
? |
53-3466 |
SMC |
-69 |
292 |
218.7 |
222.5 |
3.8 |
65.5(61.0*) |
3.6 |
Including |
|
218.7 |
219.2 |
0.5 |
307.6, VG |
0.5 |
53-3505 |
SMC |
-72 |
278 |
219.1 |
223.4 |
4.3 |
36.3 |
4.2 |
Including |
|
219.1 |
219.5 |
0.4 |
75.4, VG |
0.4 |
and |
|
219.9 |
220.2 |
0.4 |
104.9, VG |
0.4 |
and |
|
222.7 |
223.4 |
0.7 |
49.7 |
0.7 |
53-3506 |
SMC |
-81 |
319 |
224.1 |
225.8 |
1.7 |
45.9 |
1.4 |
Including |
|
224.1 |
224.5 |
0.4 |
109.7, VG |
0.3 |
53-3511 |
SMC |
-63 |
266 |
236.1 |
239.0 |
2.9 |
6.5 |
2.7 |
|
|
|
|
|
|
|
|
|
NSV = No significant value, VG = Visible Gold; Tell =
Tellurides; *Cut = cut to 274.0 g/t. |
The top cut only applies to a single zone within the
SMC where a statistical cut has been calculated. All other zones
remain uncut. |
NC = True widths not calculated. |
? = True widths not calculated as additional drilling
is required to ascertain geometry. |
|
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