KIRKLAND LAKE, ONTARIO
-- (MARKET WIRE)
-- 11/15/11
Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI), an operating and exploration gold company, is pleased to announce the discovery of a new footwall zone located on the eastern portion of the South Mine Complex (SMC). In addition, the Company has encountered new intersections as part of a follow-up drill program testing mineralization on the Lower D North Zone, also part of the SMC, as detailed in the Company's press release dated January 12, 2010 which highlighted drill hole 53-1520 which returned 6.14 ounces of gold per ton (opt) over a core length of 13.7 feet.
"We are encouraged to see the development of new mineralized zones on the South Mine Complex, demonstrating that new resources continue to be found eight years after the SMC was discovered." said Stewart Carmichael, Chief Exploration Geologist. "We now have our full complement of nine exploration rigs working on the property including three surface drills and six underground rigs."
The highlights of this recent drilling include:
-- The new footwall zone located on the eastern portion of the SMC is
located 250 feet below the New South Zone and between elevations -5756
and -5952. The zone dips 33-39 degrees south and extends 65 feet east
onto the HM claim. This zone remains open to the east, up dip and for
250 feet to the west. Intersections from this footwall zone include:
-- drill hole 53-1796 which returned 5.64 opt (uncut) or 2.59 opt cut
over a true width of 2.8 feet;
-- drill hole 53-1797 which returned 8.55 opt (uncut) or 3.50 opt cut
over a true width of 0.9 feet; and
-- drill hole 53-1684 which returned 0.98 opt over a true width of 1.0
feet.
These three holes are in addition to previously released drill hole 53-1823 which returned 3.18 opt over a true width 1.2 feet. (see press releases dated September 11, 2011.)
-- Four new intersections on the Lower D North Zone indicate a shoot of
mineralization over a strike length of 450 feet between the -5610 and
-5700 foot elevations. These intersections are in addition to previously
released drill hole 53-1520 which returned 6.14 opt uncut (2.06 opt cut)
over a core length of 13.7 feet or 12.5 feet true width. The plunge of
this mineralization appears to be near horizontal. There is some
potential to extend this zone in the dip component as well as along
strike to the west.
-- New mineralized zones were also intersected during the course of this
program including drill hole 53-1796 which assayed 0.93 opt over a core
length of 4.7 feet. Three additional new zones were intersected in drill
hole 53-1824 including:
-- 2.48 opt over a core length of 1.0 feet,
-- 7.79 opt over a core length of 1.0 feet and
-- 0.25 opt over a core length of 7.5 feet.
New mineralized zones intersected in drill hole 53-1738 assayed 0.74 opt over a core length of 9.3 feet and drill hole 53-1791 assayed 1.81 opt over a core length of 1.0 feet. Additional close spaced drilling will be required to further determine the geometry of these new zones.
Most of the drill holes detailed in this release intersected the New South Zone as well. These intersections are outlined in the following tables, however, the intersections are, for the most part, within existing resource areas and should be considered as being "definition" intersections and will have minimal impact on year end resource calculations.
Kirkland Lake Gold currently has nine exploration drills working on the land holdings including three surface and six underground drills. Exploration footage completed to date is 128,000 feet compared to 58,000 feet during the same period last year.
The figures referred to in this release may be viewed at the Company's website, www.klgold.com and will provide context to the above statements. Figure 1 is a general plan view showing new intersections detailed in this release. Figure 2 is detailed plan view showing intersections on the Lower D North. Figure 3 is a detailed plan view showing intersections on the New South Footwall Zone.
The following table summarizes the latest drilling results on the Lower D North Zone. (Imperial values)
----------------------------------------------------------------------------
HOLE
DRILL FROM TO DIP AZIMUTH ASSAY
HOLE No. ZONE (feet) (feet) (degrees) (degrees) (oz per ton/feet)
----------------------------------------------------------------------------
53-1520 Lower D 968.0 981.7 -28 335 6.14/13.7'
(previously North CL=12.5' TW,
released) Uncut
2.06/13.7'
CL=12.5' TW
Cut(ii)
Incl. 968.0 970.0 31.55/2.0'
CL=1.8' TW, VG
and 970.0 972.3 4.60/2.3' CL=2.1'
TW, VG
and 979.0 980.0 4.02/1.0' CL=0.9'
TW, VG
----------------------------------------------------------------------------
53-1521 Lower D 983.5 990.0 -18 320 0.12/6.5' CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1575 New South 400.7 402.0 -30 327 0.40/1.3' CL=TW
Not Calculated
Lower D - - No Significant
North Values
----------------------------------------------------------------------------
53-1675 New South 596.0 597.0 -21 323 5.00/1.0' CL=
0.6' TW, VG
Lower D 1,073.0 1,087.2 0.03/14.2' CL= TW
North Not Calculated
----------------------------------------------------------------------------
53-1676 Lower D 939.8 940.6 -35 323 0.43/1.0' CL=1.0'
North TW
----------------------------------------------------------------------------
53-1677 Lower D 936.4 937.4 -35 308 0.24/1.0' CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1738 New South 425.5 430.0 -21 340 0.65/4.5' CL=3.3'
TW
New Zone 818.8 828.1 0.74/9.3' CL=??'
TW
Incl. 825.3 826.9 1.35/1.6' CL=??'
TW
Lower D 896.8 904.7 0.30/7.9'
North CL=5.8' TW
Incl. 903.0 904.7 0.67/1.7'
CL=1.3' TW
----------------------------------------------------------------------------
53-1741 New South 434.4 439.2 -24 327 1.17/4.8' CL=3.5'
TW
Incl. 437.2 439.2 2.36/2.0'
CL=1.5' TW, VG
Lower D 1,015.7 1,018.9 0.03/3.2' CL= TW
North Not Calculated
----------------------------------------------------------------------------
53-1791 New Zone 968.1 969.1 -21 346 1.81/1.0' CL=??'
TW
Lower D 994.6 1,001.8 0.33/7.2'
North CL=5.4' TW
----------------------------------------------------------------------------
53-1792 Lower D 1020.4 1025.3 -15 340 0.03/4.0' CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1936 Lower D No Significant
North Values
----------------------------------------------------------------------------
53-1937 Lower D 948.7 954.5 -28 317 1.21/5.8' CL=5.5'
North TW
Incl. 951.5 954.5 1.63/3.0'
CL=2.8' TW
----------------------------------------------------------------------------
53-1892 New South 532.7 539.2 -22 002 1.00/6.5' CL=??'
(?) TW
Lower D 1,151.9 1,158.3 1.93/6.4'
North CL=4.5' TW, Uncut
1.73/6.4'
CL=4.5' TW,
Cut(ii)
Incl. 1,151.9 1,153.6 4.27/1.7'
CL=1.2' TW, VG
and 1,157.3 1,158.3 3.00/1.0' CL=0.7'
TW, VG
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides,
(i)Cut = cut to 7.2 opt, HW= Hanging Wall, (ii)Cut = cut to 3.5 opt, ?? TW =
Unknown True Width
The following table summarizes the latest drilling results on the New South East Footwall Zone. (Imperial values)
----------------------------------------------------------------------------
HOLE
DRILL FROM TO DIP AZIMUTH ASSAY
HOLE No. ZONE (feet) (feet) (degrees) (degrees) (oz per ton/feet)
----------------------------------------------------------------------------
53-1823 New South 530.9 557.0 -61 014 0.43/26.1'
(previously CL=23.0' TW
released)
Incl. 530.9 532.3 3.42/1.4'
CL=1.2' TW
and 554.7 556.0 2.45/1.3'
CL=1.1' TW
Footwall 809.0 810.3 3.18/1.3'
East CL=1.2' TW, VG
----------------------------------------------------------------------------
53-1796 New Zone 750.3 755.0 -41 348 0.93/4.7' CL=??'
TW
Incl. 750.3 751.3 2.02/1.0' CL=??'
TW
and 751.3 753.0 1.09/1.7' CL=??'
TW
Footwall 808.7 811.7 5.64/3.0'
East CL=2.8' TW, Uncut
2.59/3.0'
CL=2.8' TW,
Cut(ii)
Incl. 808.7 809.7 6.69/1.0'
CL=0.9' TW, Tell
and 809.7 810.7 9.46/1.0'
CL=0.9' TW, Tell
----------------------------------------------------------------------------
53-1797 New South 655.0 664.0 -53 352 0.21/9.0' CL=6.9'
TW
Footwall 787.8 788.8 8.55/1.0'
East CL=0.9' TW, Uncut
3.50/1.0'
CL=0.9' TW,
Cut(ii)
----------------------------------------------------------------------------
53-1679 Footwall -35 337 No Significant
East Values
----------------------------------------------------------------------------
53-1684 New South 508.5 519.5 -47 341 1.22/11.0'
CL=8.7' TW, Uncut
0.83/11.0'
CL=8.7' TW,
Cut(i)
Incl. 518.5 519.5 11.58/1.0'
CL=0.8' TW, VG,
Tell
Footwall 770.7 771.7 0.98/1.0'
East CL=1.0' TW
----------------------------------------------------------------------------
53-1824 New South 524.0 525.8 -74 014 1.54/1.8' CL=3.0'
TW
New 909.0 910.0 2.48/1.0' CL=??'
TW
New 1,078.0 1,079.0 7.79/1.0' CL=??'
TW
New 1,157.5 1,164.7 0.25/7.2' CL=??'
TW
Footwall No Significant
East Values
----------------------------------------------------------------------------
53-1685 Footwall -58 341 No Significant
East Values
----------------------------------------------------------------------------
53-1690 Footwall -66 345 Assays Pending
East
----------------------------------------------------------------------------
53-1524 Footwall -26 350 No Significant
East Assays
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides,
(i)Cut = cut to 7.2 opt, HW= Hanging Wall, (ii)Cut = cut to 3.5 opt, ?? TW =
Unknown True Width
The following table summarizes the latest drilling results on the Lower D North Zone. (Metric values)
----------------------------------------------------------------------------
HOLE ASSAY
DRILL FROM TO DIP AZIMUTH (grams per
HOLE No. ZONE (m) (m) (degrees) (degrees) tonne/m)
----------------------------------------------------------------------------
53-1520 Lower D 295.0 299.2 -28 335 210.52/4.2m
(previously North CL=3.8m TW, Uncut
released)
70.63/4.2m
CL=3.8m TW
Cut(ii)
Incl. 295.0 295.7 1,081.72/0.7m
CL=0.5m TW, VG
and 295.7 296.4 157.72/0.7m
CL=0.6m TW, VG
and 298.4 298.7 137.83/0.3m
CL=0.3m TW, VG
----------------------------------------------------------------------------
53-1521 Lower D 299.8 301.8 -18 320 4.11/2.0m CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1575 New South 122.1 122.5 -30 327 13.7/0.4m CL=TW
Not Calculated
Lower D - - No Significant
North Values
----------------------------------------------------------------------------
53-1675 New South 181.7 182.0 -21 323 171.43/0.3m
CL=0.2m TW
Lower D 327.1 331.4 1.03/4.3m CL= TW
North Not Calculated
----------------------------------------------------------------------------
53-1676 Lower D 286.5 286.7 -35 323 14.72/0.2m
North CL=0.3m TW
----------------------------------------------------------------------------
53-1677 Lower D 285.4 285.7 -35 308 8.23/0.3m CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1738 New South 129.7 131.1 -21 340 22.29/1.4m
CL=1.0m TW
New Zone 249.6 252.4 25.37/2.8m
CL=??m TW
Incl. 251.6 252.0 47.31/0.4m
CL=??m TW
Lower D 273.3 275.6 10.29/2.3m
North CL=1.8m TW
Incl. 275.2 275.6 22.97/0.4m
CL=0.4m TW
----------------------------------------------------------------------------
53-1741 New South 132.4 133.9 -24 327 40.11/1.5m
CL=1.1m TW
Incl. 133.3 133.9 80.91/0.6m
CL=0.5m TW, VG
Lower D 309.6 310.6 1.03/1.0m CL= TW
North Not Calculated
----------------------------------------------------------------------------
53-1791 New Zone 295.1 295.4 -21 346 62.06/0.3m CL=??m
TW
Lower D 303.1 305.3 11.31/2.2m
North CL=1.6m TW
----------------------------------------------------------------------------
53-1792 Lower D 311.0 312.5 -15 340 1.03/1.5m CL=TW
North Not Calculated
----------------------------------------------------------------------------
53-1936 Lower D No Significant
North Values
----------------------------------------------------------------------------
53-1937 Lower D 289.2 290.9 -28 317 41.49/1.7m
North CL=1.7m TW
Incl. 290.0 290.9 55.89/0.9m
CL=0.9m TW
----------------------------------------------------------------------------
53-1892 New South 162.4 164.3 -22 002 34.29/1.9m CL=??m
(?) TW
Lower D 351.1 353.0 66.17/1.9m
North CL=1.4m TW, Uncut
59.31/1.9m
CL=1.4m TW,
Cut(ii)
Incl. 351.1 351.6 146.40/0.5m
CL=0.4m TW, VG
and 352.7 353.0 102.86/0.3m
CL=0.2m TW, VG
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides,
(i)Cut = cut to 246.9 g/t, HW= Hanging Wall, (ii)Cut = cut to 120.0 g/t, ??
TW = Unknown True Width
The following table summarizes the latest drilling results on the New South East Footwall Zone. (Metric values)
----------------------------------------------------------------------------
HOLE
DRILL FROM TO DIP AZIMUTH ASSAY
HOLE No. ZONE (m) (m) (degrees) (degrees) (grams/tonne/m)
----------------------------------------------------------------------------
53-1823 New South 161.8 169.8 -61 014 14.74/8.0m
(previously CL=7.0m TW
released)
Incl. 161.8 162.2 117.3/0.4m
CL=0.4m TW
and 169.1 169.5 84.00/0.4m
CL=0.3m TW
Footwall 246.6 247.0 109.0/0.4m
East CL=0.4m TW, VG
----------------------------------------------------------------------------
53-1796 New Zone 228.7 230.1 -41 348 31.89/1.4m CL=??m
TW
Incl. 228.7 229.0 69.26/0.3m
CL=??m TW
and 229.0 229.5 37.37/0.5m
CL=??m TW
Footwall 246.5 247.4 193.37/0.9m
East CL=0.9m TW, Uncut
88.80/0.9m
CL=0.9m TW,
Cut(ii)
Incl. 246.5 246.8 229.37/0.3m
CL=0.3m TW, Tell
and 246.8 247.1 324.35/0.3m
CL=0.3m TW, Tell
----------------------------------------------------------------------------
53-1797 New South 199.6 202.4 -53 352 7.20/2.8m CL=2.1m
TW
Footwall 240.1 240.4 293.15/0.3m
East CL=0.3m TW, Uncut
120.00/0.3m
CL=0.3m TW,
Cut(ii)
----------------------------------------------------------------------------
53-1679 Footwall -35 337 No Significant
East Values
----------------------------------------------------------------------------
53-1684 New South 155.0 158.3 -47 341 41.83/3.3m
CL=2.7m TW, Uncut
28.46/3.3m
CL=2.7m TW,
Cut(i)
Incl. 158.0 158.3 397.03/0.3m
CL=0.2m TW, VG
Footwall 234.9 235.2 33.60/0.3m
East CL=0.3m TW
----------------------------------------------------------------------------
53-1824 New South 159.7 160.3 -74 014 52.80/0.6m
CL=0.9m TW
New 277.1 277.4 85.03/0.3m
CL=??m TW
New 328.6 328.9 267.09/0.3m
CL=??m TW
New 352.8 355.0 8.57/2.2m CL=??m
TW
Footwall No Significant
East Values
----------------------------------------------------------------------------
53-1685 Footwall -58 341 No Significant
East Values
----------------------------------------------------------------------------
53-1690 Footwall -66 345 Assays Pending
East
----------------------------------------------------------------------------
53-1524 Footwall -26 350 No Significant
East Assays
----------------------------------------------------------------------------
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides,
(i)Cut = cut to 246.9 g/t, HW= Hanging Wall, (ii)Cut = cut to 120 g/t, ?? TW
= Unknown True Width
About the Company
The Company purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties - Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves - in December 2001. These properties, which have historically produced some 22 million ounces of gold, extend over seven kilometres between the Macassa Mine to the west and Wright Hargreaves to the east and, for the first time, are being developed and explored under one owner. This camp is located in the Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
The results of the Company's underground diamond drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff (which includes a 'qualified person', Stewart Carmichael P.Geo., the Company's Chief Exploration Geologist, for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators). Mr. Carmichael also supervised the preparation of the information that forms the basis of the technical disclosure in this release.
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 the best possible practices. The drill core is sawn in half with one half of the core samples shipped to Swastika Laboratories in Swastika, Ontario, or to SPJ Labs in Lively, Ontario. The other half of the core is retained for future assay verification. Other QA/QC includes the insertion of 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.
The Company's Macassa Mine Property is the subject of a reserve report prepared by Glenn R. Clark, P.Eng. entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario At January 1, 2011 dated April 4, 2011.
This technical report has been filed on SEDAR (www.sedar.com).
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute forward-looking information, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR 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 be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
To view the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/kgi1115maps.pdf.
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed and neither accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
1 705 567 5208
1 705 568 6444 (FAX)
bhinchcliffe@klgold.com
Kirkland Lake Gold Inc.
Lindsay Carpenter
Director of Investor Relations
+1 416 840 7884
+1 705 568 6444 (FAX)
lcarpenter@klgold.com
www.klgold.com
Pelham Bell Pottinger
Philippe Polman
+44 (0) 20 7861 3921
ppolman@pelhambellpottinger.co.uk
NOMAD: Panmure Gordon (UK) Limited
Katerine Roe
+44 (0) 20 7 459 3600
katherine.roe@panmure.com
Panmure Gordon (UK) Limited
Callum Stewart
+44 (0) 20 7 459 3600
Ocean Equities Ltd.
Guy Wilkes
+44 (0) 207 786 4370
guy.wilkes@oceanequities.co.uk
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