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Kirkland Lake Gold Ltd
Symbol KL
Shares Issued 277,200,258
Close 2020-04-22 C$ 56.60
Recent Sedar Documents

Kirkland Lake drills 2.4 m of 141.1 g/t Au at Macassa

2020-04-22 11:53 ET - News Release

Mr. Tony Makuch reports

KIRKLAND LAKE GOLD IDENTIFIES NEW LARGE CORRIDOR OF HIGH-GRADE MINERALIZATION ALONG MAIN BREAK EAST OF MACASSA MINE

Kirkland Lake Gold Ltd. has released new drill results from 19 holes (9,522 metres) of underground exploration drilling as well as 15 holes (29,085 metres) of previously drilled (not reported) and reinterpreted holes from the Macassa mine in Kirkland Lake, Ont.

Highlights:

  • Drilling through east portion of main break at Macassa intersects high-grade mineralization in close proximity to No. 4 shaft (currently under development) and planned exploration drift off 5700 level (intersection located 50 m east of previous drilling and 300 m below deepest level at Kirkland Minerals):
    • Key intercept -- 141.3 grams per tonne over 2.4 metres of core length (main break corridor).
  • Review of new and previously drilled, but not reported, holes along main break at Kirkland Minerals identifies 700 m long by 300 m high corridor of high-grade mineralization (remains open along strike and to depth);
  • Drilling on SMC East intersects high-grade mineralization up to 75 m outside of current resource (highlights potential for continued growth of the South Mine complex):
    • Key intercepts:
      • 43.1 grams per tonne over 2.1 m core length (SMC East);
      • 31.0 grams per tonne over 2.3 m core length (SMC East);
      • 16.4 grams per tonne over 2.1 m core length (SMC East);
      • 19.3 grams per tonne over 4.2 m core length (SMC East).

All of the new holes reported were collared within two platforms located on the east portion of the 5300 level, with 18 of the 19 new holes (8,760 metres) being focused on the confirmation and extension of SMC to the east. Results from the drilling included 43.1 grams per tonne over 2.1 m from hole 53-4016, 31.0 grams per tonne over 2.3 m from hole 53-4052 and 16.4 grams per tonne over 2.1 m from hole 53-4088, which define a minimum 75 m extension of SMC east of the current resource, as well as 19.3 grams per tonne over 4.2 m from hole 53-4086, located 25 m 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 grams per tonne over 2.4 m and 9.7 grams per tonne over two m near the 6,850 level, 300 m below the deepest level off the Kirkland Minerals shaft and 50 m east of previous drilling. Very importantly, the high-grade intersection is located within 650 m of the company's new No. 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 level and extends between the new No. 4 shaft location and hole 53-4052. Additional key intercepts from the results being announced today include: 27.7 grams per tonne over 2.1 m from AB17-07W3; 19.7 grams per tonne over two m from hole AB15-130; and 18.5 grams per tonne 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 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 chief executive officer 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 No. 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 to 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.

Qualified person

The company's exploration programs at Macassa are conducted under the supervision of Eric Kallio, PGeo, senior vice-president, exploration. Mr. Kallio is the qualified person for the purpose of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this news release.

Quality assurance/quality control

The company has implemented a quality assurance/quality control program to ensure sampling and analysis of all exploration work are 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, Ont. The other half of the core is retained for future assay verification. Quality assurance/quality control also includes the insertion of certified reference standards and blanks, and the regular reassaying of pulps and rejects at alternative certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish. The laboratory reassays at least 10 per cent of all samples, and additional checks may be run on anomalous values.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019.

We seek Safe Harbor.

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