KIRKLAND LAKE, ONTARIO--(Marketwire - Feb. 15, 2011) - Kirkland Lake Gold Inc. (News - Market indication)(AIM:KGI) (the Company), an operating and exploration gold company, is pleased to announce drilling results from two new underground exploration programs on the Company's 100% owned Macassa property. The programs were designed to test a previously unexplored area of the property from the 5300 foot level of the Macassa Mine and to further explore the South Mine Complex (SMC) and have produced encouraging initial results. The SMC consists of 25 or more mineralized zones, some of which are now in production while others are being explored and developed under the Company's aggressive exploration and ore-body definition programs.
"The west exploration program now underway is of particular interest as this part of the Macassa property has never been explored," said Stewart Carmichael, Chief Exploration Geologist. "To have such early positive exploration results from these two new programs is very encouraging and a focus for this year's exploration will include both wide spaced drilling and closer spaced drilling as warranted on the #6 Break," added Mr. Carmichael.
In the first program, drilling to the south from the west end of the Mine, has yielded high-grade intersections in a previously unexplored area. The first exploration hole of this program, drill hole 53-1640, returned a number of intersections including 12.34 ounces of gold per ton (opt) over a core length of 1.5 feet. This intersection is located 1,000 feet south of the historically mined '04 Break at the -5410 foot elevation and 2,000 feet west of the current extent of the SMC.
One of the follow-up drill holes, 53-1725, similarly intersected a number of mineralized zones including 6.05 opt over a core length of 8.4 feet. Further drilling is in progress to define the geometry and continuity of these zones. Mineralization is characterised by quartz veining with visible gold and tellurides and may be structurally related to the #6 Break. The #6 Break is interpreted as being a splay structure from the '04 Break and has been traced laterally across the Macassa, Kirkland Minerals and Teck-Hughes properties a distance of 10,000 feet.
A second new exploration program is underway from the central part of the Macassa Mine, 2,800 feet east of the first program. This program is aimed at testing potential SMC related footwall mineralization as well as the potential up-dip extension of the SMC. Drilling has further defined a mineralized zone footwall to the current Lower D North resource. Drill hole 53-1621 returned an assay of 2.94 opt over a core length of 1.0 feet and drill hole 53-1622 assayed 1.34 opt over a core length of 3.1 feet. This drill program, confined thus far to a relatively small area, has also produced a number of intersections that will require follow-up drilling as well as future testing of unexplored areas.
The following are some of the highlights of the new exploration programs:
- Drilling at the west part of the Macassa property has discovered new mineralized zones in a previously unexplored area of the property. Drill hole 53-1640 intersected a new zone which assayed 12.34 opt over a core length of 1.5 feet and follow up drill hole 53-1725 also intersected a new zone which assayed 6.05 opt over a core length of 8.4 feet. This drill program has thus far been confined to a relatively small area, however, future drilling will further define this new mineralization as well as test an area over a potential strike length of 2,000 feet and a vertical extent of 1,500 feet (see Figures 1, 2 and 3).
- Drill hole 53-1621 on the central exploration program returned 2.94 opt over a core length of 1.0 feet (0.9 feet true width). This intersection is located 340 feet above the 5300 foot level and has extended a previously defined resource block on the SMC an additional 140 feet up dip to the -4920 elevation. This zone is interpreted as being a footwall zone to the Lower D North. Follow up drilling will be required to further define this zone and to test other unexplored areas (see Figures 1 and 2).
These drill programs are part of a much larger ongoing exploration initiative. The Company is currently operating eight exploration drills, six of which are located underground at the Macassa Mine and two located on surface.
Five of the underground drills are operating on the 5,300 foot level. Two of the underground drills are drilling south from the historic mine workings – one testing the south and western part of the Macassa Mine near the #3 Shaft and the other testing the up-dip component of the SMC as well as various hanging wall veins associated with the '04 Break. The three remaining drills on the 5,300 foot level are drilling north from the 5305 cross-cut in the SMC. Two of these drills are testing the Lower SMC/'08 Break, while the other will shortly begin a program testing the '04 Break down to a depth of 8,000 feet. During the final quarter of this fiscal year (February 1st to April 30th, 2011) the Company also plans to test the SMC from the 5300 foot level on properties held under the joint venture agreement with Queenston Mining Inc. The remaining underground drill will continue to test '04 related mineralization from various levels of the mine. Both of the surface drill rigs are located on the Company's properties east of the Macassa. One drill is testing near surface targets, while the other is engaged in deep exploration up to 3,000 feet south of the main historic ore horizon in previously unexplored areas of the property. The Company plans to complete approximately 50,000 feet of underground exploration drilling and approximately 12,000 feet of surface drilling during the final fiscal quarter with exploration expenditures, including underground development, for this quarter estimated at $2.3 million.
The figures referred to in this release may be viewed at the Company's website at www.klgold.com.
The following tables summarizes the latest drilling results in imperial values:
5300 LEVEL WEST EXPLORATION
5300 LEVEL CENTRAL EXPLORATION
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides, Cut* = cut to 3.5 opt,
?? TW = True Width Unknown
The following tables summarizes the latest drilling results in metric values:
5300 LEVEL WEST EXPLORATION
5300 LEVEL CENTRAL EXPLORATION
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides *CUT = cut to 120.0 grams/tonne,
?? TW = True Width Unknown
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 approximately 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 dated July 14, 2010, which has been filed on SEDAR (www.sedar.com).
Both of these technical reports have been filed on SEDAR (www.sedar.com).
Cautionary Note Regarding Forward Looking Statements
This Press Release may contain statements which constitute 'forward-looking, 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.
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.
