Category: Uncategorized
- Published: 29 November -0001
Kirkland Lake Gold Inc.: 43.37 Ounces of Gold Over 10.4 Feet in New Zone in SMC, Including 344.4 Ounces Over One Foot.
Kirkland Lake Gold Inc. (the \"Company\") (TSX:KGI)(AIM:KGI) is pleased to announce an update on exploration drilling testing in the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones. Exploration drilling continues to extend previously defined mineralization and intersect new zones.
\"These intercepts represent some of the highest grade results yet encountered since the discovery of the SMC four years ago, and the 344 ounce assay over the one foot interval is the highest drill hole assay in the Camp\'s history, easily surpassing the previous record of 181 opt over 1.0 feet on the Lower D North in drill hole 50-740 reported by the Company in September 6, 2006,\" said Stewart Carmichael, Chief Exploration Geologist. He added, \"This zone likely correlates with drill hole 53-1070 located 70 feet west which assayed 15.3 ounces of gold over a core length of 2.3 feet.\" \"From a production point of view, this new zone is situated at the 5300 horizon and only 150 away from existing mine infrastructure. It is also 40 feet above the LK zone whose discovery four years ago by the Company included an assay of 102 ounces over 1.5 feet,\" commented Steve Gray, Chief Production Geologist. \"Even without the 344 ounce interval, this intersection would grade better than 10 ounces per ton.\"
The highlights of this recent drilling include:
- Drill Hole 53-1071 intersected the new zone at the 5300 foot elevation and assayed 43.37 ounces of gold per ton (opt) over 10.4 feet, including 26.45 opt over 3.3 feet, 344.4 opt over 1.0 feet, 3.41 opt over 2.1 feet and 5.54 opt over 2.0 feet. A second zone located nine feet further down the hole assayed 1.05 opt over 4.8 feet. The true width of the zone cannot be calculated until section drilling is completed to ascertain the dip.
- The new zone is characterised by quartz veining and flooding mineralized with visible gold and coarse tellurides. A controlling break structure marks the foot wall contact of the zone.
- The new zone is initially interpreted to be a hangingwall zone to the New South Zone, likely roughly parallel in geometry. It occurs approximately 90 feet above the New South Zone and approximately 40 feet above the LK Zone. The LK Zone was discovered by the Company in 2004 with drill hole 45-911A assaying 102.46 opt over a core length of 1.5 feet (see the Company\'s press release dated September 20, 2004). The latest intersection is located approximately 150 south of the 5304 New South Zone drift and at the same elevation as the drift.
- Drill hole 53-1070 intersected 15.32 opt over 2.3 feet and an additional new zone was intersected 40 feet further down the hole and assayed 15.13 opt over 1.0 feet. The first intersection appears to correlate with the 43.37 opt over 10.4 feet in Hole 53-1071. (see figure 1: http://media3.marketwire.com/docs/kirklandmap_figure1.pdf)
The figures referred to in this release may be viewed at the Company\'s website at www.klgold.com and will provide context to the above statements.
The following table summarizes the latest drilling program. (Imperial values)
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DRILL HOLE
HOLE FROM TO DIP AZIMUTH ASSAY
No. ZONE (feet) (feet) (degrees) (degrees) (oz per ton/feet)
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53-1071 New 477.6 488.0 0 033 43.37/10.4\' CL equals
??\' TW, Uncut
2.91/10.4\' CL equals
??\' TW, Cut(i)
Incl. 477.6 480.9 26.45/3.3\' CL equals
??TW, VG,Tell
and 480.9 481.9 344.40/1.0\' CL equals
??\' TW,VG
and 482.9 485.0 3.41/2.1\' CL equals
??\' TW
and 485.0 487.0 5.54/2.0\' CL equals
??\' TW, VG
New 497.4 502.2 1.05/4.8\' CL equals
??\' TW, VG
Incl. 500.5 502.2 2.09/1.7\' CL equals
??\' TW(ii)
---------------------------------------------------------------------------
53-1070 New 426.7 429.0 0 028 15.32/2.3\' CL equals
??\' TW, VG, Tell
3.50/2.3\' CL equals
??\' TW, Cut(i)
New 469.0 470.0 15.13/1.0\' CL equals
??\' TW, VG
---------------------------------------------------------------------------
TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT(i) equals cut to 3.5 opt
The following table summarizes the latest drilling program results. (Metric
values)
---------------------------------------------------------------------------
DRILL HOLE
HOLE FROM TO DIP AZIMUTH ASSAY
No. ZONE (m) (m) (degrees) (degrees) (grams per tonne/m)
---------------------------------------------------------------------------
53-1071 New 145.6 148.8 0 033 1,487.0/3.2m CL
equals ??TW, Uncut
99.8/3.2m CL equals
??TW, Cut(i)
Incl. 145.6 146.6 906.7/1.0m CL equals
??TW, VG, Tell
and 146.6 146.9 11,808.1/0.3m CL
equals ?? TW, VG
and 147.2 147.9 116.9/0.7m CL equals
?? TW
and 147.9 148.5 189.9/0.6m CL equals
?? TW, VG
New 151.6 153.1 36.0/1.5m CL equals
?? TW, VG
Incl. 152.6 153.1 71.7/1.5m CL equals
?? TW
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53-1070 New 130.1 130.8 0 028 525.3/0.7m CL equals
?? TW, VG, Tell
New 143.0 143.3 518.8/0.3m CL equals
?? TW, VG
---------------------------------------------------------------------------
TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT(i) equals cut to 120.0 grams/tonne
About the Company
The Company purchased the Macassa Mine and the 1,500 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 on the west and Wright Hargreaves on the east and, for the first time, are being developed and explored under one owner. This camp is located in the Abitibi Southern 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 half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to the Macassa mine laboratory for analysis. 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/rejects at alternate certified labs (Polymet, Accurassay). 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 reserve reports prepared by:
- Glenn R. Clark, P. Eng., entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario dated July 18, 2006.
- Glenn R. Clark, P.Eng., entitled Review of Resources and Reserves of the New South Mine Complex, Macassa Mine, Kirkland Lake, Ontario dated August 25, 2007.
All 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.
SOURCE: Kirkland Lake Gold Inc.
Kirkland Lake Gold Inc. Brian Hinchcliffe President (705) 567-5208 (705) 568-6444 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Kirkland Lake Gold Inc. Scott Koyich Investor Relations (403) 215-5979 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.klgold.com Pelham Public Relations Chelsea Hayes +44 20 7743 6675 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. NOMAD: Canaccord Adams Limited Robin Birchall +44 20 7050 6500 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
