Kirkland Lake Gold Inc.
TSX : KGI
AIM : KGI

Kirkland Lake Gold Inc.

May 04, 2011 02:00 ET

Record Drill Hole Intersection at Kirkland Lake; Drill Hole 53-1685 Assays 8.16 Ounces of Gold Per Ton Over 46.7 Feet True Width

KIRKLAND LAKE, ONTARIO--(Marketwire - May 4, 2011) - Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI), an operating and exploration gold company, is pleased to announce a record drill hole intersection from one of the underground exploration programs on the Company's 100% owned Macassa property. This particular drill hole, which was targeting the east `08 Break Zone from the 5300 foot level of the Macassa Mine, intersected the New South Zone within a previously defined resource area of the South Mine Complex (SMC).

"This is a world class intersection. Although the Company does not routinely announce the assays of drill holes which pierce existing reserve or resource blocks, this particular drill hole deserves some attention. The combination of grade and width would make this intersection the richest in the 100 year history of the Kirkland Lake Camp," said Stewart Carmichael, Chief Exploration Geologist.

The following are some of the highlights of the new intersection:

  • Drill hole 53-1685 likely represents a localized blow out of the New South Zone. Drill holes located 50 to 100 feet away from 53-1685 have intersected both the New South Zone as well as a distinct and separate footwall zone. In the case of hole 53-1685, the mineralization is continuous between the New South Zone and the footwall zone, resulting in the extraordinary width of the intersection. The vertical mining height, which is used for resource calculations and modeling is estimated at 52.8 feet. The combination of grade and vertical mining height is also a record for the South Mine Complex. (see figure 1)
  • The New South Zone at this pierce point dips at 28 degrees to the southeast. One of the exploration programs in progress is designed to extend the New South Zone in this direction beyond the currently defined resource area.

The figure referred to in this release may be viewed at the Company's website at www.klgold.com.

To view "Figure 1 - plan view showing the location of the intersection in drill hole 53-1685 relative to the South Mine Complex," please click the following link: http://media3.marketwire.com/docs/KGI504.jpg.

The following table summarizes the latest drilling results in imperial values:

DRILL HOLE 53-1685
DRILL
HOLE No.
ZONEFROM (feet)TO
(feet)
HOLE
DIP
(deg-
rees)
AZIMUTH
(deg-
rees)
ASSAY
(oz per
ton/feet)
New South454.4506.68.16/52.2' CL=46.7' TW, Uncut
Zone2.50/52.2' CL=46.7' TW, Cut*
Individual454.4456.60.24/2.2' CL
Intervals456.6459.01.77/2.4' CL, VG
459.0461.50.47/2.5' CL
461.5462.72.37/1.2' CL
462.7464.52.10/1.8' CL, VG
464.5467.01.13/2.5' CL, VG
467.0470.023.74/3.0' CL, VG
470.0472.240.09/2.2' CL, VG
472.2474.460.38/2.2' CL, VG
474.4476.80.86/2.4' CL
476.8479.80.33/3.0' CL
479.8482.30.12/2.5' CL
482.3483.529.02/1.2' CL, VG, Tell
53-1685483.5484.5-583411.94/1.0' CL
484.5486.621.26/2.1' CL, VG, Tell
486.6488.67.53/2.0' CL, VG
488.6490.20.96/1.6' CL
490.2492.72.81/2.5' CL
492.7495.70.14/3.0' CL
495.7497.70.22/2.0' CL
497.7498.70.22/1.0' CL
498.7501.20.09/2.5' CL
501.2504.20.08/3.0' CL
504.2505.20.03/1.0' CL
505.2506.65.90/1.4' CL, VG, Tell
New Zone525.0529.20.55/4.2' CL=??' TW
New Zone542.5548.11.42/5.6' CL=??' TW
Incl.545.3548.12.22/2.8' CL=??' TW
`08 BreakPending
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides, Cut* = cut to 7.2 opt, ?? TW = True Width Unknown

The following table summarizes the latest drilling results in metric values:

DRILL HOLE 53-1685
DRILL
HOLE No.
ZONEFROM
(m)
TO
(m)
HOLE
DIP
(deg-
rees)
AZIMUTH
(deg-
rees)
ASSAY
(grams per
tonne/m)
New South138.5154.4279.77/15.9m CL=14.2m TW, Uncut
Zone85.72/15.9m CL=14.2m TW, Cut*
Individual138.5139.28.23/0.7m CL
Intervals139.2139.960.69/0.7m CL, VG
139.9140.716.11/0.8m CL
140.7141.081.26/0.3m CL
141.0141.672.00/0.6m CL, VG
141.6142.338.74/0.7m CL, VG
142.3143.3813.95/1.0m CL, VG
143.3143.91,374.53/0.6m CL, VG
143.9144.62,070.19/0.7m CL, VG
144.6145.329.49/0.7m CL
145.3146.211.31/0.9m CL
146.2147.04.11/0.8m CL
147.0147.4995.0/0.4m CL, VG, Tell
147.4147.766.51/0.3m CL
53-1685147.7148.3-58 341728.92/0.6m CL, VG, Tell
148.3148.9258.17/0.6m CL, VG
148.9149.432.91/0.5m CL
149.4150.296.34/0.8m CL
150.2151.04.80/0.8m CL
151.0151.77.54/0.7m CL
151.7152.07.54/0.3m CL
152.0152.83.09/0.8m CL
152.8153.72.74/0.9m CL
153.7154.01.03/0.3m CL
154.0154.4202.29/0.4m CL, VG, Tell
New Zone160.0161.318.86/1.3m CL=??m TW
New Zone165.4167.148.69/1.7m CL=??m TW
Incl.166.2 167.176.11/0.9m CL=??m TW
`08 BreakPending
TW = True Width, CL = Core Length, VG = Visible Gold, Tell = Tellurides, *CUT = cut to 246.86 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).

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.

Contact Information