Kirkland Lake Gold Inc.
TSX : KGI
AIM : KGI

Kirkland Lake Gold Inc.

September 19, 2013 02:00 ET

SMC Continues to Extend East; Drill Hole 53-2291 Assays 13.21 Ounces of Gold per Ton Over 8.2 Feet True Width, Drill Hole 53-2337A Returns 0.75 Ounces of Gold per Ton Over 25.1 Feet True Width

KIRKLAND LAKE, ONTARIO--(Marketwired - Sept. 19, 2013) - Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI) (the Company), an operating and exploration gold mining company, is pleased to announce drilling results from its ongoing underground diamond drilling exploration program. This latest program has served to further expand the South Mine Complex (SMC) and in particular the New South Zone on the HM claim and the North Amalgamated-Kirkland (North AK) claim. The HM and North AK claims were formerly held under a joint venture with Queenston Mining Inc. but were 100% acquired, along with other formerly joint venture properties, from Queenston on August 30, 2012.

This phase of the underground exploration program, from the Macassa 5,300 foot level, was designed to follow up on several high grade intercepts on the HM claim (see the Company's news release dated November 5, 2012) and to test for mineralization on the North AK claim.

"This latest round of exploration has not only extended the South Mine Complex east and up-dip but also down-dip onto the North AK property," said Stewart Carmichael, Exploration Manager. "Drilling has now commenced from the two new drill bays located further east along the exploration drift which will allow further testing of the SMC on both the HM and North AK properties," added Mr. Carmichael.

The following are some of the highlights of the current exploration program:

  • The intersection in drill hole 53-2381A (0.40 ounces per ton (opt) over a true width of 5.2 feet) is the furthest east intersection to date on the New South Zone and is a 400 foot step-out from previously reported drill hole 53-2111A (2.97 opt uncut over a true width of 10.0 feet). This brings the known strike length of the SMC to 3,600 feet with a vertical component extending from the -4,700 foot elevation to the -6,600 foot elevation. Mineralization remains open to the east and to depth.

  • With the exception of drill holes 53-1925, 53-1927 and 53-2268, none of the drill holes reported in this release were included in the most recent reserve/resource estimates. (See the Company's news release dated May 21, 2013.) The three above listed drill holes are included in this release to show the extension of the SMC onto the North AK property.

This drill program is part of a larger long term exploration initiative. The Company is currently operating two exploration drills on surface and three exploration drills underground at the Macassa Mine.

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

  • Figure 1 - plan view showing the latest underground exploration results.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/kirkland_lake_sept19_fig01.pdf

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

5300 LEVEL SMC UNDERGROUND EXPLORATION
DRILL HOLE No. ZONE FROM (feet) TO (feet) HOLE DIP (degrees) AZIMUTH (degrees) ASSAY (oz per ton/feet)
53-2291 New South 714.5 727.4 -41 037 13.21/12.9' CL=8.2' TW, Uncut
5.61/12.9' CL=8.2' TW, Cut*
Incl. 714.5 717.5 15.97/3.0' CL=1.9' TW, VG, Tell
and 717.5 720.5 19.60/3.0' CL=1.9' TW, VG, Tell
and 720.5 721.7 25.63/1.2' CL=0.8' TW, VG, Tell
and 721.7 723.9 2.67/2.2' CL=1.4' TW
and 723.9 725.9 13.44/2.0' CL=1.3' TW, VG, Tell
53-2337A New South 797.5 842.8 -38 022 0.75/45.3' CL=25.1' TW
Incl. 804.5 806.0 1.38/1.5' CL=0.8' TW, VG
and 823.5 826.2 2.02/2.7' CL=1.5' TW, VG, Tell
and 830.2 832.7 2.32/2.5' CL=1.4' TW, VG, Tell
and 834.3 835.8 2.77/1.5' CL=0.8' TW, VG
and 835.8 838.2 1.51/2.4' CL=1.3' TW, VG
New Footwall 853.5 858.0 0.36/4.5' CL=??' TW
53-2265 New South 554.0 576.0 -60 045 0.04/22.0' CL=TW Not Calculated
53-2266 New South 594.2 596.5 -50 045 0.09/2.3' CL=TW Not Calculated
53-2267 New H Wall 517.0 525.5 -62 063 0.22/8.5' CL=??' TW
New South 756.0 765.0 0.12/9.0' CL=TW Not Calculated
53-2268 New South 721.2 722.2 -46 063 3.07/1.0' CL=0.6' TW, VG
53-2289 New South 764.5 774.5 -35 012 0.69/10.0' CL=6.9' TW
Incl. 768.8 770.4 1.51/1.6' CL=1.1' TW, VG
And 773.5 774.5 1.73/1.0' CL=0.7' TW, VG, Tell
New Footwall 826.6 827.6 1.89/1.0' CL=??' TW, VG, Tell
New Footwall 1,227.0 1,233.0 3.01/6.0' CL=??' TW, Uncut
2.50/6.0' CL=??' TW, Cut**
Incl. 1,227.0 1,228.1 1.10/1.1' CL=??' TW
and 1,228.1 1,230.6 3.73/2.5' CL=??' TW, VG, Tell
and 1,230.6 1,232.0 5.27/1.4' CL=??' TW, VG, Tell
53-2290 New South 764.1 770.2 -36 029 0.29/6.1' CL=4.1' TW
New Footwall 921.5 923.8 2.36/2.3' CL=??' TW
New Footwall 1,174.6 1,176.8 0.87/2.2' CL=??' TW
53-2336 New South 517.8 533.5 -62 031 0.04/15.7' CL=TW Not Calculated
53-2336A New South
545.7 555.0 -62 031 0.14/9.3' CL=8.2' TW
New Footwall 939.5 946.0 0.29/6.5' CL=??' TW
53-2338 New South 610.4 617.4 -51 016 2.48/7.0' CL=5.8' TW, Uncut
2.17/7.0' CL=5.8' TW, Cut*
Incl. 611.4 612.6 9.03/1.2'CL=1.0' TW, VG, Tell
and 612.6 613.6 3.17/1.0' CL=0.8' TW, VG
and 613.6 614.6 1.09/1.0' CL=??' TW, VG
53-2339 New South 672.0 683.4 -44 004 0.78/11.4' CL=9.0' TW
Incl. 678.7 680.8 2.80/2.1' CL=1.7' TW, VG
53-2381A New South 629.8 635.8 -52 356 0.40/6.0' CL=5.2' TW
53-2382 New South 545.2 548.4 -78 356 0.98/3.2' CL=3.2' TW
53-1925 New South 622.0 638.0 -60 094 0.27/16.0' CL=9.9' TW
New Footwall 942.4 943.4 14.67/1.0' CL=??' TW
53-1927 New South 725.5 731.3 -51 085 1.88/5.8' CL=3.7' TW
Incl. 725.5 727.2 4.23/1.7' CL=1.1' TW
and 727.2 729.6 1.37/2.4' CL=1.5' TW
New Footwall 1,051.5 1052.5 1.54/1.0' CL=??' TW, VG

TW = True Width, CL = Core Length, VG = Visible Gold, ?? TW = True Width Unknown, Tell = Tellurides

*Cut = cut to 7.2 opt, **Cut = cut to 3.5 opt.

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

5300 LEVEL SMC UNDERGROUND EXPLORATION
DRILL HOLE No. ZONE FROM (m) TO (m) HOLE DIP (degrees) AZIMUTH (degrees) ASSAY (grams per tonne/m)
53-2291 New South 217.8 221.7 -41 037 452.92/3.9m CL=1.2m TW, Uncut
192.34/3.9' CL=1.2m TW, Cut*
Incl. 217.8 218.7 547.55/0.9m CL=0.6m TW, VG, Tell
and 218.7 219.6 672.00/0.9m CL=0.6m TW, VG, Tell
and 219.6 220.0 878.75/0.4m CL=0.2m TW, VG, Tell
and 220.0 220.6 91.54/0.6m CL=0.4m TW
and 220.6 221.3 460.80/0.7m CL=0.4m TW, VG, Tell
53-2337A New South
243.1 256.9 -38 022 25.71/13.8m CL=7.7m TW
Incl. 245.2 245.7 47.31/0.5m CL=0.2m TW, VG
and 251.0 251.8 69.26/0.8m CL=0.5m TW, VG, Tell
and 253.0 253.8 79.54/0.8m CL=0.5m TW, VG, Tell
and 254.3 254.8 94.97/0.5m CL=0.2m TW, VG
and 254.8 255.5 51.77/0.7m CL=0.4m TW, VG
New Footwall 260.2 261.5 12.34/1.3m CL=??m TW
53-2265 New South 168.9 175.6 -60 045 1.37/6.7m CL=TW Not Calculated
53-2266 New South 181.1 181.8 -50 045 3.09/0.7m CL=TW Not Calculated
53-2267 New H Wall 157.6 160.2 -62 063 7.54/2.6m CL=??m TW
New South 230.4 233.2 4.11/2.8m' CL=TW Not Calculated
53-2268 New South 219.8 220.1 -46 063 105.26/0.3m CL=0.2m TW, VG
53-2289 New South 233.0
236.1 -35 012 23.66/3.1m CL=2.1m TW
Incl. 234.3 234.8 51.77/0.5m CL=0.3m TW, VG
and 235.8 236.1 59.31/0.3m CL=0.2m TW, VG, Tell
New Footwall 252.0 252.3 64.80/0.3m CL=??m TW, VG, Tell
New Footwall 374.0 375.8 103.20/1.8m CL=??m TW, Uncut
85.72/1.8m CL=??m TW, Cut**
Incl. 374.0 374.3 37.71/0.3m CL=??m TW
and 374.3 375.1 127.89/0.8m CL=??m TW, VG, Tell
and 375.1 375.5 180.69/0.4m CL=??m TW, VG, Tell
53-2290 New South 232.9 234.8 -36 029 9.94/1.9m CL=1.2m TW
New Footwall 280.9 281.6 80.91/0.7m CL=??m TW
New Footwall 358.0 358.7 29.83/0.7m CL=??m TW
53-2336 New South 157.8 162.6 -62 031 1.37/4.8m CL=TW Not Calculated
53-2336A New South 166.3 169.2 -62 031 4.80/2.9m CL=2.5m TW
New Footwall 286.4 288.3 9.94/1.9m CL=??m TW
53-2338 New South 186.1 188.2 -51 016 85.03/2.1m CL=1.8m TW, Uncut
74.49/2.1m CL=1.8m TW, Cut*
Incl. 186.4 186.7 309.60/0.3m CL=0.2m TW, VG, Tell
and 186.7 187.0 108.69/0.3m CL=0.2m TW, VG
and 187.0 187.3 37.37/0.3m CL=0.2m TW, VG
53-2339 New South 204.8 208.3 -44 004 26.74/3.5m CL=2.7m TW
Incl. 206.9 207.5 96.00/0.6m CL=0.5m TW, VG
53-2381A New South 192.0 193.8 -52 356 13.70/1.8m CL=1.6m TW
53-2382 New South 166.2 167.2 -78 356 33.60/1.0m CL=1.0m TW
53-1925 New South 189.6 194.5 -60 094 9.26/4.9m CL=3.0m TW
New Footwall 287.2 287.6 503.00/0.4m CL=??m TW
53-1927 New South 221.1 222.9 -51 085 64.46/1.8m CL=1.1m TW
Incl. 221.1 221.7 145.03/0.6m CL=0.3m TW
and 221.7 222.4 46.97/0.7m CL=0.5m TW
New Footwall 320.5 320.8 52.80/0.3m CL=??m TW, VG

TW = True Width, CL = Core Length, VG = Visible Gold, ?? TW = True Width Unknown, Tell = Tellurides

*Cut = cut to 246.9 grams/tonne, **Cut = cut to 120 grams/tonne.

About the Company

Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long lived intermediate gold mining company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.

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. 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, 2013 dated June 24, 2013, which has been filed on SEDAR (www.sedar.com) under the Company's filings.

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.

Cautionary Note Regarding Forward-Looking Statements

This Press Release contains statements which constitute "forward-looking statements", including statements regarding the plans, intentions, beliefs and current expectations of the Company 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, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's Management's Discussion and Analysis and Annual Information Form each for the year ended April 30, 2013 filed with the securities regulatory authorities in certain provinces of Canada and available 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 from those expected, there may be others that cause results not to be as anticipated. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law.

Contact Information

  • Kirkland Lake Gold Inc.
    Brian Hinchcliffe
    President
    +1 705 567 5208
    +1 705 568 6444 (FAX)
    bhinchcliffe@klgold.com

    Kirkland Lake Gold Inc.
    Lindsay Dunlop
    Director of Investor Relations
    +1 416-840-7884
    +1 705 568 6444 (FAX)
    ldunlop@klgold.com
    www.klgold.com

    NOMAD: Panmure Gordon (UK) Limited
    Callum Stewart
    +44 (0) 20 7 886 2500

    NOMAD: Panmure Gordon (UK) Limited
    Adam James
    +44 (0) 20 7 886 2500