Grades very similar to Goldcorp averages.
KIRKLAND LAKE, ONTARIO--(CCNMatthews - Nov. 23, 2005) - Kirkland Lake Gold Inc.
(the "Company") (TSX:KGI)(AIM:KGI) is pleased to present an update on one of the programs in its three year, $21 million exploration campaign. The goal of this campaign is to explore the Company's land holdings for a combined potential of 15 million tons of ore on the Main Break, Parallel Breaks, and North-South structures, such as the Lower D Zone.
In news releases dated July 11th, 2005 and August 15th 2005, the Company announced the discovery of a new mineralized system located 1,600 feet south of the #3 shaft mine workings. The latest drill hole intersections indicate the zone may be a folded structure with a north-northwest to southeast orientation.
This would represent a new structural trend, different to both the classic east-west and the north-south structures discovered in 2002 and may be related to the LK discovery hole, 45-911A which intersected 26.21 ounces of gold per ton (uncut, or 1.43 ounces per ton cut) over a core length of 6.0 feet (see press release dated September 20, 2004).
Recent drilling results supporting this interpretation include 1.91 ounces of gold per ton over a core length of 15.3 feet (uncut, or 0.83 ounces per ton cut) in drill hole 50-666 and 1.30 ounces of gold per ton over a core length of 12.0 feet (uncut, or 1.14 ounces per ton cut) in drill hole 50-668. The intersection in hole 50-666 was immediately preceded by a 145.5 foot interval which assayed 0.10 ounces of gold per ton and which shows similar alteration and mineralization to the same wide mineralized shear zone in the discovery hole and wedge that returned intersections of 90.4 feet assaying 2.3 ounces uncut from drill Hole 50-627 and 1.43 ounces of gold per ton over 124.5 feet of core length uncut from wedged hole 50-627W1.
"These latest drill results confirm that we are onto perhaps the most important discovery since the inception of the three year exploration campaign," said Mike Sutton, Chief Geologist. "The importance of this new zone led directly to the decision to drive the new 5300 level exploration cross cut. Instead or reaching the new zone at 2,500 feet in the drift, the latest drilling has brought it 250 feet closer and we should reach the mineralization by the summer of 2006."
Highlights of the current results from drill holes 50-666 and 50-668 include:
- The latest two drill holes, which include a 100 foot area of influence around intersection points, have extended the strike length of the zone to 500 feet (see figure #1). The dip of the zone is interpreted to be between 25 and 30 degrees and appears to be either cross faulted between holes 50-666 and 50-627, or folded from north-northwest to the southeast. It represents a new structural trend. The axis of this possible fold appears to coincide with the wide intense shearing and higher-grading intersections in drill holes 50-627 and 50-627W1. Drilling is currently in progress to verify this concept by targeting the mineralization 150 feet up-dip of 50-627W1 (1.43 ounces of gold per ton over a core length of 124.5 feet).
- The LK Zone discovery hole 45-911A, which intersected 26.21 ounces of gold per ton (uncut, (or 1.43 ounces per ton cut) over a core length of 6.0 feet appears to be an extension of the new discovery, adding an additional 200 feet of potential strike length (see figure #2).
- The mineralization remains open in all directions.
(The diagrams referred to in this release may be viewed at the Company's website, klgold.com
Figure #1 is a plan view showing the various zones south of the #3 shaft mine workings and the latest drill hole intersections. (To view Figure 1 please click on the following link: ccnmatthews.com
Figure #2 is a detailed plan view showing the intersections to date on the LK/New South Zone. (To view Figure 2 please click on the following link: ccnmatthews.com
The following table summarizes the latest drilling program results as well as the previously announced initial two drill holes in ounces of gold per ton over core length in feet.
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HOLE AZI-
DRILL DIP MUTH ASSAY
HOLE FROM TO (degr- (degr- (oz. per
No. VEIN (feet) (feet) ees) ees) ton/feet)
---------------------------------------------------------------------
50-666 New 904.4 906.9 -15 121 0.55/2.5' CL
equals TW ?
New 920.9 922.4 1.55/1.5' CL
equals TW ?
Lower D 1,079.2 1,080.7 1.88/1.5' CL
equals 1.3'
TW, Tell
New South
Low Grade Int. 1,306.0 1,451.5 0.10/145.5' CL
equals approx.
28.9' TW
High Grade Int. 1,451.5 1,466.8 1.91/15.3' CL
equals approx.
3.0' TW, Uncut
0.83/15.3' CL
equals approx.
3.0' TW, Cut
Incl. 1,451.5 1,453.8 10.65/2.3' CL
equals approx.
0.5' TW, VG
---------------------------------------------------------------------
50-668 Lower D 996.9 1,021.6 -15 111 0.17/24.7' CL
equals 14.6' TW
Incl. 1,020.6 1,021.6 0.71/1.0' CL
equals 0.6'
TW, VG
New 1,380.0 1,381.0 1.47/1.0' CL
equals TW?
New South
Upper Zone 1,529.0 1,530.7 1.90/2.8' CL
equals approx.
1.1' TW, Uncut
1.56/2.8' CL
equals approx.
1.1' TW, Cut
Incl. 1,529.0 1,530.0 4.43/1.0' CL
equals approx.
0.4' TW, VG
Low Grade Int. 1,671.5 1,691.0 0.07/19.5' CL
equals approx.
7.7' TW
High Grade Int. 1,691.0 1,703.0 1.30/12.0' CL
equals approx.
4.8' TW, Uncut
1.14/12.0' CL
equals approx.
4.8' TW, Cut
Incl. 1,692.5 1,694.0 4.76/1.5' CL
equals approx.
0.6' TW, VG
And 1,700.0 1,701.5 2.60/1.0' CL
equals approx.
0.6' TW, VG
---------------------------------------------------------------------
50-627 New South 1,700.6 1,791.0 -10 121 2.30/90.4' CL
equals approx.
22.8' TW, Uncut
1.16/90.4' CL
equals approx.
22.8' TW, Cut
50-627W1 New South 1,546.0 1,670.5 -8 126 1.43/124.5' CL
equals approx.
37.3' TW, Uncut
0.84/124.5' CL
equals approx.
37.3' TW, Cut
---------------------------------------------------------------------
TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT equals cut to 3.50 oz./ton
The true widths given are an approximation based on an average
25 degree dip for the new discovery.
Exploration Implications
----------------------------
The orientation of the new discovery is different from that of other ore structures discovered south of the '04/Main Break system. As was the case when the Upper D Zone was discovered in 2003, using classic shear zone models, it can be predicted that additional zones will be found with this new orientation. It is quite possible that the intersection on 45-891, which intersected 1.21 ounces of gold per ton over a core length of 2.0 feet core length, (see release dated April 18, 2005) may be parallel to the new discovery. This concept opens up great exploration potential as there is no drilling between surface and the new discovery and there is a strong possibility for additional parallel and stacked zones both above and below the new zone.
The best grades in the latest two drill holes 50-666 and 50-668 are located near the hangingwall contact of the zone, as were the intersections in the discovery hole 50-627 and 50-627W1.
Renowned structural geologist, Dave Rhys (M.Sc., P.Geo.) suggests that the orientation on the new discoveries to the south indicate the presence of a major steep-dipping ore-bearing structure further south, parallel to the '04/Main Break system. This structure may be related to the Amalgamated Break or possibly a new, as yet to be identified parallel break.
The intersection of the Lower D Zone and the new discovery should be 230 feet northwest of drill hole 50-666. This is an important exploration target because historically the intersection point of two ore-bearing structures results in
wider, higher-grading ore bodies.
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 Gold, 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 east and Wright Hargreaves on the west 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', Michael
Sutton P.Geo. for the purpose of NI 43-101, Standards of Disclosure for Mineral Projects).
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 Kirkland Lake properties are the subject of a report prepared by Roland H. Ridler, B.A.Sc.(hons.), M.A.Sc., Ph.D.(Econ.Geol.), P.D., entitled Kirkland Lake Mineral Properties (Macassa Mine, Kirkland Lake Gold, Teck-Hughes, Lake Shore, Wright-Hargreaves dated November 30, 2001. The Company's Macassa Mine Property is the subject of reserve reports prepared by
- David W. Rennie, P.Eng. and Richard E. Routledge, M.Sc., P.Geol. entitled Review of Mineral Resources and Mineral Reserves of the Macassa Mine Property, Kirkland Lake, Ontario Prepared for Kirkland Lake Gold Inc dated December 23,
2002.
- Michael Sutton, P.Geo., and Stewart Carmichael, P.Geo. entitled Mineral Resources and Mineral Reserves of the Macassa Mine Property, Kirkland Lake, Ontario (Kirkland Lake Gold Inc.) as at April 30, 2003 dated August 30, 2003.
- Michael Sutton, P.Geo., and Stewart Carmichael, P.Geo. entitled Mineral Resources and Mineral Reserves of the Macassa Mine Property, Kirkland Lake, Ontario (Kirkland Lake Gold Inc.) as at April 30, 2004 dated August 31, 2004.
- Glenn R. Clark, P. Eng., entitled Review of Resources and Reserves, Macassa
Mine, Kirkland Lake, Ontario Prepared for Kirkland Lake Gold Inc. dated
September 9, 2005.
All of these technical reports have been filed on SEDAR sedar.com
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
(705) 567-5208
Fax: (705) 568-6444
bhinchcliffe@klgold.com
-OR-
Kirkland Lake Gold Inc.
Scott Koyich
Investor Relations
(403) 215-5979
info@klgold.com
klgold.com |
