Kirkland Lake Gold Inc.: Program Targeting Parallel Break to the South Returns 0.72 oz/ton Over 21.5 Feet
Monday March 29, 1:46 am ET
KIRKLAND LAKE, ONTARIO--(CCNMatthews - Mar 29, 2004) -
Kirkland Lake Gold Inc. (the "Company") is pleased to announce drilling results from one of its programs, underway within the three year $21 million exploration campaign, described in a January 23, 2004 news release. The latest drill hole, 47-1022A has intersected mineralization 1,478.5 feet south of the Macassa Main Ore Horizon from the 4700 level and assayed 0.72 ounces per ton of gold over 21.5 feet (unknown true width ("TW")). The mineralization intersected in 47-1022A remains open above, below and to the west. (see figure 1).
This new intersection is 120 feet below and 130 feet west of drill hole 47-994B which discovered the South Porphyry Zone in November 2003 and was described in a news release dated November 6, 2003. Drill hole 47-994B assayed 0.16 ounce per ton gold over 62.2 feet (unknown TW) and included 0.33 ounce per ton over 20.1 feet (unknown TW), and 1.89 ounce per ton over 3.0 feet (unknown TW). At this time it is not clear if the mineralization intersected in the two holes are the same zone.
The mineralization in the new intersection in hole 47-1022A looks identical to a hole drilled by the prior owner of the property ( hole 47-885) in 1999 just before the mine's closure (10% pyritized, silicified tuff). This hole had intersected 0.76 ounces of gold per ton over 12.8 feet (12.8 feet TW). To date drilling from this program has outlined four hangingwall vein systems that have been identified 600 to 1600 feet south of the 04 and Main Break structural system that produced 24 million ounces of gold.
"We are in the early days of this exciting program, testing for parallel structures to the South of the main ore horizon, however this intersection represents a big step forward, " said Stewart Carmichael, Chief Exploration Geologist. "The exciting development is that we have added a second drill, which is now working with the capacity of drilling up to 3,000 feet. This drill is located 800 feet east of #2 Shaft where drilling has not penetrated anything further than 600 feet to the South!"
The following table summarizes the new drill results:
------------------------------------------------------------------------
DRILL VEIN FROM TO HOLE AZIMUTH ASSAY
HOLE (feet) (feet) DIP (degrees) (oz. per
No. (degrees) ton/feet)
------------------------------------------------------------------------
47-1022A SOUTH
PORPHYRY 1,478.5 1,500.0 -13 130 0.72/21.5'
equals
UNKNOWN TW
------------------------------------------------------------------------
INCLUDING 1,478.5 1,480.5 -13 130 2.00/2.0'
equals
UNKNOWN TW
------------------------------------------------------------------------
INCLUDING 1,484.0 1,487.0 -13 130 1.05/3.0'
equals
UNKNOWN TW
------------------------------------------------------------------------
INCLUDING 1,490.0 1,493.0 -13 130 1.03/3.0'
equals
UNKNOWN TW
------------------------------------------------------------------------
TW equals True Width VG equals Visible Gold TELL equals Tellurides
CUT equals cut to 3.50 oz./ton QV equals Quartz vein
QS equals Quartz stringers
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 kilometers between the Macassa Mine on the east and Wright Hargreaves on the west and for the first time will be 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 a reserve report 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 and a reserve report prepared by 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. All of these technical reports have been filed on SEDAR (www.sedar.com (http://www.sedar.com)).
NOTE: A map (FIGURE 1) is available on CCNMatthews' website at www2.cdn-news.com
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