Kirkland Lake Gold drills 141.3 g/t gold over 2.4 metres at Macassa

Kirkland Lake Gold's Macassa Mine in northeastern Ontario. Source: Kirkland Lake Gold Ltd.

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Kirkland Lake Gold Ltd. [KL-TSX, NYSE; KLA-ASX] reported new drill results from 19 holes (9,522 m) of underground exploration drilling as well as 15 holes (29,085 m) of previously drilled (not reported) and re-interpreted holes from the Macassa Mine in Kirkland Lake, Ontario. All the new holes were collared within two platforms located on the east portion of the 5300 Level, with 18 of the 19 new holes (8,760 m) being focused on confirmation and extension of the South Mine Complex (SMC) to the east.

Results from the drilling included 43.1 g/t gold over 2.1 metres from hole 53-4016, 31.0 g/t over 2.3 metres from hole 53-4052 and 16.4 g/t over 2.1 metres from hole 53-4088 which define a minimum 75-metre extension of the SMC complex east of the current resource as well as 19.3 g/t over 4.2 metres from hole 53-4086 located 25 metres to the south.

One of the new holes (762 m) was designed to test the Main Break below the Kirkland Minerals shaft near the east limit of previous drilling. The hole (53-4052) was highly successful, intersecting 141.1 g/t gold over 2.4 metres and 9.7 g/t over 2.0 metres near the 6,850 Level, 300 metres below the deepest level off the Kirkland Minerals shaft and 50 metres east of previous drilling .

Very importantly, the high-grade intersection is located within 650 metres of the company’s new #4 Shaft location (currently under development) and is believed to be part of a newly-identified corridor of high-grade mineralization 700 metres long and 300 metres high along the Main Break. The new corridor has been identified based on the results of new drilling as well as the interpretation of previously drilled but not reported holes along the Main Break on the Kirkland Minerals property, which is wholly owned by Kirkland Lake Gold. The corridor is located below the 5,850 Levels and extends between the new #4 Shaft location and hole 53-4052.

Additional key intercepts from the results being announced today include: 27.7 g/t gold over 2.1 metres from AB17-07W3, 19.7 g/t over 2.0 metres from hole AB15-130 and 18.5 g/t over 2.4 metres from hole 53- 3350. The corridor remains open along strike and to depth.

A new exploration drift being developed off the 5700 Level to provide access to the SMC East will be extended into the high-grade corridor in support of further exploration of this high-potential target area.

Tony Makuch, President and CEO of Kirkland Lake Gold, said, “We are extremely encouraged by the exploration results being announced today, which include the continued expansion of the SMC as well as the identification of a large area of high-grade mineralization along the historic Main Break located in close proximity to the location of our new #4 Shaft (currently under development). We have a truly unique and very exciting opportunity at Macassa to add substantial new mineral resources and, ultimately, mineral reserves through the continued growth of the SMC, the identification of high-grade mineralization along the largely unexplored Amalgamated Break, and also by drilling along the Main Break, which accounts for most of the 25 million ounces of historic production in the Kirkland Lake camp.

“While the resurgence of mining in Kirkland Lake over the last 10 – 15 years has been driven by the discovery and growth of the SMC, we have always recognized that the Main Break remains a highly-prospective target for additional exploration success and mineral resource growth. The fact that the new corridor of high-grade mineralization along the Main Break is located close to planned infrastructure adds significantly to the value creating potential of today’s results.” Exploration drilling at Macassa has temporarily ceased as part of the company’s COVID-19 health and safety protocols, which include the suspension of non-essential work. Upon the resumption of full operations at Macassa, exploration drilling will resume with up to six underground and surface drills.

Kirkland Lake Gold had production for the first quarter of 2020 of 330,864 ounces, an increase of 98,985 ounces or 43% from 231,879 ounces for the first quarter of 2019. Q1 2020 production included 91,555 ounces related to production in Q1 2020 from Detour Lake Mine following the company’s acquisition of Detour Gold Corp. on January 31, 2020.

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