Kirkland Lake Gold Inc.: 43.37 Ounces of Gold Over 10.4 Feet in New Zone in SMC,
posted on
May 31, 2008 05:17PM
KGI is an operating and exploration gold Company in Kirkland Lake, Ontario which is located in the Lower Abitibi Greenstone belt in northeastern Ontario.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2008) - Kirkland Lake Gold Inc. (the "Company") (TSX:KGI)(AIM:KGI) is pleased to announce an update on exploration drilling testing in the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones. Exploration drilling continues to extend previously defined mineralization and intersect new zones.
"These intercepts represent some of the highest grade results yet encountered since the discovery of the SMC four years ago, and the 344 ounce assay over the one foot interval is the highest drill hole assay in the Camp's history, easily surpassing the previous record of 181 opt over 1.0 feet on the Lower D North in drill hole 50-740 reported by the Company in September 6, 2006," said Stewart Carmichael, Chief Exploration Geologist. He added, "This zone likely correlates with drill hole 53-1070 located 70 feet west which assayed 15.3 ounces of gold over a core length of 2.3 feet."
"From a production point of view, this new zone is situated at the 5300 horizon and only 150 away from existing mine infrastructure. It is also 40 feet above the LK zone whose discovery four years ago by the Company included an assay of 102 ounces over 1.5 feet," commented Steve Gray, Chief Production Geologist. "Even without the 344 ounce interval, this intersection would grade better than 10 ounces per ton."
The highlights of this recent drilling include:
- Drill Hole 53-1071 intersected the new zone at the 5300 foot elevation and assayed 43.37 ounces of gold per ton (opt) over 10.4 feet, including 26.45 opt over 3.3 feet, 344.4 opt over 1.0 feet, 3.41 opt over 2.1 feet and 5.54 opt over 2.0 feet. A second zone located nine feet further down the hole assayed 1.05 opt over 4.8 feet. The true width of the zone cannot be calculated until section drilling is completed to ascertain the dip.
- The new zone is characterised by quartz veining and flooding mineralized with visible gold and coarse tellurides. A controlling break structure marks the foot wall contact of the zone.
- The new zone is initially interpreted to be a hangingwall zone to the New South Zone, likely roughly parallel in geometry. It occurs approximately 90 feet above the New South Zone and approximately 40 feet above the LK Zone. The LK Zone was discovered by the Company in 2004 with drill hole 45-911A assaying 102.46 opt over a core length of 1.5 feet (see the Company's press release dated September 20, 2004). The latest intersection is located approximately 150 south of the 5304 New South Zone drift and at the same elevation as the drift.
- Drill hole 53-1070 intersected 15.32 opt over 2.3 feet and an additional new zone was intersected 40 feet further down the hole and assayed 15.13 opt over 1.0 feet. The first intersection appears to correlate with the 43.37 opt over 10.4 feet in Hole 53-1071. (see figure 1: http://media3.marketwire.com/docs/ki... )
The figures referred to in this release may be viewed at the Company's website at www.klgold.com and will provide context to the above statements.
The following table summarizes the latest drilling program. (Imperial
values)
---------------------------------------------------------------------------
DRILL HOLE
HOLE FROM TO DIP AZIMUTH ASSAY
No. ZONE (feet) (feet) (degrees) (degrees) (oz per ton/feet)
---------------------------------------------------------------------------
53-1071 New 477.6 488.0 0 033 43.37/10.4' CL equals
??' TW, Uncut
2.91/10.4' CL equals
??' TW, Cut(i)
Incl. 477.6 480.9 26.45/3.3' CL equals
??TW, VG,Tell
and 480.9 481.9 344.40/1.0' CL equals
??' TW,VG
and 482.9 485.0 3.41/2.1' CL equals
??' TW
and 485.0 487.0 5.54/2.0' CL equals
??' TW, VG
New 497.4 502.2 1.05/4.8' CL equals
??' TW, VG
Incl. 500.5 502.2 2.09/1.7' CL equals
??' TW(ii)
---------------------------------------------------------------------------
53-1070 New 426.7 429.0 0 028 15.32/2.3' CL equals
??' TW, VG, Tell
3.50/2.3' CL equals
??' TW, Cut(i)
New 469.0 470.0 15.13/1.0' CL equals
??' TW, VG
---------------------------------------------------------------------------
TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT(i) equals cut to 3.5 opt
The following table summarizes the latest drilling program results. (Metric
values)
---------------------------------------------------------------------------
DRILL HOLE
HOLE FROM TO DIP AZIMUTH ASSAY
No. ZONE (m) (m) (degrees) (degrees) (grams per tonne/m)
---------------------------------------------------------------------------
53-1071 New 145.6 148.8 0 033 1,487.0/3.2m CL
equals ??TW, Uncut
99.8/3.2m CL equals
??TW, Cut(i)
Incl. 145.6 146.6 906.7/1.0m CL equals
??TW, VG, Tell
and 146.6 146.9 11,808.1/0.3m CL
equals ?? TW, VG
and 147.2 147.9 116.9/0.7m CL equals
?? TW
and 147.9 148.5 189.9/0.6m CL equals
?? TW, VG
New 151.6 153.1 36.0/1.5m CL equals
?? TW, VG
Incl. 152.6 153.1 71.7/1.5m CL equals
?? TW
---------------------------------------------------------------------------
53-1070 New 130.1 130.8 0 028 525.3/0.7m CL equals
?? TW, VG, Tell
New 143.0 143.3 518.8/0.3m CL equals
?? TW, VG
---------------------------------------------------------------------------
TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT(i) equals cut to 120.0 grams/tonne
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.