08:35 AM EDT, 08/11/2017 (MT Newswires) -- Kirkland Lake Gold (KL.TO) -- shy of a year high $13.31 -- on Friday reported new exploration drill results from surface drilling located east of the Taylor Mine in Northeast Ontario and along the prolific Porcupine Destor Fault.

In a statement, the company reported that recent drilling occurred along the hanging wall of the fault, where high-grade gold mineralization has been intersected up to 1.8 km east of the Shaft Deposit, and up dip of the 1004 Deposit mineralization. Recent underground drilling of 14 holes for 2,500 m brings total underground drilling for 2017 to 31 holes in 9100 m.

Kirkland continues drilling to intersect high-grade gold-bearing quartz veins with visible gold at multiple locations east of the Shaft Deposit. Key intercepts included 38.0 g/t Au over 3.0 metres, 59.0 g/t Au over 0.6 m, 5.1 g/t Au over 4.4 m, 4.4 g/t over 6.2 m and 72.8 g/t Au over 1.3 m. Drilling 200 m east of the Shaft Deposit highlighted potential for near-term growth in mineral resources close to existing infrastructure. Underground drilling intersected gold mineralization approximately 7 m west of Shaft Deposit in target area between Shaft and West Porphyry deposits.

Chief Executive Officer Tony Makuch said: "After intersecting high-grade gold mineralization 1.8 km east of the Shaft Deposit earlier this year, we have concentrated our more recent drilling within that 1.8 km target area and today are reporting multiple high-grade intersections. These results continue to highlight the potential that exists to identify new deposits to the east of Taylor along the PDF."

Makuch added: "Based on recent drilling, we are increasingly confident that we can add to our mineral resource and reserves in and around the Shaft Deposit, as well as the East and West Porphyry deposits, all areas located near existing infrastructure. Currently, we have three surface drills and one underground drill in operation as we continue our work to demonstrate the expansion potential and high-grade nature of the Taylor Deposit."

Shares on Thursday rose 1.5% to $13.25 apiece.

Price: 13.25, Change: 0, Percent Change: 0