Kirkland Lake drill results suggest high-grade corridor

Workers at Kirkland Lake Gold's Macassa project. Credit: Kirkland Lake Gold.Inside Kirkland Lake Gold's Macassa Mine Complex in Kirkland Lake, Ontario. Credit: Kirkland Lake Gold.

Kirkland Lake Gold (TSX: KL; NYSE: KL) has released the results of 19 drill holes, as well as assays for 15 historical unreported and reinterpreted holes from the Macassa mine in Kirkland Lake, Ontario.

These results expand the South Mine Complex (SMC) by at least 75 metres to the east of the current resource limits, and suggest a new corridor of high-grade mineralization at depth along the prospective Main Break structure, the company says.

Drill highlights include 2 metres of 43.1 grams gold per tonne, 2 metres of 31 grams gold per tonne and 4 metres of 19.3 grams gold per tonne from the eastern portion of the SMC. These were drilled from the 5,300 level at the mine and step-out the limits of the SMC mineralization.

The company completed an additional hole to test the Main Break structure below a historical shaft – this intercept returned 2 metres of 141.1 grams gold and 2 metres of 9.7 grams gold near the 6,850 level. This intersection, within 650 metres of the #4 shaft being developed, is interpreted as part of a new corridor of high-grade mineralization along the Main Break, which extends over a length of 700 metres and is 300 metres high. Reinterpretation of historical unreported holes supports this hypothesis, with intercepts such as 2 metres of 27.7 gram gold, 2 metres of 19.7 grams gold and 2 metres of 18.5 grams gold.

The newly identified corridor remains open with additional development planned into this high-grade zone ahead of follow-up exploration.

“We are extremely encouraged by the exploration results being announced today, which include the continued extension 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),” Tony Makuch, the company’s president and CEO, said in a news release.

“While the resurgence of mining in Kirkland Lake over the last 10 to 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.”

Makuch added that the Main Break has been the primary source of 25 million oz. historic gold production from the Kirkland Lake camp.

Exploration drilling at the Macassa mine has been temporarily suspended as a precautionary measure due to COVID-19, as part of the company’s suspension of non-essential work.

The first phase of the #4 shaft is expected to be completed in the second quarter of 2022, with phase two following after production starts on phase one.

Kirkland Lake Gold was trading at $56.58 per share at press time in Toronto. Over the last year, its shares have traded within a range of $25.67 and $67.88.

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