NEW! Investment Companies Centre

Kirkland Lake Gold (KGI)

Sector:

Mining

Market Cap

£91.56m

Change Today

Price Unchanged0.000p ()

Share Price

165.00p

KL Gold: Drilling in the South Mine Complex Continues to Return High-Grade Intersections; Drill Hole 53-1028 Returns 4.14 Ounces of Gold Over 13.3 Feet on New Zone Related to Lower D North

KIRKLAND LAKE, ONTARIO--(Marketwire - Sept. 30, 2008) - Kirkland Lake Gold Inc. (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. Recent drilling has expanded the YYZ zone and intersected a new mineralized zone related to the Lower D North zone.

"We had been testing a portion of the central area of the South Mine Complex below the 5400 foot elevation and intersected two new mineralized zones located between the Lower D North and Lower D North Footwall Zones," said Stewart Carmichael, Chief Exploration Geologist. He added, "Further definition drilling in this complex area of the SMC will be required to verify geometry and continuity."

The highlights of this recent drilling include:

- Drill hole 53-1028 has intersected a new zone initially interpreted as being a 47 degree dipping footwall splay to the Lower D North zone. The drill hole returned 4.14 ounces of gold per ton (opt) uncut or 0.60 opt cut over a true width of 13.3 feet and included 55.08 opt over a true width of 0.9 feet. Drill hole 53-1121 intersected the same new zone 80 feet down-dip of hole 53-1028 and assayed 5.11 opt over a true width of 1.0 feet.

- This new zone appears to merge with the Lower D North at the -5430 elevation with the merger point indicated in drill hole 53-1035 which assayed 0.68 opt over a true width of 7.2 feet. A second zone is also present, located 25 to 30 feet below the above described mineralization has been intersected in drill holes 53-1027 (1.24 opt over 8.4 feet true width), 53-1122 (3.17 opt over a true width of 1.6 feet) and 53-1123 (3.46 opt over a true width of 1.6 feet).

- Three new intersections on the YYZ zone have been returned, including drill hole 53-1030 which assayed 5.05 opt (uncut) or 1.72 opt (cut) over a true width of 7.4 feet which included 6.17 opt over a true width of 1.5 feet and 7.23 opt over a true width of 1.5 feet. This intersection is located 140 feet up-dip of previously released drill hole 53-482 which assayed 9.60 opt over a core length of 10.7 feet and included 41.08 opt over a core length of 2.1 feet (see press release dated October 3, 2006). The strike length of this zone has been extended to 400 feet, centered at the -5400 foot elevation and remains open to the east and up-dip to the -5300 level.


The following table summarizes the latest drilling program. (Imperial
values)

---------------------------------------------------------------------------
                                     HOLE
DRILL               FROM     TO       DIP   AZIMUTH  ASSAY
HOLE No. ZONE      (feet) (feet) (degrees) (degrees) (oz per ton/feet)
---------------------------------------------------------------------------
53-1028  New Zone  668.1  682.7       -24       313  4.14/14.6' CL equals
                                                     13.3' TW, uncut
                                                     0.60/14.6' CL equals
                                                     13.3' TW, cut
         Incl.     668.1  669.1                      55.08/1.0' CL equals
                                                     0.9' TW, VG, tell
         and       676.4  677.5                      2.59/1.1'CL equals
                                                     1.0' TW
         New Zone  707.0  711.9                      0.47/4.9' CL equals
                                                     4.5' TW
---------------------------------------------------------------------------
53-1036  YYZ (?)   597.9  606.6       -14       324  0.52/8.7' CL equals
                                                     5.5' TW
         Incl.     604.7  606.6                      1.49/1.9' CL equals
                                                     1.2' TW
         New       698.0  702.7                      2.07/4.7' CL equals
                                                     TW unknown, uncut
                                                     1.03/4.7' CL equals
                                                     TW unknown, cut
         Incl.     701.7  702.7                      8.43/1.0' CL equals
                                                     TW unknown, VG
         Lower D   719.4  724.7                      0.33/5.3' CL equals
         North                                       3.3' TW, VG
         New Zone  759.8  760.8                      1.18/1.0' CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1123  New Zone  730.0  731.7       -31       303  3.46/1.7' CL equals
                                                     1.6' TW
---------------------------------------------------------------------------
53-1027  New Zone  718.5  727.5       -24       303  1.24/9.0' CL equals
                                                     8.4' TW, uncut
                                                     0.51/9.0' CL equals
                                                     8.4' TW, cut
         Incl.     718.5  719.5                      10.18/1.0' CL equals
                                                     0.9' TW, VG, tell
         and       725.0  727.5                      0.45/2.5' CL equals
                                                     2.3' TW
         New Zone  734.4  738.4                      0.40/4.0' CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1121  New Zone  637.4  638.4       -32       313  5.11/1.0' CL equals
                                                     1.0' TW, VG
         New Zone  697.5  702.3                      0.15/4.8'CL equals
                                                     4.6' TW
---------------------------------------------------------------------------
53-1122  New Zone  738.0  739.7       -19       306  3.17/1.7' CL equals
                                                     1.6' TW, VG
         New Zone  766.5  767.5                      0.37/1.0' CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1120  New Zone  730.9  732.0       -19       313  0.35/1.1' CL equals
                                                     1.0' TW
---------------------------------------------------------------------------
53-1034  New Zone  757.2  759.8       -14       303  1.01/2.6' CL equals
                                                     2.2' TW
---------------------------------------------------------------------------
53-1035  Lower D   743.0  751.9       -14       313  0.63/8.9' CL equals
         North                                       7.2' TW
         Incl.     743.0  744.0                      1.58/1.0' CL equals
                                                     0.8' TW
         and       750.9  751.9                      2.36/1.0' CL equals
                                                     0.8' TW, VG
         New Zone  791.5  794.3                      0.36/2.8' CL equals
                                                     2.4' TW
---------------------------------------------------------------------------
53-1030  YYZ       867.2  879.2       -11       280  3.05/12.0' CL equals
                                                     7.4' TW, uncut
                                                     1.72/12.0' CL equals
                                                     7.4' TW, cut
         Incl.     872.5  875.0                      6.17/2.5' CL equals
                                                     1.5' TW, VG
         and       876.7  879.2                      7.23/2.5' CL equals
                                                     1.5' TW, VG
---------------------------------------------------------------------------
53-1031  YYZ       826.2  828.0       -12       284  1.23/1.8' CL equals
                                                     1.2' TW
         Lower D   886.7  887.7                      0.41/1.0' CL equals
         North                                       0.7' TW
---------------------------------------------------------------------------
53-1144  YYZ       863.0  869.0        -7       306  0.61/6.0' CL equals
                                                     4.4' TW
         Incl.     867.0  869.0                      1.41/2.0' CL equals
                                                     1.5' TW
---------------------------------------------------------------------------

TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT equals cut to 3.5 opt


The following table summarizes the latest drilling program results. (Metric
values)

---------------------------------------------------------------------------
                                     HOLE
DRILL               FROM     TO       DIP   AZIMUTH  ASSAY
HOLE No. ZONE         (m)    (m) (degrees) (degrees) (grams per tonne/m)
---------------------------------------------------------------------------
53-1028  New Zone  203.7  208.1       -24       313  141.94/4.4m CL equals
                                                     4.1m TW, uncut
                                                     20.57/4.4m CL equals
                                                     4.1m TW, cut
         Incl.     203.7  204.0                      1,888.47/0.3m CL
                                                     equals 0.3m TW, VG
         and       206.2  206.6                      88.80/0.4mCL equals
                                                     0.3m TW
         New Zone  215.5  217.0                      16.11/1.5m CL equals
                                                     1.4m TW
---------------------------------------------------------------------------
53-1036  YYZ (?)   182.3  184.9       -14       324  17.83/2.6m CL equals
                                                     1.7m TW
         Incl.     184.4  184.9                      51.09/0.5m CL equals
                                                     0.4m TW
         New       212.8  214.2                      70.97/1.4m CL equals
                                                     TW unknown uncut
                                                     35.31/1.4m CL equals
                                                     TW unknown, cut
         Incl.     213.9  214.2                      289.03/0.3m CL equals
                                                     TW unknown, VG
         Lower D   219.3  220.9                      11.31/1.6m CL equals
         North                                       1.0m TW, VG
         New Zone  231.6  232.0                      40.46/0.4m CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1123  New Zone  222.6  223.1       -31       303  118.63/0.5m CL equals
                                                     0.5m TW
---------------------------------------------------------------------------
53-1027  New Zone  219.1  221.8       -24       303  42.51/2.7m CL equals
                                                     2.6m TW, uncut
                                                     17.48/2.7m CL equals
                                                     2.6m TW, cut
         Incl.     219.1  219.4                      340.03/0.3m CL equals
                                                     0.3m TW, VG
         and       221.0  221.8                      15.43/0.8m CL equals
                                                     0.7m TW
         New Zone  223.9  225.1                      13.71/1.2m CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1121  New Zone  194.3  194.6       -32       313  175.20/0.3m CL equals
                                                     0.3m TW, VG
         New Zone  212.6  214.1                      5.14/1.5m CL equals
                                                     1.4m TW
---------------------------------------------------------------------------
53-1122  New Zone  225.0  225.5       -19       306  108.69/0.5m CL equals
                                                     0.5m TW, VG
         New Zone  233.7  234.0                      12.69/0.3m CL equals
                                                     TW unknown
---------------------------------------------------------------------------
53-1120  New Zone  222.8  223.2       -19       313  12.00/0.4m CL equals
                                                     0.3m TW
---------------------------------------------------------------------------
53-1034  New Zone  230.9  231.6       -14       303  34.63/0.7m CL equals
                                                     0.7m TW
---------------------------------------------------------------------------
53-1035  Lower D   226.5  229.2       -14       313  21.60/2.7m CL equals
         North                                       2.2m TW
         Incl.     226.5  226.8                      54.17/0.3m CL equals
                                                     0.2m TW
         and       228.9  229.2                      80.91/0.3m CL equals
                                                     0.2m TW, VG
         New Zone  241.3  242.2                      12.34/0.9m CL equals
                                                     0.7m TW
---------------------------------------------------------------------------
53-1030  YYZ       264.4  268.0       -11       280  104.57/3.6m CL equals
                                                     2.3m TW, uncut
                                                     58.97/3.6m CL equals
                                                     2.3m TW, cut
         Incl.     266.0  266.8                      211.54/0.8m CL equals
                                                     0.5m TW, VG
         and       267.3  268.0                      247.89/0.7m CL equals
                                                     0.5m TW, VG
---------------------------------------------------------------------------
53-1031  YYZ       251.9  252.4       -12       284  42.17/0.5m CL equals
                                                     0.4m TW
         Lower D   270.3  270.6                      14.06/0.3m CL equals
         North                                       0.2m TW
---------------------------------------------------------------------------
53-1144  YYZ       263.1  264.9        -7       306  20.91/1.8m CL equals
                                                     1.3m TW
         Incl.     264.3  264.9                      48.34/0.6m CL equals
                                                     0.5m TW
---------------------------------------------------------------------------

TW equals True Width
CL equals Core Length
VG equals Visible Gold
TELL equals Tellurides
CUT equals cut to 120.0 gms/tonne



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, 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 kilometres between the Macassa Mine on the west and Wright Hargreaves on the east and, for the first time, are being 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', Stewart Carmichael P.Geo., the Company's Chief Exploration Geologist, for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators). Mr. Carmichael also supervised the preparation of the information that forms the basis of the technical disclosure in this release.

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 one half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario, Polymet Resources Inc. in Cobalt, 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 and rejects at alternate certified labs. 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 Macassa Mine Property is the subject of reserve reports prepared by Glenn R. Clark, P.Eng., entitled:

- Review of Resources and Reserves of the New South Mine Complex, Macassa Mine, Kirkland Lake, Ontario dated August 25, 2007.

- Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario dated July 15, 2008.

Both of these technical reports have been filed on SEDAR (www.sedar.com).

Cautionary Note Regarding Forward Looking Statements

This Press Release may contain statements which constitute 'forward-looking', including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

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.

© 2007 - Marketwire

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).