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Kirkland Lake Gold Ltd.
Summary
| Project: | Northern Territory Operations | |
|---|---|---|
| Deposit: | Union Reefs | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/5/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-11-2018: Kirkland Lake Gold Ltd. announces an Exploration/Drilling Update report for its Union Reefs deposit at the Northern Territory Operations project. Drilling results incl. 7.17m @ 8.9g/t Au from 168.8m. Toronto, Ontario – November 5, 2018 – Kirkla | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Owen Greenberger (Internal) | |
| ABSTRACT: | Toronto, Ontario – November 5, 2018 – Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced further exploration success at Union Reefs (“UR”) and the continued development advance into the Lantern Deposit at Cosmo Mine. UR is the location of the Company’s processing plant in the Northern Territory. Mining at the Cosmo Mine and processing operations at the UR Mill were suspended on June 30, 2017, with exploration drilling and development work since then focusing on establishing a five-year production plan that is sufficiently attractive to support a resumption of operations. At UR, new drilling is reported for 40 holes, comprising 30 diamond and 10 reverse circulation (“RC”) percussion holesfor a total of 15,192 m. The results successfully defined the continuation of Prospect Deposit (“Prospect”) to the south of the Prospect pit, discovered high-grade near-surface mineralization to the south of Lady Alice pit, and confirmed the down-plunge continuity of the Crosscourse Deposit (“Crosscourse”) mineralization. Mineralization was also identified at depth to the southern end of UR, where two holes intersected mineralization associated with the Lady Alice structural trend over a 250 m dip extent below the 320 m depth. The Lady Alice mineralization, approximately 250 m to the east of the identified Prospect Mineral Reserve (see December 31, 2016 Technical Report on the Mineral Resources and Mineral Reserves of The Northern Territory Operations, dated March 30, 2017 and filed on SEDAR), has the potential to be accessed from the planned Prospect underground ramp infrastructure at depth. The proposed underground infrastructure will be less than 100 m from the Lady Alice mineralization. Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “The new results at UR are encouraging, as they demonstrate the continuity of mineralization to the south of the Prospect Pit, and identify new areas of mineralization at the southern end of the UR land position. We are also making progress with underground drilling and development into the Lantern Deposit at Cosmo and are working towards commencing a bulk sampling program in the near future. The continued exploration success we are achieving at UR, as well as with underground drilling at the Lantern Deposit, is increasing our confidence that an attractive five-year mine plan can be established, which could leadto the resumption of operations in the Northern Territory in 2019.” | |
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