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Kirkland Lake reports bonanza intercepts at Macassa

Toronto-headquartered Kirkland Lake Gold has intercepted high-grade gold with underground drilling in the South Mine Complex (SMC) at the Macassa mine in Ontario.
Kirkland Lake reports bonanza intercepts at Macassa Kirkland Lake reports bonanza intercepts at Macassa Kirkland Lake reports bonanza intercepts at Macassa Kirkland Lake reports bonanza intercepts at Macassa Kirkland Lake reports bonanza intercepts at Macassa

Kirkland Lake has encountered bonanza grades at the Macassa mine

Staff Reporter

The company reported several high-grade intercepts of more than 400g/t, including one bonanza intercept of 4,772.2g/t over a 2m core length.

The results stem from a 30,000m drill campaign over 73 holes underground, from the east and west exploration drifts on the 5,300-foot level, as well as from the 5,700 level ramp development.

"Today's results highlight what we have often said, that while it is a historic mine, Macassa is a modern operation, with high-grade, low-cost production and substantial exploration potential that will support mining well into the future," CEO Tony Makuch said.

He noted early drilling in 2019 had successfully identified high-grade mineralisation to the east, west and well below the existing mineral resource base in the SMC.

The SMC is the first major high-grade zone discovered that is associated with the Amalgamated Break, and Kirkland Lake is confident there could be "many more". "\

In fact, with limited drilling, we have already identified two new areas of high-grade mineralisation along the Break near our current mining operations," Makuch said.

Underground drilling from the 5,300 level and 5,700 ramp will continue throughout the remainder of 2019. "We will follow up on these results over the balance of this year and plan to expand our exploration efforts going forward," said Makuch.

The company's Toronto-listed equity (TSX:KL) closed 2.44% lower Thursday at C$41.66 (US$30.94), which capitalises the company at $8.75 billion. The stock is up 21% in the year to date, lifting the dividend-flowing company's 12-month gain past 80%.