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25.11.2009
Kirkland Lake Gold Inc. and Queenston Mining Inc.: New High Grade Mineralization on South Claims JV
Kirkland Lake Gold Inc. and Queenston Mining Inc.: New High Grade Mineralization on South Claims JV
Drill Hole 53-1364 Returns 5.12 Ounces of Gold per Ton Over 6.3 feet
November 24, 2009, Toronto, Ontario…. Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI)(AIM:KGI) and Queenston Mining Inc. ("Queenston") (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) are pleased to announce the results from the recently completed drilling on the jointly held (50%-50%) South Claims Joint Venture property within the South Mine Complex ("SMC") and the HM Joint Venture property, both located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario.
Five new diamond drill holes, from one of the various exploration programs conducted on the SMC, were completed from the KL Gold 5300 level drift along the South Claims boundary. Three of the four holes testing the New South Zone returned high grade intersections. A fifth hole was drilled to verify the location of a strong fault south of the 5300 level drift. Intersections from the underground drilling program include 5.12 ounces of gold per ton ("opt") uncut (3.95 opt cut) over a true width of 6.3 feet, 5.11 opt uncut (3.92 opt cut) over a true width of 6.1 feet and 3.07 opt uncut (2.76 opt cut) over a true width of 3.6 feet.
In addition to the underground drilling program, the joint venture completed one pilot hole and three wedge holes from surface on the HM property. High-grade mineralization was intersected in three of the four holes including 1.36 opt over 5.0 feet in hole AK08-2W4, 0.25 opt over 41.1 feet in hole AK09-2W5 and 1.74 opt over 4.8 feet in hole AK09-2W6. These intersections occur between the -5825 and -6480 elevations. Although the intercepts are at elevations similar to the South Mine Complex to the west, it is too early to determine the relationship between the above intersections and the SMC.
"Drilling from the -5300 level at Macassa continues to return high grade gold mineralization," said Stewart Carmichael, KL Gold's Chief Exploration Geologist. He added, "This has been complemented by Queenston's surface drilling program which shows gold mineralization to be present east of the South Mine Complex."
Charles Page, President and CEO of Queenston commented, "The new holes from the underground drilling program have again displayed significant growth of the high-grade, South Mine Complex well into the Joint Venture property where it remains open. We are further pleased with the surface drilling results on adjacent HM property, where new zones of gold mineralization have been intersected some 1,000 to 1,300 feet east and on trend with the South Mine Complex."
Highlights of the current results:
• Drill hole 53-1366 intersected the New South Zone 100 feet down-dip of previously released drill hole 53-1203 representing both the furthest south intersection to date on the Joint Venture property as well as the deepest intersection to date at the -5755 elevation. Drill hole 53-1364 (5.12 opt over a true width of 6.3 feet) intersected the New South Zone 105 feet west of 53-1203 and 53-1365 (5.11 opt over a true width of 6.1 feet) intersected the New South Zone 125 feet east of 53-1203. (To see figure 1 please click on the following link: http://media3.marketwire.com/docs/1124kgi.jpg)
• Surface drill hole AK09-2W6 intersected a New Zone grading 1.74 opt over 4.8 feet on the HM joint venture property approximately 1,300 feet east and on trend of the existing mineral resource on the South Mine Complex.
• Additional underground drilling from the Macassa -5300 foot level along the Macassa-South Claims boundary is expected to begin later this year or early next year.
The figure referred to in this release may be viewed at KL Gold's and Queenston's websites, www.klgold.com or www.queenston.ca, and will provide context to the above statements. Figure 1 is a plan view showing the latest drilling results.
The following table summarizes the latest underground drilling results from the SMC in Imperial units: http://www.irw-press.com/dokumente/QMI_Table1_241109.pdf
The following table summarizes the latest surface drilling results from the HM property in Imperial units: http://www.irw-press.com/dokumente/QMI_Table2_241109.pdf
The following table summarizes the latest underground results from the SMC in Metric units: http://www.irw-press.com/dokumente/QMI_Table3_241109.pdf
The following table summarizes the latest surface drilling results from the HM property in Metric units: http://www.irw-press.com/dokumente/QMI_Table4_241109.pdf
The South Claims were purchased by KL Gold and Queenston in April of 2007 to cover the potential down-dip extension of the SMC. To date, the SMC has been outlined over a strike length 2,500 feet on the property holdings of KL Gold to the north and west of the South Claims (see KL Gold and Queenston press releases dated April 17, 2007). A joint venture was formed between KL Gold and Queenston in 2007 and an underground diamond drilling program commenced on the South Claims. In February, the joint venture drilling intersected the down-dip extension of the SMC on the property (see news releases dated February 13, 2008, November 18, 2008 and March 18, 2009).
An updated resource estimate for the South Claims joint venture was released July 15, 2009 outlining an indicated resource of 73,000 tons grading 1.24 opt and an inferred resource of 125,000 tons grading 1.23 opt. The reserves and resources were calculated by Glenn R. Clark, P.Eng. in a technical report entitled Review of Resources on South Claims Property, Kirkland Lake, Ontario dated July 17, 2009 and disclosed in Queenston's news release dated July 15, 2009, This report is available on SEDAR (www.sedar.com) under Queenston's filings.
The above resource estimates were also included as part of a broader report prepared for KL Gold dated July 16, 2009 entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario prepared by Glenn R. Clark, P. Eng. This report is available on SEDAR (www.sedar.com) under KL Gold's filings and was disclosed in a KL Gold news release dated July 15, 2009.
The HM property was purchased by KL Gold and Queenston in February 2009 to cover the potential eastern extension of the SMC (see KL Gold and Queenston press release dated February 12, 2009).
KL Gold's Cautionary Note Regarding NI 43-101
The disclosure attributed in this release to KL Gold has been reviewed, verified (including sampling, analytical and test data) and compiled by its geological staff, one of whom, Stewart Carmichael, P.Geo., KL Gold's Chief Exploration Geologist, is a 'qualified person' 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.
Queenston's Cautionary Note Regarding NI 43-101
The disclosure attributed in this release to Queenston has been reviewed, verified (including review of sampling, analytical and test data) and compiled by Frank Ploeger, P. Geo., a 'qualified person', for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. Mr. Ploeger also assisted in the preparation of the information that forms the basis of the technical disclosure in this release.
Quality Assurance & Control
KL Gold and Queenston have 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 half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to Polymet Resources Inc in Cobalt, Ontario. 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/rejects at alternate certified labs (Polymet Resources Inc., Swastika Laboratories). 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.
About Kirkland Lake Gold Inc.
Kirkland Lake Gold Inc. 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 Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
About Queenston Mining Inc.
Queenston maintains a significant land package in the Kirkland Lake gold camp containing 21 contiguous properties totalling approximately 14,000 hectares or 942 mineral claim units. The Company strategy is to return to producer status through the development of 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims and HM property and on its 100% owned AK property. Queenston is well financed with working capital in excess of $40 million and has an exploration budget for the balance of 2009 and all of 2010 of $17 million.
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 companies, and their directors, or officers with respect to the future business activities and operating performance of the companies. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the companies, 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 companies' 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 companies' 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 companies have 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 companies do not intend, and do 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.
For more information, please contact
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
705-567-5208
705-568-6444 (FAX)
bhinchcliffe@klgold.com
or
Kirkland Lake Gold Inc.
Scott Koyich
Investor Relations
403-215-5979
info@klgold.com
www.klgold.com
or
Pelham Public Relations
Chelsea Hayes
020 7737 6675
chelsea.hayes@pelhampr.com
or
NOMAD: Panmure Gordon (UK) Limited
Dominic Morley/Ashton Clanfield
+44 020 7459 3600
dominic.morley@panmure.com
or
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
guywilkes@oceanequities.co.uk
or
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
416-364-0001
or
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
416-364-0001
416-364-5098 (FAX)
or
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
416-577-9927
info@queenston.ca
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA74832E1088
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
Drill Hole 53-1364 Returns 5.12 Ounces of Gold per Ton Over 6.3 feet
November 24, 2009, Toronto, Ontario…. Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI)(AIM:KGI) and Queenston Mining Inc. ("Queenston") (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) are pleased to announce the results from the recently completed drilling on the jointly held (50%-50%) South Claims Joint Venture property within the South Mine Complex ("SMC") and the HM Joint Venture property, both located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario.
Five new diamond drill holes, from one of the various exploration programs conducted on the SMC, were completed from the KL Gold 5300 level drift along the South Claims boundary. Three of the four holes testing the New South Zone returned high grade intersections. A fifth hole was drilled to verify the location of a strong fault south of the 5300 level drift. Intersections from the underground drilling program include 5.12 ounces of gold per ton ("opt") uncut (3.95 opt cut) over a true width of 6.3 feet, 5.11 opt uncut (3.92 opt cut) over a true width of 6.1 feet and 3.07 opt uncut (2.76 opt cut) over a true width of 3.6 feet.
In addition to the underground drilling program, the joint venture completed one pilot hole and three wedge holes from surface on the HM property. High-grade mineralization was intersected in three of the four holes including 1.36 opt over 5.0 feet in hole AK08-2W4, 0.25 opt over 41.1 feet in hole AK09-2W5 and 1.74 opt over 4.8 feet in hole AK09-2W6. These intersections occur between the -5825 and -6480 elevations. Although the intercepts are at elevations similar to the South Mine Complex to the west, it is too early to determine the relationship between the above intersections and the SMC.
"Drilling from the -5300 level at Macassa continues to return high grade gold mineralization," said Stewart Carmichael, KL Gold's Chief Exploration Geologist. He added, "This has been complemented by Queenston's surface drilling program which shows gold mineralization to be present east of the South Mine Complex."
Charles Page, President and CEO of Queenston commented, "The new holes from the underground drilling program have again displayed significant growth of the high-grade, South Mine Complex well into the Joint Venture property where it remains open. We are further pleased with the surface drilling results on adjacent HM property, where new zones of gold mineralization have been intersected some 1,000 to 1,300 feet east and on trend with the South Mine Complex."
Highlights of the current results:
• Drill hole 53-1366 intersected the New South Zone 100 feet down-dip of previously released drill hole 53-1203 representing both the furthest south intersection to date on the Joint Venture property as well as the deepest intersection to date at the -5755 elevation. Drill hole 53-1364 (5.12 opt over a true width of 6.3 feet) intersected the New South Zone 105 feet west of 53-1203 and 53-1365 (5.11 opt over a true width of 6.1 feet) intersected the New South Zone 125 feet east of 53-1203. (To see figure 1 please click on the following link: http://media3.marketwire.com/docs/1124kgi.jpg)
• Surface drill hole AK09-2W6 intersected a New Zone grading 1.74 opt over 4.8 feet on the HM joint venture property approximately 1,300 feet east and on trend of the existing mineral resource on the South Mine Complex.
• Additional underground drilling from the Macassa -5300 foot level along the Macassa-South Claims boundary is expected to begin later this year or early next year.
The figure referred to in this release may be viewed at KL Gold's and Queenston's websites, www.klgold.com or www.queenston.ca, and will provide context to the above statements. Figure 1 is a plan view showing the latest drilling results.
The following table summarizes the latest underground drilling results from the SMC in Imperial units: http://www.irw-press.com/dokumente/QMI_Table1_241109.pdf
The following table summarizes the latest surface drilling results from the HM property in Imperial units: http://www.irw-press.com/dokumente/QMI_Table2_241109.pdf
The following table summarizes the latest underground results from the SMC in Metric units: http://www.irw-press.com/dokumente/QMI_Table3_241109.pdf
The following table summarizes the latest surface drilling results from the HM property in Metric units: http://www.irw-press.com/dokumente/QMI_Table4_241109.pdf
The South Claims were purchased by KL Gold and Queenston in April of 2007 to cover the potential down-dip extension of the SMC. To date, the SMC has been outlined over a strike length 2,500 feet on the property holdings of KL Gold to the north and west of the South Claims (see KL Gold and Queenston press releases dated April 17, 2007). A joint venture was formed between KL Gold and Queenston in 2007 and an underground diamond drilling program commenced on the South Claims. In February, the joint venture drilling intersected the down-dip extension of the SMC on the property (see news releases dated February 13, 2008, November 18, 2008 and March 18, 2009).
An updated resource estimate for the South Claims joint venture was released July 15, 2009 outlining an indicated resource of 73,000 tons grading 1.24 opt and an inferred resource of 125,000 tons grading 1.23 opt. The reserves and resources were calculated by Glenn R. Clark, P.Eng. in a technical report entitled Review of Resources on South Claims Property, Kirkland Lake, Ontario dated July 17, 2009 and disclosed in Queenston's news release dated July 15, 2009, This report is available on SEDAR (www.sedar.com) under Queenston's filings.
The above resource estimates were also included as part of a broader report prepared for KL Gold dated July 16, 2009 entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario prepared by Glenn R. Clark, P. Eng. This report is available on SEDAR (www.sedar.com) under KL Gold's filings and was disclosed in a KL Gold news release dated July 15, 2009.
The HM property was purchased by KL Gold and Queenston in February 2009 to cover the potential eastern extension of the SMC (see KL Gold and Queenston press release dated February 12, 2009).
KL Gold's Cautionary Note Regarding NI 43-101
The disclosure attributed in this release to KL Gold has been reviewed, verified (including sampling, analytical and test data) and compiled by its geological staff, one of whom, Stewart Carmichael, P.Geo., KL Gold's Chief Exploration Geologist, is a 'qualified person' 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.
Queenston's Cautionary Note Regarding NI 43-101
The disclosure attributed in this release to Queenston has been reviewed, verified (including review of sampling, analytical and test data) and compiled by Frank Ploeger, P. Geo., a 'qualified person', for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. Mr. Ploeger also assisted in the preparation of the information that forms the basis of the technical disclosure in this release.
Quality Assurance & Control
KL Gold and Queenston have 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 half of the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to Polymet Resources Inc in Cobalt, Ontario. 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/rejects at alternate certified labs (Polymet Resources Inc., Swastika Laboratories). 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.
About Kirkland Lake Gold Inc.
Kirkland Lake Gold Inc. 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 Southern Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
About Queenston Mining Inc.
Queenston maintains a significant land package in the Kirkland Lake gold camp containing 21 contiguous properties totalling approximately 14,000 hectares or 942 mineral claim units. The Company strategy is to return to producer status through the development of 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims and HM property and on its 100% owned AK property. Queenston is well financed with working capital in excess of $40 million and has an exploration budget for the balance of 2009 and all of 2010 of $17 million.
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 companies, and their directors, or officers with respect to the future business activities and operating performance of the companies. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the companies, 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 companies' 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 companies' 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 companies have 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 companies do not intend, and do 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.
For more information, please contact
Kirkland Lake Gold Inc.
Brian Hinchcliffe
President
705-567-5208
705-568-6444 (FAX)
bhinchcliffe@klgold.com
or
Kirkland Lake Gold Inc.
Scott Koyich
Investor Relations
403-215-5979
info@klgold.com
www.klgold.com
or
Pelham Public Relations
Chelsea Hayes
020 7737 6675
chelsea.hayes@pelhampr.com
or
NOMAD: Panmure Gordon (UK) Limited
Dominic Morley/Ashton Clanfield
+44 020 7459 3600
dominic.morley@panmure.com
or
Ocean Equities Ltd.
Guy Wilkes
+44 207 786 4370
guywilkes@oceanequities.co.uk
or
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
416-364-0001
or
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
416-364-0001
416-364-5098 (FAX)
or
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
416-577-9927
info@queenston.ca
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA74832E1088
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.