Kirkland Lake Gold: Reserve and Resource Update

Kirkland Lake Gold: Reserve and Resource Update

Kirkland Lake Gold Inc. presents its annual gold reserve and resource estimates (now based on a December 31st year end) for its operations in Kirkland Lake, Ontario on both the historic Main Break and the Company’s high grade South Mine Complex (SMC) discovered in 2005 its high grade South Mine Complex.
 
During the months of May through December 2010, the Company concentrated its exploration efforts on expanding the SMC, replacing the ounces mined in the Main Break, and developing drill locations from which new exploration initiatives could be launched on both the SMC and the Main Break. During this period, the Company drilled 133,000 feet of underground drilling and 13,000 feet of surface drilling. This reserve and resource update is based on seven months of exploration drilling due to a change in year-end reserve date, and one month lost due to various logistical challenges and drill movements.
 
“Our exploration and development programs during the last 7 months of 2010 successfully advanced the SMC to a critical mass of 1.34 million ounces of gold with a further 723,000 ounces in the inferred category grading 0.79 opt. The Company’s exploration strategy remains to convert inferred resources to indicated status, test previously unexplored areas and replace all ounces mined in the Main Break and SMC,” said Company President, Brian Hinchcliffe. “Exploration efforts continued to generate additions to the reserve and resource base well in excess of 20,000 ounces per month including additional Main Break ounces that will likely be mined in the short term due to proximity to the #3 production shaft.”
 
Highlights of the Current Reserve and Resource Estimates
 
The highlights of the current reserve and resource estimates include:

  • Proven and probable reserves in the SMC increased by 5% and now stand at 1,030,000 tons at a grade of 0.74 ounces of gold per ton (opt) for a total of 758,000 ounces. Measured and indicated resources increased by 17% and now stand at 864,000 tons at a grade of 0.67 opt for a total of 578,000 ounces. Inferred resources increased by 7% to 911,000 tons at a grade of 0.79 opt or 723,000 ounces.
  • Proven and probable reserves for the entire mine now stand at 2,647,000 tons at a grade of 0.55 opt or 1,465,000 contained ounces. Measured and indicated resources now stand at 2,760,000 tons at a grade of 0.48 opt or 1,328,000 contained ounces. Inferred resources now stand at 1,740,000 tons at a grade of 0.60 opt or 1,043,000 contained ounces.
  • Exploration efforts in the Main Break targeted a replacing ounces mined were successful in replacing the 17,000 ounces mined during the same period. Exploration strategy in the Main Break areas includes the delineation of new resources proximal to current mining blocks.
  • New drilling platforms have been established to drill the Main Break from the 42, 45, 47, 50 and 53 levels. Drills have moved into most of these locations however the drill programs are still in their infancy. Most of the new platforms are located strategically to accommodate drilling from the hanging wall side of the Main Break to explore both the Main Break and the SMC.
  • Ramping commenced near calendar end above the 34 level to provide drill platforms to target the Main Break and hanging wall structures up to and above the 30 level.

 

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