Kirkland Lake Gold Intersects Exceptional Gold Grades at Macassa Near Contact of South Mine Complex and Amalgamated Break

•   Drilling   to test south margin of South Mine   C   omplex ("SMC")   intersects high-grade mineralization   outside of current Mineral Reserves   near contact with Amalgamated Break  
 

•   Drilling on   Lower SMC ("LSMC")   confirms and expands mineralization   along west margin of current   Mineral R   esource  
 

•   Drilling on Amalgamated   Zone   intersects high grades with infill and expansion drilling   near current west limit of   Mineral Resource  
 

 
1. True widths o   f   drill results being reported are not known at this time   .  

Kirkland Lake Gold Ltd. ("Kirkland Lake Gold" or the " Company ") (TSX:KL) (NYSE:KL) (ASX:KLA) today reported new drill results from 135 holes (47,683 m) of underground exploration drilling from the Macassa Mine in Kirkland Lake, Ontario. Holes in the program were completed from platforms located on the 5300, 5600 and 5700 levels and designed mainly to confirm and extend resources within the SMC, LSMC and Amalgamated zones. Resources within the Amalgamated Zone consist of a series of mineralized lenses first identified by drilling in 2019 which are located on the south side of the SMC and adjacent to the Amalgamated Break.

Tony Makuch, President and CEO of Kirkland Lake Gold, commented: "Today's results are encouraging as they support our view that there is substantial exploration potential in areas where the dip of the SMC approaches the contact with mineralized zones stacked vertically along the Amalgamated Break. These are separate areas of gold mineralization coming together, which is very interesting, and what we are seeing are some extremely high-grade intersections. The results today also continue to expand the mineralization at depth in the LSMC and identify new areas of high-grade mineralization along the Amalgamated Break, further increasing our confidence that there are new Mineral Reserves to be discovered as we drill along the Break through the Kirkland Lake camp. The new intersections being reported around the SMC and along the Amalgamated Break complement the results we issued in April that identified a large corridor of high-grade mineralization in close proximity to the #4 Shaft location, located at depth along the Main Break below the former mine workings on the Kirkland Minerals property. In combination, our drilling at Macassa this year has been successful in all three key areas of our exploration program: continuing to grow and expand the SMC, confirming the considerable exploration potential of the Amalgamated Break and demonstrating that there are significant ounces yet to be discovered, and mine life to be added, along the historic Main/'04 Break."

One of the holes (427 m) completed during the program (57-992) was collared in a platform on the north side of the 5700 Level and drilled in a southwesterly direction to test the margin of the SMC (see Figures 1 and 2). The hole was highly successful intersecting 253   .7   gpt   over 14.   5   m   ,   including   1,572.9   gpt   over 0.6 m, 1,3   1   3.5   gpt   over 0.3 m   and 1,   265.1   gpt   over 0.   6   m near the planned target location and slightly below the current Mineral Reserve for the SMC. The new intercept is also located between 9 and 39 m west of three previously unreported intercepts from the SMC including 101.1   gpt   over 4.1 m   from   57-704   ,   100.1   gpt   over 2.0 m   from   57-689 and 37.   7   gpt   over 3.6 m   from   57-703 , as well as four additional high-grade intercepts located immediately north of the Amalgamated Break. One of these four Amalgamated Zone intercepts is a new result and included 68.2   gpt   over 2.3 m   from   53-3053   , while the other three intercepts had been previously reported (see press release dated May 2, 2019) and included 429.1   gpt   over 3.3 m from 57-704, 164.8   gpt   over 3.0 m from 57-689 and 26.7   gpt   over 2.0 m from 57-703 . Current interpretations for this part of the mine suggest that the new and previously unreported intercepts occur where the shallow southward dipping SMC begins to intersect steeply north dipping zones adjacent to the Amalgamated Break resulting in a broad zone of alteration containing multiple high-grade structures containing between 1 and 5% pyrite and local visible gold. Due to the complexity of mineralization in the vicinity of new intercept, the true width cannot be definitively established at this time, but is estimated to be between 5 and 10 m. The area to the west and to depth of the new intersection remains open for testing for at least another 25 to 30 m.

A total of 54 of the new holes (22,204 m) of drilling from the new program were drilled northwards from platforms on the 5300 and 5700 levels and were designed to infill and expand inferred Mineral Resources near the west limit of the LSMC (Figure 3). Key intercepts from the drilling include 33.3   gpt   over 2.0 m   , including 177.6   gpt   over 0.4 m   ,   from   53-4114   , 32.1   gpt   over 2.0 m, 22.0   gpt   over 3.2 m and 20.2   gpt   over 2.0 m from 53-4116A,   31.8   gpt   over 2.0 m from 53-412   0   , 24.6   gpt   over 2.1 m from 53-4118,   and   19.3   gpt   over 3.2 m and 22.8   gpt   over 2.0 m from 53-4162   , which are from holes targeting inferred Mineral Resources and untested gaps in drill information on the upper west side of the LSMC. Additional key intercepts from this area include 103.3   gpt   over 2.4 m   , including 542.0   gpt   over 0.3 m   ,   from 57-903   ,   58.9   gpt   over 2.2 m from 57-879   ,   49.5   gpt   over 4.3   m   , including 164.9   gpt   over 1.2 m   ,   from hole 57-975   and 41.2   gpt   over 2.0 m   and 38.0   gpt   over 2.1 m from 57-976   . These intersections are from holes designed to infill and expand inferred Mineral Resources on the lower west portion of the LSMC structure. Considering the results achieved and the fact that the area immediately to the west of the new holes remains largely untested, the potential to add new Mineral Resources with further drilling is considered excellent.

An additional 80 holes (47,688 m) of drilling from the new program were drilled southwards from platforms on the 5300, 5600 and 5700 levels to confirm and expand current inferred Mineral Resources within the Amalgamated Zone near the current west limit on the 5300 Level (Figure 4). Significant results from the drilling include 11.0   gpt   over 2.4 m from 53-4040   , which was drilled near the top of the current Mineral Resource, as well as 210.4   gpt   over 8.2 m, including 463.0   gpt   over 3.7 m   ,   from 53-4033, 52.9   gpt   over 2.0 m, including 172.3   gpt   over 0.6 m   ,   from 53-4041 and 35.4   gpt   over 2.0 m from 53-4045   , which were drilled 50 to 60 m up dip.

Additional significant results include 48.2   gpt   over 2.0 m, including 317.6   gpt   over 0.3 m   ,   from 57-900, 20.2   gpt   over 2.1   m from 57-902, 13.5   gpt   over 3.0 m from 57-895   and 13.2   gpt   over   2.0 m from   57-975   , which were drilled mainly to infill an untested gap in the east part of the current inferred Mineral Resource, as well as 8.3   gpt   over 9.0 m from 56-777, 14.4   gpt   over 2.4 m from 53-4027 and 12.9   gpt   over 2.0 m from 53-4039   , which were drilled near the west edge of the current Mineral Resource and extending mineralization by another 25 m.

Based on the latest results, and the large areas remaining to be tested along strike and dip, the potential to identify new areas of high-grade mineralization along the Amalgamated Break remains excellent.

Exploration drilling at Macassa is currently continuing with nine drills underground and one drill on surface. Drilling over the balance of the year will remain focused on testing the SMC and Amalgamated Zones .  

   Qualified Person   

The Company's exploration programs at Macassa are conducted under the supervision of Eric Kallio, P.Geo., Senior Vice President, Exploration. Eric Kallio is the ‘qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and has reviewed and approved the scientific and technical information in this news release.

   QA/QC Controls   

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 best practices. The drill core is sawn in half with one half of the core samples shipped to Swastika Laboratories in Swastika, Ontario. The other half of the core is retained for future assay verification. Other QA/QC includes the insertion of certified reference standards, 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.

   About Kirkland Lake Gold Ltd.   

Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold's solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management expertise.

For further information on Kirkland Lake Gold and to receive news releases by email, visit the website   www.klgold.com   .

   Cautionary Note Regarding Forward-Looking Information   

This Press Release contains statements which constitute "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company's business, including but not limited to; the continued exploration programs on the SMC and Amalgamated Break mineralization, the timing and results thereof; the ability to continue to expand the SMC and Amalgamated Break and to increase levels of resources and reserves as a result of such exploration programs and the anticipated timing thereof; the potential to increase the level of resources and reserves and potential conversion of mineral resources; the anticipated completion date of the #4 shaft and potential impact and benefits thereof; the amount of future production over any period; the anticipated overall impact of the Company's COVID 19 response plans including measures taken by the Company to reduce the spread of COVID 19; and assumptions made relating to operating cash costs based on forecasts and projections. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, the impact of COVID-19, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2019 and its filings for the quarterly period ended June 30, 2020, filed with the securities regulatory authorities in certain provinces of Canada and available 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 to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

   Cautionary Note to U.S. Investors - Mineral Reserve and Resource Estimates   

All references to Mineral Resources and Mineral Reserves included in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act.

In addition, the terms "Mineral Resource", "measured Mineral Resource", "indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve or is or will ever be economically or legally mineable or recovered.

  FOR FURTHER INFORMATION PLEASE CONTACT  

Anthony Makuch, President, Chief Executive Officer & Director
Phone: +1 416-840-7884
E-mail: tmakuch@kl.gold  

Mark Utting, Senior Vice President, Investor Relations
Phone: +1 416-840-7884
E-mail: mutting@kl.gold  

  Notes:  

1.   True   widths   are not   known   at   this   time.  
   
   
 

  *   Previously   reported   Intercept  
**   Previou   s   ly   unreported   Intercept  

Photos accompanying this announcement are available at

  https://www.globenewswire.com/NewsRoom/AttachmentNg/7bd9300f-4e22-45aa-b4a9-d8cc78723c49  

  https://www.globenewswire.com/NewsRoom/AttachmentNg/75ee8797-407b-42c6-817b-2e54258374b9  

  https://www.globenewswire.com/NewsRoom/AttachmentNg/e890c539-0210-4c56-8b16-2f0c53e4648c  

  https://www.globenewswire.com/NewsRoom/AttachmentNg/02ac5889-fe46-4c5b-9b7c-a76874af6d2d