Kirkland Lake Discoveries Announces Phase 1 Drilling Completion and Provides Exploration Update

TORONTO--(BUSINESS WIRE)--Sep 7, 2023--

Kirkland Lake Discoveries Corp. (TSX-V - KLDC) (“Kirkland Lake Discoveries” or the “Company”) is pleased to announce that the Phase 1 drill program has been completed safely and efficiently at the Kirkland Lake Project. A total of nine drill holes (2,991m) were drilled on the Goodfish-Kirana property completing the first of three drill phases previously announced in the July 20, 2023 Press Release.

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Figure 1 - Geological and structural interpretation of the Hurricane target by ALS Goldspot. (Photo: Business Wire)

Phase 1 drilling focused on regional targets along the east-west trending Kirana Deformation Zone defined by coincident intersecting northwest structures, IP chargeability anomalies, and known gold mineralization at shallow depths. Two holes were also completed on the Jo Zone to investigate recent high-grade assays in the hanging-wall, where drilling in 2021 reported 155 g/t Au over 0.75m and 72 g/t Au over 0.50m.

Drill holes KLD23-08 and KLD23-09 were planned as significant down-dip step-outs to test the Jo Zone shear structure and previous high-grade intersections in the hanging-wall (Table 1). Both drill holes successfully intersected the primary shear zone. Assays are pending.

Table 1 - Phase 1 drill holes location, orientation, and total depth.

"This drill program was planned through a meticulous targeting exercise incorporating all the exploration tools deployed over the Goodfish-Kirana claim package over the last ten years. The Kirana Deformation Zone, a second-order structure of the Larder Lake Cadillac Deformation Zone, remains a target of high merit. Initial observations indicate the presence of sulphide mineralization, alteration, and shearing at the targeted intervals,” stated Danièle Spethmann, President and CEO of Kirkland Lake Discoveries.

The last samples of the Phase 1 drill program will be submitted for analyses by early September with results expected mid-October.

Regional Exploration Update

The analysis of the high-resolution airborne magnetic geophysical survey on the Lucky Strike property (see July 13, 2023 Press Release ) has been finalized by ALS GoldSpot. The result of the interpretative work has enhanced the geological and structural understanding of the Lucky Strike property supporting target prioritization and field work.

The interpretative work of ALS GoldSpot has provided numerous insights and identified prospective targets for boots-on-the-ground follow-up, complementing the geology maps of the Ontario Geological Survey. Field crews have been mapping and sampling in recent weeks and continue to advance new prospective areas. Observations from this work include promising structural trends, mineralization, and alteration signatures, which have the Kirkland Lake Discoveries team enthused.

The newly named Hurricane target area, a recently re-discovered area located within a structurally complex zone accompanied by felsic to intermediate intrusions between the Mulven and Misema Mist Lake faults, is particularly compelling (Figure 1). Mapping has identified silicified, and epidote altered intermediate intrusions cut by quartz stockwork veinlets and pyrite mineralization (Figure 2). Historical results from work completed in 1936 (Table 2) indicate samples from this area returned multi-ounce gold assays.

Table 2 - Multi-ounce gold assays from 1936 – Norwood Kirkland Gold Mines. ( http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/afri/data/imaging/20000005216/20007459.pdf )

Phase 2 drilling is being planned to test many of the new target areas re-prioritized through the 2023 fieldwork, and geophysical interpretation (Figure 3). Additional exploration permits are being prepared for submission and will cover these new areas on the Lucky Strike property. Drilling will recommence once permits have been received.

QP Statement

Mike Kilbourne, P. Geo., a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical content of this news release on behalf of the Company.

About Kirkland Lake Discoveries Corp.

Kirkland Lake Discoveries Corp. is a TSX Venture Exchange listed company that has recently consolidated a district-scale and highly prospective land package in the Kirkland Lake Gold Camp in Ontario, Canada. The properties are hosted in the Abitibi Greenstone Belt, one of the world’s best-endowed greenstone belts, with 200+ million ounces of gold produced to date. 1 The properties are host to regional and property-scale mineralized structures that are considered second-order structures off the Larder Lake Cadillac Deformation Zone (LLCDZ), the regional structure in the belt known to be spatially associated with the gold mines hosted in the camp.

The properties assembled include the 100%-owned Lucky Strike Property, Goodfish-Kirana, the Arnold property, and the optioned KL West (KLW) and KL Central (KLC) properties. The KLDC land position comprises approximately 38,000 ha, over 1,338 claims and 29 patented claims and ranks the Company as the largest landholder in the Kirkland Lake region.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Kirkland Lake Discoveries, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company’s exploration plans, including the preparation and submission of exploration permits, and the submission of samples for analyses. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Kirkland Lake Discoveries, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Kirkland Lake Discoveries does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

1 Canada’s Gold Exploration Frontier: The Abitibi Greenstone Belt - https://www.visualcapitalist.com/sp/canadas-gold-exploration-frontier-the-abitibi-greenstone-belt/

View source version on businesswire.com:https://www.businesswire.com/news/home/20230907716934/en/

CONTACT: For additional information, please contact:

Danièle Spethmann, P.Geo.

Founder, President & CEO

https://www.kirklandlakediscoveries.com

+1 416 363 0317

daniele@kirklandlakediscoveries.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES

SOURCE: KIRKLAND LAKE DISCOVERIES CORP.

Copyright Business Wire 2023.

PUB: 09/07/2023 07:00 AM/DISC: 09/07/2023 06:59 AM

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