Kirkland Lake Gold Announces New High-Grade, Visible-Gold Bearing Intersections Down-Plunge of Swan Zone, at Cygnet and at Robbin’s Hill – Fosterville Mine

• Drilling from recently completed P3912 drill drive intersects high-grade, visible-gold ("VG") mineralization down-plunge of Swan Zone, 500 metres ("m") from deepest Mineral Reserves
  • Key intercepts: 51.7 g/t over 2.6 m (ETW 2.2 m) and 9.6 g/t over 6.4 m (ETW 4.9 m)
• New high-grade, VG-bearing intercepts reported along Cygnet Fault system ~150 m footwall to Swan Zone; results support potential for growth in Mineral Reserves and include identification of multiple new splay structures and opportunities for further extension of the fault system to the north
  • Key intercepts: 258 g/t over 1.8 m (ETW 1.4 m), 142 g/t over 2.0 (ETW 1.5 m), 49.4 g/t over 4.1 m (ETW 3.4 m), 27.5 g/t over 6.0 m (ETW 4.3 m) and 67.1 g/t over 0.3 m (ETW 0.3 m)
• New VG-bearing mineralization intersected up to 1,000 m down-plunge of existing Mineral Reserves along Curie Fault at Robbin's Hill
  • Key intercepts: 81.3 g/t over 2.6 m (ETW 2.5 m) and 23.1 g/t over 2.2 m (ETW 1.4 m).

Abbreviations include: VG - Visible Gold; g/t - grams per tonne gold; ETW - estimated true width.

TORONTO, Aug. 30, 2021 -- Kirkland Lake Gold Ltd. ("Kirkland Lake Gold" or the "Company") (TSX:KL) (NYSE:KL) (ASX:KLA) today announced results from 197 underground and 58 surface holes of drilling as an update of exploration drilling carried out at Fosterville Gold Mine since the December 31, 2020 Mineral Resources and Reserve update released in February 2021. The release includes diamond drilling results from five key areas across the Fosterville property, including underground targets at Lower Phoenix, the Cygnet Fault System, with associated hangingwall splay structures, and the Curie and Herschel Fault structures at Robbins Hill (Figure 1). Of the 197 underground diamond drill holes, 109 tested the Lower Phoenix structure, with the remaining 88 holes related to drilling of the Cygnet Fault System and associated hangingwall structures. At Robbin's Hill, 58 new surface diamond drill holes targeted the Curie and Herschel Fault structures. All drilling results and collar information are presented in Tables 1 and 2.

Tony Makuch, President and CEO of Kirkland Lake Gold, commented: "The results being released today continue to support our view that substantial potential exists to discover new high-grade mineralized areas and extensions and to grow Mineral Reserves at Fosterville. Following completion of the new P3912 underground drill drift, we commenced an extensive underground drilling program down-plunge of the Swan Zone in Lower Phoenix and have already returned a number of high-grade intersections containing the same quartz with VG mineralization that accounts for the ultra-high grades found in Swan. While the down-plunge extension of Swan Zone is obviously a key target for future growth in Mineral Reserves and Mineral Resources, we are also very encouraged by continued favorable results at Cygnet, a parallel structure near the Swan Zone. The results at Cygnet include new high-grade, VG-bearing intersections as well as the identification of new splay structures and opportunities for further growth of the Cygnet Fault System to the north.

"Turning to Robbin's Hill, drill results continue to confirm the size and scale of the target areas at what we expect to become our second mining operation feeding the Fosterville Mill. Along the Curie Fault, we have now intersected VG mineralization up to 1,000 m down-plunge from current Mineral Reserves and at elevations from surface similar to where we first detected VG in the Lower Phoenix and Harrier systems. With the progress achieved advancing the new Robbin's Hill Decline, we have now commenced underground drilling at Robbin's Hill to support future exploration of the Curie, Herschel and other Fault targets. Underground drilling from the new Decline will significantly improve the efficiency and effectiveness of the Robbin's Hill exploration programs. We currently have nine underground and eight surface diamond drills operating at Fosterville, with a total of 210,000 metres of drilling expected to be completed during 2021."

Lower Phoenix Infill and Extension Program

During 2021, underground diamond drilling targeting areas down-plunge of the Swan Mineral Reserves has returned encouraging results, demonstrating continuity of mineralization within, and extensions of Inferred Mineral Resources, in the Lower Phoenix System (Figure 2).

Drilling was undertaken from several underground drill platforms, including the Harrier link drive, P4040 drive, and the new P3912 drive following its completion in early June. A total of 109 Lower Phoenix diamond holes (31,106 m) has progressively tested the Swan/Lower Phoenix over 550m down-plunge length from the Swan Mineral Reserve. Significant recent results include two that are at the southern extremities of the Lower Phoenix Inferred Mineral Resources approximately 500 m down-plunge of current Mineral Reserves. Drill testing down-plunge of these intercepts is planned to assess the continuity and extents of these VG occurrences.

Recent significant intercepts from drilling in Lower Phoenix include:

• 51.7 g/t⁽¹⁾ over 2.6 m (ETW 2.2 m), Including 215 g/t¹⁾ over 0.6 m (ETW 0.5 m) in hole UDH4051
• 9.6 g/t⁽¹⁾ over 6.4 m (ETW 4.9 m), Including 78.8 g/t⁽¹⁾ over 0.5 m (ETW 0.4 m) in hole UDH4048
• 10.8 g/t⁽¹⁾ over 4.8 m (ETW 3.7 m), Including 31.2 g/t⁽¹⁾ over 1.1 m (ETW 0.8 m) in hole UDH3954
• 10.0 g/t over 17.6 m (ETW 10.4 m) in hole UDH3980

(1) Visible-gold drill intercept

New drilling outside of the existing Indicated Mineral Resources reaffirmed the continuity of the largely sulfide-hosted mineralization with 30 intercepts greater than 15 gram-metre (gram-metre = gold grade x estimated true width), of which 11 are greater than 30 gram-metre, and two are greater than 100 gram-metre. One of the 100 gram-metre intercepts includes the presence of VG (UDH4051 as detailed above), while the other is a sulfide-gold hosted intercept (UDH3980).

Infill and extension drilling of the Lower Phoenix area is continuing from the Phoenix 3912 Drill Drive.

Cygnet and Hangingwall Splay Program

Continued infill and extension drilling of 88 underground diamond drill holes (15,545m) into the Cygnet Mineral Resource and adjacent area has identified several new hangingwall structures. With recent geological interpretation the broader structure has been resolved into several faults, now called Cygnet, Cygnet Hangingwall, Dove, Pen, and Ptarmigan Faults (Figure 3). Of significance, the Pen and Ptarmigan Faults have similar strike trends, approximately 325? Mine Grid, as the northern parts of the Swan Fault, and have returned significant VG in quartz intercepts (Figure 4).

Ongoing drilling in the area and to the north will test for additional hangingwall splay faults.

Key Intercepts include:

• Pen Fault Splay
  49.4 g/t⁽¹⁾ over 4.1 m (ETW 3.4 m), including 589 g/t⁽¹⁾ over 0.3 m (ETW 0.2 m) in hole UDH3851
  153 g/t⁽¹⁾ over 0.5 m (ETW 0.5 m) in hole UDH4065

• Ptarmigan Fault Splay
  258 g/t⁽¹⁾ over 1.8 m (ETW 1.4 m), including 4,460 g/t⁽¹⁾ over 0.1 m (ETW 0.1 m) in hole UDH4018
  142 g/t⁽¹⁾ over 2.0 m (ETW 1.5 m) including 1,590 g/t⁽¹⁾ over 0.2 m (ETW 0.1 m) in hole UDH3924

Infill drilling of the Cygnet Mineral Resource and Reserve area has encountered eight holes with VG in quartz mineralization, of which four have the potential to expand the adjacent Mineral Reserves (Figure 5). The other three intercepts have the potential to increase the Mineral Resources.

Key Cygnet intercepts include:

• 24.1 g/t⁽¹⁾ over 7.3 m (ETW 5.6 m), including 328 g/t⁽¹⁾ over 0.4 m (ETW 0.3 m) in hole UDH3751
• 18.7 g/t⁽¹⁾ over 2.6 m (ETW 2.5 m) in hole UDH3752
• 27.5 g/t⁽¹⁾ over 6.0 m (ETW 4.3 m), including 166 g/t⁽¹⁾ over 0.4 m (ETW 0.3 m) in hole UDH3753
  

Robbin's Hill Drilling Programs

Since late 2020, up to five surface diamond drills have operated in the Robbin's Hill area, primarily targeting gold mineralization along the west-dipping Curie Fault, one of the controlling structures for mineralization at Robbins's Hill. The program of extension drilling comprised 58 surface diamond drill holes (58,125 m) testing the Curie Fault and adjacent structures. The drilling, down-plunge of the current Curie Mineral Reserve, has continued to encounter strong mineralization and VG at elevations similar to those where VG was first noted in the Lower Phoenix and Harrier Gold Systems.

VG drill intercepts were previously reported for the Curie structure at depths of approximately 500 m in the Company's news release dated December 10, 2019, with intercepts of 11.7 g/t⁽¹⁾ over 8.8 m (ETW 7.2 m) in hole RDH321, and 24.5 g/t⁽¹⁾ over 3.7 m (ETW 3.4 m) in hole RHD334A. The new drilling has intersected VG at greater depths, with occurrences recorded between 950 to 1,150 metres below surface on the Curie structure in four holes (RDH413, RDH439C, RDH441 and RDH441A) and are detailed below. These intercepts, as well as other sulfide-hosted gold results, increase the down-plunge extent of Curie mineralization to greater than 1,000 metres from current Mineral Reserves (Figure 6).

Key Curie intercepts include:

• 23.1 g/t⁽¹⁾ over 2.2 m (ETW 1.4 m), including 103 g/t⁽¹⁾ over 0.4 m (ETW 0.2 m) in hole RHD413
• 81.3 g/t⁽¹⁾ over 2.6 m (ETW 2.5 m), including 982 g/t⁽¹⁾ over 0.2 m (ETW 0.2 m) in hole RHD439C
• 28.0 g/t⁽¹⁾ over 1.5 m (ETW 1.1 m), including 103 g/t⁽¹⁾ over 0.2 m (ETW 0.2 m) in hole RHD441
• 19.7 g/t⁽¹⁾ over 3.8 m (ETW 3.4 m), including 158 g/t⁽¹⁾ over 0.4 m (ETW 0.4 m) in hole RHD441A
• 6.8 g/t over 7.7 m (ETW 5.7 m) in hole RHD440A
• 9.0 g/t over 2.9 m (ETW 2.7 m) in hole RHD409A

(1) Visible-gold drill intercept

Three surface drills continue to operate at Robbin's Hill and are focused on the down-plunge extension of the Curie Mineral Resource, and testing of other targets. Two underground diamond drills, located at approximately 10,500mN, have commenced operating from the new Robbin's Hill Exploration Decline. These drills are also targeting down-plunge extensions of the Curie mineralization.

The Herschel Fault, located hangingwall to the Curie Fault, was drill tested as part of the drilling that targeted Curie Fault mineralization at depth. Drill intercepts for the Herschel structure are mostly less than 500 m below surface. Currently, the most significant intercept contains VG in quartz and is 160 g/t over 4.4 m (ETW 3.8 m), including 1,160 g/t Au over 0.6 m (ETW 0.5 m), in hole RHD412.

Additional drilling into the Herschel Fault will be undertaken once the Robbin's Hill Decline has progressed further to the north (approximately 12,000mN).

Robbin's Hill Underground Decline Development

Underground development of the Robbin's Hill Exploration Decline commenced in January 2020 and has progressed well, advancing a total of 5,932 m as of July 30, 2021. The mid-2020 arrival of a smart jumbo has provided increased development capacity since commencement. The development, since the Q1-2021 has been used an underground drill platform for exploration diamond drilling activities as the ramp progressed northwards.

Qualified Persons

Troy Fuller, MAIG, Director of Exploration, Australia, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.

For further information regarding the Company's 2020 Mineral Reserves and Mineral Resources estimates for the Fosterville Gold Mine, please refer to the Company's News Release dated February 25, 2021 and the Technical Report entitled "Updated NI 43-101 Technical Report Fosterville Gold Mine In the State of Victoria, Australia" effective December 31, 2018, both available on the Company's website and on SEDAR.

Drilling and Underground Sampling Assay QAQC

Kirkland Lake Gold has in place quality-control systems to ensure best practice in drilling, sampling and analysis of drill core. All surface diamond drill hole collars are accurately surveyed using Leica TS16 Total Station Trimble R10 GPS and underground holes using a Leica TS16 Total Station (Table 2). Down-hole deviations are measured by either electronic gyro or single-shot instruments.

Sampling consisted of diamond drill core that was either half core or full core sampled. Half core samples were cut longitudinally in half with a diamond saw; one-half of the drill core was sent to an independent laboratory for analysis and the other drill core half retained for reference. Sample pulps are returned from the assay laboratory for reference and future geological or metallurgical studies. Drill core sample intervals vary between 0.1 and 1.3m in length and were determined from logging of sulfide and VG to geological boundaries.

For assay QAQC purposes Certified Reference Material (CRM) and Blank samples are inserted into the sample stream at rates of approximately 1 in 25.

Samples containing visible-gold or considered likely to contain visible-gold were separated from sulfide gold samples and dispatched separately for assaying. At the laboratory "visible-gold" jobs were processed through a single pulverizer and material barren of gold ('quartz wash') was crushed before and after each sample to minimize the potential for gold to contaminate successive samples.

Assays are either based on 25-gram fire assay or screen fire assay with Atomic Absorption Spectroscopy (AAS) finish. Mean grades are calculated using a variable lower grade cut-off (generally 2 g/t Au) and maximum 2 m internal dilution. No upper gold grade cut-off is applied to the data. However, during future Mineral Resource studies the requirement for assay top cutting will be assessed.

The samples were assayed at On Site Laboratory Services, an independent laboratory in Bendigo, Victoria. The facility is registered under ISO 9001:2015 (CERT-40147) and operates in accordance with ISO/IEC17025 (accreditation no. 20456) under National Association of Testing Authorities, Australia (NATA).

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold Ltd. is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 - 1,400,000 ounces of production in 2021. 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.kl.gold.

Cautionary Note Regarding Forward-Looking Information

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to planned exploration programs, costs and expenditures, the potential for the discovery of additional high-grade mineralized zones at the Fosterville Gold Mine, including statements made with respect to the future growth potential at Lower Phoenix, the Cygnet Fault and Robbin's Hill, changes in Mineral Resource estimates, potential growth in Mineral Resources, conversion of Mineral Resources to proven and probable Mineral Reserves, the ability to extend mine life and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. These forward-looking statements include, but are not limited to, statements with respect to future exploration potential, project economics, timing and scope of future exploration, anticipated costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves. Among the key factors that could cause actual results to differ materially from those projected in the forward looking information are the following: the future impacts of COVID 19 and any government response to COVID 19, the ability of the Company to continue operations at its mine sites in lieu of the pandemic, its ability to reduce the spread of COVID 19 through the implementation of various COVID 19 screening and health and safety protocols at site, future planned exploration activities, risks relating to first nations and Aboriginal heritage, currency exchange rates (such as the Canadian dollar and the Australia dollar versus the United States dollar), risks associated with labour and employment matters, changes in the financial markets, future gold price, changes in applicable laws and compliance with extensive government regulation.

There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to international operations, risks related to obtaining the permits required to carry out planned exploration or development work, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form, financial statements and related MD&A for the periods ended December 31, 2020 and June 30, 2021 and other disclosures of "Risk Factors" by the Company and its predecessors, which are filed with the securities regulatory authorities in certain provinces in Canada and available on SEDAR. Although the Company has attempted to identify key factors that could cause actual results to differ materially, there may be other factors that cause unanticipated and unintended results. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined 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"). These definitions differ significantly from the definitions in the disclosure requirements promulgated by the Securities and Exchange Commission (the "SEC") applicable to domestic reporting companies. Investors are cautioned that information contained in this Annual Information Form may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the SEC thereunder.

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

Table 1: Drill Assay intercepts for Underground and Surface (Robbin's Hill) Drilling at Fosterville Gold Mine

(The results are later than those used for the December 31, 2020 Mineral Resources and Mineral Reserves update of The Fosterville Gold Mine)

Notes:

(1) - Visible gold observed in drill intercept.

Underground drill intercepts greater than 30 Gram-Metre (gold grade x estimated true width) are shown in bold text.

Robbin's Hill drill intercepts greater than 15 Gram-Metre are shown in bold text.

Intercepts shaded grey are from drill holes that have been previously reported for Curie mineralization.

Table 2: Underground and Surface Diamond Drill Hole Collar Locations, Fosterville Gold Mine

Notes: Collar locations are in Fosterville Mine Grid coordinate system.

Figure 1. Longitudinal Projection - Fosterville Gold Mine is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/106df847-64b9-4c35-af48-74f4cf4253b6

Figure 2. Longitudinal Projection - Swan/Lower Phoenix South Mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6971938d-f6e6-48bb-b7d1-aac318e66681

Figure 3. Plan View - Cygnet Fault System is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02b97075-4be1-4800-ad34-ccd12f62e586

Figure 4. Longitudinal Projection - Cygnet HW Splay, Pen & Ptarmigan Faults Mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a760dcc0-c97b-467e-8cb8-9e12246f51c3

Figure 5. Longitudinal Projection - Cygnet Fault Mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f13ece08-ae12-4167-b970-2a6aaa762e7a

Figure 6. Longitudinal Projection - Curie Mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/436596d0-2c74-456e-8bf9-b468c20df16f

Figure 7. Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b006f547-6398-4312-b33d-78e67b0ff689