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
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. The hole was highly successful intersecting 253.7gpt over 14.5 m, including 1,572.9 gpt over 0.6 m, 1,313.5 gpt over 0.3 m and 1,265.1gpt 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 37.7gpt 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
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. 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 53-4120, 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 103.3gpt 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 57-975and 41.2 gptover 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
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 2.1m from 57-902, 13.5 gpt over 3.0 m from 57-895and 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.
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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
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
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
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