PRECIOUS METALS

Kirkland Lake posts record quarter

Triple-listed miner Kirkland Lake Gold (TSX:KL) has recorded banner September-quarter production, after all four operating mines exceeded targeted production levels.

Staff Reporter
Kirkland Lake Gold provided a bright spot

Kirkland Lake Gold provided a bright spot

The Toronto-based miner said consolidated output of 180,155 ounces of gold reflected a 30% year-on-year improvement and a 9% improvement over the June quarter.

The record performance was underpinned by the Fosterville mine, in Australia, where production surged 47% over the past 12 months to 90,618oz, and was 17% higher than the 77,462oz produced in the June quarter.

This spike was mainly attributed to the gravity circuit's effectiveness in recovering gold previously contained in the recirculating load of the grinding circuit. The company also mined and processed the first Swan Zone stope during the quarter, which contributed over 7,500oz at an average grade of close to 40 grams per tonne (g/t).

Output from Kirkland Lake's Canadian operations totaled 89,537oz and was led by the Macassa mine, which produced 55,582oz. Holt produced 20,609oz and Taylor 13,333oz.

To date production was up 15% year-on-year at 429,822oz, with all operations registering significant production growth.

Kirkland Lake also reported further exploration successes during the quarter.

At Fosterville, in-fill drilling in the Swan Zone intersected exceptionally high grades over significant widths up to 20m down plunge of the current resources. The company expected significant growth in the Swan Zone reserve estimate as part of the year-end 2018 resource and reserve update.

At Macassa, Kirkland Lake intersected high-grade mineralisation in the South Mine Complex (SMC), which supported continued resource growth. The company had identified a high-potential area within the SMC, with grades of more than 30g/t and true widths greater than 3m.

Heading into the final quarter of the year, C$5.11 billion Kirkland Lake said it was "very well positioned" to achieve its improved 2018 consolidated production guidance of over 635,000oz.

 

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