Fosterville record drives Kirkland Lake’s ‘best year ever’

minerals exploration

Kirkland Lake Gold has achieved a record fourth quarter at the Fosterville mine in Victoria that has contributed to what chief executive Tony Makuch calls the company’s “best year ever.”

Kirkland Lake achieved a total production of 279,742 ounces in the December quarter, which is a 21 per cent increase from the prior corresponding quarterly result of 231,217 ounces.

This is a record quarter for the Canadian company as a whole.

Fosterville produced 191,893 ounces of gold in the December period, 21 per cent more than the 158,327 ounces produced in the prior quarter and 54 per cent higher than that of the fourth quarter of 2018 (124,307 ounces).

“Fosterville had an excellent year in 2019, easily beating full-year production guidance,” Makuch said.

“The record performance resulted from an outstanding quarter at Fosterville, where grades averaged just under 50 grams per tonne, the mine’s highest average quarterly grade ever by a wide margin.”

Fosterville’s future is looking strong, following the discovery of what Kirkland Lake dubbed as “Fosterville 2.0” in December.

Kirkland Lake found high-grade mineralisation in the Swan Zone, extending 80 metres down plunge from current reserves and the continuity of Phoenix Gold 950 metres down plunge of the Swan Zone.

The company’s Macassa mine in Ontario, Canada, also had a solid performance, producing 56,379 ounces of gold that were backed up by 31,469 from the Holt Complex, also in Canada.

“Recent drill results at Fosterville and Macassa are very encouraging and support our view that these mines represent two of the most exciting exploration projects in the gold industry today,” Makuch said.

Meanwhile, Kirkland Lake continues its exploration at the Lantern Deposit, Union Reefs and Pine Creek in the Northern Territory, with high-grade mineralisation discovered during recent drilling.

Kirkland Lake confirmed its Australian operations have not been impacted by the national fire crisis.

The company donated $1 million to support bushfires relief and recovery efforts.

“We have watched with great concern and empathy the devastating impact of recent bushfires along the eastern seaboard of Australia,” Makuch said.

“Kirkland Lake Gold is donating $1 million to support relief and recovery efforts. In addition, we are also initiating a program with Country Fire Authority units to assist in funding new projects aimed at improving fire readiness.”

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