Kirkland Lake Gold has recorded record quarterly production at two of its gold mines, Fosterville in Victoria and Macassa in Ontario, Canada.
The Canada-based company achieved 231,879 ounces of production, a year-on-year increase of 57 per cent on the same period in 2018 (147,644 ounces). This included 128,445 ounces at Fosterville — the company’s largest operation — and 72,776 ounces at Macassa.
Kirkland Lake Gold president and chief executive officer Tony Makuch said that the production record at Fosterville was reflective of higher levels of mill throughput.
The company expects Fosterville’s output to increase further in the second half of the year due to continuing development of stope production of the mine’s high-grade Swan zone.
“At Fosterville, we continued to advance development and production from the Swan Zone, with stope production advancing on multiple levels,” Makuch said.
“As we develop deeper into the zone, we are targeting higher levels of production from Swan, particularly in the second half of the year.”
Kirkland Lake also increased its cashflow by 23 per cent in the quarter to $US410 million ($578.2 million), an increase of $US78 million, by the end of March 2019.
The company is on track to meet its 2019 production guidance of 920,000–1 million ounces, which the company upgraded from the previous target of 740,000–800,000 ounces in February this year.