Kirkland Lake to surpass gold production target as Fosterville output surges

Image: Kirkland Lake Gold

The Fosterville gold mine in Victoria continues to be a star performer of Kirkland Lake Gold, which is set to achieve another production record this quarter and exceed its 2018 target output.

Kirkland Lake now expects full-year production at Fosterville to exceed 330,000 ounces (oz), comfortably surpassing its 300,000–310,000oz guidance.

The outperformance was boosted by higher than expected mill grades for the quarter (35 grams per tonne) and the advancement of two additional stopes from Swan Zone into Fosterville’s production plan in the current quarter.

Fosterville also achieved record quarterly production in the September quarter.

Kirkland Lake president Tony Makuch said, “Fosterville is clearly firing on all cylinders heading towards the end of the year, with the fourth quarter of 2018 production on track to easily beat the current production record of 90,618oz, achieved last quarter.

“Higher than planned grades are leading to increased levels of production in 2018 and are expected to favourably impact production levels in both 2019 and 2020.”

The company reported the presence of high-grade quartz veins with visible gold was more prolific than estimated in the current block model. It has also increased operating development activity around the Swan Zone.

Kirkland Lake is confident it will end the year with a total production in excess of its full-year target range (655,000–670,000oz) due to strong results at both Fosterville and its gold operations in Canada.