Kirkland Lake sees record gold quarter led by Fosterville

Kirkland Lake Gold has delivered record quarterly gold production of 180,155 ounces (oz) in the September quarter.

The Fosterville operation in Victoria guided this output, producing 90,618oz (also a record). The rest was made up by Kirkland Lake’s Canadian operations, Macassa, Holt and Taylor, which produced a collective 89,537oz.

The Holt mine in Ontario also achieved record quarterly production of 20,609oz, up 50 per cent on the previous quarter.

The third quarter production record across Kirkland Lake’s operations represented a 30 per cent year-on-year (YoY) increase— 41,064oz more than the 139,091oz posted in the third quarter of 2017 — as well as a 9 per cent increase on the previous quarter production of 164,685oz.

Cashed-up Kirkland Lake also reported around $US275 million ($387 million) in the bank at the end of September.

Kirkland Lake president and chief executive officer Tony Makuch attributed Fosterville’s production spike to the commissioning of a second gravity circuit that improved recovery of gold from the recirculating load of the grinding circuit.

In addition, he cited the mining and processing of gold from a new stope as a contributing factor, achieving over 7500oz at an average of nearly 40g/t.

“Heading into the final quarter of the year, we are very well positioned to achieve our improved 2018 consolidated production guidance of over 635,000oz,” he said.

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