Kirkland Lake on track to reach Fosterville production targets

Victorian Resources

The high-grade Fosterville gold mine in Victoria. Image: Kirkland Lake Gold

Kirkland Lake Gold expects production at the Fosterville mine in Victoria to exceed its record quarterly levels in the upcoming periods of this year.

Fosterville achieved a record 140,701 ounces of gold production during the second quarter, an 82 per cent increase on 77,462 ounces in the corresponding period last year.

The Fosterville performance boosted Kirkland Lake’s company-wide production from 164,685 ounces last year to 214,593 ounces in the 2019 second quarter.

Fosterville’s mine output has exceeded planned levels largely due to the strong grade performance in the Swan Zone, according to Kirkland president Tony Makuch.

“We are targeting higher levels of production from Fosterville in both the third and fourth quarters of the year as ounces produced from the Swan Zone increase, with the mine tracking well towards its full year 2019 guidance of 570,000–610,000 ounces,” he said.

Kirkland Lake’s production at Macassa and Holt Complex in Canada, totalling 49,196 and 24,696 ounces respectively has, however, taken a dip this past quarter against the same period last year.

The decline at Macassa was attributed to excess water from the spring-run off, which had lasted longer than anticipated.

Makuch does not expect Macassa’s third and fourth quarter production to be impacted, adding: “Macassa remains on track to achieve its full year 2019 guidance of 240,000–250,000 ounces.”

Kirkland Lake also remains on course to meet its ambition of becoming a one million ounces gold producer this year.

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