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GOLD: Kirkland Lake hits more high grade at Fosterville



Kirkland Lake Gold's Fosterville gold mine in Australia. Credit: Kirkland Lake Gold

Kirkland Lake Gold’s Fosterville gold mine in Australia. Credit: Kirkland Lake Gold

TORONTO – Following closely on the news of its acquisition of Detour Gold, Kirkland Lake Gold has released a slew of exploration results from its high-grade Fosterville underground mine in Victoria, Australia.

The drilling program targeted four areas at Fosterville: the Lower Phoenix area down-plunge of the high-grade Swan zone, Cygnet, Harrier and Robbin’s Hill. The 206 underground drill holes reported (totalling 51,521 metres) were completed since December 2018.

In the high-grade Swan zone, key intercepts included 87.6 g/t gold over 7.6 metres (estimated true width of 5.5 metres); 45 g/t over 5.2 metres (4.7 metres); and 59.1 g/t gold over 5 metres (4.7 metres). The results extend mineralization at Swan 80 metres down-plunge.

The results also extended the Lower Phoenix gold system over 950 metres down-plunge of the Swan zone. Highlighted results in the Lower Phoenix area included 14.8 g/t gold over 5.9 metres (4.5 metres estimated true width) and 6.2 g/t gold over 18 metres (13.8 metres).

“Today’s results focus on the Lower Phoenix area,” said Kirkland Lake president and CEO Tony Makuch in a release. “They are encouraging as they include the extension of high-grade, visible gold-bearing mineralization 80 metres down-plunge of the Swan Zone and demonstrate that Lower Phoenix is an extremely large gold system, with continuity of the system having been confirmed to over 950 metres down-plunge of our deepest mineral reserves.”

Makuch noted drilling at the Cygnet zone also returned strong results, including high-grade, visible gold bearing mineralization in a hole that returned 239 g/t gold over 1.2 metres.

“Such results provide significant resource growth potential immediately adjacent to existing underground infrastructure,” he continued.

The mine’s most recent estimate in February 2019 reported proven and probable reserves of 2.7 million oz. gold contained in 2.7 million tonnes grading 31 g/t gold. Included in that estimate, the Swan zone contains reserves of 2.34 million oz. gold in 1.5 million tonnes grading 49.6 g/t gold.

Kirkland Lake expects Fosterville to produce between 570,000 and 610,000 oz. gold for the year.

Visit www.klgold.com for more detailed results.