VANCOUVER — Aggressive drilling has paid off for producer Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) at its Macassa and South Mine complex (SMC) in Ontario's Southern Abitibi gold belt. On Aug. 26 the company announced that it had expanded mineralization associated with the SMC on both its South and HM claims.
Kirkland Lake is hopeful that its ongoing exploration program – funded via a $7.5-million flow-through financing completed in early July – will add viable ounces to its resource and reserve base. Total proven and probable reserves at Macassa are pegged at 1.4 million tonnes grading 18.5 g/t Au for 813,000 contained oz, with measured and indicated resources tacking on roughly 1.4 million tonnes averaging 23.7 g/t Au for 1 million contained oz.
A new mining horizon is being developed on the 5,400 foot level of the SMC that saw its first stope come online in mid-May. This gives Kirkland Lake three mining horizons in the SMC, and the company is developing a main decline ramp in order to mine on the 1,700-metre level, where it reports higher reserve grades that will be incorporated into operations by 2016.
Underground exploration reportedly both confirmed additional high grade mineralization and resulted in the discovery of new footwall zones in the SMC. …
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