Triple-listed Kirkland Lake Gold boosted its first-quarter production by 57% year-on-year to 231 879 oz, standing the company in good stead to meet its full-year guidance of 920 000 oz to one-million ounces of gold.
The production increase was driven by continued record output at the Fosterville mine, in Victoria, Australia, and Macassa in Ontario, Canada.
Fosterville produced 128 445 oz in the three months, which was more than double the 63 843 oz produced in the first quarter of 2018 and a 3% increase from the previous quarterly record of 124 307 oz in the fourth quarter of last year. This is mainly owing to higher grades as development advances into the high-grade Swan zone.
“As we develop deeper into the zone, we are targeting higher levels of production from Swan, particularly in the second half of the year,” president and CEO Tony Makuch said on Friday.
Macassa’s production totalled 72 776 oz, an increase of 35% from 54 038 oz in the first quarter of 2018 and 4% higher than the previous quarterly record of 69 936 oz of the fourth quarter.
Makuch added that Macassa’s production on the 5 600 and 5 700 levels continued to generate better-than-planned grades.
“Production over the balance of the year will remain largely focused on these areas. We ended the first quarter well positioned to achieve our improved full-year 2019 production guidance,” he stated.
Production at Holt and Taylor, in Canada, came to 17 225 oz and 12 377 oz, respectively.
Kirkland will report its financial results for the first quarter on May 7. The miner’s cash position increased by $78-million or 23%, to $410-million at March 31.