PERTH (miningweekly.com) – Triple-listed gold miner Kirkland Lake Gold has reported a significant increase in gold production during the three months to June, driven by record production at its Fosterville operation, in Victoria.
The ASX-, TSX-, and NYSE-listed company on Thursday reported that consolidated production for the second quarter reached 214 593 oz, which was up from the 164 685 oz produced in the previous corresponding period, but down on the 231 879 oz produced in the previous quarter.
For the first half of the 2019 year, gold production was up 43% on the previous corresponding period, to 446 472 oz.
“Fosterville achieved a record quarter in the second quarter, with production exceeding planned levels largely due to strong grade performance in the Swan zone,” said Kirkland Lake president and CEO 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 guidance of 570 000 oz to 610 000 oz.”
In the quarter under review, the Fosterville mine produced 140 701 oz, an increase of 82% on the previous corresponding period.
Meanwhile at the Canadian operations, production at the Macassa mine reached 49 196 oz during the second quarter, while production form the Holt Complex reached 24 696 oz.
“At Macassa, we saw average grades more in line with expected levels in the second quarter, which compared with the first quarter of 2019 when the record average quarterly grade of 29.6 g/t was achieved mainly due to grade outperformance. Tonnes processed during the second quarter were lower than expected, largely reflecting excess water from the spring run-off, which limited the use of the lower loading pocket at the #3 shaft.”
Makuch said that the impact of the water extended for longer than anticipated, through to the end of the quarter. However, water levels were now receding, and Kirkland Lake did not expect the third and fourth quarter production to be impacted.
Production at Macassa remained on track to reach between 240 000 oz and 250 000 oz in the full year.
On a consolidated basis, Kirkland Lake is targeting a full-year production of between 950 000 oz and one-million ounces.