Tuesday, June 22, 2021 5:54:54 PM
$bigone thanks; Basel III to trigger 'liquidity squeeze,' gold price
could be looking at $2,100 by year-end - Goldex CEO
Anna Golubova Anna Golubova
Tuesday June 22, 2021 15:53
Kitco NewsShare this article:
(Kitco News) The risk with Basel III is a major shift towards allocated
gold, which could trigger a liquidity squeeze in the physical metal and
lead to higher prices by the end of the year, according to Goldex CEO
Sylvia Carrasco.
The impact of the Basel III agreement, which will come into force on
June 28, 2021, for European banks and on January 1, 2022, for British
banks, is being debated by many gold industry experts, with opinions
ranging from "everything will change" to "no impact at all."
Carrasco is in the camp that sees many people underestimate the impact
of Basel III on the gold market.
$"Basel III will affect the gold price more than many people believe. The
spot price will definitely go up," Carrasco told Kitco News.
Basel III is an internationally agreed-upon set of measures developed by
the Basel Committee on Banking Supervision in response to the financial
crisis of 2007-09. Many of the measures deal with bank capital
adequacy, stress testing, and market liquidity.
One of the biggest changes for gold is that the precious metal is being
reclassified from a Tier 3 asset, which is the riskiest asset class,
to a Tier 1 asset, which is currently designated for cash and
currencies. The change could make it more expensive to buy and sell
unallocated gold.
This is because Basel III includes the new Net Stable Funding Ratio (NSFR) requirement, which specifies that an 85% Required Stable Funding (RSF) needs to be held by banks against the financing and clearing of precious metals transactions. This is a big change from the pre-Basel III level of 0%, and it makes holding unallocated gold more expensive by equating it to the same level of risk as holding equities.
"Basel III requires banks or dealers to collateralize 85% of the value of their unallocated gold with a Tier 1 asset, which is cash," Carrasco said.
For example, if a bank has $1 billion in gold positions, with $300 million in allocated gold and the other $700 million in unallocated gold. Before Basel III, the bank didn't have to put any collaterals for those positions. But with Basel III, the $300 million positions in allocated gold are fine. But the $700 million positions in unallocated gold are now considered risky as equities and are put in the same risk category.
"Under Basel III, the bank would have to show that 85% of this $700 million is actually sitting on their balance sheet, and the bank is not touching it," Carrasco explained. "That has a tremendous cost of finance. The bullion banks need to find 85% of the nominal value of their unallocated gold position and fund it."
The risk here is that trading unallocated gold would become a money-
losing business.
"Banks cannot continue charging practically no fees on unallocated gold.
Could they have to increase their price by 100 times? Will clients be
interested in trading at those prices?" Carrasco asked.
"The risk is going to be a lot of banks shutting down because suddenly
it is a money-losing business.
That is Basel III in a nutshell."
Allocated vs. unallocated gold
https://www.kitco.com/news/2021-06-22/Basel-III-to-trigger-liquidity-squeeze-gold-price-could-be-looking-at-2-100-by-year-end-Goldex-CEO.html?sitetype=fullsite
$Kirkland Lake Gold Introduces Automatic Share Purchase Plan
Download this Press ReleasePDF Format (opens in new window)
https://www.kl.gold/news-and-media/default.aspx
$bigone thanks; Richest gold mines in Canada in Q1 2021 - report
Vladimir Basov Vladimir Basov
Friday June 18, 2021 12:34
Kitco NewsShare this article:
Editor's Note: With so much market volatility, stay on top of daily news!
Get caught up in minutes with our speedy summary of today's must-read
news and expert opinions.
(Kitco News) - The grade or concentration of a mineral or metal in ore
directly affects costs associated with mining as well as its subsequent
beneficiation and extraction of precious components.
Kitco ranked currently active gold operations in Canada based on gold
grade in a tonne of processed ore reported for Q1 2021.
Kitco looked at operations that are separate reporting units and which
have gold grade figures disclosed by the owners/operators.
$Kirkland Lake’s Macassa mine, located in the Municipality of Kirkland Lake, within Teck Township, District of Timiskaming, in the northeast of the province of Ontario, is the richest gold mine in Canada and one of the richest gold operations worldwide. The company reported an average processed grade of 19.8 g/t gold for Macassa in Q1 2021, which was virtually unchanged compared to the corresponding period of 2020.
The second richest Alamos Gold’ Island Gold mine is a high grade, low-cost
underground mining operation located just east of the town of
Dubreuilville, Ontario, Canada, 83km northeast of Wawa.
Underground grades processed averaged 13 g/t Au in the first quarter,
an 11% increase over Q1 2020 and above the Mineral Reserve grade.
Wesdome Gold’s Eagle River mine is third richest gold operation in Canada with 12.8 g/t gold reported in Q1 2021, which is below budget and 9% lower compared to Q1 2020 due to stope sequencing.
Located in the Kitikmeot District of Nunavut, Canada, approximately 125 kilometres southwest of Cambridge Bay, the Hope Bay mine, which is fourth richest gold mine in Canada, was acquired by Agnico Eagle in February 2021. Ore is currently being sourced from the high-grade BTD Zone, which shows potential for expansion.
SSR Mining’s Seabee is an underground gold mine located along the Trans-Hudson Corridor in east-central Saskatchewan, Canada. Seabee mill feed grade was 8.45 g/t gold during the first quarter of 2021, an 18% decrease compared to the first quarter of 2020, due to mining in lower productivity areas, as planned.
All richest gold mines in Canada are underground operations. The complete list is below.
Richest gold mines in Canada in Q1 2021
https://www.kitco.com/news/2021-06-18/Richest-gold-mines-in-Canada-in-Q1-2021-report.html
Kirkland Lake Gold Declares Quarterly Dividend Payment
TORONTO, June 17, 2021 (GLOBE NEWSWIRE) -
Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “ Company ”) (TSX:KL)
(NYSE:KL) (ASX:KLA) today announced that a quarterly dividend
payment for the secon...
https://www.kl.gold/news-and-media/default.aspx
$bigone thanks; Kirkland Lake Gold Renews Normal Course Issuer Bid
TORONTO, June 07, 2021 (GLOBE NEWSWIRE) -
$Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “ Company ”) (TSX:KL) (NYSE:KL) (ASX:KLA) is pleased to announce that it has received acceptance from the...
https://www.kl.gold/news-and-media/default.aspx
$Kirkland Lake Gold’s Detour Lake on course to be a world-class gold mine, says CEO Tony Makuch
Kirkland Lake Gold's Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
https://www.northernminer.com/news/kirkland-lake-golds-detour-lake-on-course-to-be-a-world-class-gold-mine-says-ceo-tony-makuch/1003830886/
Kirkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) plans to transform its Detour Lake mine in northern Ontario into one of the world’s largest and most profitable good mines, says Tony Makuch, the company’s president and CEO.
There is a much larger and higher-grade deposit at Detour Lake than is reflected in the project’s current mineral resource, he said in an interview. “We see significant growth potential in the project’s mineral endowment, which, combined with a new mining plan, will lead to a significant increase in production and improved unit costs compared with the past operation of the mine.”
At the end of March, a technical report for Detour Lake outlined a new life-of-mine plan that envisages production increasing from 563,253 oz. of gold in 2020 to between 680,000 oz. and 720,000 oz. from 2021-2024, growing to 800,000 oz. in 2025, and reaching over 900,000 oz. in 2032 for an average annual production of 659,000 gold oz. over 22 years of mine life.
The life-of-mine 2021 study estimated operating costs per oz. of gold to average US$619 per oz. over the life of the mine, lower than the US$625 per oz. in 2020, with all-in sustaining costs averaging US$821 per oz., a significant improvement over 2020, which averaged US$1,171 per ounce.
Kirkland Lake Gold president and CEO Tony Makuch
Total capital expenditure runs to US$3.6 billion, which includes US$65 to US$75 million for a mill expansion capable of processing 28 million tonnes per year, up from 22.2 million tonnes last year, additional leach pads to improve metallurgical recovery, and a tailings facility expansion. The after-tax net present value is estimated at US$3.8 billion, based on a gold price of US$1,500 per oz. and using a 5% discount rate.
The new mine-of-life plan is based on a mineral resource estimate of 107.7 million measured and indicated tonnes grading 1.15 grams gold per tonne for 4 million gold oz. and 31.8 million inferred tonnes of 0.82 gram gold for 844,000 ounces.
The current life-of-mine plan does not include the exploration success the company has achieved since acquiring the project in early 2020. These will be incorporated into an updated mine plan slated for release next year.
“One of the key factors behind our decision to acquire the mine was the significant exploration upside we saw in the project, which should further increase production, lower unit costs, and transition it to a much larger pit design than presented in the March report,” said Makuch, who has over 35 years of management, operations, and technical experience in the mining industry. Immediately before taking up the reins at Kirkland Lake, he served as president and CEO of Lake Shore Gold from 2008 until Tahoe Resources acquired the company in 2016.
He added that the expected production growth would be driven by higher mill throughput and mining rates, lower strip ratios, better fragmentation, and improved mill productivity.
Kirkland Lake acquired the Detour Lake mine, about 300 km northeast of Timmins, in January 2020 through an all-share acquisition of Detour Gold Corp. in a deal valued at US$3.7 billion.
Detour Gold owned the mine between 2013 and 2020, producing 3.6 million oz. of gold from approximately 135.5 million tonnes of mineralized material at a grade of 0.9 gram gold per tonne. Before that, Placer Dome Inc. operated the mine as an open-pit and underground operation, producing a total of 1.8 million oz. of gold from 14.3 million tonnes of mineralized material grading 3.82 grams gold between 1983 and 1989.
Since acquiring the mine, Kirkland Lake has conducted an extensive drilling campaign to identify extensions to the mineralisation.
A key focus for the exploration program has been to drill around and near the Detour Lake Main pit.
Drilling in the central portion of the Saddle zone, an underexplored area between the Main pit and the West pit, about 1 km west of the Main pit, intersected broad zones of both shallow and deeper mineralisation. Highlights included drillhole DLM-20-006, which intersected 17 metres grading 1.56 grams gold per tonne from 56 metres downhole, and hole DLM-20-079BW, which cut 13 metres grading 9.02 grams starting from a depth of 509 metres.
Kirkland Lake Gold’s Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
The drill results “confirmed a large, continuous corridor of mineralization that extends from the Main Pit through the Saddle Zone and continues beyond the planned West Pit location,” said Makuch.
A nine-hole (2,796 metre) drill program on the 58 North zone, a satellite deposit 10 km south of the mine, was designed to infill the west portion of the current mineral resource area. Highlights included drillhole DLD-20-504, which returned 5 metres of 14.6 grams gold from 214 metres.
Drilling on an area about one km northwest of the Main Pit, called the North Pit, intersected significant open-pit grades, extending known mineralization to depth and along strike of the current mineral resource area, with hole DLM-20-003 returning 9 metres grading 1.1 grams gold from 274 metres and hole DLM20-001 cutting 3.4 metres of 147 grams gold from 394.6 metres.
Given the limited amount of drilling to date in the Saddle, 58 North, and North Pit areas, Makuch believes there is considerable potential to add new mineral resources through “aggressive drilling.”
“Our exploration has demonstrated that we’re yet to determine the full extent of the mineralisation at the project, which has the potential to support a 30-million-plus ounce mineral reserve base,” he said.
While acknowledging that the technical report released in March was an important milestone for the project, he noted that the company was confident that its drill campaign would add substantially more ounces to the project’s mineral endowment and “establish Detour Lake as one of the world’s top gold mines.”
Kirkland Lake plans to release an updated mine plan for the project in 2022 that incorporates drill results from the 2020 and 2021 drilling campaigns. The updated mine plan, said Makuch, will likely see the project transition to a much larger pit design as the mineral resource grows, leading to further increases in production and better unit costs.
This year, the company plans to complete 270,000 metres of drilling to expand mineralisation to the west of the West pit and follow up on key targets, including 58 North and North Pit. Twelve drill rigs are now turning on the project.
The open pit at Kirkland Lake Gold’s Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
It is also working with Rogers Communications, a Canadian telecommunications and media company, to erect several cell towers onsite to improve connectivity across the region. Powered by wind and solar energy and backup hydrogen generators, the towers will also include a first aid station as well as providing shelter.
Kirkland has around US$800 million in the treasury to fund these activities, said Makuch, adding that the company has no debt. “We have a strong balance sheet and are well funded to support our work program.”
The company’s other gold assets in Ontario include the Macassa underground mine, which, in 2020, produced 183,038 oz. of gold, and the Holt Complex, which comprises the Holt, Holloway, and Taylor mines. In April 2020, operations at the complex were suspended as part of Kirkland Lake’s Covid-19 protocols.
Outside Canada, it owns the Fosterville underground gold mine in Australia, one of the largest gold producers in the state of Victoria. In 2020, the mine produced 640,467 oz. of gold.
For further information on Kirkland Lake Gold and to receive news releases by email, visit the website
https://www.kl.gold/home/default.aspx
Cautionary Note Regarding Forward-Looking Information
https://www.kl.gold/news-and-media/default.aspx
https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Reports-New-Wide-High-Grade-Intersections-at-Detour-Lake/default.aspx
LATEST PRESENTATION
https://www.kl.gold/home/default.aspx
For further information on Kirkland Lake Gold and to receive news releases by email, visit the website www.kl.gold.
FOR FURTHER INFORMATION PLEASE CONTACT
Anthony Makuch, President, Chief Executive Officer & Director
Phone: +1 416-840-7884
E-mail: tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor Relations
Phone: +1 416-840-7884
E-mail: mutting@kl.gold
https://www.kl.gold/news-and-media/default.aspx
Primary Logo
Source: Kirkland Lake Gold Ltd
Ps.
Kirkland Lake Gold should buy MMY bargain producer of gold & silver -
$Monument Mining Limited (MMY.VN) -
$MMY- $70 mil in assets and only a $42 mil market cap? NO DEBT! smile)
https://www.barchart.com/stocks/quotes/MMY.VN/opinion
$Way undervalued and oversold - 5 bagger + + + + ? or more -
IMO!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161590519
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
could be looking at $2,100 by year-end - Goldex CEO
Anna Golubova Anna Golubova
Tuesday June 22, 2021 15:53
Kitco NewsShare this article:
(Kitco News) The risk with Basel III is a major shift towards allocated
gold, which could trigger a liquidity squeeze in the physical metal and
lead to higher prices by the end of the year, according to Goldex CEO
Sylvia Carrasco.
The impact of the Basel III agreement, which will come into force on
June 28, 2021, for European banks and on January 1, 2022, for British
banks, is being debated by many gold industry experts, with opinions
ranging from "everything will change" to "no impact at all."
Carrasco is in the camp that sees many people underestimate the impact
of Basel III on the gold market.
$"Basel III will affect the gold price more than many people believe. The
spot price will definitely go up," Carrasco told Kitco News.
Basel III is an internationally agreed-upon set of measures developed by
the Basel Committee on Banking Supervision in response to the financial
crisis of 2007-09. Many of the measures deal with bank capital
adequacy, stress testing, and market liquidity.
One of the biggest changes for gold is that the precious metal is being
reclassified from a Tier 3 asset, which is the riskiest asset class,
to a Tier 1 asset, which is currently designated for cash and
currencies. The change could make it more expensive to buy and sell
unallocated gold.
This is because Basel III includes the new Net Stable Funding Ratio (NSFR) requirement, which specifies that an 85% Required Stable Funding (RSF) needs to be held by banks against the financing and clearing of precious metals transactions. This is a big change from the pre-Basel III level of 0%, and it makes holding unallocated gold more expensive by equating it to the same level of risk as holding equities.
"Basel III requires banks or dealers to collateralize 85% of the value of their unallocated gold with a Tier 1 asset, which is cash," Carrasco said.
For example, if a bank has $1 billion in gold positions, with $300 million in allocated gold and the other $700 million in unallocated gold. Before Basel III, the bank didn't have to put any collaterals for those positions. But with Basel III, the $300 million positions in allocated gold are fine. But the $700 million positions in unallocated gold are now considered risky as equities and are put in the same risk category.
"Under Basel III, the bank would have to show that 85% of this $700 million is actually sitting on their balance sheet, and the bank is not touching it," Carrasco explained. "That has a tremendous cost of finance. The bullion banks need to find 85% of the nominal value of their unallocated gold position and fund it."
The risk here is that trading unallocated gold would become a money-
losing business.
"Banks cannot continue charging practically no fees on unallocated gold.
Could they have to increase their price by 100 times? Will clients be
interested in trading at those prices?" Carrasco asked.
"The risk is going to be a lot of banks shutting down because suddenly
it is a money-losing business.
That is Basel III in a nutshell."
Allocated vs. unallocated gold
https://www.kitco.com/news/2021-06-22/Basel-III-to-trigger-liquidity-squeeze-gold-price-could-be-looking-at-2-100-by-year-end-Goldex-CEO.html?sitetype=fullsite
$Kirkland Lake Gold Introduces Automatic Share Purchase Plan
Download this Press ReleasePDF Format (opens in new window)
https://www.kl.gold/news-and-media/default.aspx
$bigone thanks; Richest gold mines in Canada in Q1 2021 - report
Vladimir Basov Vladimir Basov
Friday June 18, 2021 12:34
Kitco NewsShare this article:
Editor's Note: With so much market volatility, stay on top of daily news!
Get caught up in minutes with our speedy summary of today's must-read
news and expert opinions.
(Kitco News) - The grade or concentration of a mineral or metal in ore
directly affects costs associated with mining as well as its subsequent
beneficiation and extraction of precious components.
Kitco ranked currently active gold operations in Canada based on gold
grade in a tonne of processed ore reported for Q1 2021.
Kitco looked at operations that are separate reporting units and which
have gold grade figures disclosed by the owners/operators.
$Kirkland Lake’s Macassa mine, located in the Municipality of Kirkland Lake, within Teck Township, District of Timiskaming, in the northeast of the province of Ontario, is the richest gold mine in Canada and one of the richest gold operations worldwide. The company reported an average processed grade of 19.8 g/t gold for Macassa in Q1 2021, which was virtually unchanged compared to the corresponding period of 2020.
The second richest Alamos Gold’ Island Gold mine is a high grade, low-cost
underground mining operation located just east of the town of
Dubreuilville, Ontario, Canada, 83km northeast of Wawa.
Underground grades processed averaged 13 g/t Au in the first quarter,
an 11% increase over Q1 2020 and above the Mineral Reserve grade.
Wesdome Gold’s Eagle River mine is third richest gold operation in Canada with 12.8 g/t gold reported in Q1 2021, which is below budget and 9% lower compared to Q1 2020 due to stope sequencing.
Located in the Kitikmeot District of Nunavut, Canada, approximately 125 kilometres southwest of Cambridge Bay, the Hope Bay mine, which is fourth richest gold mine in Canada, was acquired by Agnico Eagle in February 2021. Ore is currently being sourced from the high-grade BTD Zone, which shows potential for expansion.
SSR Mining’s Seabee is an underground gold mine located along the Trans-Hudson Corridor in east-central Saskatchewan, Canada. Seabee mill feed grade was 8.45 g/t gold during the first quarter of 2021, an 18% decrease compared to the first quarter of 2020, due to mining in lower productivity areas, as planned.
All richest gold mines in Canada are underground operations. The complete list is below.
Richest gold mines in Canada in Q1 2021
https://www.kitco.com/news/2021-06-18/Richest-gold-mines-in-Canada-in-Q1-2021-report.html
Kirkland Lake Gold Declares Quarterly Dividend Payment
TORONTO, June 17, 2021 (GLOBE NEWSWIRE) -
Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “ Company ”) (TSX:KL)
(NYSE:KL) (ASX:KLA) today announced that a quarterly dividend
payment for the secon...
https://www.kl.gold/news-and-media/default.aspx
$bigone thanks; Kirkland Lake Gold Renews Normal Course Issuer Bid
TORONTO, June 07, 2021 (GLOBE NEWSWIRE) -
$Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “ Company ”) (TSX:KL) (NYSE:KL) (ASX:KLA) is pleased to announce that it has received acceptance from the...
https://www.kl.gold/news-and-media/default.aspx
$Kirkland Lake Gold’s Detour Lake on course to be a world-class gold mine, says CEO Tony Makuch
Kirkland Lake Gold's Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
https://www.northernminer.com/news/kirkland-lake-golds-detour-lake-on-course-to-be-a-world-class-gold-mine-says-ceo-tony-makuch/1003830886/
Kirkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) plans to transform its Detour Lake mine in northern Ontario into one of the world’s largest and most profitable good mines, says Tony Makuch, the company’s president and CEO.
There is a much larger and higher-grade deposit at Detour Lake than is reflected in the project’s current mineral resource, he said in an interview. “We see significant growth potential in the project’s mineral endowment, which, combined with a new mining plan, will lead to a significant increase in production and improved unit costs compared with the past operation of the mine.”
At the end of March, a technical report for Detour Lake outlined a new life-of-mine plan that envisages production increasing from 563,253 oz. of gold in 2020 to between 680,000 oz. and 720,000 oz. from 2021-2024, growing to 800,000 oz. in 2025, and reaching over 900,000 oz. in 2032 for an average annual production of 659,000 gold oz. over 22 years of mine life.
The life-of-mine 2021 study estimated operating costs per oz. of gold to average US$619 per oz. over the life of the mine, lower than the US$625 per oz. in 2020, with all-in sustaining costs averaging US$821 per oz., a significant improvement over 2020, which averaged US$1,171 per ounce.
Kirkland Lake Gold president and CEO Tony Makuch
Total capital expenditure runs to US$3.6 billion, which includes US$65 to US$75 million for a mill expansion capable of processing 28 million tonnes per year, up from 22.2 million tonnes last year, additional leach pads to improve metallurgical recovery, and a tailings facility expansion. The after-tax net present value is estimated at US$3.8 billion, based on a gold price of US$1,500 per oz. and using a 5% discount rate.
The new mine-of-life plan is based on a mineral resource estimate of 107.7 million measured and indicated tonnes grading 1.15 grams gold per tonne for 4 million gold oz. and 31.8 million inferred tonnes of 0.82 gram gold for 844,000 ounces.
The current life-of-mine plan does not include the exploration success the company has achieved since acquiring the project in early 2020. These will be incorporated into an updated mine plan slated for release next year.
“One of the key factors behind our decision to acquire the mine was the significant exploration upside we saw in the project, which should further increase production, lower unit costs, and transition it to a much larger pit design than presented in the March report,” said Makuch, who has over 35 years of management, operations, and technical experience in the mining industry. Immediately before taking up the reins at Kirkland Lake, he served as president and CEO of Lake Shore Gold from 2008 until Tahoe Resources acquired the company in 2016.
He added that the expected production growth would be driven by higher mill throughput and mining rates, lower strip ratios, better fragmentation, and improved mill productivity.
Kirkland Lake acquired the Detour Lake mine, about 300 km northeast of Timmins, in January 2020 through an all-share acquisition of Detour Gold Corp. in a deal valued at US$3.7 billion.
Detour Gold owned the mine between 2013 and 2020, producing 3.6 million oz. of gold from approximately 135.5 million tonnes of mineralized material at a grade of 0.9 gram gold per tonne. Before that, Placer Dome Inc. operated the mine as an open-pit and underground operation, producing a total of 1.8 million oz. of gold from 14.3 million tonnes of mineralized material grading 3.82 grams gold between 1983 and 1989.
Since acquiring the mine, Kirkland Lake has conducted an extensive drilling campaign to identify extensions to the mineralisation.
A key focus for the exploration program has been to drill around and near the Detour Lake Main pit.
Drilling in the central portion of the Saddle zone, an underexplored area between the Main pit and the West pit, about 1 km west of the Main pit, intersected broad zones of both shallow and deeper mineralisation. Highlights included drillhole DLM-20-006, which intersected 17 metres grading 1.56 grams gold per tonne from 56 metres downhole, and hole DLM-20-079BW, which cut 13 metres grading 9.02 grams starting from a depth of 509 metres.
Kirkland Lake Gold’s Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
The drill results “confirmed a large, continuous corridor of mineralization that extends from the Main Pit through the Saddle Zone and continues beyond the planned West Pit location,” said Makuch.
A nine-hole (2,796 metre) drill program on the 58 North zone, a satellite deposit 10 km south of the mine, was designed to infill the west portion of the current mineral resource area. Highlights included drillhole DLD-20-504, which returned 5 metres of 14.6 grams gold from 214 metres.
Drilling on an area about one km northwest of the Main Pit, called the North Pit, intersected significant open-pit grades, extending known mineralization to depth and along strike of the current mineral resource area, with hole DLM-20-003 returning 9 metres grading 1.1 grams gold from 274 metres and hole DLM20-001 cutting 3.4 metres of 147 grams gold from 394.6 metres.
Given the limited amount of drilling to date in the Saddle, 58 North, and North Pit areas, Makuch believes there is considerable potential to add new mineral resources through “aggressive drilling.”
“Our exploration has demonstrated that we’re yet to determine the full extent of the mineralisation at the project, which has the potential to support a 30-million-plus ounce mineral reserve base,” he said.
While acknowledging that the technical report released in March was an important milestone for the project, he noted that the company was confident that its drill campaign would add substantially more ounces to the project’s mineral endowment and “establish Detour Lake as one of the world’s top gold mines.”
Kirkland Lake plans to release an updated mine plan for the project in 2022 that incorporates drill results from the 2020 and 2021 drilling campaigns. The updated mine plan, said Makuch, will likely see the project transition to a much larger pit design as the mineral resource grows, leading to further increases in production and better unit costs.
This year, the company plans to complete 270,000 metres of drilling to expand mineralisation to the west of the West pit and follow up on key targets, including 58 North and North Pit. Twelve drill rigs are now turning on the project.
The open pit at Kirkland Lake Gold’s Detour Lake gold mine in Ontario. Credit: Kirkland Lake Gold.
It is also working with Rogers Communications, a Canadian telecommunications and media company, to erect several cell towers onsite to improve connectivity across the region. Powered by wind and solar energy and backup hydrogen generators, the towers will also include a first aid station as well as providing shelter.
Kirkland has around US$800 million in the treasury to fund these activities, said Makuch, adding that the company has no debt. “We have a strong balance sheet and are well funded to support our work program.”
The company’s other gold assets in Ontario include the Macassa underground mine, which, in 2020, produced 183,038 oz. of gold, and the Holt Complex, which comprises the Holt, Holloway, and Taylor mines. In April 2020, operations at the complex were suspended as part of Kirkland Lake’s Covid-19 protocols.
Outside Canada, it owns the Fosterville underground gold mine in Australia, one of the largest gold producers in the state of Victoria. In 2020, the mine produced 640,467 oz. of gold.
For further information on Kirkland Lake Gold and to receive news releases by email, visit the website
https://www.kl.gold/home/default.aspx
Cautionary Note Regarding Forward-Looking Information
https://www.kl.gold/news-and-media/default.aspx
https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Reports-New-Wide-High-Grade-Intersections-at-Detour-Lake/default.aspx
LATEST PRESENTATION
https://www.kl.gold/home/default.aspx
For further information on Kirkland Lake Gold and to receive news releases by email, visit the website www.kl.gold.
FOR FURTHER INFORMATION PLEASE CONTACT
Anthony Makuch, President, Chief Executive Officer & Director
Phone: +1 416-840-7884
E-mail: tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor Relations
Phone: +1 416-840-7884
E-mail: mutting@kl.gold
https://www.kl.gold/news-and-media/default.aspx
Primary Logo
Source: Kirkland Lake Gold Ltd
Ps.
Kirkland Lake Gold should buy MMY bargain producer of gold & silver -
$Monument Mining Limited (MMY.VN) -
$MMY- $70 mil in assets and only a $42 mil market cap? NO DEBT! smile)
https://www.barchart.com/stocks/quotes/MMY.VN/opinion
$Way undervalued and oversold - 5 bagger + + + + ? or more -
IMO!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161590519
In GOD We Trust - Real Money -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
My opinions are my own and and DD I post should be confirmed as unbiased
Recent AEM News
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM
