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Kirkland Lake Gold Ltd.
Summary
| Project: | Ludgate | |
|---|---|---|
| Deposit: | Ludgate | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 3/28/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-3-2017: Kirkland Lake Gold Ltd. announces a Resource Estimation report for its Ludgate deposit at the Ludgate project. Year-end update of Mineral Resources at project. Kirkland Lake Gold (“KL Gold” or the “Company”) (TSX: KL) (OTCQX: KLGDF) is pleased | |
| Resources: | (Resource): 522kt @ 4.1g/t Au (Ind.) and 1.4Mt @ 3.6g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Simon Hitchman (Internal) | |
| ABSTRACT: | Kirkland Lake Gold (“KL Gold” or the “Company”) (TSX: KL) (OTCQX: KLGDF) is pleased to announce the results of the Company’s updated 2016 year-end Mineral Reserves and Mineral Resources. Mineral Reserves and Mineral Resources were estimated using a long-term gold price of US$1,200/oz (C$1,500/oz; A$1,500/oz). Canadian Mineral Reserves were last updated December 31, 2014 due to the transition of fiscal year end for Kirkland Lake Gold Inc. and because of the acquisition of St Andrew Goldfields Ltd. which closed January 26, 2016. Australian Mineral Reserves and Mineral Resources were last updated December 31, 2015. Canadian Mineral Reserves increased by 20% between 2014 and 2016 to 2,750,000 ounces, driven by the 37% increase in Proven and Probable Mineral Reserves at the Macassa Mine accompanied by an 7% increase in Mineral Reserve grade to 20.8 g/t Au. Measured and Indicated Resources decreased largely due to a significant conversion of Resources to Reserves at the flagship Macassa Mine to approximately 4,160,000 ounces of gold, with a 9% decrease in average consolidated grade to 3.4 g/t Au. Over the last two years’ exploration spending has been limited on the Canadian assets, however the Company has initiated a significant 2017 exploration program aimed at expanding resources at each asset. | |
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