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Kirkland Lake Gold Ltd.
Summary
| Project: | Fosterville | |
|---|---|---|
| Deposit: | Fosterville Underground | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/27/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 27-7-2017: Kirkland Lake Gold Ltd. announces a Resource Estimation report for its Fosterville Underground deposit at the Fosterville project. Fosterville Underground Minerals reserves increase by 110%. This technical report has been prepared for Kirkland | |
| Resources: | (Reserve, P+P): 1.79Mt @ 17.9g/t Au for 1.03Moz contained at Fosterville underground | |
| CP/QP: | [Resources]: Troy Fuller, Ion Hann (Internal) | |
| ABSTRACT: | This technical report has been prepared for Kirkland Lake Gold Ltd. (Kirkland Lake Gold), the beneficial owner of the Fosterville Gold Mine. Kirkland Lake Gold is listed on the Toronto Stock Exchange under the ticker symbol “KL”. On November 30, 2016, Newmarket Gold Inc. (“Newmarket”) combined with Kirkland Lake Gold Inc. and the combined company was renamed Kirkland Lake Gold Ltd. This document provides the Mineral Resource and Mineral Reserve estimates for the Fosterville Gold Mine that have resulted from ongoing exploration and resource definition and as a result of ongoing mine design and evaluation during the period January 1, 2017 to June 30, 2017. The Fosterville Gold Mine (Fosterville or FGM) is located approximately 20km northeast of the city of Bendigo and 130km north of the city of Melbourne in the State of Victoria, Australia. The FGM and all associated infrastructure including the tailings dam and waste dumps are located on Mining Lease 5404, which is 100% owned by Kirkland Lake Gold Ltd. Kirkland Lake Gold also holds titles through FGM of two surrounding Exploration Licenses totaling 504.9km2. These exploration licenses encompass the entire known strike extent of the Fosterville Goldfield. Gold was first discovered in the Fosterville area in 1894 with mining activity continuing until 1903 for a total of 28koz of production. Mining in this era was confined to the near-surface oxide material. Aside from a minor tailings retreatment in the 1930’s, activity resumed in 1988 with a further tailings retreatment program conducted by Bendigo Gold Associates, which ceased in 1989. Mining recommenced in 1991 when Brunswick Mining NL and then Perseverance Corporation Ltd. (from 1992) commenced heap-leaching operations from shallow oxide open pits. Between 1988 and the cessation of oxide mining in 2001, a total of 240koz of gold were poured (Roberts et al., 2003). A feasibility study into a sulfide mining operation was completed by Perseverance in 2003 with construction and open pit mining commencing in early 2004. Commercial production commenced in April 2005 and up to the end of December 2006 had produced 136,882oz gold. In October 2007, Perseverance announced that it had entered into an agreement with Northgate Minerals Corporation to acquire the company with full control passing to Northgate in February 2008. | |
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