Kirkland Lake Gold Acquires Additional Osisko Shares
Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) says it has upped its stake in Osisko Mining Inc. (TSX: OSK) by acquiring some 14.7 million common shares through private-placement financing at C$1.70 per share for a total of C$25 million. Previously, Kirkland Lake held 17.9 million shares that accounted for 8.58% of the shares. The company now owns 13.61% of outstanding Osisko shares. “Our strategic investment in Osisko increases our ownership interest in the Urban Barry area of northwestern Quebec, which we believe has become a new, highly prospective mining camp in the prolific Abitibi-Greenstone belt,” says Tony Makuch, president and chief executive officer of Kirkland Lake. “The investment is complementary to our existing interests in Metanor Resources Inc. and Bonterra Resources Inc., both of which have high-potential exploration holdings in the same area. In addition, through the investment in Osisko, we gain exposure to attractive, early-stage exploration properties in close proximity to our Holt and Taylor mines, providing additional value potential around our existing asset base in Ontario.” The shares were acquired for investment purposes, Kirkland Lake adds.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Kirkland Lake: Fosterville Drilling Returns ‘Extremely High’ Gold Grades
Wednesday September 19, 2018 08:23
Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) says an ongoing drilling program has returned intercepts with “extremely high grades” of gold at the Fosterville Mine in Australia. Key intercepts at the Swan Zone include 289 grams per tonne of gold Au over 7.45 meters; 155 g/t over 11.9 meters, 423 g/t over 3.55 meters, 215 g/t over 7.2 meters and 353 g/t over 4 meters. The drilling demonstrates that high-grade, visible-gold bearing quartz veins extend at least 200 meters in a down plunge from current mineral reserves, the company says. “We are quickly establishing Fosterville as a new, world-class gold camp, with the new drill results at Swan being the latest indication that there is much more to be found in terms of mineral reserves and mineral resources,” says Tony Makuch, president and chief executive officer. He adds that with the results, officials are “increasingly confident” that an upcoming December estimate will include a “considerable increase in mineral reserves in the Swan Zone and a higher overall average grade and increased mineral reserve base for the Fosterville Mine as a whole.”