Kirkland Lake Gold On Pace To Exceed Output Guidance
Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) says the company is on track to exceed full-year guidance of 650,000 to 670,000 gold ounces, helped in large part by output at the Fosterville Mine that is headed for record quarterly production in the fourth quarter. Full-year 2018 production at the mine is now expected to exceed 330,000 ounces, which is above current guidance of 300,000 to 310,000 ounces, Kirkland Lake says. “Fosterville is clearly firing on all cylinders heading towards the end of the year, with Q4 2018 production on track to easily beat the current production record of 90,618 ounces, achieved last quarter,” says Tony Makuch, president and chief executive officer. “We continue to see significant grade outperformance from stopes in both the Swan and Eagle zones. We have also benefited from higher-than-expected grades when processing development tonnes taken from around the Swan Zone and have been able to add two Swan stopes to the Q4 2018 production plan based on development meters completed.” Higher-than-planned grades are expected to favorably impact production levels in both 2019 and 2020, the CEO adds.