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Kirkland Lake Gold 2Q Production Boosted By Record Fosterville Output

Kitco News

(Kitco News) - Kirkland Lake Gold Ltd. (TSX: KL; NYSE: KL) Wednesday announced that second-quarter production totaled 214,593 ounces of gold, up from 164,685 in the same period a year ago.

The tally was helped by record production of 140,701 ounces at the company’s Fosterville mine, officials said.  This was an increase of 82% from 77,462 ounces in the same quarter a year ago and also 10% higher than 128,445 ounces in the first quarter of 2019.

Consolidated output during the first six months of the year was 446,472 ounces, with the company saying it remains on track to meet full-year 2019 production of 950,000 to 1 million ounces.

“Fosterville achieved a record quarter in Q2 2019, with production exceeding planned levels largely due to strong grade performance in the Swan Zone,” said Tony Makuch, president and chief executive officer. “We are targeting higher levels of production from Fosterville in both the third and fourth quarters of the year as ounces produced from the Swan Zone increase, with the mine tracking well towards its full-year 2019 guidance of 570,000 [to] 610,000 ounces.”

Meanwhile, second-quarter production at Macassa totaled 49,196 ounces, down from 60,571 ounces in the year-ago period and a record 72,776 ounces in the first quarter of this year.

Makuch said average grades were “more in line with expected levels” in the second quarter after a record in the first quarter. Tonnes processed also were lower than expected due to excess water from the spring run-off, he added.

“The impact of the water extended longer than anticipated, through to the end of the quarter,” the CEO said. “Water levels are receding, and we do not expect third- and fourth-quarter production to be impacted. Macassa remains on track to achieve its full-year 2019 guidance of 240,000 [to] 250,000 ounces.”

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