Kirkland Lake Gold (TSX:KL, NYSE:KL) announced results from 25 holes (19,523 m) and one wedge hole (1,110 m) of drilling at the Detour Lake property in Northern Ontario.
Significant results from the drilling include 4.38 gpt over 31.0 m, including 47.46 gpt over 2.0 m and 5.45 gpt over 3.2 m, from hole DLM-20-028, and 1.50 gpt over 75.0 m, including 3.59 gpt over 23.0 m, 1.33 gpt over 14.7 m, 0.87 gpt over 30.9 m and 0.78 gpt over 21.0 m from hole DLM-20-035, both at the east portion of Saddle Zone, located between the Main Pit and West Pit locations.
Drilling in the central portion of the Saddle Zone included five holes (4,563.5 m) and targeted the DMT approximately midway between the current reserve pits for the Main and West pits and between 100 and 500 m below surface. Significant results from the drilling include 1.10 over 67.0 m, 2.53 gpt over 18.0 m, 0.83 gpt over 27.7 m, and 0.94 gpt over 24.0 m, including 15.91 gpt over 2.0 m, from hole DLM-20-022, and 2.65 gpt over 24.0 m, including 9.14 gpt over 5.0 m, 0.80 gpt over 79.0 m, 1.94 gpt over 13.6 m, from hole DLM-20-046B
“Today’s results provide further evidence that a much larger and higher-grade deposit exists around the Main Pit and West Pit locations at Detour Lake Mine than is currently included in Mineral Reserves,” said Tony Makuch, President and CEO of Kirkland Lake Gold.
“We continue to intersect broad zones of mineralization in the Saddle Zone between the two pits, which demonstrates the potential for continuous mineralization over a very large area and supports our view that a much larger pit design concept may be warranted leading to substantial Mineral Reserve growth, increased levels of production and improved unit costs.”
According to the company, exploration work at Detour Lake is ongoing with eight drills currently working, and on track to complete approximately 70,000 m by the end of 2020.
The company plans to increase the number of drills to between ten and twelve drills early in the new year.
This year’s revised production guidance for Detour Lake (updated at the end of June) stands at 520,000 oz. to 540,000 oz. at operating cash costs of $720 to $740 per oz. sold.