KIRKLAND LAKE – A $92,000 sculpture immortalizing Kirkland Lake’s mining heritage will be erected at the historic Toburn Mine site.
The Toburn Operating Authority, a not-for-profit organization in charge of the Toburn, has learned it will receive a $46,000 grant from the Department of Canadian Heritage to help fund the legacy project celebrating the Town of Kirkland Lake’s Centennial in 2019.
A Legacy committee led by Toburn vice chair Michael Sutton has been working closely with the Kirkland Lake 100th Anniversary Committee, with plans to erect a life-sized bronze sculpture of an early 20th century prospector with his faithful working dog by his side. Continue Reading →
Shares in Kirkland Lake Gold Ltd. posted their biggest daily jump in almost four months after the mid-tier miner beat analyst expectations in the second quarter, boosted its production forecast and delivered promising drilling results.
Toronto-based Kirkland Lake earned a US$61.5-million net profit for the three months ended June 30, a 78-per-cent year-over year increase.
Production at the company’s high-grade Macassa mine in northern Ontario hit a record 60,500 ounces of gold in the quarter, thanks to higher grades and lower costs. Cash flow per share came in at 54 US cents, five cents better than the Street predicted. Meantime, Kirkland Lake’s cash position swelled by US$43-million to US$318-million. Continue Reading →
Concern over the long term sustainability of free cash flow took the shine off an otherwise strong quarterly earnings report from Kirkland Lake Gold Inc., one of Canada’s best performing gold stocks.
On Wednesday, PI Financial Corp. analyst Phil Ker cut his rating to neutral from buy, on fears that hefty capital expenditure requirements at the intermediate mining company over the next few years could hinder free cash flow.
In the first quarter, Kirkland Lake beat estimates, reporting adjusted earnings per share of 25 cents, a penny better than consensus. On a net basis, the company posted a profit of $53.8-million, compared with $13.1-million in the same quarter in 2017. The miner also boosted its quarterly dividend to 3 cents a share from 2 cents, with free cash flow rising 30 per cent year-over-year to $50.2-million. Continue Reading →
TORONTO, May 02, 2018 (GLOBE NEWSWIRE) — Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced the Company’s financial and operating results for the first quarter of 2018 (“Q1 2018”). The Company’s full financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company’s website at www.klgold.com.
The Company also announced today an increase to its quarterly dividend to C$0.03 per share from C$0.02 per share, with the increase to commence with the second quarter 2018 (“Q2 2018”) dividend, payable in July 2018. All dollar amounts in this News Release are expressed in U.S. dollars, unless otherwise noted.
Key highlights of the Q1 2018 results include:
-Net earnings increase year over year to $53.8 million ($0.25/share) compared to $13.1 million ($0.06/share) in Q1 2017 and $41.0 million ($0.20/share) in Q4 2017. Adjusted net earnings1,3 totaled $52.6 million ($0.25/share) versus $17.5 million ($0.09/share) in Q1 2017 and $71.2 million ($0.34/share) in Q4 2017. Continue Reading →
Gold explorer building stable of northeast properties with McGarry Mine acquisition
There’s new ownership coming for a former gold mine in the Kirkland Lake area. Toronto’s Orefinders Resources announced April 3 that it has entered into a definitive agreement with Kerr Mines (formerly Armistice Resources) to acquire the McGarry Mine and Barber-Larder properties.
Under the deal, Orefinders will issue 8 million common shares to Kerr. The shares are subject to a lock-up agreement with Kerr and are scheduled to be free trading over a two-year period.
The McGarry property is in Virginiatown, between Kirkland Lake and the Quebec border, and spans 2.4 kilometres on the Cadillac Larder Lake Break, considered one of the world’s most prolific gold structures. It’s located next to the Kerr-Addison Mine, which once produced more than 12 million ounces of gold over a 58-year period ending in 1996. Continue Reading →
Pierre Rocque said Kirkland Lake Gold’s plans to be more sustainable are going strong. The vice-president of Canadian operations said among major changes, the company has moved towards having about 80 per cent of their underground operations at their mines battery-powered.
Rocque gave a light-hearted presentation at the monthly meeting of the Sudbury chapter of Canadian Institute of Mining, Metallurgy and Petroleum (CIM) on Jan. 18 at Dynamic Earth on a few updates on the mine, including the acquisition of Australian properties; progress at their properties in Kirkland Lake, including Taylor and Macassa mines; and the use of battery-powered equipment and biological means to extract gold.
“We’ve come a long way from a junior minor, to a mid-tier with properties around the world,” Rocque said. As a highlight, Rocque announced the company is well on its way to its underground operations being primarily battery-powered. Continue Reading →
JOHANNESBURG (miningweekly.com) – Gold miner Kirkland Lake has set its sights on producing one-million ounces a year in the next five to seven years, a target which is built on transforming the Fosterville and Macassa mines into 400 000 oz/y producers.
At Fosterville, in Australia’s state of Victoria, Kirkland Lake is aiming to achieve the 400 000 oz/y target by 2020, as it moves to full production at the Swan zone and starts production from additional mining fronts.
The path to 400 000 oz/y at the Macassa mine, in Ontario, Canada, will take longer and will involve sinking a new $320-million shaft in two phases. Continue Reading →
In Kirkland Lake, Ont., Patrick Adams has found happiness. Seven years ago, after graduating from Mohawk College in Hamilton in TV broadcasting, a friend got a job in one of the town’s local mines. Mr. Adams joined him on his trip north – and never left. He started in a job with Canadian Tire and eventually found entry-level mining jobs.
Now he works underground in a mine and pulls in $92,000 a year. “My work schedule is fantastic,” says Adams, who works less than half the year, while banking a fair bit of overtime.
In the past few years, Mr. Adams has married, had two kids, and bought two properties. His 2,000-square-foot home is a cushy bungalow, flanked by his ATV, boat, snowmobile and two vehicles. “It’s very nice that I have this lifestyle up here,” says Mr. Adams. “I have trails right outside my front door. I take it all in up here.” Continue Reading →
California’s Artisan Vehicle Systems chooses northeast town for Canadian assembly, R & D hub
A leading edge California manufacturer of battery-powered underground mining vehicles is putting down roots in Kirkland Lake.
Artisan Vehicle Systems announced Oct. 31 that it’s building a 60,000-square-foot Canadian headquarters featuring a service centre, vehicle assembly shop, and product research facility in the northeastern Ontario gold mining town to be closest to its biggest customer, Kirkland Lake Gold.
The company is talking about creating 60 jobs over the next two years as they put shovels in the ground within a year-and-a-half to build a state-of-the-art “Centre of Excellence” in the Archer Drive business park. Continue Reading →
Q.What is your view of the mining sector?
A.Mining is a cyclical business, so we always seem to be running into the same roadblocks. Overall, gold prices are doing fairly well, especially in Canadian and AUS dollar terms. When you look at the industry as a whole, 2017 is turning out to be a positive year.
With that said, the industry does have to deal with cost pressures as it relates to capital costs. Thinking about some large joint venture projects in the market, it’s natural to understand that the size, cost, technical and market risks command a delicate balance.
On the investment side, attracting new investors to our industry continues to be challenging. We need to build the infrastructure at our mines during the downturns so that we reap the rewards during the price upswing. Continue Reading →
KIRKLAND LAKE, ONT. — It is a scene that could grace the back of the five-dollar bill. Youngsters are playing hockey outdoors, the sounds so familiar – skates scraping over ice, sticks striking pucks, a barking dog – that they even include the winter call of the Canadian mother, once so common now so rare.
“Steeeeeeee-vennnn! Dinnnnnner-timmme!” But it is not real.
It is, instead, a diorama represented what once was, the roots of a game so important to this small Northern Ontario community that Kirkland Lake even has its own impressive Hall of Fame – Hockey Heritage North – that celebrates what Foster Hewitt once called “The town that made the NHL famous.”
It is registration week in Kirkland Lake, Ont., that time of year when the town’s youngsters sign up for a sport that once defined Kirkland Lake every bit as much as the gold the various mines pulled from the quartz and faults of this dense northern bush. Continue Reading →
Stephen Stewart is the CEO of Orefounders Resources Inc.
Orefinders Drill Bits are informative videos about ORX & the metals & mining industry.
Exploration program yields new gold systems at Macassa, Taylor Mines
An aggressive exploration program by Kirkland Lake Gold is producing positive results at its two cornerstone mines in northeastern Ontario. The company reported making some high-grade drill intercepts during its exploration campaign at the South Mine Complex (SMC) of the Macassa Mine in Kirkland Lake.
An underground drill program at the mine’s 5300 Level intersected some new gold mineralization to the east with the discovery of a hanging wall system that could expand the mine’s resources.
Some of the results include intercepts of 65.8 grams per tonne (g/t) over 2.1 metres and 160.3 g/t over 0.3 metres. Follow-up drilling is planned for later this year. Drill platforms have been set up on both the east and west ends of the 5300 Level to expand the resource laterally and at depth. Early results are suggesting there is a strong potential to do just that. Continue Reading →
A Toronto junior explorer has eyes on putting a former Kirkland Lake-area gold mine back into production.
Orefinders Resources are crunching the numbers on a new resource calculation around a high-grade gold zone they discovered within the former Mirado open-pit mine, and are starting a preliminary economic assessment (PEA) to consider restarting mining operations.
The property, located 35 kilometres southeast of Kirkland Lake, contains three former mines, including the Mirado. Gold was first mined on the property in the 1940s followed by number of companies who subsequently explored, drilled and mined over the years, the last being Golden Shield Resource in the mid-1980s. Continue Reading →