Archive | Kirkland Lake

Eric Sprott bets on Orefinders Resources – by Trish Saywell (Northern Miner – March 5, 2020)

March 6, 2020 in Canadian Media Resource Articles, Junior Exploration Sector, Kirkland Lake, Ontario Mining

Global mining news

Financier Eric Sprott is putting some of his money behind Orefinders Resources (TSXV: ORX) and the junior explorer’s properties in the Kirkland Lake district of Ontario. Sprott has taken an 8.01% of the company’s issued and outstanding common shares on a non-diluted basis and about 11.64% on a partially diluted basis.

“He’s had tremendous success in the Kirkland Lake camp and that’s clearly what got his attention about us,” Stephen Stewart, Orefinders’ president and CEO, said in an interview. “He is obviously interested in our neighborhood.”

“Eric’s a seasoned investor who has seen it all, has lived through all the cycles, and understands it’s a long-term game, writes significant cheques and he brings eyeballs, which is important,” Stewart continued. “He’s probably the best shareholder you can have and it’s also nice to have money to execute on our plan.” Continue Reading →

Kirkland Lake Gold’s Tony Makuch our Mining Person of the Year for 2019 – by Trish Saywell (Northern Miner – February 20, 2020)

February 20, 2020 in Australia/New Caledonia/Papua New Guinea Mining, Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Northern Miner – Mining Person of the Year Award, Ontario Mining

Global mining news

Tony Makuch, president and CEO of Kirkland Lake Gold, is The Northern Miner’s Mining Person of the Year for 2019. Under his leadership, Kirkland Lake Gold has outperformed its peers in the last 24 months. The company’s shares rose by 60% last year, it raised its dividend twice and more than doubled its cash position, ending 2019 with US$707 million in cash and equivalents.

Kirkland Lake Gold operates two of the highest grade gold mines in the world and produced a record 974,615 ounces of gold in 2019, a 35% year-on-year increase, anchored by its Macassa mine in Ontario, Canada and its Fosterville mine in the state of Victoria, Australia. It also produces gold at its Holt complex – a trio of mines (Holt, Taylor and Holloway) in Ontario.

Consolidated operating cash costs fell 22% year-on-year to US$284 per oz. sold, while all-in sustaining costs declined 18% to US$564 per oz. sold. Net earnings jumped 104% year-on-year to US$560 million or $2.67 per share, and free cash flow totalled US$463 million, an 81% increase over 2018. Continue Reading →

“Bit of a quiet year” for Northern Prospectors Association, says President – by Brad Sherratt (Kirkland Lake Northern News – February 10, 2020)

February 10, 2020 in Canadian Regional Media and Web Publications, Junior Exploration Sector, Kirkland Lake

https://www.northernnews.ca/

The President of the Northern Prospectors Association says his group “had a bit of quiet year In as much as that most of our meetings and discussions were not so much based on being reactionary in context when compared to dealing with the past provincial Liberal government and its hostility toward exploration and mining.”

During the association’s recent Annual General Meeting, Gino Chitaroni said “since the Ford Government took over, there has been serious relief from government stress and pressure on our industry as a whole. Yes, the MMAC government committee is gone and many of us are quite happy it is. Nonetheless, exploration appears to be somewhat forgotten even though the Ontario Government created the Mining Working Group.

“This working group is heavily slanted toward red tape reduction at the mining development and operations stage. At least this group is trying to bring in “Made in Ontario” solutions for flow through financing, renewed JEAP financing and early stage engagement with First Nations and for exploration permitting. Continue Reading →

Kirkland’s $4.9-billion purchase of Detour Gold wins shareholder approval – by Niall McGee (Globe and Mail – January 28, 2020)

January 28, 2020 in Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.theglobeandmail.com/

Shareholders at both Detour Gold Corp. and Kirkland Lake Gold Ltd. voted decisively in favour of Kirkland’s $4.9-billion acquisition of Detour on Tuesday, in a deal that sees the world’s most profitable large gold mining company buy a struggling single-asset producer smack in the middle of a turnaround.

The all-stock acquisition was announced in November and was initially greeted with shock on the part of many of Toronto-based Kirkland Lake’s shareholders, with its stock plummeting by 17 per cent on the day the deal was announced.

Some big stakeholders, such as Eric Sprott, weren’t immediately convinced of the logic of Kirkland, a low cost, high grade miner, buying Detour, a high cost, low grade operator. Continue Reading →

Kirkland Lake Gold won’t budge as large Detour shareholder pushes for better offer – by Niall McGee (Globe and Mail – January 18, 2020)

January 20, 2020 in Abitibi Greenstone Belt, Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.theglobeandmail.com/

Kirkland Lake Gold Ltd. has no intention of improving its $4.9-billion all-stock offer for Detour Gold Corp., despite calls from one of Detour’s biggest shareholders for a last-minute sweetener.

Toronto-based Kirkland offered 0.4343 of its own shares for each Detour share, a 24-per-cent premium to the Nov. 22 closing price. “We can’t, and don’t intend to, change the terms,” Tony Makuch, chief executive of Kirkland Lake, said in an interview on Friday. “It’s a full and fair offer.”

Even though no other bidder surfaced with a higher offer for Toronto-based Detour, the market had been been anticipating that Kirkland might improve its bid. Over the past few weeks, shares in Detour consistently traded above Kirkland’s offer, before finally dropping a few cents below it, on Friday. Continue Reading →

The Agenda with Steve Paikin Interviews Charlotte Gray about her new book – A Millionaire’s Murder Mystery (December 2, 2019)

December 7, 2019 in Canadian Media Resource Articles, Canadian Mining History, Gold and Silver, Kirkland Lake, Northern Ontario History, Ontario Mining

https://www.tvo.org/

Sir Harry Oakes, a major figure in 19th-and-early 20th century northern Ontario, made millions in mining. He was mysteriously murdered in the Caribbean in 1943, with no clues as to the culprit. The Agenda explores Oakes’s intriguing life, and the mark he made on Kirkland Lake with historian Charlotte Gray, who chronicled his activities in her book, “Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise.”

A terrific Christmas gift! To order a copy of Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise: https://bit.ly/2lHTbYt 

Charlotte Gray is one of Canada’s best-known writers of non-fiction, specializing in history and biography, and her books have been nominated for or won most major non-fiction literary prizes. Murdered Midas is her eleventh book, and her second study of a great gold rush. In 2010, she published Gold Diggers: Striking it Rich in the Klondike which was the basis for both a PBS documentary and a Discovery Channel mini-series. She lives in Ottawa and is an adjunct research professor at Carleton University and a Member of the Order of Canada.

Excerpt from Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise – by Charlotte Gray (November 30, 2019)

November 30, 2019 in Books, Art, Music and Photography About Mining and Northern Topics, Canadian Mining History, Gold and Silver, Kirkland Lake, Northern Ontario History, Ontario Mining

A terrific Christmas gift! To order a copy of Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise: https://bit.ly/2lHTbYt 

Charlotte Gray is one of Canada’s best-known writers of non-fiction, specializing in history and biography, and her books have been nominated for or won most major non-fiction literary prizes. Murdered Midas is her eleventh book, and her second study of a great gold rush. In 2010, she published Gold Diggers: Striking it Rich in the Klondike which was the basis for both a PBS documentary and a Discovery Channel mini-series. She lives in Ottawa and is an adjunct research professor at Carleton University and a Member of the Order of Canada.

Excerpt from Murdered Midas: A Millionaire, His Gold Mine, and a Strange Death on an Island Paradise 

Had Harry Oakes once again arrived too late for a big strike? In Toronto in the spring of 1911, the thirty-six-year-old stared at the geological charts and topographical maps in Ontario’s Department of Mines, noting the extensive grid of prospectors’ claims superimposed on the region north of North Bay, bang in the centre of the immense expanse of Canada.

On paper, Northern Ontario looked as though government surveyors had already outlined its features and its potential. By now, the provincial bureaucrats suggested, the land had been “tamed.” Oakes traced with his stubby, stained finger the settlements strewn across the grim monotony of forest, rock, water, and muskeg swamp.

The charts recorded only mining camps; the cartographers had ignored the numerous Indigenous communities, although their presence showed up in the Ojibwa or Cree names of several features, such as Lake Temagami. Most of the network of links connecting mining camps consisted of rough, winding trails, but there were also newly laid railway tracks, punctuated at regular intervals by stations. Continue Reading →

Detour Gold premium vanishes as investors dump Kirkland Lake shares amid takeover – by Niall McGee (Globe and Mail – November 25, 2019)

November 26, 2019 in Abitibi Greenstone Belt, Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.theglobeandmail.com/

Investors punished Kirkland Lake Gold Ltd. after the underground mining company said it will acquire struggling open pit specialist Detour Gold Corp. in an all-stock deal valued at about $4.9-billion. Toronto-based Kirkland Lake is paying 0.4343 Kirkland shares for each Detour Gold share, a 24-per-cent premium to Friday’s closing price.

But that premium all but vanished in trading Monday on the Toronto Stock Exchange. Kirkland Lake closed down 17.3 per cent on the Toronto Stock Exchange to $52.38 apiece. Detour closed up 1.8 per cent to $22.61 apiece.

Kirkland Lake has been the gold industry’s best-performing senior gold miner over the past three years, thanks in part to the spectacular performance of its high-grade Fosterville mine in Australia. Continue Reading →

Kirkland Lake buying Detour Gold in all-stock deal worth $4.9-billion – by Niall McGee (Globe and Mail – November 25, 2019)

November 25, 2019 in Abitibi Greenstone Belt, Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.theglobeandmail.com/

Kirkland Lake Gold Ltd. is buying Detour Gold Corp. in an all-stock deal worth $4.9-billion that sees one of the industry’s best-performing gold companies buy a turnaround play.

Toronto-based Kirkland is paying 0.4343 Kirkland shares for each Detour share, a 24-per-cent premium to Friday’s closing price. The transaction sees Kirkland, which already has mines in Ontario and Australia, add another major asset in a safe jurisdiction.

Thanks to the success of Kirkland Lake’s Fosterville mine in Australia, it has been the best-performing major gold stock in the world over the past few years. Continue Reading →

Book celebrates 100 years of Kirkland Lake – by Lindsay Kelly (Northern Ontario Business – September 11, 2019)

September 13, 2019 in Books, Art, Music and Photography About Mining and Northern Topics, Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Northern Ontario History, Ontario Mining

https://www.northernontariobusiness.com/

Mayors and reeves, renowned strongmen and multi-million-dollar lottery winners are among the cast of colourful characters in a newly published book celebrating the centennial of the Town of Kirkland Lake.

Authored by Bill Glover, Gold for a Mad Miner is an anthology of 18 stories celebrating the town’s history, quirks and legends, printed in time to coincide with the 100th anniversary of the town’s founding in 1919. Glover, who was born and raised in Kirkland Lake, said he’s always been interested in storytelling, and this marks the fifth book he’s written.

Though he’s retired now, he spent close to six decades in the mining industry, first working in Sudbury at Frood and Stobie mines, before establishing his own consultancy firm, which took him to Asia, Europe, South America, the U.S. and beyond. Continue Reading →

Sculptor helps gold mining town celebrate 100 years – by Marc Montgomery (Radio Canada International – July 8, 2019)

July 9, 2019 in Canadian Media Resource Articles, Canadian Mining History, Gold and Silver, Kirkland Lake, Northern Ontario History, Ontario Mining

Radio Canada International

Northern Ontario’s history is tied to that of mining. It was back in 1919 that a rush for silver in the north led instead to a discovery of gold and a another sort of rush.

This led to the development of several mines and creation of the township of Teck, eventually renamed Kirkland Lake in 1972. Renowned bronze sculptor Tyler Fauvelle has created a lifesized recreation of a period prospector which has been placed near the Toburn mine, the first of several which once flourished, and are now gone.

“Although the artwork is a tribute to all of the Kirkland Lake Gold Camp prospectors, I did include some features representing some of Kirkland Lake’s legendary prospectors. I hope visitors will enjoy looking for those symbols, and learning about the local history behind them,” says Fauvelle. Continue Reading →

High-grade discoveries open “whole new chapter” at Kirkland Lake mine: Exploration drilling probes unexplored areas at Macassa’s South Mine Complex – by Staff (Northern Ontario Business – May 2, 2019)

May 2, 2019 in Abitibi Greenstone Belt, Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.northernontariobusiness.com/

Kirkland Lake’s Macassa Mine doesn’t appear to be relinquishing its status as one the world’s richest gold mines. Kirkland Lake Gold released some eye-popping high-grade drill intercepts from its ongoing underground exploration and expansion project within the South Mine Complex (SMC).

In an May 2 news release, the company highlighted the results from 73 drill holes and nearly 30,000 metres worth of drilling from the east and west exploration drifts on the mine’s 5300-foot and 5700-foot level.

Some of the high-grade intersections include 118.8 grams per tonne (g/t) over a 2.0 metre core length at SMC, and 4,772 g/t over a 2.0-metre length from an identified zone, west of the current resource. A 1.8-metre section from another hole yielded 2,458.6 g/t in the lower complex and to the east and at depth. Continue Reading →

Goal is to add 30-40 years of mine life at KL Gold with new shaft – by Ron Grech (Timmins Daily Press – March 21, 2019)

March 21, 2019 in Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.timminspress.com/

The president and chief executive officer of Kirkland Lake Gold presented an optimistic future for the Macassa Mine while speaking to an audience of business people in Timmins on Wednesday.

The president and chief executive officer of Kirkland Lake Gold presented an optimistic future for the Macassa Mine while speaking to an audience of business people in Timmins on Wednesday.

Tony Makuch was the guest speaker at an Inside Their Business luncheon hosted by the Timmins Chamber of Commerce at the Porcupine Dante Club. In January 2018, Kirkland Lake Gold announced plans to sink a new shaft at the Macassa Mine.

Makuch spoke of the Macassa Mine as a “success story” in which old assets have been revitalized and given new life. The shaft project added fuel to Makuch’s optimism. Continue Reading →

Kirkland Lake expects a million ounces in 2019 – by Staff (Mining.com – February 21, 2019)

February 21, 2019 in Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

http://www.mining.com/

Canada’s Kirkland Lake Gold (TSX. NYSE: KL) announced today that management increased its consolidated three-year production guidance and improved its unit-cost guidance for 2019.

In a press release, the miner explained that there is potential for a million ounces in 2019 as guidance was increased to 920,000 – 1,000,000 ounces from the previously announced 740,000 – 800,000 ounces.

For next year, Kirkland Lake said guidance would be 930,000 – 1,010,000 ounces and for 2021 995,000 – 1,055,000 ounces. Continue Reading →

A record year for Kirkland Lake Gold: Production, expansion at Macassa has northeast miner poised for growth in 2019 and beyond – by Staff (Northern Ontario Business – January 9, 2019)

January 11, 2019 in Abitibi Greenstone Belt, Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.northernontariobusiness.com/

Kirkland Lake Gold announced record levels of annual and quarterly production from its mines in northeastern Ontario and Australia. The Toronto-based global miner said total 2018 production at its three cornerstone mines was a record 723,477 ounces, up 21 per cent from the 596,405 ounces from the previous year.

Each of three achieved record annual production last year, including 356,230 ounces at Fosterville in Australia, 240,126 ounces at Macassa in Kirkland Lake, and 58,633 ounces at the Taylor Mine near Matheson.

The Holt Mine, also near Matheson, produced 67,770 ounces for the year. Total production in the fourth quarter of 2018 reached 230,993 ounces, 28 per cent higher than the previous record of 180,155 ounces achieved in the third quarter of last year. Continue Reading →