Archive | Kirkland Lake

Larder Lake junior miner using AI to find gold targets – by Staff (July 30, 2020)

July 31, 2020 in Canadian Regional Media and Web Publications, Gold and Silver, Junior Exploration Sector, Kirkland Lake, Ontario Mining

https://www.northernontariobusiness.com/

Gatling Exploration contracts Windfall Geotek to dig through the data

Artificial intelligence (AI) will play a role in helping Gatling Exploration chase down some gold targets near the established mining camp of Kirkland Lake.

The Vancouver junior miner has engaged AI experts, Windfall Geotek, to use its advanced Computer Aided Resource Detection System (CARDS) to identify targets at the company’s Larder Gold project, 35 kilometres east of Kirkland Lake in McVittie and McGarry Townships.

Gatling said in a July 30 release that the targets will be evaluated and then explored using more traditional exploration techniques. Continue Reading →

Sudbury Accent: Northern Ontario’s mine sector could help Canada out of recession – by Stan Sudol (Sudbury Star – July 25, 2020)

July 27, 2020 in Canadian Regional Media and Web Publications, Gold and Silver, Junior Exploration Sector, Kirkland Lake, Ontario Mining

(L to R) Antoine Schwartzmann, Stephen Stewart, Charles Beaudry, Keith Benn, Chitrali Sarkar – Kirkland Lake remains a promising place for future gold mines.

https://www.thesudburystar.com/

Accent: Junior companies could lead the way

Who says mining is not sustainable? The recent announcement by IAMGOLD to start building a Cda $2 billion Cote Lake open-pit gold mine 140 km north of Sudbury — which will employ 1,000 workers during peak construction and roughly 450 full-time middle-class jobs — is welcome news. The mine life is expected to be around 18 years; however, ongoing exploration may extend the life of mine.

Vale’s Creighton Mine, which started production in 1901, is still going strong 8,000 feet below the surface. The deeper the company goes, the richer the nickel/copper and PGM content of the ore gets.

Kirkland Lake’s Macassa gold mine started production in 1933. With new discoveries at deeper levels and a roughly $320 million investment for a new mine shaft, Kirkland Lake Gold’s CEO Tony Makuch is extending the mine’s life for another 30 to 40 years. Continue Reading →

ESSAY/COLUMN – Orefinders Battles Mistango on Kirkland Lake’s Mile of Gold – Stan Sudol (July 23, 2020)

July 23, 2020 in Gold and Silver, Junior Exploration Sector, Kirkland Lake, Ontario Mining, Stan Sudol Columns/Media References and Appearances

(L to R) Antoine Schwartzmann, Stephen Stewart, Charles Beaudry, Keith Benn, Chitrali Sarkar

Who says mining is not sustainable? The recent announcement by IAMGOLD to start building a C$2 billion Cote Lake open pit gold mine 140 km north of Sudbury which will employ 1,000 workers during peak construction and roughly 450 full-time middle-class jobs is welcome news. The mine life is expected to be around 18 years, however, ongoing exploration may extend the life of mine.

Vale’s Creighton mine which started production in 1901, is still going strong 8,000 feet below surface. The deeper the company goes, the richer the nickel/copper and PGM content of the ore gets. Kirkland Lake’s Macassa gold mine started production in 1933. With new discoveries at deeper levels and a roughly $320 million investment for a new mine shaft, Kirkland Lake Gold’s CEO Tony Makuch is extending the mine’s life for another 30 to 40 years!

Northern Ontario’s mining camps have seen many mines whose lifespans have lasted 50 years or much longer while hundreds of others with shorter operations have still provided tens of thousands of jobs and billions in economic activity for the Ontario economy over the past century.

Meanwhile car manufacturing at Oshawa’s General Motors plant started in 1907 and unfortunately closed in 2018, dealing a devastating blow to southern Ontario’s auto-focused economy. Similarly, in 2011, Ford Motor Company permanently closed its St. Thomas assembly plant that opened in 1967. Now there are rumour’s that Ford may be closing its giant auto assembly plant in Oakville. Continue Reading →

[Canadian Gold Mining/Exploration During Depression] The Trails of `34 – by Leslie McFarlane (MACLEAN’S Magazine – September 15, 1934)

June 11, 2020 in British Columbia Mining, Canadian Media Resource Articles, Canadian Mining History, Gold and Silver, Junior Exploration Sector, Kirkland Lake, Manitoba Mining, Northern Ontario History, Ontario Mining, Quebec Mining, Red Lake

https://archive.macleans.ca/

THE CARIBOO, the Yukon, the Porcupine—these fields have been the scenes of epic Canadian gold rushes. In each case the stage setting was colorful, the action dynamic. Each field had its peak year of raw drama. They were spectacular rushes, with an element of madness and frenzy. They belong to history.

And yet in sheer enormity, in point of men involved, money expended, wealth produced and in sight, not one of them could hold a candle to the great gold rush of ’34.

Men still speak of the Cariboo Trail and the Klondyke Trail. There can be no such convenient designation for the scene of this year’s great gold trek unless one refers in a general way to the ‘Trails of ’34. Because the scene is all Canada, and the trails lead to new fields and old. The effort is not concentrated upon a single area. The stage is so wide, so crowded with effects that the term “rush” may seem at first glance a misnomer. And yet from Nova Scotia to British Columbia, across the whole breadth of the Dominion, one of the greatest gold treks of all time is in full swing. Continue Reading →

Mistango River starts exploration at Eby-Baldwin project in Ontario – by Carl A. Williams (Northern Miner – June 8, 2020)

June 9, 2020 in Canadian Media Resource Articles, Gold and Silver, Kirkland Lake, Ontario Mining

Global mining news

Mistango River Resources (CNSX: MIS) has developed a geological model for its 34-sq.-km Eby-Baldwin project, located 10 km west of Kirkland Lake in the historic “Mile of Gold” of the Kirkland Lake district in Ontario.

The model considers Eby-Baldwin in the broader context of the Kirkland Lake district and how the project relates to the adjacent Macassa mine owned by Kirkland Lake Gold (TSX: KL; NYSE: KL).

The company has been acquiring parcels of land in the area for some time and recently purchased two additional landholdings, the most significant of which is the 21 sq. km Teck-Kirkland property, purchased from Hinterland Metals (TSX: HMI). The acquisition in late March effectively doubled the size of the Elby-Baldwin project. Continue Reading →

How Gold Thieves Get Away With Millions – by Don Delaplante (MACLEAN”S Magazine – July 15, 1950)

June 8, 2020 in Canadian Media Resource Articles, Canadian Mining History, Gold and Silver, Kirkland Lake, Northern Ontario History, Ontario Mining, Red Lake, Timmins

https://archive.macleans.ca/

The high-grading racket has its roots deep in the rich mines of northern Canada. The payoff is sometimes in New York, or even Morocco, at the end of a trail of graft, hijacking and murder

ON JUNE 2 thieves blew the vault at the Delnite mine in Ontario’s famous Porcupine camp and carted off three newly poured gold bars worth $74,000. It was the biggest single robbery in Canadian mining history. And it was pulled off in spite of rumors of the coup which had been rampant for six weeks.

No single incident could more strikingly underline the great high-grading racket. The theft and smuggling of high-grade ore and gold cost Canadian mines more than $2 millions each year. It is bizarre, spectacular, cunning thievery marked by graft, hijacking and calculated murder. Its practitioners are masters of the double-cross; news of newly planned thefts often leaks out beforehand.

Its ramifications are international. Stolen Canadian gold usually winds up in the free world market in Paris or is sold privately in Central Europe or the Middle East at $40 an ounce. Three years ago (before Russia flooded the market) the price hit $100. Continue Reading →

Kirkland Lake remains a gold exploration hotbed – by Staff (Northern Ontario Business – June 3, 2020)

June 4, 2020 in Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.northernontariobusiness.com/

Three gold exploration outfits working the Abitibi Greenstone Belt between Kirkland Lake and Larder Lake have drill rigs deployed this month in anticipation of more high-grade showings this summer.

Vancouver’s Gatling Exploration reported its highest grade of gold to date coming out of an ongoing exploration program at its Larder Lake Gold Project.

The company has been running an aggressive campaign since last September in establishing a mineral connection between three gold deposits on its property, 35 kilometres east of Kirkland Lake. Continue Reading →

Kirkland Lake Gold invests in Melkior Resources – by Carl A. Williams (Northern Miner – May 21, 2020) https://www.northernminer.com/

May 26, 2020 in Canadian Media Resource Articles, Gold and Silver, Junior Exploration Sector, Kirkland Lake, Ontario Far North Act, Timmins

Global mining news

Kirkland Lake Gold (TSX: KL; NYSE: KL) has struck a strategic partnership with Melkior Resources (TSXV: MKR), which is advancing its flagship Carscallen gold project in the Timmins gold camp of Ontario.

The Toronto-based gold miner, whose high-grade mines in Canada and Australia produced 974,615 oz. of the precious metal last year, is investing $1 million in a non-brokered private placement for up to 1.25 million units of Melkior at 80¢ per unit, giving it a 9.9% stake in the junior on a fully-dilutive basis.

“We are extremely proud to announce this landmark equity investment and potential joint-venture agreement with one of the world’s most respected gold mining companies,” Jonathon Deluce, CEO of Melkior Resources, said in a May 20 press release. Continue Reading →

Kirkland Lake Camp Gold Production Hits Almost 42 Million Ounces to Date (December 2019)

May 21, 2020 in Gold and Silver, Kirkland Lake, Ontario Mining

Home

The Abitibi is the largest Archean greenstone belt in the world. It’s roughly 150 km wide and stretches from just west of Timmins in Ontario for about 650 kms. to Chibougamau, Quebec. The Kirkland Lake camp stretches from Matchewan on the western side, through the town of Kirkland Lake to the Ontario/Quebec borber where the lengendary Kerr/Addison mine – the biggest historic gold producer in the camp – was found beside Larder Lake.

By the end of 2019, the Kirkland Lake camp had produced approximately 41, 550,000 ounces of gold from 36 mines historic mines. Only the Macassa Mine, owned by Kirkland Lake Gold and the Young Davidson Mine, owned by Alamos Gold Inc. are currently producing.

This makes the camp the second richest in Ontario after the Timmins region which has produced about 76 million ounces of gold by Dec/2018 and the third most productive in Canada, the national number two spot going to the Val d’Or/Rouyn-Noranda camp next door in the province of Quebec which has produced 72 million ounces of gold to date (Dec/2019). Continue Reading →

New high-grade gold discovery at Macassa Mine: Kirkland Lake Gold looking to expand its South Mine Complex – by Staff (Northern Ontario Business – April 22, 2020)

April 23, 2020 in Canadian Regional Media and Web Publications, Gold and Silver, Kirkland Lake, Ontario Mining

https://www.northernontariobusiness.com/

Kirkland Lake Gold has found a large “corridor” of high-grade gold, east of its Macassa Mine. The discovery is close to where construction is taking place on a new shaft in the town of Kirkland Lake.

In an April 22 news release, the Toronto-based mining company said this looks to be part of a new corridor of high-grade mineralization – about 700 metres long and 300 metres high – appears to provide an opportunity to expand its workhorse South Mine Complex to the east.

One of the drill holes yielded an eye-popping result of 141.1 grams of gold per tonne over a 2.4-metre length of core. While all exploration drilling at Macassa is currently on hold due to the pandemic, these latest results came from the last round of drilling and from reinterpreting some old drill data. Continue Reading →

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 →