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Kirkland Lake Gold Inc. is an operating and exploration gold company located in Kirkland Lake, ON in the Southern Abitibi gold belt. In 2001, the Company acquired 13,000 acres of five contiguous formerly producing gold mines, which had historically produced 21 million ounces of gold grading 15.1 grams per ton (0.44 ounces per ton) primarily from the Main/’04 Break system. The current focus is on expanding gold production from the Main/'04 Break, and a new discovery area, the South Mine Complex (SMC).

Website:
http://www.klgold.com/
Phone:
Address:
Suite 300, 570 Granville Street, Vancouver, British Columbia V6C 3P1.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
Gold Mining
EPIC / Symbols:
TSE:KGI
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*subject to change and depends on individual circumstances.

Kirkland Lake Gold RNS Press Releases

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Kirkland Lake Gold Articles, News, and Media Files

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Kirkland Lake Gold Related Media

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  • 29/01/2013

    Stocktube video - Kirkland Lake looks to a possible tripling in production

    Brian Hinchcliffe, President and CEO Kirkland Lake Gold (LON:KGI) tells Proactiveinvestors at the VRIC 2013 is producing 100,000oz gold and hopes in the next "couple of years" to increase this to 250-300,000oz of gold production annually. Brian says that 2013 will be a most "dynamic year" for KGL. With almost 1,000 employees, the company says it has made a positive impact on the local economy.

Broker press

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  • 09/09/14

    09.09.14 :-3.5, (301.5) Investec downgrades its rating to "reduce" from "hold" but raised its price target to 282p from 209p.

  • 10/07/14
    +0.00 +215.00

    Investec reiterates its "hold" rating but raised its price target to 209p from 200p.

  • 09/07/14
    +10.00 +215.00

    Panmure Gordon reiterates its "buy" rating but cut its price target to 263p from 300p.

  • 10/04/14
    +2.50 +191.50

    Investec upgrades its rating to "hold" from "buy". The broker has a 200p price target.

  • 04/02/14
    +2.50 +182.50

    Investec reiterates its "buy" rating but cut its price target to 200p from 353p.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
13/12/13 D. Whittaker BUY 500 ORD 135.00 675 1,300 N/A
31/10/13 D. Whittaker BUY 800 ORD 210.00 1,680 0,800 N/A
27/01/12 J. Thomson EX 100,000 OPT 548.00 548,000 0,000 N/A
27/01/12 J. Thomson BUY 6,600 ORD 1,121.00 73,986 0,000 N/A
27/01/12 J. Thomson SELL 70,600 ORD 1,121.00 791,426 68,500 0.10

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/04/14 Full year 173.26 -15.63 -16.00 0.00 CAD
31/10/13 Interim 84.74 -6.94 -8.00 0.00 CAD
30/04/13 Full year 151.69 -2.77 -5.00 0.00 CAD
31/10/12 Interim 69.75 -1.12 -1.00 0.00 CAD
30/04/12 Full year 159.82 42.33 58.00 0.00 CAD

Presentations & Company Media

Company Statement

Kirkland Lake Gold Inc. is an operating and exploration gold company located in Kirkland Lake, ON in the Southern Abitibi gold belt. In 2001, the Company acquired 13,000 acres of five contiguous formerly producing gold mines, which had historically produced 21 million ounces of gold grading 15.1 grams per ton (0.44 ounces per ton) primarily from the Main/’04 Break system. The current focus is on expanding gold production from the Main/'04 Break, and a new discovery area, the South Mine Complex (SMC). 


Kirkland Lake Gold’s corporate goal is to create a self sustaining and long lived intermediate Gold Mining Company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production to 250,000 - 300,000 ounces per year in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production rate. At the same time, the company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base of five million ounces.

Current Operations

 

South Mine Complex
Historical Perspective

Prior to 1999, little exploration had been done to test for potential mineralization south of the main ore horizon. Drifting and mining on the Main and `04 Break systems by the various mines in Kirkland Lake was sufficient to maintain production. It was not until 1999 that Kinross Gold planned an aggressive exploration program testing potential mineralization south of the `04 Break at the Macassa Mine. An initial drill hole returned 0.78 ounces of gold per ton over 12 feet of core, 600 feet south of the `04 Break. The intersection was comprised pyrite-rich mineralization, distinctly different from the quartz veining associated with the `04 Break. Shortly thereafter Kinross terminated operations at Macassa and follow up drilling was never completed.

After purchasing the Macassa Mine property – along with four contiguous former producers (Kirkland Minerals, Teck Hughes, Lakeshore and Wright Hargreaves) in 2001, Kirkland Lake Gold began dewatering the underground workings at the Macassa Mine. Once the -4700 foot level was dewatered in 2003, an exploration program was initiated to not only follow up on the Kinross drill hole, but also to test further south, within the technical limits of large electric hydraulic drills.

In November of 2003, the fourth drill hole of this program intersected multiple mineralized zones up to 1,600 feet south of the `04 Break indicating the presence of significant gold mineralization well south of the `04 Break. The furthest south of these zones became the Lower D Zone, which is now accepted as the first zone discovered comprising the South Mine Complex (SMC).

As drilling continued to further test the Lower D Zone to the east, a series of new mineralized zones were discovered including the New South Zone in July of 2005. Drill hole 50-627 intersected a 90.4 foot section grading 2.3 ounces of gold per ton (opt); a follow-up wedged hole intersected the same mineralized zone and returned 1.43 opt over 125 feet of core length. Subsequently, in December 2005, the company began development of a 2,400 foot cross-cut heading south from the 5,300 foot level to intersect the newly discovered mineralization and provide drilling platforms for high productivity air drills. Approximately one year later, a similar south cross-cut was started from the 5,000 foot level to provide additional drill platforms and assist with future ventilation and mining requirements.


Geology and Mineralization

The SMC represents an entirely new mineralized system in the Kirkland Lake mining camp. It is characterized by generally shallowly dipping (25°-50°) structurally controlled zones of finely disseminated pyrite, visible gold and tellurides. This is in contrast to the steeply dipping (70°-80°) quartz vein hosted gold of the Main and '04 Break that put Kirkland Lake on the map. The new zones being developed in the SMC on 5300 and 5000 foot levels are hosted primarily by moderately southeast to south-southwest dipping dark grey to grey brown alkaline tuff, and by several phases of porphyritic intrusives, the most common of which is syenite porphyry. The SMC also exhibits a higher grade than what has been historically mined in the Kirkland Lake camp. It has been intersected as deep as the -6500 foot elevation and as high as the -4700 foot elevation over a strike length in excess of 2,000 feet. Gold mineralization in the SMC area occurs in a complex interconnected network of narrow, east to northeast trending shallow south dipping shear zones and auriferous alteration. It consists of wide, gold-bearing alteration and mineralization halos, in contrast to the narrow quartz vein systems associated with the Main and ’04 Breaks. The overall mineralized corridor is coincident with the area of abundant sill-like syenite intrusions and trachyte which collectively widen to the northeast, and occurs in bedded tuffs. The mineralized corridor and the area of syenite intrusions on the 5300 level are separated from the `04 Break in their footwall to the northeast by a wide expanse of fresh tuff lacking any significant mineralized shear zones, larger igneous bodies, or significant areas of bedding in the tuff.


5300 level geological plan, South Mine Complex, Macassa Mine. Updated from Rhys and Ross (2007), compiled from reconnaissance mapping and company data. Section vew schematic of the SMC with respect to the '04 and Amalgamated Breaks looking east

Understanding how the SMC formed and its relationship to the `04 and Main Break is of great importance from an exploration standpoint. The Kirkland Lake Gold exploration team believes the SMC formed as a result of linking structures between the `04/Main Break structures and a yet to be defined structure south of the SMC. Such linking zones, on a smaller scale, are not uncommon in the Kirkland Lake camp, and have been historically mined at the past producing Wright Hargreaves property between the Main and South Breaks. Identification of potential new linking structures throughout the Kirkland Lake camp will be the focus of exploration for many years to come.

 

The Main Break & '04 Break

The Kirkland Lake Main Break system has produced over a span of 86 years, 24 million troy ounces of gold, representing some 15% of total Canadian gold production as of 1999. Mining took place along a strike length of 21,000 feet and to a depth of 8,100 feet. Some of the greatest gold mines in Canada were located along the Main Break including the Sylvanite, Wright Hargreaves, Lakeshore, Teck Hughes, Kirkland Minerals and Macassa. The average historic grade of this production is 0.48 ounces of gold per ton. At both the Wright Hargreaves and Lakeshore mines, high grade gold mineralization is still present at the 8,100 foot level.

The most important structural controls in the Kirkland Lake Camp (until the discovery of the South Mine Complex) are the major east-west breaks and the branching fault systems associated with them. The breaks represent re-activated fault systems with ore shoots having been formed synchronously with early displacement with the most recent movement having displaced the ore. Ore shoots may occur both on the hanging and footwall side of the Break planes.

The Main Break has been traced east as far as the Toburn Mine and west onto the Macassa mine as far as Macassa #2 shaft.. The Main Break is interpreted to be a post ore structure, one to twenty feet wide marked by a zone of mylonitized and sometimes brecciated wall rock, chlorite schist and mud or gouge. It is a thrust or reverse fault with an estimated displacement of 1,500 feet on the overlying sediments. The strike of the Break averages N 650 E and dips 800 to the south, gradually flattening in dip to 500 degrees at depth.

In 1955 a new major break was discovered on the Macassa property termed the `04 Break. Located 400 feet north of the Main Break, the `04 Break has been the most important ore-related structure at Macassa since the 1980’s. The Main and `04 Breaks are connected through a series of linking structures in the vicinity of Macassa #2 shaft which include the S and R Breaks. The 04 Break is the host for most of the ore at Macassa, is a thrust or reverse fault with at N 650 E strike and a 720 south dip. Ore is located along this and subordinate splays as quartz veins. Gold is usually found with minor pyrite and sometimes associated with molybdenite and/or tellurides. The presence of tellurides usually indicates high grade ore.

Management


Brian A. Hinchcliffe
President and Chief Executive Officer


Mr. Hinchcliffe has decades of experience in the development of mining projects and mine finance. Brian spent the first ten years of his career working at the J. Aron trading arm of Goldman Sachs, where he was responsible for the mining industry sector, working in both New York and London. Following this, Mr. Hinchcliffe was the founder of American Pacific Mining with Harry Dobson, and then Jordex Resources. Jordex acquired the previously explored Loma de Hierro nickel laterite deposit in Venezuela, which is located, with excellent infrastructure, 65 kilometers southwest of Caracas. Jordex re-verified the reserves and the overall commercial viability of the project, and sold 85% of the deposit to Anglo American Corporation for $65 million with Anglo assuming the responsibility for project financing, development and management. The Loma de Hierro mine was built at a cost of US$500 million and commenced commercial production as a low cost, long-term producer early in 2001.

Mr. Hinchcliffe received a BA from the State University of New York, and attended graduate school at the Hagan Business School at Iona College.


Mark S. Tessier
Chief Operating Officer


Mark Tessier Mr. Tessier has over thirty years of experience in underground mining in various ascending positions, including seven years overseeing the initial underground mine expansion project and subsequent underground mine operations at Goldcorp's Red Lake Mine between 1999 and 2006. That operation produced over 600,000 ounces in 2005, and over 2,800,000 ounces from 2000 to 2005.

In Ontario, Mr. Tessier has also worked in operations, engineering, or management at the Denison Mine in Elliot Lake, the Dome Mine in Timmins, the Golden Giant Mine at Hemlo, and for JS Redpath Limited out of North Bay. Mark earned a B. Sc. in Mining Engineering with honors from Queen's University, and is also a graduate of the Mining Technologist Program at the Haileybury School of Mines.


Stew Carmichael
Chief Exploration Geologist


Stewart Carmichael graduated from McMaster University in 1982 with a Bachelor of Science degree in geology. He possesses 27 years of exploration experience, primarily in gold in the Abitibi Greenstone Belt, with extensive related work in the Kirkland Lake area.

He joined Kirkland Lake Gold Inc. in April, 2002 as Chief Exploration Geologist. In 2006 he was the co-winner of the 2006 Ontario Prospectors Award in recognition of the discovery of the South Mine Complex at the Macassa Mine in Kirkland Lake.

He is a past Fellow of the Geological Association of Canada and a current member of the Association of Professional Geoscientists of Ontario. Mr. Carmichael is a “qualified person” for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, with regard to exploration.


John Thomson
Chief Financial Officer


john John S. Thomson, a Chartered Accountant from Scotland who has also studied at INSEAD, has worked internationally in a variety of senior roles for companies including PepsiCo. Most recently, Mr. Thomson has built up a successful consulting business providing advice to institutional shareholders and management teams in the media, minerals and technology sectors. He is a non-Executive Director of Parragon Publishing Ltd., a successful international publisher with operations in Europe, India, the UK and USA.


Ray Belecque
General Manager


ray Ray Belecque started working at the Macassa mine in 1970. He started as a miner and subsequently went into milling as an operator and was promoted to General Mill Foreman with Lac Minerals. Again promoted to Mill Superintendent and then to Operations Superintendent with Kinross. Subsequently Ray transferred from Kinross to Foxpoint Resources and to the present Kirkland Lake Gold in January, 2001 as General Manager.

  • Additional Information
    Market
    TSX
    EPIC
    KGI
    Share Price
    273p
    Change
    -4
    Volume
    0
    Dividend
    0
    EPS
    -16.00
    Shares
    72.07 m
    Offer
    281
    Bid
    265
    Avg. Vol
    1,521
    Yield
    0.00
    P/E
    4.57
    Mkt Cap
    £196.76 m
  • Contact Information


    Kirkland Lake Headquarters


    Kirkland Lake - Macassa Mine Office
    P.O. Box 370
    1350 Government Road West
    Kirkland Lake ON  P2N 3J1
    Tel: 705-567-5208
    Fax: 705-568-6444
    Kirkland Lake Gold, Toronto Office

    161 Bay St, 27th Floor
    Toronto, ON M5J 2S1
    Brian A. Hinchcliffe, President

    bhinchcliffe@klgold.com
    Tel: 705-567-5208
    (dial 0 and leave a message)
    Lindsay Carpenter, Director of Investor Relations

    lcarpenter@klgold.com
    Tel: 416-572-2116

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