Fosterville gold production drives Kirkland Lake to record

The Canadian company delivered record production for the June quarter of 2021 with 379,195 ounces, a 15 per cent increase on the corresponding period last year and 25 per cent higher than the previous quarter.

This was primarily driven by the Fosterville mine achieving higher than planned production (157,993 ounces).

Kirkland Lake president and chief executive officer Tony Makuch said the company is on track to meet the upper range of its annual production guidance of 1.3 million to 1.4 million ounces.

“The record production in Q2 (second quarter) 2021 was largely driven by strong results at Fosterville, as well as higher levels of production at both Detour Lake and Macassa compared to both Q2 2020 and the previous quarter,” he said.

“Higher than planned production at Fosterville was mainly related to continued grade outperformance and changes in mine sequencing which resulted in an improved grade profile for the quarter.

“At June 30, 2021, all three of our cornerstone assets were on track to achieve their full-year 2021 production guidance, with Fosterville positioned to potentially beat its guidance of 400,000 – 425,000 ounces.”

Kirkland Lake has produced 266,672 ounces of gold at Fosterville in the first half of 2021 with its average grade improving by 47 per cent in the second quarter of 2021 compared with the first quarter.

The company produced 314,970 ounces in total at Fosterville last year. Kirkland Lake also completed an exploration project and deployed five drills to Fosterville in June. It sold 364,575 ounces of gold at $1814 per ounce in the second quarter of 2021.