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Kirkland Lake ups Canadian gold reserves 20%, Australian reserves 24%

Kirkland Lake Gold Ltd. said March 28 that its total Canadian mineral reserves increased 20% between 2014 and 2016 to 2.75 million ounces of gold, while its Australian mineral reserves increased 24% to 952,000 ounces of gold as of the end of 2016, from Dec. 31, 2015.

The mineral reserves at the Macassa mine in Ontario increased 37% to over 2 million ounces of gold, compared to a previous estimate as of Dec. 31, 2014.

The mineral reserve grade increased 7% at Macassa to 20.8 g/t of gold from the previous grade of 19.3 g/t of gold.

The measured and indicated mineral resource at Macassa declined 36% to 1.32 million ounces of gold at a comparable grade of 16.6 g/t of gold, from the previous estimate of 2.05 million ounces of gold, due to the conversion of the mineral resource to mineral reserve.

At the Taylor mine in Ontario, the mineral reserves decreased 17% to 129,000 ounces of gold, while the grade decreased 14% to 5.4 g/t of gold.

The measured and indicated mineral resources at Taylor increased 40% to 493,000 ounces of gold, with a 17% increase in grade to 5.6 g/t of gold.

The mineral reserves at the Holt mine in Ontario decreased 4% to 570,000 ounces of gold, with a 6% decline in grade to 4.5 g/t of gold.

The measured and indicated mineral resources at Holt remained steady at 947,000 ounces of gold, while the grade increased 7% to 4.2 g/t of gold.

At the Fosterville mine in Victoria, Australia, the mineral reserves increased 66% to 643,000 ounces of gold, from the previous estimate as of Dec. 31, 2015.

The mineral reserve grade at Fosterville increased 27% to 9.2 g/t of gold, from 7.3 g/t of gold previously.

The Cosmo gold mine in Northern Territory, Australia, reported a 38% decrease in mineral reserves to 63,000 ounces, from 2015. In early March, the company discovered the new Lantern gold deposit at Cosmo.