GOLD: Kirkland Lake doubles underground ounces at Fosterville

AUSTRALIA – Toronto-based Kirkland Lake Gold has released a mid-year update of reserves for its Fosterville gold mine in Victoria state. Not only has the number for the underground contained ounces in reserves jumped 110% to 1.03 million oz. after depletion, but the grade has also risen 83% to 17.9 g/t gold in 1.79 million tonnes. [caption id="attachment_1003719369" align="alignright" width="402"] A bird’s eye view of the Fosterville gold mine site. (Credit: Kirkland Lake Gold)[/caption] The company says the increase in the contained ounces is largely due to rise in grade thanks to exploration done in the first half of this year. The down plunge extension of the high grade Lower Phoenix system has been traced. As well the newly named Swan zone (formerly the Lower Phoenix footwall), contributed 532,000 oz. at an average grade to 58.8 g/t gold to the total. The Lower Phoenix system has been traced along trend for over 2 km and portions of it remain open. In addition to reserves at Fosterville, the property contains 13.7 million measured and indicated tonnes grading 4.4 g/t gold and 5.6 million tonnes at 5.8 g/t. Additional details about Fosterville and Kirkland Lake’s activities in Ontario are available at www.KLGold.com.