GOLD: Kirkland Gold plans new shaft at Macassa to reach 1M oz/yr goal

[caption id="attachment_1003721759" align="aligncenter" width="497"] The Macassa gold mine will soon have a second shaft as production ramps up to 400,000 oz/year by the end of 2023. (Image: Kirkland Lake Gold)[/caption] ONTARIO – Coming off an excellent 2017 that saw the company top 620,000 oz. of gold produced, Toronto’s Kirkland Lake Gold is setting its sights on 1.0 million oz./yr. Chief among the means to reach that goal is sinking a new shaft at the Macassa mine near Kirkland Lake with expected annual production to be 400,000 oz. annually over the next five to seven years.. Output at the Fosterville gold mine in Australia is also targeted to reach 400,000 oz. annually by 2020. KL Gold also operates the Taylor and Holt mines in Ontario that together will boost production to the magic 1.0 million number. Kirkland Lake is planning two construction phases that will eventually see the 6.5-metre, concrete lined shaft reach a depth of 2,135 metres. The four-compartment shaft will have a hoisting capacity of 4,000 tonnes/day (ore and waste). Phase one will see the shaft reach 1,660 metres by the second quarter of 2022. The $240 million estimated cost includes a mid-shaft loading pocket. Phase two will be undertaken once production begins from phase one. The second phase will take the shaft to a depth of 2,135 metres by the end of 2023. A further cost of $80 million is anticipated. Gold production from the Macassa mine in 2018 will be between 215,000 and 225,000 oz. Visit www.KLGold.com for additional information.