Kirkland Lake Gold Acquires Additional Osisko Shares
Kirkland LakeGold Ltd. (TSX, NYSE: KL; ASX: KLA) says it has upped its stake in Osisko MiningInc. (TSX: OSK)by acquiring some 14.7 million common shares through private-placementfinancing at C$1.70 per share for a total of C$25 million. Previously, KirklandLake held 17.9 million shares that accounted for 8.58% of the shares. Thecompany now owns 13.61% of outstanding Osisko shares. “Our strategic investmentin Osisko increases our ownership interest in the Urban Barry area ofnorthwestern Quebec, which we believe has become a new, highly prospectivemining camp in the prolific Abitibi-Greenstone belt,” says Tony Makuch,president and chief executive officer of Kirkland Lake. “The investment iscomplementary to our existing interests in Metanor Resources Inc. and BonterraResources Inc., both of which have high-potential exploration holdings in thesame area. In addition, through the investment in Osisko, we gain exposure toattractive, early-stage exploration properties in close proximity to our Holtand Taylor mines, providing additional value potential around our existingasset base in Ontario.” The shares were acquired for investment purposes,Kirkland Lake adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
Kirkland Lake:Fosterville Drilling Returns ‘Extremely High’ Gold Grades
Wednesday September 19, 2018 08:23
Kirkland LakeGold Ltd. (TSX, NYSE: KL;ASX: KLA) says an ongoing drilling program has returned intercepts with“extremely high grades” of gold at the Fosterville Mine in Australia. Keyintercepts at the Swan Zone include 289 grams per tonne of gold Au over 7.45meters; 155 g/t over 11.9 meters, 423 g/t over 3.55 meters, 215 g/t over 7.2meters and 353 g/t over 4 meters. The drilling demonstrates that high-grade,visible-gold bearing quartz veins extend at least 200 meters in a down plungefrom current mineral reserves, the company says. “We are quickly establishingFosterville as a new, world-class gold camp, with the new drill results at Swanbeing the latest indication that there is much more to be found in terms ofmineral reserves and mineral resources,” says Tony Makuch, president and chiefexecutive officer. He adds that with the results, officials are “increasinglyconfident” that an upcoming December estimate will include a “considerableincrease in mineral reserves in the Swan Zone and a higher overall averagegrade and increased mineral reserve base for the Fosterville Mine as a whole.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.