Weekly Nugget

Kirkland Gold Increases Cash Position to US$848 Million and Increases Dividend 50%

Kirkland Lake Gold Ltd. (TSX:KL) (NYSE:KL) (ASX:KLA) announced on Oct. 12, 2020, production results for the third quarter and first nine months of 2020.

During this quarter, production totaled 339,584 ounces, an increase of 91,184 ounces or 37% from 248,400 ounces for the third quarter of 2019.

For 2020 to date, the company produced 1,000,218 ounces of gold, 305,345 ounces or 44% higher than the first nine months of 2019. The company also increased its dividend by 50% to US$0.1875 per share, effective for the fourth quarter of 2020 dividend payment. This increase follows a doubling of the quarterly dividend in the first quarter of 2020 to US$0.125 per share.

Kirkland’s cash position increased 58% during the third quarter 2020 to $848 million with no debt, as of Sept. 30, 2020. The increase in cash came from the sale of 331,959 ounces of gold during the third quarter 2020 at an average realized price of $1,907 per ounce.

Also contributing to the growth in cash during the quarter were proceeds of $109.1 million from the sale of 32.6 million shares of Osisko Mining Inc. (TSX: OSK) and $75 million received from Newmont Canada.

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Regulus Resources Recommences Drilling at AntaKori Project, Peru

Regulus Resources Inc. (TSX-V: REG, OTCQX: RGLSF) has commenced drilling at its AntaKori copper-gold project located in Cajamarca, Peru. Drilling will focus on the Anta Norte targets to the north of the property. The program has started with one drill rig, with a second drill rig to commence in the next few days.

The current drill campaign is part of the 25,000 metres Phase II program, of which 16,368 metres were completed prior to the shutdown in March 2020 due to Covid-19.

The AntaKori project hosts 2.6 billion lb. copper, 2.3 million oz. gold and 61 million contained oz. silver within 250 million indicated tonnes grading 0.48% copper, 0.29 gram gold per tonne, and 7.5 grams silver per tonne.

Inferred resources include a further 2.4 billion lb. copper, 2.2 million oz. gold and 67 million oz. silver in 267 million tonnes grading 0.41% copper, 0.26 gram gold per tonne, and 7.8 grams silver per tonne.

The resource estimate used 17,000 metres of historical drilling and 23,000 metres the company drilled in its Phase I drill program.

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Agnico Eagle Invests $6.2 million in Maple Gold Mine’s Douay Project, Quebec

Agnico Eagle Mines Ltd.’s (TSX: AEM, NYSE: AEM) C$6.2 million investment forms a partnership which includes C$18 million in exploration funding from Agnico and will combine Maple Gold’s Douay Project and Agnico’s Joutel Project.

Agnico now owns approximately 12.8% of the Maple Gold. The term sheet with Agnico envisions the formation of a 50-50 joint-venture.

The Douay Gold project covers 357 square kilometres located within the Abitibi Greenstone Gold Belt in northern Quebec, Canada. The project has an established National Instrument 43-101 gold resource of 422,000 ounces in the indicated category (8,600,000 million tonnes grading 1.52 g/t Au) and 2.35 million ounces in the inferred category (71.2 million tonnes grading 1.03 g/t Au).

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White Gold Drills 8.69 g/t Au over 12.3 metres and 17.4 g/t Au over 3.47 metres at Golden Saddle, Yukon

White Gold Corp. (TSX.V: WGO, OTC: WHGOF, FRA: 29W) has reported drill results from the Ryan’s Surprise target two kilometres west of the company’s Golden Saddle deposit and 11 kilometres south of its VG deposit.

The drilling is part of the 2020 exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) on a 420,000 hectare land package in the White Gold District of Yukon, Canada.

High-grade gold intercepts were encountered in 5 of 6 holes including 17.40 g/t Au over 3.47 metres in hole 13, 12.80 g/t Au over one metre in hole 14, 9.10 g/t Au over one metre in hole 15, 10.96 g/t Au over 3.76 metres in hole 17 and 8.69 g/t Au over 12.3 metres in hole 18.

The Golden Saddle and Arc deposits have a combined mineral resource of 1,139,900 ounces Indicated at 2.28 g/t gold and 402,100 ounces Inferred at 1.39 g/t gold and the VG deposit hosts a historic Inferred gold resource of 230,000 ounces at 1.65g/t gold.

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Barrick Moving Underground at Hemlo

Barrick Gold Corp. (TSX-V: ABX) is moving ahead with plans to extend the life at its Hemlo gold mine in Ontario by mining underground.

A 2017 technical report from RPA outlines underground mineral reserves at the Williams Mine to sustain the underground mine operations until 2021 at an average production rate of approximately 3,600 tpd.

Measured and indicated resources at the Williams underground total 2,413,000 tonnes grading 3.49 g/t Au for a total of 270,000 ounces, with a further 2,648,000 tonnes grading at 4.49 g/t Au for 382,000 ounces of gold in the inferred category.

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Wits 3.0? Diamonds Discovered Amidst Conglomerate Gold in Nunavut, Canada

Researchers discovered diamonds in an outcrop of a gold deposit in Canada’s Nunavut territory, an association that mimics what can be found in South Africa’s Witwatersrand Goldfields.

A research team travelled to the Kitikmeot Region of Nunavut and collected 15 kilograms of conglomerate from Silver Range Resources’ (TSX-V: SNG) Tree River property. They used mass spectrometry to establish the date of deposition around three billion years ago.

They sent the samples to the Saskatchewan Research Council, whose experts found three small diamonds, less than a millimetre in diameter. The diamonds are small but the geologic implications could be huge. More research is continuing on similar nearby outcrops by Silver Range Resources in collaboration with the Metal Earth Project, the Nunavut government and Penn State University, to establish the extent of the diamonds and gold in these rocks, and their possible sources.

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