2 KL Gold will be a busy place in '06.Investing millions of dollars is possible for Kirkland Lake Kirkland Lake, mining town, E Ont., Canada. An important gold-mining center, gold was discovered there in 1911 and again in the 1980s at Harker. The mining of iron ore and tourism are two other important industries. Gold Inc. when conditions are favourable. As the company's new fiscal year began May 1, chief geologist Mike Sutton Mike Sutton is the head men's basketball coach at Tennessee Technological University. He took over in 2002, after Jeff Lebo departed to lead the basketball program at the University of Tennessee at Chattanooga. has submitted an anticipated budget of $8.7 million for exploration and development. As long as the price of gold continues to climb, this junior miner and producer is making money, adding to the increasingly robust economy in the town of Kirkland Lake. A March 1 company report indicated earnings of $2.3 million for its third fiscal quarter ending Jan. 31, 2006. [ILLUSTRATION OMITTED] Known for its high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. gold averaging 0.5 ounces per ton and past-production of 24 million ounces from the famous Kirkland Kirkland, city (1990 pop. 40,052), King co., W Wash., a suburb of Seattle on Lake Washington; inc. 1905. The city produces semiconductors, transformers, prefabricated metal buildings, heating and navigation equipment, computer peripherals, motor vehicles, apparel, Lake-Larder Lake break, the company acquired five of the seven mines in the camp. Since the 2001 acquisition, the Macassa Mine has undergone extensive de-watering down to the 5,800-foot level. As well, active exploration drilling has occurred off of and around what is called the Main/'04 Break ore horizon. To date, the company has implemented three training sessions graduating 16 people, adding to the 270 employees and 100 mining and diamond-drill contractors who are currently producing 1,500 tons per month there. With seven drills working, four drills to the south, two at the No.2 shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. at the 2,400-ft level and one at the 3,400-ft level going up to the surface, Kirkland Lake Gold is a busy place. A new find to the south (which has yet to be named) has been the biggest new discovery, says Sutton Sutton, outer borough (1991 pop. 164,300) of Greater London, SE England. It is mainly residential, but plastics, chemicals, radio components, and paper goods are produced. The areas of Sutton were mentioned in the Domesday Book. . One intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. from that zone yielded 1.91 ounces of gold per ton (uncut) over a core length of 15.3 feet. As well, progress was made in the development of the 2,500-ft drift drift, deposit of mixed clay, gravel, sand, and boulders transported and laid down by glaciers. Stratified, or glaciofluvial, drift is carried by waters flowing from the melting ice of a glacier. from the 5,300-ft level for further exploration. Sutton says the lower D Zone has also been expanded since the fall of 2005. A joint venture was formed with Queenston Mining Inc. to explore the Kirkland West property, which adjoins the western boundary of the company's property where the western extension of the Main/'04 Break ore horizon is thought to exist. Work began during the winter months from the existing 4,700-ft level, including drifting and diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral . Sutton says the company is finding new ore in Macassa's No.2 shaft from the 2,400-ft level. "This level goes through Macassa to Kirkland Minerals ... so we're drilling both from the same level," he says, adding that they are finding ore way off to the west at Macassa at the No. 2 shaft, well beyond where they thought the ore had ended. During the last two years, 152 holes have been drilled, targeting the Main/'04 Break ore horizon and other zones. An April 26 news report stated drilling has concentrated on expanding known mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. areas to bring in resources. However, new veins both above and below the level (Main/'04 Break) and along strike have been intersected. A further 13 holes were drilled on the Main/'04 Break in places where they are getting veins and in areas that were not drilled previously. Sutton says they are also drilling the top 4,000 feet of Kirkland Minerals, the second mine east of Macassa, and finding ore-grade hits. Since the company continues to prove up more reserves and resources, Sutton was unable to make those figures public at the time of an interview in early May. However, a May 11 company report announced its intention to privately place up to 1,630,435 units at a price of $9.20 per unit for gross proceeds of up to $15 million. The proceeds from the financing will be used for working capital and further development of the operations. "The recent rise in gold prices has advanced the priority of the re-commissioning of the No. 5 shaft of the former Lake Shore property to support exploration and development in the eastern half, the company's seven kilometre long property," president Brian Hinchcliffe said in the release. Presently, the Lake Shore Mine has a 400-ft. ramp and the No. 5 shaft, which requires a headframe. www.klgold.com QUICK FACTS Kirkland Lake Gold City: Vancouver Founded: Dec. 31 1993 President: Brian Hinchcliffe No. of Employees: 270 www.klgold.com By ADELLE LARMOUR Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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