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Why the Kirkland Lake Gold (ASX:KLA) share price is rising today

The Kirkland Lake Gold share price is charging higher in morning trade. We take a look at the ASX gold producer’s latest drill results.
The post Why the Kirkland Lake Gold (ASX:KLA) share price is rising today appeared first on The Motley Fool Australia. –

The Kirkland Lake Gold Ltd (ASX: KLA) share price is rising in morning trade. At the time of writing, the Kirkland Lake Gold share price is up 0.56%, trading at $50.

The ASX gold producer, with a market cap of $13.3 billion, has mines in Canada and Australia targeting a combined 1.3—1.4 million ounces of production in 2021.

Below, we take a look at the company’s latest drill results.

What drill results did Kirkland Lake Gold report?

Kirkland Lake Gold’s share price is moving higher after the company reported striking new wide, high-grade gold intersections at its Detour Lake mine in Ontario, Canada.

Kirkland said the drill results confirm the potential for mineral resource growth. In particular, between its existing Main Pit and a newly planned West Pit, both at depth and to the west.

Today’s results come from 38 holes and 2 wedge holes (totalling 23,911 metres) of drilling. They represent the 5th batch of results from the company’s 270,000 metre drilling exploration program. Kirkland is aiming to complete the program by the end of 2021.

Commenting on the latest results, Tony Makuch, Kirkland Lake Gold’s CEO said:

New wide, high-grade intersections continue to confirm the continuity of the mineralized corridor connecting the Main Pit and planned West Pit. We are also having success intersecting high-grade mineralisation near the bottom of the Mineral Resource pit shell in the Saddle Zone, which highlights the potential to add significant new open-pit, and possibly underground, Mineral Resources…

The drilling results we have announced today provide us with even greater confidence that the 2022 technical report will clearly establish Detour Lake as one of the world’s premier gold mines.

Makuch added that the company is still expanding mineralisation to the west of its planned West Pit. According to Makuch, the full expanse of the deposit has yet to be determined.

Kirkland Lake Gold share price snapshot

It hasn’t been the best year for Kirkland Lake Gold shareholders, with shares down 22% over the past 12 months. Over that same time, the S&P/ASX 200 Index (ASX: XJO) gained 31%.

Year-to-date the Kirkland Lake Gold share price remains in the red, down 8%.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Kirkland Lake Gold (ASX:KLA) share price is rising today appeared first on The Motley Fool Australia.

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