Kinross (KGC) Gets Mining Rights Adjacent To Fort Knox
Zacks Investment Research | Dec 12, 2017 08:33PM ET
Kinross Gold Corporation (NYSE:KGC) declared that it has gained mining rights to a 709 acre land known as Gilmore, which is located near its Fort Knox mine in Alaska. The move allowed the company to add 2.1 million gold ounces in estimated indicated and measured resources and 300,000 ounces in estimated inferred resources at Fort Knox.
Kinross started an initial drilling program on Gilmore land and Fort Knox land in 2014. It targeted potential opportunities at the existing Fort Knox orebody, which continues west, and completed roughly 73,000 meters of core and reverse-circulation drilling in 205 holes.
The company also converted roughly 260,000 ounces of mineral resources from the East wall of the Fort Knox pit into probable and proven reserves, which offset some of the reserve depletion in 2017 and resulted in an increase to Fort Knox's estimated mine life by about a year.
Kinross expects to provide an update on the Gilmore feasibility study in mid-2018. The study analyzes a layback of the present Fort Knox pit to access known mineralization on Gilmore and Fort Knox land to potentially extend mine life. The company also expects to start the permitting process for mining at Gilmore by the end of year.
According to Kinross, Gilmore is a promising organic development opportunity that can extend mine life at Fort Knox, one of its top producing and high performing operations. With this move, the company will continue to deliver on its strategy of pursuing high-potential, low-risk brownfield projects that can contribute to its long-term future growth.
Shares of Kinross have lost 20.8% in the past three months, underperforming the
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