Kinross Acquires More Reserves Near Fort Knox

Kinross Gold has gained mineral rights to a 287-hectare (709-acre) parcel of land known as Gilmore located immediately west of its Fort Knox mine in Alaska. As a result, the company added 2.1 million gold ounces (oz) in estimated measured and indicated resources and 300,000 oz in estimated inferred resources at Fort Knox.

Kinross has been drilling on the land since 2014. The company targeted opportunities in the existing Fort Knox orebody, which continues west, and completed approximately 73,000 meters (m) of core and reverse-circulation drilling in 205 holes.

The results of the drilling program, engineering work and the acquisition of the mineral rights allowed an update of the Fort Knox mineral reserve and resource estimates. The company also converted approximately 260,000 oz of mineral resources, which was mainly from the East wall of the Fort Knox pit, to proven and probable reserves. The conversion offset some of the reserve depletion in 2017 and resulted in an increase to Fort Knox’s estimated mine life by approximately one year.

“Gilmore is a promising organic development opportunity that can potentially extend mine life at our Fort Knox mine,” said J. Paul Rollinson, Kinross Gold president and CEO. Kinross has commenced a Gilmore feasibility study that will analyze a layback of the current Fort Knox pit to access known mineralization on the Fort Knox and Gilmore land.

As featured in Womp 2018 Vol 01 -