Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the
“Company”) is pleased to provide an update on its development plan
at the Red Lake, Ontario-based Great Bear project, following the
completion of the acquisition of Great Bear Resources Ltd. (“Great
Bear”) on February 24, 2022.
Kinross plans to declare an initial inferred
mineral resource as part of its 2022 year-end results and commence
a pre-feasibility study (PFS) in 2023. Kinross expects to complete
approximately 200,000 metres of drilling using approximately 10
drill rigs in 2022, focusing on the LP Fault zone, the most
significant discovery to date at the project.
To prepare for the planned PFS, Kinross is
commencing critical field work including metallurgy, hydrology and
geotechnical drilling and test work, as well as permitting baseline
studies. Kinross is budgeting approximately US$60 million (C$75
million) for project activities this year.
The Company has also received updated assay
results from 60 holes drilled in late 2021 and early 2022 in the LP
Fault zone. The results continue to confirm gold mineralization,
which is open along strike and at depth.
Recent significant drill intersections in the LP
Fault zone
Drill hole |
From (m) |
To (m) |
Downhole Length (m) |
True Thickness (m) |
Gold (g/t) |
BR-481 |
461.50 |
471.75 |
10.25 |
10.1 |
15.10 |
including |
470.60 |
471.75 |
1.15 |
1.0 |
65.83 |
and |
531.90 |
537.10 |
5.20 |
4.9 |
21.14 |
and |
541.50 |
549.00 |
7.50 |
5.7 |
9.79 |
BR-482 |
289.50 |
293.20 |
3.70 |
3.6 |
11.54 |
BR-484 |
593.50 |
602.85 |
9.35 |
9.2 |
6.11 |
BR-485 |
593.90 |
598.00 |
4.10 |
3.9 |
9.63 |
BR-495 |
492.55 |
500.80 |
8.25 |
8.1 |
5.03 |
BR-503 |
18.70 |
30.10 |
11.40 |
11.2 |
10.80 |
including |
18.70 |
22.45 |
3.75 |
3.6 |
25.72 |
BR-508 |
22.30 |
26.85 |
4.55 |
4.4 |
13.23 |
BR-521 |
49.95 |
92.00 |
42.05 |
40.5 |
0.78 |
See Appendix A: Figure 1 for a
LP Fault zone long section and the location of drill holes in the
table above, and Appendix B for a full list of
recent significant, composited assay results.
Kinross has established an experienced,
multi-disciplinary project team, which includes former Great Bear
employees who have been retained by Kinross. The Company held a
local employee integration event and will leverage the deep
knowledge and experience of the team as it moves ahead with the
project.
“Since the closing of the Great Bear
transaction, we have hit the ground running at the project,” said
J. Paul Rollinson, Kinross President and CEO. “The integration of
the asset into our portfolio has advanced quickly and efficiently,
and we have retained many of the experienced Great Bear exploration
team members based in Red Lake to maintain continuity. We are
excited to move ahead with this next phase of drilling and project
activities to help realize our vision of a large, long-life mining
complex.”
Kinross has begun its local stakeholder
engagement program and looks forward to fostering strong
relationships with local communities and with its partners in the
Wabauskang and Lac Seul First Nations, on whose traditional
territories the project is located. Kinross will prioritize
developing the project in a manner that brings long-term
socio-economic benefits to the region. The Company also plans to
incorporate energy-efficient initiatives as it develops the
long-term project, and will take a life of mine approach to design
and planning to minimize environmental impacts.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile, Ghana and Canada. Our focus is on
delivering value based on the core principles of operational
excellence, balance sheet strength, disciplined growth and
responsible mining. Kinross maintains listings on the Toronto Stock
Exchange (symbol:K) and the New York Stock Exchange
(symbol:KGC).
Media Contact Louie DiazVice-President,
Corporate Communicationsphone:
416-369-6469louie.diaz@kinross.com
Investor Relations ContactChris
LichtenheldtVice-President, Investor Relationsphone:
416-365-2761chris.lichtenheldt@kinross.com
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained or incorporated by reference in this
news release including, but not limited to, any information as to
the future financial or operating performance of Kinross,
constitute “forward-looking information” or “forward-looking
statements” within the meaning of certain securities laws,
including the provisions of the Securities Act (Ontario) and the
provisions for “safe harbor” under the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements contained in this news release
include, without limitation, statements with respect to: the
Company’s anticipated timing for declaring an inferred mineral
resource at the Great Bear project; the Company’s anticipated
timing to commence a pre-feasibility study; the Company’s target
amount of drilling on the project; the anticipated 2022 budget for
drilling and study work; the Company’s ability to develop the
project in a manner that results in long-term socio-economic
benefits for the region; and the Company’s plans and ability to
incorporate energy-efficient initiatives at the project. The words
“ahead”, “budget”, “expect”, “plan”, “potential”, “prioritize”,
“schedule”, and “vision” or variations of or similar such words and
phrases or statements that certain actions, events or results
“may”, “could”, “will” or “would” occur, and similar expressions
identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by Kinross as of the date of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The
estimates, models and assumptions of Kinross referenced, contained
or incorporated by reference in this news release, which may prove
to be incorrect, include, but are not limited to, the various
assumptions set forth herein and in our Annual Information Form
dated March 31, 2022 and our full-year 2021 Management’s Discussion
and Analysis as well as: (1) there being no significant disruptions
affecting the activities of the Company whether due to extreme
weather events and other or related natural disasters, labour
disruptions, supply disruptions, power disruptions, damage to
equipment or otherwise; (2) permitting and development of the
project being consistent with the Company’s expectations; (3)
political and legal developments in Ontario and Canada being
consistent with its current expectations; (4) the exchange rate
between the Canadian dollar and the U.S. dollar being approximately
consistent with current levels; (5) certain price assumptions for
gold and silver; (6) Kinross’ future relationship with the
Wabauskang and Lac Seul First Nations being consistent with the
Company’s expectations; and (7) inflation and prices for diesel,
natural gas, fuel oil, electricity and other key supplies being
approximately consistent with anticipated levels. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans
relating to the future. All of the forward-looking statements made
in this news release are qualified by these cautionary statements
and those made in our other filings with the securities regulators
of Canada and the United States including, but not limited to, the
cautionary statements made in the “Risk Factors” section of our
Annual Information Form dated March 31, 2022 and the “Risk
Analysis” section of our full year 2021 Management’s Discussion
& Analysis. These factors are not intended to represent a
complete list of the factors that could affect Kinross. Kinross
disclaims any intention or obligation to update or revise any
forward-looking statements or to explain any material difference
between subsequent actual events and such forward looking
statements, except to the extent required by applicable law.
APPENDIX A
Figure 1: LP Fault zone long section is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a4eef54-5749-44aa-9feb-441881f3c0cf
APPENDIX B
LP Fault zone – Recent full assay results
Drill hole |
From (m) |
To (m) |
Gold (g/t) |
Downhole Length (m) |
True Thickness (m) |
BR-429 |
218.8 |
224.0 |
1.98 |
5.2 |
5.0 |
BR-458 |
99.3 |
107.7 |
0.98 |
8.4 |
8.1 |
BR-458 |
117.5 |
119.8 |
0.68 |
2.3 |
2.3 |
BR-459 |
136.8 |
139.0 |
10.44 |
2.3 |
2.1 |
BR-467 |
34.4 |
40.3 |
0.92 |
5.9 |
5.5 |
BR-467 |
98.4 |
100.4 |
1.64 |
2.0 |
1.9 |
BR-468 |
105.9 |
109.2 |
1.46 |
3.3 |
3.1 |
BR-469 |
83.3 |
86.0 |
0.67 |
2.7 |
2.4 |
BR-469 |
113.9 |
120.9 |
1.05 |
7.0 |
6.7 |
BR-469 |
204.7 |
206.7 |
2.01 |
2.0 |
1.8 |
BR-475 |
280.0 |
282.0 |
1.03 |
2.0 |
1.9 |
BR-477 |
25.0 |
26.5 |
7.38 |
1.5 |
1.4 |
BR-479 |
646.1 |
659.0 |
0.59 |
12.9 |
11.7 |
BR-480 |
378.0 |
387.0 |
0.85 |
9.0 |
8.6 |
BR-481 |
461.5 |
471.8 |
15.1 |
10.3 |
10.1 |
BR-481 |
498.0 |
501.1 |
0.72 |
3.1 |
2.9 |
BR-481 |
507.4 |
509.7 |
59.4 |
2.3 |
2.2 |
BR-481 |
531.9 |
537.1 |
21.14 |
5.2 |
4.9 |
BR-481 |
541.5 |
549.0 |
9.79 |
7.5 |
5.7 |
BR-481 |
582.1 |
588.7 |
0.74 |
6.6 |
6.1 |
BR-481 |
618.0 |
678.9 |
1.39 |
60.9 |
54.9 |
BR-481 |
839.7 |
841.8 |
0.91 |
2.1 |
2.1 |
BR-482 |
289.5 |
293.2 |
11.54 |
3.7 |
3.6 |
BR-482 |
333.0 |
336.0 |
0.96 |
3.0 |
2.9 |
BR-483 |
363.0 |
367.7 |
0.81 |
4.7 |
4.5 |
BR-484 |
508.9 |
512.2 |
0.53 |
3.4 |
3.2 |
BR-484 |
547.2 |
563.1 |
1.45 |
15.8 |
15.1 |
BR-484 |
593.5 |
602.9 |
6.11 |
9.4 |
9.2 |
BR-484 |
814.5 |
821.6 |
1.03 |
7.0 |
6.8 |
BR-484 |
926.8 |
929.8 |
0.58 |
3.0 |
3.0 |
BR-485 |
562.5 |
567.0 |
0.73 |
4.5 |
4.1 |
BR-485 |
572.7 |
574.7 |
1.05 |
2.0 |
1.8 |
BR-485 |
593.9 |
598.0 |
9.63 |
4.1 |
3.9 |
BR-486 |
592.5 |
643.9 |
0.91 |
51.4 |
46.7 |
BR-487 |
638.6 |
713.1 |
0.95 |
74.4 |
69.2 |
BR-487 |
753.0 |
756.0 |
1.06 |
3.0 |
2.9 |
BR-487 |
793.9 |
799.5 |
0.78 |
5.6 |
5.4 |
BR-487 |
812.0 |
815.2 |
0.77 |
3.2 |
2.7 |
BR-487 |
931.5 |
934.5 |
0.66 |
3.0 |
2.7 |
BR-488 |
481.5 |
490.3 |
0.72 |
8.8 |
8.0 |
BR-488 |
501.0 |
516.0 |
0.72 |
15.0 |
14.0 |
BR-488 |
603.4 |
606.3 |
0.98 |
2.9 |
2.8 |
BR-488 |
739.4 |
742.2 |
0.72 |
2.9 |
2.5 |
BR-489 |
423.0 |
426.0 |
0.7 |
3.0 |
2.6 |
BR-489 |
641.7 |
643.9 |
0.51 |
2.3 |
2.1 |
BR-489 |
668.3 |
670.3 |
0.69 |
2.0 |
1.8 |
BR-490 |
30.7 |
38.7 |
0.92 |
8.0 |
7.1 |
BR-491 |
198.5 |
201.5 |
0.47 |
3.0 |
2.8 |
BR-494 |
106.1 |
126.1 |
0.91 |
20.0 |
17.2 |
BR-494 |
156.0 |
161.7 |
0.62 |
5.7 |
5.2 |
BR-494 |
391.0 |
394.5 |
0.91 |
3.5 |
3.1 |
BR-495 |
398.2 |
406.5 |
1.29 |
8.3 |
7.4 |
BR-495 |
430.3 |
432.7 |
0.96 |
2.4 |
2.1 |
BR-495 |
492.6 |
500.8 |
5.03 |
8.3 |
8.1 |
BR-496 |
426.0 |
453.6 |
1.31 |
27.6 |
26.2 |
BR-496 |
457.7 |
460.3 |
0.7 |
2.6 |
2.4 |
BR-496 |
480.2 |
508.6 |
1.6 |
28.4 |
26.1 |
BR-497 |
410.0 |
411.5 |
8.22 |
1.5 |
1.5 |
BR-497 |
505.2 |
507.4 |
1.38 |
2.3 |
2.1 |
BR-497 |
602.0 |
627.1 |
0.86 |
25.0 |
21.8 |
BR-498 |
590.3 |
593.0 |
0.67 |
2.8 |
2.5 |
BR-498 |
595.6 |
603.0 |
0.66 |
7.4 |
7.3 |
BR-498 |
646.6 |
680.3 |
1.09 |
33.7 |
32.7 |
BR-500 |
9.0 |
11.0 |
0.61 |
2.0 |
1.7 |
BR-500 |
39.3 |
44.3 |
1.11 |
5.0 |
4.4 |
BR-501 |
24.8 |
61.0 |
1.43 |
36.3 |
32.6 |
BR-501 |
216.5 |
218.5 |
0.73 |
2.0 |
1.8 |
BR-501 |
266.3 |
269.3 |
0.75 |
3.0 |
2.6 |
BR-503 |
18.7 |
30.1 |
10.8 |
11.4 |
11.2 |
BR-503 |
199.6 |
202.6 |
0.74 |
3.0 |
2.9 |
BR-503 |
405.5 |
406.5 |
11.8 |
1.0 |
1.0 |
BR-504 |
68.2 |
72.7 |
0.6 |
4.5 |
4.3 |
BR-505 |
133.5 |
136.5 |
0.66 |
3.0 |
2.9 |
BR-505 |
163.0 |
167.5 |
0.59 |
4.5 |
3.9 |
BR-507 |
27.0 |
43.0 |
1.46 |
16.0 |
13.8 |
BR-507 |
63.0 |
75.1 |
0.9 |
12.0 |
11.3 |
BR-508 |
22.3 |
26.9 |
13.23 |
4.6 |
4.4 |
BR-509 |
20.5 |
25.0 |
0.64 |
4.5 |
4.0 |
BR-509 |
105.5 |
108.5 |
1 |
3.0 |
2.7 |
BR-512 |
309.8 |
333.0 |
1.06 |
23.3 |
22.1 |
BR-512 |
479.2 |
481.9 |
2.49 |
2.7 |
2.5 |
BR-512 |
500.5 |
503.5 |
0.94 |
3.0 |
2.7 |
BR-512 |
529.0 |
531.3 |
1.65 |
2.3 |
2.3 |
BR-513 |
677.9 |
699.8 |
0.55 |
21.9 |
19.1 |
BR-514 |
528.0 |
537.4 |
0.72 |
9.4 |
8.3 |
BR-515 |
470.6 |
516.4 |
0.64 |
45.8 |
42.6 |
BR-515 |
576.2 |
579.2 |
0.55 |
3.0 |
2.9 |
BR-515 |
705.1 |
707.3 |
0.59 |
2.1 |
2.0 |
BR-516 |
599.7 |
607.4 |
1.83 |
7.8 |
7.6 |
BR-520 |
106.5 |
119.0 |
0.78 |
12.5 |
10.6 |
BR-521 |
50.0 |
92.0 |
0.78 |
42.1 |
40.8 |
BR-521 |
72.4 |
74.4 |
0.61 |
2.0 |
1.9 |
BR-521 |
83.5 |
86.5 |
7.4 |
3.0 |
2.7 |
BR-522 |
155.4 |
157.4 |
0.91 |
2.0 |
1.9 |
BR-523 |
214.0 |
216.0 |
0.67 |
2.0 |
1.9 |
BR-524 |
154.0 |
156.5 |
2.08 |
2.5 |
2.1 |
BR-524 |
172.0 |
174.1 |
0.88 |
2.1 |
1.8 |
BR-525 |
148.0 |
150.0 |
0.57 |
2.0 |
1.8 |
BR-526 |
270.3 |
273.3 |
4.07 |
3.0 |
2.7 |
BR-526 |
288.9 |
291.5 |
0.91 |
2.6 |
2.4 |
BR-526 |
333.5 |
335.5 |
1.03 |
2.0 |
2.0 |
BR-527 |
241.8 |
244.0 |
2.42 |
2.3 |
2.1 |
BR-527 |
286.6 |
291.5 |
0.92 |
4.9 |
4.8 |
BR-528 |
57.0 |
60.0 |
0.51 |
3.0 |
2.8 |
BR-528 |
237.0 |
241.5 |
0.84 |
4.4 |
4.3 |
BR-529 |
94.2 |
97.0 |
0.53 |
2.8 |
2.7 |
BR-529 |
149.0 |
152.0 |
1.54 |
3.0 |
2.8 |
BR-531 |
640.0 |
648.8 |
1.31 |
8.8 |
7.8 |
BR-531 |
715.4 |
728.7 |
0.53 |
13.3 |
13.1 |
BR-532 |
576.0 |
582.0 |
0.58 |
6.0 |
5.5 |
BR-532 |
699.0 |
706.9 |
0.89 |
7.9 |
7.2 |
BR-533A |
665.4 |
678.5 |
2.01 |
13.1 |
11.8 |
BR-533A |
727.0 |
733.5 |
0.75 |
6.5 |
6.2 |
BR-540 |
469.7 |
473.2 |
0.79 |
3.4 |
2.9 |
BR-540 |
521.6 |
525.6 |
1.1 |
3.9 |
3.5 |
BR-550 |
196.2 |
200.0 |
2.2 |
3.8 |
3.6 |
BR-550 |
431.0 |
441.0 |
0.71 |
10.0 |
9.3 |
BR-550 |
485.5 |
487.9 |
0.61 |
2.4 |
2.2 |
BR-551 |
291.5 |
300.0 |
1.6 |
8.5 |
8.4 |
BR-551 |
345.2 |
349.2 |
1.5 |
4.0 |
3.4 |
BR-551 |
488.6 |
491.0 |
7.64 |
2.4 |
2.1 |
BR-551 |
629.0 |
631.0 |
0.98 |
2.0 |
2.0 |
BR-552 |
619.1 |
634.5 |
0.6 |
15.4 |
13.6 |
BR-552 |
657.0 |
669.0 |
0.76 |
12.0 |
11.5 |
BR-560 |
186.0 |
190.2 |
0.53 |
4.2 |
4.1 |
BR-560 |
209.4 |
211.4 |
0.67 |
2.0 |
1.8 |
BR-560 |
220.0 |
231.0 |
0.91 |
11.0 |
9.9 |
BR-562 |
265.9 |
282.8 |
0.96 |
16.9 |
16.4 |
BR-562 |
448.0 |
466.5 |
1.04 |
18.5 |
16.1 |
BR-563 |
334.9 |
337.9 |
6.74 |
3.0 |
2.9 |
BR-563 |
492.0 |
496.5 |
0.89 |
4.5 |
4.3 |
BR-580 |
597.3 |
609.3 |
0.55 |
12.0 |
11.5 |
*Results are preliminary in nature and are subject to on-going
QA/QC.
Source: Kinross Gold Corporation
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