10:53 AM EDT, 07/27/2017 (MT Newswires) -- Kirkland Lake Gold (KL.TO) has released the results of it's 2017 mid-year Mineral Reserves and Mineral Resources update for the Fosterville Gold Mine.

Underground Mineral Reserves at Fosterville grew 110% to 1,030,000 ounces of gold, after depletion, accompanied by an 83% increase in grade to 17.9 g/t Au (1,790,000 tonnes) from the previous estimate of 490,000 ounces of gold (1,560,000 tonnes at an average grade of 9.8 g/t Au). Measured and Indicated Mineral Resources are reported Exclusive of the Mineral Reserves and are 1,940,000 ounces of gold at an average grade of 4.4 g/t Au (13,700,000 tonnes). The previous estimate at the end of 2016 was reported Inclusive of Mineral Reserves, and included 2,790,000 ounces of gold (15,300,000 tonnes at an average grade of 5.7 g/t Au).

The significant increase in Fosterville Mineral Reserves is supported by down-plunge extensions of the high-grade, visible gold-bearing Lower Phoenix Gold System. The increase in the Mineral Reserve was driven by a combination of new drill data, mining recovery improvements and a refined Mineral Resource estimation methodology in zones containing visible gold.

Kirkland Lake Gold's shares were recently up 3.8% at $12.18 apiece.

Price: 12.18, Change: +0.44, Percent Change: +3.8