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Kinross announces robust initial mineral resource of 2.7 Moz. indicated and 2.3 Moz. inferred for Great Bear project

February 13, 2023

 

(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 12 of this release.)

TORONTO, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) is pleased to announce an initial mineral resource estimate for its 100% owned Great Bear project located in Ontario, Canada.

The initial mineral resource estimate consists of 2.737 Moz. of indicated resources and 2.290 Moz. of inferred resources. The Company’s initial open pit and underground mineral resource estimate is set out in the table below.

Table 1: Mineral resource estimate 1

  Tonnes (000’s)​ Grade (Au g/t)​ Ounces (000’s)​
Indicated​ Open Pit ​ 33,110​ 2.57​ 2,737​
         
Inferred​ Open Pit ​ 8,400​ 2.24​ 606​
Inferred​ Underground​  11,636​ 4.50​ 1,684​
Total Inferred​ 20,037​ 3.56​ 2,290

Additionally, the majority of the resource is contained in a high-grade core illustrated in the table below, which is a subset of the resource with cut-off grades increased to 0.9 g/t in the open pit and 3.5 g/t in the underground. Kinross plans to target this higher-grade mineralization in the early years of potential production.

Table 2: Sensitivity table with elevated cut-off grades (see technical report for detailed sensitivity tables) 2

  Tonnes (000’s)​ Grade (Au g/t)​ Ounces (000’s)​
Indicated​ Open Pit ​ 21,686 3.57​ 2,491
         
Inferred​ Open Pit ​ 5,076 3.28 536
Inferred​ Underground​  5,989 6.07 1,169
Total Inferred   11,065 4.79 1,705

Kinross’ focus for 2022 was drilling the first ~500 metres at the LP Fault zone to increase confidence in the upper portion of the deposit and facilitate the delivery of the initial mineral resource. The Company drilled over 250 kilometres in 2022, including 225 kilometres of diamond exploration drilling. Combined with the drilling completed by Great Bear since 2018, a total of over 550 kilometres of drilling has now been completed on the property. The results continue to support Kinross’ view that the LP Fault zone is expected to host a long-life, high-grade, open-pit and underground mine.

Kinross completed comprehensive data analysis to build high quality lithology, alteration, and structural models which feed the Company’s mineral resource estimation domains. Kinross also completed a 35-kilometre confirmatory grade control program on a tighter spaced 8 by 10 metre grid with larger diameter holes as compared to the exploration drilling. This program, which covers approximately 1.5 million tonnes of the open pit resource, was used to verify the Great Bear resource model, providing a high level of confidence in our stated resource, which is important given the high amount of visible gold in the deposit.

“The Great Bear initial mineral resource estimate marks an exciting milestone for the Company’s future development,” said J. Paul Rollinson, President and CEO. “In just one year since acquiring the property, we have validated our belief for this to potentially become a world class asset. The initial mineral resource estimate and continuity of high grades and widths at depth reinforces our vision for a high-quality open pit and sizeable underground mine.

“We believe the resource we have defined today is just the beginning. The drill results below our resource support our hypothesis that the deposit remains open at depth with high grade and visible gold intercepted down to depths of one kilometre, as illustrated in the long section below.

“These results solidify our expectation that Great Bear will become a top quality, tier one asset in our portfolio, providing long-term upside for our shareholders.”

Figure 1: LP grade thickness long section demonstrating depth extension potential  is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef51480a-b489-4877-b013-687372ef980b

There are multiple zones of high-grade mineralization across the property as seen in the figure below, which will be the target of further drilling activities in 2023 and beyond.

Figure 2: Highly prospective Great Bear land package  is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9cc08fa-96ce-48b9-9003-d267dc71ca61

The Company has received additional assay results that are not included in the initial mineral resource. See Appendix B for a full list of recent significant, composited assay results.

Project Details

Infrastructure in the Great Bear area is well developed with the project located 25 kilometres southeast of the town of Red Lake, Ontario. A paved highway, natural gas pipeline, and provincial power line runs parallel to the project, and the property hosts a network of well-maintained logging roads that facilitate access.

The Company initiated a comprehensive metallurgy testing program in 2022, which is indicating excellent recoveries from an industry standard Gravity + CIL process. Initial test work indicates a high gold recovery of ~95%, that includes a high proportion of gravity recovery. The metallurgy testing will continue in 2023 to obtain higher confidence on the initial recoveries. Additionally, initial geotechnical drilling and testwork is indicating excellent rock strength for the angle of the open pit slopes and integrity of the underground mine.

Kinross is voluntarily releasing a technical report focused on geology and metallurgy that supports this initial mineral resource estimate concurrently following this press release. The technical report has been prepared pursuant to Canadian Securities Administrator's National Instrument 43-101, and may be found at www.kinross.com or under the Company's profile at www.sedar.com.

Baseline environmental surveys, local community socio-economic studies and preliminary engineering activities required for the permitting process are progressing well. Kinross has opened a community office and is continuing its local stakeholder engagement program with local communities and with its partners, Wabauskang and Lac Seul First Nations, on whose traditional territories the project is located.

2023 Focus

Kinross’ drilling and exploration focus for 2023 is to continue to add inferred resource ounces, define deep mineralization, continue exploration along strike, and identify new targets around the property.

The Company is also progressing studies and permitting for an advanced exploration program that would establish an underground decline to obtain a bulk sample and allow for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones. Kinross is targeting a potential start of the advanced program as early as 2024.

Kinross continues to advance detailed studies and permitting activities, with plans to release the results of this work in the form of a preliminary economic assessment in 2024.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Monday, February 13, 2023, at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – +1 (888) 330-2446; Passcode: 4915537
Outside of Canada & US – +1 (240) 789-2732; Passcode: 4915537

Replay (available up to 14 days after the call):

Replay Toll Free Number: +1 (800) 770-2030
Outside of Canada & US: +1 (647) 362-9199
Conference ID: 4915537

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
victoria.barrington@kinross.com

 


Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
chris.lichtenheldt@kinross.com


APPENDIX A

(1) Unless otherwise noted, the Company’s mineral resources are estimated based on a gold price of $1,700 per ounce. Open pit Mineral Resources are estimated at a cut-off grade of 0.5 g/t Au. The LP Zone pit shell was selected at an input gold price of US$1,400/oz (for volume); however, resources are reported based on a US$1,700/oz cut-off value. Underground Mineral Resources are estimated at a cut-off grade of 2.3 g/t Au for LP and Hinge and 2.5 g/t for Limb. The mineral resource estimates are reported in contained units based on Kinross’ interest and are estimated based on an exchange rate of one Canadian Dollar to $US 1.30.
(2) The Company’s mineral resource estimates as at December 31, 2022 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards - For Mineral Resources and Mineral Reserves" adopted by the CIM Council (as amended, the “CIM Definition Standards”) in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). Mineral resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.                                                                        
(3) Cautionary note to U.S. investors concerning estimates of mineral reserves and mineral resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States’ securities laws. The terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards. These definitions differ from the definitions in subpart 1300 of Regulation S-K (“Subpart 1300”), which replaced the United States Securities and Exchange Commission (“SEC”) Industry Guide 7 as part of the SEC’s amendments to its disclosure rules to modernize the mineral property disclosure requirements. These amendments became effective February 25, 2019 and registrants are required to comply with the Subpart 1300 provisions by their first fiscal year beginning on or after January 1, 2021. While the definitions in Subpart 1300 are more similar to the definitions in NI 43-101 and the CIM Definitions Standard than were the Industry Guide 7 provisions due to the adoption in Subpart 1300 of terms describing mineral reserves and mineral resources that are “substantially similar” to the corresponding terms under the CIM Definition Standards, including the SEC now recognizing estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” and amending its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definitions, the definitions in Subpart 1300 still differ from the requirements of, and the definitions in, NI 43-101 and the CIM Definition Standards. U.S. investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions in Subpart 1300 and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards set forth in Subpart 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Subpart 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases. As a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the Subpart 1300 provisions and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system, then the Company will be subject to reporting pursuant to the Subpart 1300 provisions, which differ from the requirements of NI 43-101 and the CIM Definition Standards.
 For the above reasons, the mineral reserve and mineral resource estimates and related information in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
(4) The Company's mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. John Sims, who is a qualified person as defined by NI 43‑101. Mr. Sims was an officer of Kinross until December 31, 2020. Mr. Sims remains the Company’s qualified person as an external consultant.
(5) The Company’s normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves and mineral resources. Independent data verification has not been performed.
(6) Rounding of values to the 000s may result in apparent discrepancies.                                        
(7) Mineral resources are exclusive of mineral reserves.        
(8) Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.       

APPENDIX B

Great Bear – recent full assay results with key intercepts highlighted


Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-546   254.0 259.0 5.0 4.5 3.20 Yuma
BR-546 and 299.2 302.8 3.6 2.8 0.91  
BR-546 and 335.8 349.0 13.3 11.1 0.52  
BR-546 and 355.3 372.6 17.4 15.4 0.70  
BR-546 and 387.0 400.4 13.4 10.7 1.51  
BR-546 and 406.1 411.8 5.7 4.4 0.31  
BR-546 and 414.6 419.7 5.1 4.0 0.36  
BR-546 and 471.3 475.0 3.8 3.3 0.55  
BR-546 and 489.0 496.3 7.3 6.4 3.07  
BR-547   742.0 758.0 16.0 14.4 4.05 Yauro
BR-547 including 750.3 757.0 6.7 5.1 8.99  
BR-548   515.8 518.8 3.0 2.9 0.97 Yuma
BR-548 and 560.6 570.0 9.4 7.6 0.48  
BR-548 and 579.0 612.3 33.3 25.6 0.78  
BR-548 including 672.8 673.8 1.0 0.9 29.19  
BR-548 and 631.0 634.0 3.0 2.7 1.34  
BR-548 including 684.8 687.8 3.0 2.6 3.58  
BR-548 and 671.7 702.0 30.3 26.7 2.09  
BR-549   41.0 65.1 24.1 19.5 0.72 Yauro
BR-549 and 73.1 77.1 4.0 3.2 0.68  
BR-549 and 98.8 103.5 4.7 3.5 1.80  
BR-549 and 109.0 114.0 5.1 4.0 3.27  
BR-579   777.1 804.3 27.2 21.2 0.84 Yuma

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-579 and 840.0 847.7 7.7 6.3 20.99  
BR-579 and 857.2 883.9 26.7 24.6 15.52  
BR-579 and 901.9 906.8 4.9 4.1 2.84  
BR-589   794.0 797.0 3.0 2.4 0.71 Yuma
BR-589 and 806.8 809.8 3.0 2.8 0.60  
BR-589 and 815.8 818.8 3.0 2.4 0.78  
BR-589 and 852.8 874.5 21.7 16.5 2.11  
BR-589 and 892.3 910.6 18.3 14.5 0.42  
BR-589 and 946.3 951.6 5.3 4.3 0.96  
BR-599   353.5 359.0 5.5 4.8 0.42 Bruma
BR-599 and 371.6 393.2 21.7 19.1 0.90  
BR-614 No significant intersections Auro
BR-615   442.1 442.7 0.6 0.5 44.70 Auro
BR-615 and 642.5 648.0 5.5 5.2 0.81  
BR-616 No significant intersections Auro
BR-617 No significant intersections Viggo
BR-618   347.0 351.0 4.0 3.0 3.14 Viggo
BR-618 and 395.9 398.9 3.0 2.3 0.48  
BR-619   416.8 421.7 4.9 4.4 1.05 Viggo
BR-625   747.0 754.5 7.5 5.6 1.23 Auro
BR-625 and 762.9 782.8 19.9 17.3 2.06  
BR-625 including 779.6 780.6 0.9 0.8 25.40  
BR-625 and 882.0 885.9 3.9 3.1 0.47  
BR-626   738.0 745.5 7.5 7.1 1.54 Auro
BR-626 and 765.0 772.5 7.5 5.9 0.42  
BR-626 and 813.0 819.3 6.3 4.8 1.24  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-626 and 829.5 834.0 4.5 4.2 0.79  
BR-627   735.3 755.8 20.5 16.6 1.88 Auro
BR-627 including 745.0 748.3 3.3 2.8 5.68  
BR-627 and 803.0 811.5 8.5 8.0 1.05  
BR-628   586.6 592.5 5.9 5.5 0.41 Auro
BR-628 and 636.8 645.0 8.2 7.2 1.03  
BR-628 and 712.5 721.4 8.9 7.0 0.61  
BR-629   660.0 686.1 26.1 20.4 0.64 Auro
BR-629 and 792.0 796.5 4.5 3.4 0.55  
BR-645   417.8 418.3 0.5 0.4 40.60 Auro
BR-648 No significant intersections Auro
BR-649   203.7 213.7 10.0 9.0 5.95 Auro
BR-649 including 206.0 207.0 1.0 1.0 52.70  
BR-649 and 226.4 240.6 14.2 10.6 2.99  
BR-649 including 226.4 227.2 0.8 0.7 34.10  
BR-649 and 366.5 373.8 7.4 5.7 6.70  
BR-652   931.5 938.9 7.4 5.7 0.81 Discovery
BR-657   294.4 306.3 11.9 10.0 0.90 Discovery
BR-657 and 315.3 367.7 52.4 47.2 1.05  
BR-657 and 388.5 401.8 13.4 10.5 0.78  
BR-657 and 415.9 418.9 3.0 2.7 0.46  
BR-657 and 448.1 451.1 3.0 2.4 1.06  
BR-657 and 598.9 603.9 5.0 4.1 0.52  
BR-658   271.0 275.0 4.0 3.6 0.45 Discovery
BR-658 and 289.3 301.6 12.3 10.8 0.76  
BR-658 and 309.5 386.4 76.9 58.4 1.48  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-658 including 377.0 382.5 5.5 5.0 5.91  
BR-658 and 391.5 397.5 6.0 4.7 1.21  
BR-658 and 402.6 409.5 6.9 5.5 0.63  
BR-664 No significant intersections Discovery
BR-665   454.5 457.5 3.0 2.6 1.36 Discovery
BR-665 and 576.9 580.2 3.3 3.0 0.58  
BR-665 and 647.3 651.9 4.6 3.6 0.49  
BR-666   534.0 544.5 10.5 9.0 0.78 Discovery
BR-666 and 552.4 556.0 3.6 3.4 0.92  
BR-666 and 580.8 586.5 5.7 4.3 0.82  
BR-666 and 614.3 622.8 8.5 6.4 0.71  
BR-666 and 629.9 655.0 25.2 23.1 1.06  
BR-668   219.0 241.4 22.4 16.8 0.58 Discovery
BR-668 and 260.1 304.1 44.0 33.8 0.84  
BR-668 and 310.8 316.8 6.0 5.5 0.33  
BR-668 and 352.3 366.4 14.1 12.4 0.54  
BR-668 and 378.4 390.9 12.5 11.5 0.74  
BR-668 and 471.4 480.2 8.8 7.7 0.41  
BR-668 and 487.5 501.4 13.9 10.6 0.84  
BR-672   386.8 394.9 8.1 7.2 0.38 Viggo
BR-672 and 412.5 417.0 4.5 3.5 2.14  
BR-676   476.2 484.5 8.4 7.3 0.71 Viggo
BR-677 No significant intersections Viggo
BR-678 No significant intersections Viggo
BR-681   655.7 662.5 6.9 5.8 4.91 Yuma
BR-681 including 660.5 661.5 1.0 0.9 26.70  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-682   773.3 785.7 12.4 11.2 0.95 Yuma
BR-682 and 799.7 802.7 3.1 2.8 6.72  
BR-682 and 874.8 879.4 4.6 3.5 5.76  
BR-683   795.1 802.0 6.9 5.7 4.04 Yuma
BR-683 including 795.1 796.3 1.1 1.1 20.20  
BR-683 and 874.1 880.0 5.9 5.1 5.04  
BR-683 and 917.5 973.6 56.1 47.1 2.14  
BR-683 including 917.5 929.5 12.0 11.2 6.65  
BR-683 and including 941.9 942.5 0.6 0.5 45.70  
BR-684   741.5 746.3 4.8 3.7 0.77 Yauro
BR-684 and 829.5 835.5 6.0 5.2 2.15  
BR-684 and 854.0 930.0 76.1 62.4 4.51  
BR-684 including 880.0 881.4 1.4 1.3 213.36  
BR-685   545.9 553.0 7.1 6.7 5.04 Yauro
BR-685 including 551.8 553.0 1.3 1.0 26.90  
BR-685 and 627.0 630.0 3.0 2.7 0.48  
BR-685 and 728.2 732.2 4.0 3.4 0.36  
BR-686   312.0 324.2 12.2 9.1 0.43 Yauro
BR-686 and 551.6 563.3 11.7 10.1 0.49  
BR-687   367.0 506.0 139.0 111.2 3.19 Yauro
BR-687 including 375.3 377.0 1.7 1.6 29.58  
BR-687 and including 461.0 469.6 8.6 6.5 15.67  
BR-687 and including 486.7 500.9 14.2 13.4 11.37  
BR-687 and 516.0 519.1 3.1 2.4 0.52  
BR-687 and 562.6 576.9 14.3 12.4 2.04  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-687 and 600.7 630.2 29.5 24.8 1.75  
BR-687 including 617.0 625.0 8.0 7.2 4.29  
BR-688   617.2 628.0 10.8 9.8 0.40 Yauro
BR-688 and 644.9 659.2 14.3 12.7 1.29  
BR-688 and 672.0 681.6 9.6 9.1 1.09  
BR-688 and 695.8 710.5 14.8 12.1 3.33  
BR-688 including 701.1 708.6 7.6 5.7 5.86  
BR-688 and 730.8 734.1 3.3 2.9 1.00  
BR-688 and 770.0 777.5 7.5 6.1 0.62  
BR-688 and 941.5 948.0 6.5 5.2 1.14  
BR-689   676.5 680.7 4.1 3.8 0.65 Yauro
BR-689 and 686.9 698.2 11.3 9.3 2.42  
BR-689 including 691.8 695.6 3.9 3.3 6.08  
BR-691   1,011.3 1,015.2 3.9 3.3 0.36 Bruma
BR-691 and 1,023.8 1,051.2 27.4 24.6 0.75  
BR-691 and 1,124.8 1,128.0 3.3 2.7 2.41  
BR-692   576.7 579.8 3.0 2.9 1.20 Bruma
BR-692 and 1,060.6 1,073.6 13.0 10.9 0.51  
BR-692 and 1,082.0 1,112.0 30.0 27.9 3.14  
BR-692 and 1,185.5 1,190.0 4.5 4.1 3.35  
BR-693   854.0 859.5 5.5 5.2 0.54 Bruma
BR-693 and 872.5 882.0 9.5 7.5 0.39  
BR-693 and 887.9 893.3 5.4 4.3 0.70  
BR-701   798.5 805.5 7.0 5.5 1.54 Yuma
BR-701 and 865.3 872.5 7.2 6.6 0.58  
BR-701 and 922.4 969.0 46.7 39.2 0.45  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-701 and 990.0 1,005.5 15.5 12.4 1.09  
BR-701 and 1,013.0 1,023.0 10.0 8.6 0.60  
BR-701 and 1,029.0 1,034.5 5.5 5.0 0.40  
BR-701 and 1,044.9 1,049.1 4.2 3.7 0.40  
BR-702   432.0 435.0 3.0 2.3 0.63 Yuma
BR-702 and 579.1 588.0 9.0 7.2 0.55  
BR-702 and 607.2 626.0 18.9 17.7 0.93  
BR-702 and 648.5 663.1 14.6 11.8 0.47  
BR-702 and 673.0 686.0 13.0 12.2 6.85  
BR-702 including 677.5 686.0 8.5 7.8 10.25  
BR-703   729.0 732.7 3.6 3.3 0.88 Yuma
BR-703 and 813.0 921.0 108.0 90.7 1.26  
BR-703 including 905.2 905.7 0.5 0.4 208.00  
BR-704   708.0 711.0 3.0 2.3 0.55 Bruma
BR-704 and 798.0 805.7 7.7 6.6 0.49  
BR-704 and 812.7 851.1 38.4 36.1 0.72  
BR-704 and 871.5 881.1 9.5 7.8 0.52  
BR-704 and 939.0 942.0 3.0 2.6 0.41  
BR-705   606.0 609.0 3.0 2.7 0.65 Bruma
BR-705 and 692.0 708.9 16.9 14.9 0.46  
BR-706   726.7 733.4 6.7 5.2 0.55 Bruma
BR-706 and 742.2 750.5 8.3 7.5 2.60  
BR-706 and 807.7 816.0 8.3 7.5 1.90  
BR-707   696.0 699.0 3.0 2.7 1.92 Yauro
BR-707 and 715.4 719.7 4.4 3.3 0.41  
BR-707 and 877.5 885.0 7.5 5.8 0.50  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-709   1,336.9 1,341.4 4.6 3.5 8.20 Yuma
BR-709 including 1,338.0 1,341.1 3.1 2.6 11.69  
BR-709 and 1,402.0 1,416.3 14.3 11.7 1.28  
BR-709 including 1,411.8 1,414.3 2.5 2.0 5.29  
BR-709 and 1,454.7 1,458.8 4.0 3.1 0.86  
BR-710   524.1 532.1 8.1 7.2 0.53 Bruma
BR-710 and 552.8 563.3 10.5 9.0 0.82  
BR-710 including 609.3 610.5 1.3 1.0 18.60  
BR-711   714.0 735.1 21.1 18.7 1.63 Bruma
BR-711 including 719.6 725.5 6.0 5.2 4.21  
BR-711 and 751.0 757.5 6.5 5.0 0.83  
BR-711 and 820.5 823.9 3.4 3.1 1.02  
BR-711 and 992.5 1,000.0 7.5 6.7 1.70  
BR-711 including 997.0 1,000.0 3.0 2.4 3.58  
BR-712   560.5 561.5 1.0 0.9 40.40 Bruma
BR-712 and 633.3 658.3 25.1 18.8 0.51  
BR-712 and 910.0 916.0 6.0 5.6 0.57  
BR-713   739.7 769.0 29.3 22.6 2.06 Yuma
BR-713 including 756.0 761.0 5.0 4.2 9.86  
BR-713 and 822.0 1,028.1 206.1 162.8 1.43  
BR-713 including 836.5 838.0 1.5 1.5 56.57  
BR-713 and including 856.5 858.0 1.5 1.3 17.40  
BR-713 and including 1,014.7 1,015.2 0.5 0.4 279.00  
BR-714   899.7 919.5 19.8 18.8 0.96 Yuma
BR-714 and 932.2 935.2 3.0 2.4 0.45  
BR-714 and 944.5 947.5 3.0 2.4 0.41  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-714 and 965.4 978.9 13.5 11.7 0.58  
BR-715   580.6 585.7 5.2 4.1 3.01 Yuma
BR-715 and 663.8 674.7 10.9 10.4 0.33  
BR-715 and 677.8 692.6 14.9 12.8 0.67  
BR-721   208.7 217.9 9.2 8.5 1.25 Discovery
BR-721 and 297.8 300.8 3.0 2.8 0.30  
BR-721 and 332.7 336.5 3.8 3.3 0.57  
BR-722 No significant intersections Discovery
BR-723   116.5 119.5 3.0 2.6 0.66 Discovery
BR-724 No significant intersections Discovery
BR-730   39.0 61.0 22.0 20.7 0.57 Auro
BR-731   321.7 332.2 10.5 8.6 0.45 Viggo
BR-737   264.5 277.0 12.5 9.4 1.53 Viggo
BR-738 No significant intersections Viggo
BR-744   521.6 527.2 5.6 4.8 1.40 Viggo
BR-745 No significant intersections Viggo
BR-747   352.0 355.0 3.1 2.8 0.70 Viggo
BR-747 and 366.0 404.5 38.5 29.3 0.63  
BR-748   362.8 363.8 1.1 1.0 28.50 Viggo
BR-748 and 406.1 413.1 7.1 5.4 0.89  
BR-749   725.3 729.1 3.8 3.2 0.58 Auro
BR-750   678.0 683.0 5.0 4.1 0.42 Auro
BR-750 and 692.3 696.8 4.5 4.1 1.81  
BR-750 and 702.8 716.2 13.4 12.3 5.18  
BR-750 including 715.6 716.2 0.5 0.5 104.00  
BR-750 and 819.8 826.0 6.3 4.9 0.58  

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
BR-751   497.3 508.0 10.7 9.0 0.51 Auro
BR-751 and 531.5 544.4 12.9 10.5 0.95  
BR-751 and 563.5 567.5 4.0 3.1 0.54  
BR-751 and 594.5 599.5 5.0 3.9 0.76  
BR-751 and 700.3 703.3 3.0 2.5 0.48  
BR-751 and 718.3 722.3 4.0 3.8 0.58  
BR-752   550.2 558.2 8.0 6.2 0.68 Auro
BR-752 and 584.9 602.1 17.2 13.6 4.73  
BR-752 including 586.2 593.1 6.9 6.4 10.71  
BR-752 and 712.5 719.0 6.5 6.1 2.59  
BR-753   860.5 865.5 5.0 4.2 0.70 Auro
BR-754   710.2 715.7 5.5 4.5 10.52 Auro
BR-760   392.0 407.6 15.6 13.2 0.66 Viggo
BR-761 No significant intersections Viggo
BR-763   567.5 572.7 5.2 4.0 0.52 Viggo
BR-764 No significant intersections Viggo
DL-078   316.5 323.2 6.7 5.8 0.83 Limb
DL-078 and 332.0 337.5 5.5 4.6 1.32  
DL-079   488.0 492.0 4.0 3.4 0.51 Limb
DL-079 and 503.0 511.7 8.7 8.0 0.59  
DL-079 and 518.8 529.6 10.8 8.6 1.00  
DL-080   478.4 485.3 6.9 6.5 1.47 Limb
DL-081 No significant intersections Limb
DL-082 No significant intersections Limb
DL-084 No significant intersections Limb
DL-085   698.6 706.0 7.5 6.3 0.52 Limb

Hole ID
  From (m) To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
DL-085 and 919.3 935.5 16.3 14.1 7.26  
DL-085 including 919.3 925.3 6.0 5.7 14.28  
DL-085 and including 933.9 935.5 1.6 1.4 16.74  
DL-086   626.8 632.3 5.5 4.2 1.83 Limb
DL-087   685.4 703.6 18.3 14.1 2.17 Limb
DL-087 including 696.1 700.6 4.5 3.8 6.03  
DL-090   40.3 46.8 6.5 5.8 3.88 Limb
DL-090 including 45.4 46.8 1.4 1.3 15.40  
DL-091 No significant intersections Limb
DL-092 No significant intersections Limb
DL-094   298.0 302.3 4.3 3.5 1.03 Limb
DL-094 and 468.5 471.5 3.0 2.5 0.86  
DL-095   408.8 412.5 3.6 2.8 0.95 Limb
DL-096 No significant intersections Limb
DL-097 No significant intersections Limb
DL-098 No significant intersections Limb
DL-099   585.2 588.5 3.3 2.7 1.21 Limb
DL-099 and 640.9 646.7 5.8 4.9 1.45  
DL-102 No significant intersections Limb
DL-103   507.8 511.3 3.4 2.9 1.91 Limb
DL-103 and 560.8 564.6 3.8 3.3 0.66  
DL-104 No significant intersections Limb
DL-105   101.3 104.3 3.0 2.6 0.49 Limb
DL-105 and 221.1 231.2 10.1 7.6 0.87  
DL-106   295.2 298.8 3.6 2.7 0.79 Limb
DL-107   153.3 156.8 3.5 2.8 0.46 Limb

Hole ID
  From
(m)
To
(m)
Width
(m)
True
Width
(m)
Au
(g/t)

Target
DL-108 No significant intersections Limb
DL-109   307.8 319.0 11.2 9.0 0.97 Limb
DL-110 No significant intersections Limb
DL-111 No significant intersections Limb
DL-112   612.6 616.0 3.5 3.0 0.95 Limb
DL-113   683.0 690.8 7.8 6.2 1.14 Limb
DL-115   835.4 838.5 3.1 2.8 1.08 Limb
DL-115 and 863.1 869.4 6.3 5.7 0.63  
DL-116   799.9 805.3 5.4 4.8 0.98 Limb
DL-120   63.9 68.2 4.4 3.4 2.81 Limb
DL-120 and 647.9 651.7 3.9 3.3 2.89  
DL-121 No significant intersections Limb
DL-122   346.7 351.0 4.3 3.7 0.60 Limb
DL-122 and 365.2 371.2 6.0 5.3 3.81  
DL-130   645.0 650.0 5.0 4.1 3.29 Limb
DL-131   18.1 55.0 36.9 30.3 0.87 Limb
DL-131 and 69.0 95.5 26.5 23.3 0.62  
DL-140   630.6 638.3 7.8 7.4 0.40 Limb
DL-141 No significant intersections Limb
DL-142   226.5 228.0 1.5 1.3 21.50 Limb
DL-142 and 915.0 926.3 11.3 9.0 6.29  
DL-142 including 921.25 926.25 5 4.5 13.20  
DL-142 and 1099.95 1100.45 0.5 0.4 57.80  


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 calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project; the identification of future mineral resources at the project; the Company’s ability to convert existing mineral resources into categories of mineral resources or mineral reserves of increased geological confidence; the Company’s anticipated timing for permitting future phases of the project and development and construction of and production at the project, including the possibility of constructing either or both of an open pit and underground mines; the timing of and future prospects for exploration and any expansion of the project, including upside associated with the project’s land package; the potential for expanding the initial mineral resource and the potential for identifying additional mineralization in areas of intercepts and conceptual areas for extension and expansion; potential recovery rates or processing techniques; the proposed timing and completion of studies and the announcement of study results; the potential for and anticipated timing of a positive investment decision for the project or the commencement of early works, construction or commercial production; the Company’s target amount of drilling on the project; and the Company’s plans to construct an exploration decline. The words “believe”, “conceptual”, “expect”, “future”, “plan”, “potential”, “progress”, “prospective”, “target”, “vision” and “upside” 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 accuracy of the current mineral resource estimates of the Company (including but not limited to ore tonnage and ore grade estimates); (5) certain price assumptions for gold and silver and foreign exchange rates; (6) Kinross’ future relationship with the Wabauskang and Lac Seul First Nations and other Indigenous groups 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.

Other information

Where we say “we”, “us”, “our”, the “Company”, or “Kinross” in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company’s mineral properties contained in this news release has been prepared under the supervision of Mr. John Sims who is a “qualified person” within the meaning of National Instrument 43-101.Mr. Sims was an officer of Kinross until December 31, 2020. Mr. Sims remains the Company’s qualified person as an external consultant.

Source: Kinross Gold Corporation

1 A full list of underlying assumptions can be found at Appendix A
2 The sensitivity table shown is a subset of the overall resource. The open pit cut-off grade is 0.9 g/t vs. 0.5 g/t in the resource table; the underground cut-off is 3.5g/t vs. 2.3 g/t in the resource table


Primary Logo

Figure 1

LP grade thickness long section demonstrating depth extension potential
Figure 2

Highly prospective Great Bear land package
Source: Kinross Gold Corporation
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