Holt is an underground mine that is part of the Holt Complex (Holt, Holloway and Taylor mines) owned and operated by Kirkland Lake Gold Ltd. Holt is located within the Southern Abitibi Greenstone Belt of the Superior Province in northeastern Ontario, approximately 50 kilometers east of the Town of Matheson. The Holt Mine was built in the late 1980s by Barrick Gold Corporation.
The mineralized zones at the Holt Mine display two pronounced shoot plunges: (a) moderate to steep east plunges that outline the major zones, and (b) alignment of zones and small mineralized shoots along shallow west plunging axes.
The primary stoping method at the Holt Mine is mechanized long-hole drilling and blasting within the mining blocks with rail transport to the shaft ore passes. The spacing between sublevels for long-hole stoping varies between 20 meters and 17 meters, depending on the dip of the ore. The Holt Mill was constructed in 1988 and originally designed for a throughput of 1,360 tonnes per day. Expansions in 1988 and 2001 increased the throughput to 2,500 tonnes per day and 3,000 tonnes per day, respectively.
Royal Gold owns a net smelter return royalty on the Holt property, with the royalty rate payable determined by multiplying 0.00013 by the quarterly average gold price. Royal Gold’s royalty on Holt is payable by a subsidiary of Newmont Mining Corporation and is not a liability of Kirkland Lake Gold Ltd.
Royal Gold acquired its royalty interest effective October 1, 2008, as part of the acquisition of Barrick Gold Corporation’s royalty portfolio.
*Detailed information on our interest can be found on the Portfolio Asset Summary table