08:19 AM EST, 12/19/2017 (MT Newswires) -- Kirkland Lake Gold (KL.TO) said on Tuesday exploration drilling at its Cosmo mine site in Australia had expanded the size of the Lantern deposit at the site, where results included the highest-grade assay seen at the deposit.

The company said results from a 74-hole, 27,737-meter, drilling program expanded the size of the deposit and showed the potential for an expansion of the known resource at the site. One core included result of 4,750 grams of gold per tonne over a 0.31 meter stretch,

"The results being reported today are very encouraging, as they demonstrate that Lantern is much larger than previously identified with the potential for substantially higher grades," Tony Makuch, the company's chief executive, said in a statement.

The Cosmo mine was closed in June, after producing more than 800,000 ounces of gold prior to the discovery of the Lantern deposit, which runs parallel to the existing underground operations. Makuch said results from the drilling program may show the company can profitably develop the site and resume mining operations in 2018.

Kirkland Lake shares, which have nearly tripled over the past 12 months, closed Monday at $17.29 on the Toronto Stock Exchange.