Kirkland Lake Discoveries Corp (TSXV: KLDC) (OTCQB: KLKLF) shares shot up 25% to $0.55 on volume of more than 5 million shares Thursday after the gold exploration company reported assay results from its 2026 drill program at the past-producing Mirado property near Kirkland Lake, Ontario.
Results included 1.01 grams per tonne (g/t) gold over 121 metres (m) from 11m to 132m, 4.61 g/t gold over 3.2m from 15.2m, and 3.63 g/t gold over 12.8m from 69.7m. Drilling was conducted on a step-out hole 75m southeast of hole KLM26-001. The company noted that eight additional drill holes have been completed with assays pending.
On April 16, 2026, KLDC announced results from the first drill hole (KLM26-001) targeting the South Zone at Mirado, which included 5.66 g/t gold over 18.2m from 62.0m to 80.2m. Visible gold was observed in multiple holes.
Company CEO Stefan Sklepowicz said the results confirm a gold system with the potential for both bulk-tonnage scale and high-grade zones, with the mineralization being open in multiple directions.
KLDC recently acquired the Mirado property from Orecap Invest Corp in exchange for a 19.9% equity stake in Kirkland Lake Discoveries. The property has a historical (non-NI-43-101 compliant) Inferred resource estimated at about 442,000 gold ounces with a grade of 1.29 g/t.
The past-producing Mirado Mine had limited exploration below 150m.
Notable strategic shareholders of KLDC include Eric Sprott (with an 8% ownership stake), Rob McEwen (4%), and New Found Gold Corp (13.1%).
Shares of KLDC have soared more than 182% over the past six trading sessions. Kirkland Lake Discoveries has 203.9 million shares outstanding, giving the company a current market cap of C$112.2 million.
Kirkland Lake Discoveries holds a 420 square kilometre exploration portfolio in the Kirkland Lake region of Ontario’s Abitibi Greenstone Belt. The prolific Kirkland Lake gold camp has produced more than 47 million ounces of gold, including from some high-grade mines.
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