Kirkland Lake Discoveries raising up to $15 million for Ontario projects
Kirkland Lake Discoveries Corp. [KLDC-TSXV] said it is aiming to raise up to $15 million from a brokered private placement financing. Kirkland Lake has assembled a 420-square killometre exploration portfolio in the Kirkland Lake region of Ontario’s Abitibi greenstone belt. With exploration permits in place, the company said it is positioned to advance a pipeline of drill-ready targets at KL South, KL West and KL East, supported by anomalous soil trends, historical mineral showings and structurally controlled intersections.
The company said the private placement will consist of flow-through (FT) common shares priced at 40 cents per FT share and special flow-thr9ough common shares priced at 48.3 cents each, in any combination for gross proceeds of up to $10 million. The offering will also consist of up to 14.2 million common shares priced at 35 cens per hard dollar share for gross proceeds of up to $5.0 million. Each of the FT shares and special FT shares will qualify as flow-through shares under the Income Tax Act (Canada).
In addition, the company has granted the agents an option to sell up to $2.25 million worth of additional offered securities on the same terms and conditions. That option is exercisable in whole or in part at any time up to 48 hours prior to the closing of the offering, which is expected to occur by October 8, 2026. The agents’ option may be exercised for FT shares, special FT shares, HD shares or any combination of the three.
On Friday, Kirkland Lake Discoveries shares eased down 4.7% or $0.02 to 40 cents. The shares trade in a 52-week range of 67 cents and 14.5 cents.
The company recently released results from a drill hole that targeted the North Zone of the Mirado deposit on its KL South Project, which is located 18 kilometres south of Kirkland Lake. It said hole KLM26-030 is part of an ongoing summer 2026 drill program, with 21 additional holes still pending.
KL South hosts a near-surface historical inferred resource of 442,000 ounces of gold at 1.29 g/t at the Mirado Property.
The company said KLM26-030 successfully intersected broad intervals of gold mineralization and high-grade gold in a silica-flooded zone, including 25.85 g/t over 3.0 metres within a 7.24 g/t gold over 11.10-metre interval from 353.00 metres at the Mirado Fault, beneath the historical deposit.
“Hitting 25.85 g/t gold over 3.0 metres at depth is exactly the type of intercept we were looking for to confirm our structural model,’’ said Kirkland Lake CEO Stefan Sklepowicz. “These high-grade feeder zones are the lifeblood of the major multi-million-ounce gold deposits in the Kirland Lake camp,’’ he said. “Demonstrating this high-grade continuity at Mirado drastically increases the scale and potential of our project. We now have a broad surface expression of 1.3 kilometres of gold mineralization and multiple high-grade zones that appear to be feeding it.’’