FULL DISCLOSURE: Canacom Group is long the equity of Kirkland Lake Discoveries.
Kirkland Lake Discoveries (TSXV: KLDC) reported a positive set of assay results from its Mirado property on Monday, headlined by a bonanza-grade intercept that points to high-grade shoots running through the project’s South Zone.
The standout came from drill hole KLM26-004, a 40-metre step-out south of the company’s previously released KLM26-002. The hole returned 39.35 grams per tonne gold over 16.4 metres, with a narrow 0.38-metre interval grading an eye-catching 1,670 grams per tonne gold. Eight separate occurrences of visible gold were logged in the core near the 58.86-metre mark.
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Highlights from the results include:
- KLM26-004: 39.35 g/t gold over 16.4 metres from a depth of 53.6 metres
- Including 106.9 g/t gold over 6.0 metres
- And including 1,670 g/t gold over 0.38 metres
- KLM26-004: 2.22 g/t gold over 26.1 metres from a depth of 78.7 metres,
- Including 3.75 g/t gold over 13.5 metres
- KLM26-003: 0.87 g/t gold over 27 metres from a depth of 13 metres
- KLM26-003: 0.25 g/t gold over 32.9 metres from a depth of 112.6 metres
Together, the two holes confirmed the extent of the system. KLM26-003 was placed between previously released holes KLM26-001 and KLM26-002, while KLM26-004 confirmed mineralization continues further south.
The results build on momentum from late April, when KLDC reported 121 metres of continuous mineralization grading 1.01 g/t gold in KLM26-002, a 75-metre step-out that first signaled the scale of the South Zone. The holes released this morning further confirm that broad envelopes of lower-grade material exist here.
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Chief Executive Officer Stefan Sklepowicz said the latest hole “clearly demonstrates the potential of this system,” with six more holes still pending. “As we progress into new areas at Mirado, we are seeing the exact geological signatures we had hoped for, broad, continuous mineralization punctuated by high-grade intercepts,” said Sklepowicz.
Drilling has been temporarily paused to accommodate spring melt, with two rigs expected to resume work in the coming weeks. Results will continue feeding into an evolving 3D geological model that will guide future step-outs and a planned MobileMT geophysical survey across the broader land package.
Kirkland Lake Discoveries last traded at $0.49 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Kirkland Lake Discoveries. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
