Kirkland Lake Discoveries Hits 125.91 g/t Gold Below Resource, More Assays Pending

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Gold investors are taking note of Kirkland Lake Discoveries Corp.'s (KLDC:TSXV; KLKLF:OTC) newest assay results.

Key Takeaways

• Kirkland Lake Discoveries reported assays from eight new holes at its Mirado Gold Project, expanding mineralization near-surface, below the historical resource, and along the North Zone.
• KLM26-019 returned 0.50 g/t Au (gold) over 91.0 m, expanding the South Zone footprint roughly 130 meters (m) northwest.
• KLM26-017 intersected 18.99 g/t Au over 6.7 m, including a high-grade 125.91 g/t Au over 1.0 m, confirming mineralization below the historical resource.
• KLM26-013 extended the North Zone by about 85 meters, returning 0.98 g/t Au over 35.0 m, including 12.20 g/t Au over 1.0 m.
• The company's first regional hole at the MZ Zone, 500 m west of Mirado, intersected strong hydrothermal alteration and sulphide mineralization, though assays remain pending.
• KLDC secured a regional drilling permit covering all of KL South, with 16 additional holes still awaiting assay results as drilling continues.

Project Showing Strong Alteration

On July 23, 2026, Kirkland Lake Discoveries reported assay results from eight drill holes at its Mirado Gold project. These results include areas of broad near-surface mineralization, high-grade gold below the historical resource, and an extension of the North zone. In other news, the company has also completed its first regional test at the MZ zone, which is located 500 meters west of Mirado. At that property, drilling intersected intense hydrothermal alteration and sulphide mineralization. Finally, KLDC has received a regional drilling permit for the entirety of its KL South project.

"Today's results are important as they demonstrate growth in three dimensions at KL South," said Stefan Sklepowicz, CEO of KLDC, in the press release. "KLM26-019 materially expands the broad near-surface mineralized footprint, KLM26-017 confirms high-grade structures below the historical resource, and KLM26-013 extends the North Zone. Just as importantly, the alteration and sulphide mineralization encountered in our first regional hole at the MZ Zone provides an early indication that the prospective hydrothermal corridor may extend well beyond the historical deposit footprint. With a regional permit in hand and 16 holes awaiting assays, we have multiple opportunities to make new discoveries and continue expanding the system."

The press release noted that holes "KLM26-012, KLM26-015, KLM26-016, and KLM26-019 intersected broad, lower-grade gold-bearing envelopes containing localized higher-grade intervals, consistent with structurally prepared, intensely silicified rock that was subsequently fractured and mineralized. Highlights include 0.50 g/t Au over 91.0 m in KLM26-019, including 1.13 g/t Au over 23.8 m and 10.94 g/t Au over 0.8 m, as well as 1.33 g/t Au over 5.5 m and 0.77 g/t Au over 18.0 m in KLM26-015. KLM26-016 returned 0.35 g/t Au over 28.0 m, including 3.16 g/t Au over 1.0 m, while KLM26-012 intersected several additional near-surface mineralized intervals."

In the South zone, holes KLM26-017 and KLM26-018 extended the tested mineralized system vertically, with the former intersecting 18.99 g/t Au over 6.7 m, including 125.91 g/t Au over 1.0 m. In the North zone, hole KLM26-013 stepped out 85 m west from the current drilling pattern and intersected 0.98 g/t Au over 35.0 m, including 12.20 g/t Au over 1.0 m, followed by 0.61 g/t Au over 23.0 m.

Initial MZ drilling delivered results, as well. According to KLDC, "At the MZ zone, approximately 500 m west of the historical Mirado deposit, KLM26-035 intersected a broad hydrothermal system characterized by intense chlorite, silica, and epidote alteration with disseminated and fracture-filled pyrite mineralization (see Figure 3). The alteration assemblage, sulphide distribution, and quartz-carbonate vein textures are visually comparable to those associated with the broad mineralized intervals in KLM26-001, which returned 5.66 g/t Au over 18.2 m, including 23.03 g/t Au over 4.3 m, and in KLM26-002, which returned 1.01 g/t Au over 121 m."

Kirkland Lake Discoveries Corp. is focused on gold exploration in the Abitibi greenstone belt in Ontario, Canada, one of the most prolific mining districts in the world.

Gold Still Up 24% Year-Over-Year Despite Inflation Concerns

Junior miners and exploration companies hit the ground running this year after gold rallied at a high of US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, rates are still up 24% compared to July 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

Gold prices dropped on July 23, 2026, though after 12 nights of U.S. strikes on Iran had raised the cost of Brent crude oil prices, and spiked fears of inflation. According to Trading Economics, "Higher oil prices have reinforced inflation concerns, leading investors to expect the Fed to keep monetary policy tighter for longer, a backdrop that typically weighs on non-yielding assets such as gold. Money markets are currently pricing in roughly a 78% probability of a Fed rate hike in September." At the time of writing, spot gold was trading at US$4,050.10 per ounce.

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Despite the volatility of gold, the metals sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Moriarty Notes 300% April Rally

On July 23, 2026, Bob Moriarty of 321gold.com commented on the company, saying: "Kirkland Lake Discoveries continues to release outstanding over 100-gram/meter holes at their 42,000-ha Mirado Gold project in Ontario. The shares rocketed higher by 300% in April and have since corrected by 50% in preparation for another march higher."

KL West Drilling Totals 17,000 Meters

The company's investor presentation lists catalysts, including:

• An active 8,000-meter drilling program at KL South, with more assays pending
• 17,000 meters of drilling completed at KL West, with more assays pending

The company maintains that it is well capitalized and efficient, as well as positioned to rapidly close the valuation gap with assays pending and a robust treasury.

Ownership & Share Information¹

Kirkland Lake Discoveries Corp. has a market cap of CA$58.60 million, with 205.63 million shares outstanding. The company's 52-week range is CA$0.07-CA$0.67. Strategic Investors own 39.73% of shares, while Management & Insiders own 0.26% of shares. The remaining 60.01% of shares are held by Retail.

Frequently Asked Questions

Q: What is a gold assay?

A: A gold assay is a laboratory test that measures how much gold is contained in a rock sample collected during drilling. Assay results help mining companies determine the grade, size, and potential value of a mineral deposit.

Q: What does "g/t Au" mean?

A: "g/t Au" stands for grams of gold per tonne of rock. It is the standard unit used to report gold grades in mining. Generally, higher grades indicate a greater concentration of gold, although the economic value also depends on factors such as deposit size, mining costs, and recovery rates.

Q: Why is extending a mineralized zone important?

A: When drilling extends a mineralized zone beyond previously known boundaries, it suggests the deposit may be larger than originally estimated. Additional drilling is needed to confirm the extent of the mineralization and determine whether it can be included in a future resource estimate.

Q: What is hydrothermal alteration?

A: Hydrothermal alteration is the chemical change of rocks caused by hot, mineral-rich fluids moving through the Earth's crust. It is an important exploration indicator because these fluids can also transport and deposit gold and other valuable metals.

Q:  What are sulphide minerals?

A: Sulphide minerals are naturally occurring minerals that contain sulfur combined with metals such as iron, copper, lead, or zinc. Minerals like pyrite are commonly associated with gold deposits and can help geologists identify areas that may contain valuable mineralization.

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