De Grey Mining Limited (ASX:DEG) has secured a $5 million...

De Grey Mining Limited (ASXEG) has secured a $5 million investment from Kirkland Lake Gold Ltd (TSE:CRK) via the issue of shares at $0.15 each.
Kirkland Lake is a Canadian listed mid-tier gold producer with a market capitalisation of US$2.7 billion and forecast production of 570,000 – 590,000 ounces of gold for 2017.
Kirkland has interests in Australia through the high grade, low cost Fosterville mine in Victoria and have recently invested $58 million in De Grey’s Pilbara counterpart, Novo Resources Corp.
The new funds will be used by De Grey for ongoing exploration and development activities at the Pilbara Gold Project in Western Australia.
De Grey’s Pilbara Gold Project comprises the fully owned Turner River Project and the adjacent Indee Project, all located within 75 kilometres of the mining town of Port Hedland.
Together with its recent August capital raising of $3 million, De Grey has now raised $8 million, which confirms funding for its exploration programs through until the end of 2018.
READ HERE: De Grey Mining’s shares surge on finding gold nuggets at the Pilbara Gold Project

De Grey’s share price recently doubled intra-day after identifying a new conglomerate gold target containing gold nuggets at its Pilbara Gold Project.
The company found 91 nuggets ranging in size from 2mm to 10mm in and around the new target area west of Mt Roe Basalt.
De Grey is now undertaking mapping and sampling on both the western and the eastern sides of the prospective Mt Roe Basalt range targeting the prospective conglomerate horizon.
Importantly, the potential of the conglomerate gold opportunity adds to the company’s significant existing resource of +1.2 million gold ounces at the Pilbara Gold Project.