Kirkland Lake shares up almost 8.5% on M&A rumour

Kirkland Lake Gold (TSX: KL) rose nearly 8.5% in early trading Monday after IKN News released a statement Sunday saying the gold miner was “marketing itself to the highest bidder”.

According to the report, the sales process is in an advanced stage, with at least four companies still in the process and "one has now emerged as the clear favorite," although that company is not specified.

"This deal could be announced at any moment and is the driving force behind KL's share price outperformance these last two weeks," the report says.

Kirkland Lake Gold recently increased its measured and indicated resource base for its Detour Lake mine in Ontario by 211% to 14.71 million ounces held in 572,000 tonnes measured and indicated, grading on average 0.8 gram per tonne gold.