Val-d’Or Mining Corporation (TSXV: VZZ) has entered into a mining option agreement with Kirkland Lake Discoveries Corp. (TSXV: KLDC), granting the latter the option to acquire a 100% interest in the Amikougami and Winnie Lake properties in Ontario. Under the agreement, Kirkland Lake Discoveries will issue 1,750,000 common shares to Val-d’Or Mining upon TSX Venture Exchange approval and commit to $1.2 million in exploration expenditures over four years. Upon exercising the option, Val-d’Or Mining will retain a Net Smelter Returns (NSR) royalty ranging from 0.75% to 2%, subject to an existing 1.25% NSR on certain claims held by Gold Royalty Corp.
The Amikougami Prospect comprises 18 mining claims (~388 hectares) in southern Bernhardt Township, approximately 7 km northwest of Kirkland Lake. Historical exploration has identified multiple gold occurrences, with recent activities including geophysical surveys and limited drilling. The Winnie Lake Prospect consists of 37 mining claims (~795 hectares) in northwest Teck Township, about 9 km northwest of Kirkland Lake. This area has been explored for VMS-style Cu-Zn-Ag-Au mineralization since the 1920s, with notable drilling results reported in 1989. The properties are considered prospective for both gold and base metal mineralization.