Val d’Or Mining Corporation has entered into an option agreement with Gold Candle Ltd. granting the right to acquire a 100 percent interest in the Recession Larder gold prospect located near the former Kerr Mine in McGarry Township, Ontario. The property consists of 14 contiguous mining claim cells covering approximately 121 hectares.
Under the agreement, Gold Candle Ltd. can earn its interest through staged cash payments totaling $300,000 over a three-year period and by completing $1,000,000 in exploration expenditures on the property.
Val d’Or Mining Corporation will retain a 2 percent net smelter return royalty on the property. The company also holds a back-in right to acquire a 20 percent interest in the project following the declaration of a mineral resource.
The Recession Larder prospect is situated in a well-known gold district near past-producing operations. The agreement reflects the company’s approach of advancing exploration properties through partnerships while maintaining long-term exposure through retained royalties and potential future ownership participation.