Gold miner Kirkland Lake has entered an option to earn a 75% interest in exploration and development firm Wallbridge Mining’s Detour East project, located about 11 km east of the Detour Lake gold mine.
To earn a 75% interest, Kirkland Lake will have to spend a total of $35-million and it will have the right to act as operator of the project.
In the initial five-year period, Kirkland could acquire an undivided 50% interest in the property by funding Phase 1 expenditures of $7.5-million. At that point, the companies will form a joint venture on Detour East and Kirkland will have the right to acquire an additional 25% interest in the property by incurring a further $27.5-million.