Kirkland Lake Gold (TSX: KL; NYSE: KL) has boosted its ownership in Osisko Mining (TSX: OSK) from 8.58% to about 13.61%.
The mid-tier gold producer reported it has invested about C$25 million to acquire 14.71 million Osisko shares at $1.70 apiece, bringing its total shares in the company to 32.63 million.
Kirkland Lake’s president and CEO, Tony Makuch, said the strategic investment increases its ownership interest in northwestern Quebec’s Urban Barry area, which he believes “has become a new, highly prospective mining camp in the prolific Abitibi Greenstone belt.”
Makuch noted that the Osisko investment was “complementary” to its existing interests in Metanor Resources (TSXV: MTO) and Bonterra Resources (TSXV: BTR; US-OTC: BONXF) “both of which have high-potential exploration holdings in the same area.”
In addition, the investment brings “exposure to attractive, early stage exploration properties in close proximity to our Holt and Taylor mines, providing additional value potential around our existing asset base in Ontario,” Makuch said.
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