Gold miner takes ownership stake, sign option agreements with Orefinders Resources, Mistango River Resources
Kirkland Lake Gold has taken an ownership position in two gold exploration sister companies in the Kirkland Lake camp and is prepared to spend up to $120 million on exploration.
In what’s being framed as a strategic partnership and a potential joint venture opportunity, Kirkland Lake Gold is acquiring a 9.9 per cent interest in Orefinders Resources and Mistango River Resources. Both junior companies are under the direction of Stephen Stewart.
Orefinders is sending 24.4 million common shares Kirkland Lake Gold’s way in return for more than $2.4 million.
There’s also an option agreement where Kirkland Lake Gold can acquire up to 75 per cent of Orefinder’s three main assets – Mirado, McGarry and Knight – contingent on the gold mining company spending $60 million in exploration and development of these very promising gold projects.
Orefinders has been running a drill program and intersecting gold at its Knight Project, southwest of Kirkland Lake in the Shining Tree area. The property includes the former Tyranite Mine.
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