Val-d’Or Mining grants option to Kirkland Lake Discoveries, Ontario

Val-d’Or Mining Corp. [TSXV: VZZ] has entered into a mining option agreement with an arms’ length party, Kirkland Lake Discoveries Corp. [TSXV: KLDC], dated April 25, 2025, under which the company granted an option to the Optionee to acquire a 100% interest in the mineral claims comprising the Amikougami and Winnie Lake properties in Ontario, Canada.

In consideration of granting the Option, the Optionee will issue to the company 1,750,000 common shares in the capital of the Optionee, upon receipt of approval from the TSX Venture Exchange. In addition, the Optionee is required to spend $1,200,000 by the fourth anniversary of the receipt of Exchange approval.

Further, upon the Optionee acquiring a 100% interest in all or a portion of the properties pursuant to exercise of the Option, the Optionee will automatically be deemed to grant to the company a royalty of Net Smelter Returns of the portion of the properties for which the Option was exercised, ranging from 0.75% to 2%, subject to an underlying royalty of 1.25% on certain claims comprising the Properties in favour of Gold Royalty Corp.

The Amikougami Prospect consists of 18 mining claims (approximately 388-Ha) centred in southern Bernhardt Township, approximately 7 km northwest of Kirkland Lake, Ontario. Multiple gold occurrences have been reported within the property from historical work dating back to the early 1900’s and then again since the property was acquired by staking in the 1980’s (Tundra Gold Mines, Pamorex Minerals, Golden Valley Mines). Numerous excavations found within the group (pits, trenches, shafts) attest to the prior work, much of which was stimulated by the early discoveries in the Kirkland Lake Gold Camp, following the original discoveries in the 1930’s. Exploration programs more recently have included ground-based geophysical surveys (magnetic, Induced Polarization) and limited testing by drilling (approximately 1,000 metres in eight holes.

The Winnie Lake Prospect consist of 37 mining claims (approximately 795-Ha), centered in northwest Teck Township, some 9 km northwest of Kirkland Lake. Interest in this group has been focused on VMS Cu-Zn-Ag-Au style mineralization since the discovery of massive sulphides in outcrop in the 1920’s.

Historical exploration and development work then, includes a description of limited direct shipping to the Horne Smelter in Rouyn-Noranda, followed by ground-based geophysical programs and limited diamond drilling (Ottawa-Teck Syndicate, Winnie Lake Mining Co., Erie Canadian Mines, Macassa Mines and Lynx Canada).

Work since staking in the 1980’s has included programs by Tundra Gold Mines, Pamorex Minerals, Golden Valley Mines and prospector-funded programs. Much of the more recent work was stimulated by a 1989 drill hole (TWL-89-01) which reported 22.5-metres returning 2.58% Cu, 2.83% Zn, 0.5 oz/ton Ag and 0.03 oz/ton Au ) in the area under the original “shaft” occurrence.

Ground based geophysical surveys included magnetic, TDEM, HLEM, Induced Polarization and downhole geophysical surveys (mise-a-la-masse). The two properties are considered prospective for either gold or VMS-style base metals mineralization.

The Winnie Lake Stock intrudes intermediate to mafic volcanics considered part of the Blake River Group. The Blake River Group has been a prolific source of VMS precious and base metals mineralization further east (Rouyn-Noranda to Cadillac, Quebec) and the Rouyn-Noranda area has been host to significant Cu-Zn-Au-Ag production for over 100 years, and is generally considered to continue to be high potential terrain for further discoveries. The VMS deposits of the Noranda Camp contain a cumulative in-ground metal endowment of 2.7 million tonnes (Mt) Cu, 3.0 Mt Zn, 625 t Au (~20.1 Moz), 4,554 t Ag (~146 Moz).

It has been noted by many explorationists that the Kirkland Lake camp is unique in this part of the Abitibi Greenstone Belt in not having produced significant VMS discoveries, which have been common in other Abitibi gold camps including Val-d’Or, Malartic, Cadillac, Rouyn-Noranda and Timmins.

Much of the new program being envisaged by Kirkland Lake Discoveries is designed to test potential near the contact environment along the east side of the Winnie Lake Pluton. In Kirkland Lake, seven mines have collectively produced over 24 million ounces of gold, with Timiskaming assemblage rocks, particularly those related to the Kirkland Lake Main Break, playing a significant role in this high-yielding gold region.