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Wallbridge Mining Enters into Term Sheet with Kirkland Lake Gold on Joint Venture of the Detour East Property
TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) today announced that it has entered into
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":" TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) today announced that it has entered into a non-binding term sheet (the “Term Sheet”) with respect to a joint venture of its Detour East gold property (“Detour East” or the “Property”) with Kirkland Lake Gold Ltd. (TSX:KL) (“Kirkland”). Under terms of this joint venture, Kirkland can earn a 75% interest in Detour East by making expenditures totalling $35 million on the Property, as described below. “This Term Sheet, and ultimate joint venture agreement, is strategic for Wallbridge as it allows the Company to focus on fully-defining the size potential of our 100% owned Fenelon Gold property (“Fenelon”) while at the same time advancing exploration on Detour East located at the far west end of the very large land position Wallbridge acquired through its acquisition of Balmoral Resources Ltd. (“Balmoral”),” stated Marz Kord, President & CEO of Wallbridge. “The acquisition of Balmoral was primarily motivated by our belief that the Fenelon Gold system was larger than had been defined at that time, and that it extended onto Balmoral’s ground immediately adjacent to our original Fenelon Gold property. This belief has now been confirmed by our initial drill results west and south of Fenelon (see press release dated September 8, 2020) and will be our immediate exploration focus. In addition, numerous other high priority targets on other areas of the recently acquired Balmoral ground, including the area around the Martinière deposit, also deserve exploration which Wallbridge will evaluate over the coming months. Entering into a joint venture with Kirkland on the Detour East will allow us to focus on the Fenelon gold system, and will bring us a high-quality partner with excellent knowledge of the regional geology through its Detour Lake operations, located adjacent to Detour East.” Under the terms of the Term Sheet, Wallbridge will grant Kirkland the option to acquire up to an undivided 50% interest in the Property by funding phase 1 expenditures of $7.5 million over five (5) years (the “Phase 1 Expenditures”) with a minimum commitment of $2.0 million in the first two years ($0.5 million by the first anniversary and $1.5 million by the second anniversary of entering into a definitive joint venture agreement) (the ...