Kirkland Lake Discoveries Signs Definitive Agreement to Acquire the Mirado Project with Historical Gold Inferred Resource of 10.6 Mt at 1.29 g/t for 442,000 oz
Kirkland Lake Discoveries Signs Definitive
Agreement to Acquire the Mirado Project with
Historical Gold Inferred Resource of 10.6 Mt at
1.29 g/t for 442,000 oz
Toronto, Ontario--(Newsfile Corp. - December 18, 2025) -
Kirkland Lake Discoveries (TSXV: KLDC)
(OTCID: KLKLF) ("KLDC" or the "Company")
is pleased to announce that it has entered into a
definitive agreement dated December 16, 2025 (the "Purchase Agreement") with Orecap Invest Corp.
("Orecap") providing for the acquisition of the Mirado Gold Project, a 2,500-hectare property hosting an
inferred historical resource of 10.6 Mt at 1.29 g/t for ~442,000 oz Au with strong opportunities for near-
resource expansion and regional discovery.
Transaction Highlights
~442,000 oz
of historical ounces added to the KLDC portfolio (10.6 Mt @ 1.29 g/t inferred)
Very
limited exploration
below 150 m at past-producing Mirado Mine
Untested IP anomaly suggests potential of
mineralization at depth
High-grade historical surface samples highlight
regional exploration
upside
All-share transaction
preserves capital for continued exploration at KL West
Located approximately 15 km south of the Company's flagship claim package (
Figure 1
), the Mirado
acquisition enhances the Company's exploration pipeline while maintaining full commitment to
advancing its high-priority targets within its core land position.
"In a market with gold trading near all-time highs, this transaction provides meaningful strategic
optionality for our shareholders without distracting from our primary focus. Mirado represents a
potential starter-scale asset and a district-scale exploration opportunity, while preserving our ability to
aggressively pursue new discoveries at KL West, where a second drill rig has recently been
mobilized,
" stated Stefan Sklepowicz, CEO of Kirkland Lake Discoveries.
"We are pleased to convert our interest in Mirado into a significant equity position in Kirkland Lake
Discoveries. We believe the KLDC team has the technical expertise and energy to unlock value at
Mirado, while their flagship KL West projects offer our shareholders exposure to significant discovery
potential. This transaction aligns perfectly with Orecap's strategy of backing high-growth exploration
teams in prolific districts,
" commented Stephen Stewart, Chairman and CEO of Orecap.
Figure 1
: Updated property map including recent transaction to bring in the Mirado property which is now
part of KL South.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5701/278482_1e000f6b54060863_001full.jpg
Historical Mineral Resource and Technical Studies
Historical technical work at the Mirado Gold Project includes a Mineral Resource Estimate prepared by
SRK Consulting in 2013 (
report on Sedar+
), which reported an inferred mineral resource of 10.6 Mt
grading 1.29 g/t Au, containing approximately 442,000 oz Au.
The estimate incorporated open-pit,
underground, and stockpile material using cutoff grades of 0.45 g/t Au (open pit) and 2.0 g/t Au
(underground and stockpiles). These mineral resource estimates are historical in nature and should not
be relied upon. A Qualified Person has not completed sufficient work to classify them as current mineral
resources.
A Preliminary Economic Assessment (PEA) completed in 2018 (effective January 8, 2018
report on
Sedar+
) evaluated a shallow open-pit scenario on the South Zone. The pit-constrained Mineral Resource
Estimate reported:
559 kt Indicated grading 2.61 g/t Au (46.9 koz)
382 kt Inferred grading 2.66 g/t Au (32.7 koz)
Both classifications used a 1.0 g/t Au cut-off grade.
KLDC believes that additional drilling in currently open areas, both laterally and at depth, combined with
updated geological interpretation and modern technical studies, has the potential to further define and
expand mineralization. Any future mineral resource growth would be subject to additional drilling and
completion of new National Instrument 43-101 compliant technical studies.
Table 1
-
Comparison of 2013 Global Resource vs. 2018 Pit-Constrained Resource
2013 SRK Resource
2018 PEA Resource Calculation
Scope/Focus
Combined resource of North Zone and South Zone
(open pit, underground, and stockpile)
Constrained within the South Zone
(open pit)
Total Size/Classification
Inferred resource of
10,618 kt @ 1.29 g/t Au
442,000 oz Au
Indicated resource of
559 kt @ 2.61 g/t Au
46,900 Gold Ounces Indicated
Inferred resource
382 kt @ 2.66 g/t Au.
32,7000 oz Au Inferred
Cut-off Grade
0.45 g/t Au
1.0 g/t Au
Gold Recovery
95%
95%
Gold recovery from solution in a multi-tank circuit
employing active carbon (CIP)
to adsorb the gold.
Gold Price Assumption
US$1,400/oz
US$1,300/oz
These estimates and economic results are historical in nature, and a Qualified Person has not completed sufficient work to classify them as
current mineral resources. KLDC is not treating these historical estimates or economic results as current. The PEA is preliminary in nature,
includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied, and there is no
certainty that the results would be realized.
Geological Setting and Mineralization
Mirado lies south of the Larder Lake-Cadillac Break within the central Abitibi Greenstone Belt and is
positioned between the felsic fragmental volcanic units of the Skead Assemblage and the ultramafic-
mafic McElroy metavolcanics. Regional NW-trending faults along the Skead-McElroy contact provide
primary structural control on mineralization (
Figure 2
).
Gold mineralization at the Mirado deposit occurs within a hybrid orogenic-intrusion-related system
comprised of disseminated and stockwork sulphide mineralization (Main Zone) and quartz-carbonate-
sulphide vein systems (North Zone). Mineralization remains open at depth, with no deep drilling
completed to date. An historical IP survey indicates that mineralization may continue at depth and
remains untested (
Figure 3
).
Figure 2
- Plan View of KL South including the Mirado mine.
Multiple high-grade gold showings at
surface have limited drilling to test subsurface.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5701/278482_1e000f6b54060863_002full.jpg
Figure 3
- IP section through Mirado deposit looking northwest. Very limited drilling has occurred below
250 m with a historical IP survey indicating a potential extension of mineralization at depth.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5701/278482_1e000f6b54060863_003full.jpg
Table 2
-
Mirado Project Key Target Areas -
with historical gold values
Key Target Area
Highlights and historical gold values
Bank Zone
Altered tuffaceous volcanic rocks with quartz veins and pyritized wall rocks. Grab samples up to
13.95 g/t Au
; channel
results include
4.80 g/t Au over 30 m
Zabudsky Zone
Pyrite-rich hydrothermal breccia with grab samples from
0.10-4.55 g/t Au
Mirado VMS Horizons
Au-rich VMS-style horizons with grab samples up to
20.1 g/t Au
Gold Hill Zone
100 m vein system with pyrite and chalcopyrite; grab samples up to
26.8 g/t Au
with supporting IP anomalies
The historical results contained in this press release, including as set forth in the PEA, are considered relevant as they indicate the presence of
gold mineralization and assist in guiding exploration targeting. No field testing of samples has been completed to confirm mineralization.
Ongoing Focus on Flagship Targets
KLDC confirms that exploration programs, budgets, and strategic priorities for its flagship claim
package remain unchanged. To date, the Company has completed approximately 2,500 m of diamond
drilling on its core land position, with approximately 1,000 m of drill core currently pending assay results.
Drilling at Wolverine Bend, Winnie Lake South, and the Sharpe Target has intersected encouraging
mineralization and alteration, supporting the Company's geological targeting model. Assay results are
expected to be received and reported in the early New Year.
A second drill rig has arrived on site, and will be targeting soil and geophysical anomalies northwest of
the Winnie Pluton at the Nine Mile target, further advancing priority targets within the flagship claim
package in the new year
Mirado will be advanced as a complementary asset, with work programs designed to be disciplined,
data-driven, and aligned with KLDC's broader exploration strategy.
Transaction Details
Pursuant to the Purchase Agreement, Orecap shall sell to KLDC a 100% undivided interest in the
mineral claims collectively known as the Mirado Property, free and clear of all liens and encumbrances.
As consideration for the acquisition, KLDC will issue such number of common shares to Orecap as is
equal to 19.9% of the issued and outstanding shares of KLDC calculated as of the closing date of the
acquisition (the "Consideration Shares") equalling approximately 40,050,398 shares valued at $0.28 as
of December 16
th
closing share price, but is subject to closing date share price and total issued and
outstanding shares at that time. The Consideration Shares will be subject to a statutory four-month hold
period from the closing date, as well as a contractual lock-up period of 12 months. No finder's fees are
payable in connection with the transaction.
The transaction remains subject to receipt of all required regulatory approvals, including acceptance by
the TSX Venture Exchange.
Video Footage
VP Exploration Ben Cleland, P.Geo talks through transaction details and exploration potential in the
most recent episode of KLDC Treasure Hunters available on the Company
website
and
YouTube
. Drake
Hyden, Senior Geologist also provides updates on current drilling at KL West and discusses preliminary
observations of core and how they strengthen the Company's understanding of the geological sequence
of events.
QP Statement
The technical information contained in this news release has been prepared under the supervision of,
and approved by, Ben Cleland, P.Geo., VP Exploration, who is a Qualified Person as defined in National
Instrument 43-101, Standards of Disclosure for Mineral Projects. These estimates and economic results
of the Mirado Property are historical in nature, and a Qualified Person has not completed sufficient work
to classify them as current mineral resources. KLDC is not treating these historical estimates or
economic results as current. The PEA is preliminary in nature, includes Inferred Mineral Resources that
are considered too speculative geologically to have economic considerations applied, and there is no
certainty that the results would be realized.
About Kirkland Lake Discoveries Corp.
Kirkland Lake Discoveries Corp. (TSXV: KLDC) has assembled a
400-km
2
exploration portfolio in the
Kirkland Lake region of Ontario's Abitibi Greenstone Belt, one of the most prolific mining districts in the
world. The Company's properties span key fault zones, geophysical anomalies, and volcanic-
sedimentary contacts within the Blake River Group, a highly prospective assemblage known to host both
gold and polymetallic massive-sulphide deposits.
With exploration permits now in place, KLDC is positioned to advance a strong pipeline of drill-ready
targets at KL East and KL West, supported by multiple anomalous soil trends, historical mineral
showings, and structurally controlled intersections. The team combines strong technical experience with
a focus on smart, efficient exploration designed to deliver results.
For additional information, please contact:
Stefan Sklepowicz
Chief Executive Officer
www.kirklandlakediscoveries.com
+1 226 979 3515
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities
legislation. All statements, other than statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release relate to, among other things, the Company's
proposed acquisition of the Mirado property, future drill programs, the results thereof, and the potential
for new discoveries. There can be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those anticipated in such statements. The
Company does not assume any obligation to update forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as required by applicable securities laws.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Company's property.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction
and has neither approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/278482