Kirkland Lake Discoveries Receives Exchange Approval and Launches Field Season

Rhea-AI Summary

Kirkland Lake Discoveries (KLDC) has received TSX Venture Exchange approval for its recent property acquisitions and launched its 2025 exploration season in Kirkland Lake, Ontario. The company issued 1,750,000 shares to Val-d'Or Mining Corporation and 200,000 shares each to two private holders for the Amikougami and Winnie Lake properties.

The field program includes geological mapping, sampling, and preparation for a drilling program set to begin in late June. Historical drilling results from 1989 showed significant mineralization, including 1.34% Cu, 1.53% Zn, 0.638 g/t Au, and 9.5 g/t Ag over 47.12m. The company is exploring a potential volcanogenic massive sulfide (VMS) system near the Winnie Lake Pluton, supported by copper-zinc-silver-gold soil anomalies and magnetic highs.

Positive

• Significant historical drill results showing high-grade mineralization (1.34% Cu, 1.53% Zn over 47.12m)
• Strategic property acquisitions expanding footprint in the Blake River Group
• Permits already secured for core areas with additional applications submitted
• Strong geological indicators including soil anomalies and magnetic signatures supporting VMS potential

Negative

• Share dilution from issuing 2.15 million new shares for property acquisitions
• No modern exploration conducted in over 30 years
• Early-stage exploration project with no defined resource yet

Toronto, Ontario--(Newsfile Corp. - May 20, 2025) - Kirkland Lake Discoveries (TSXV: KLDC) ("KLDC" or the "Company") is pleased to announce that it has received final approval from the TSX Venture Exchange for its recently announced property acquisitions and has kicked off its 2025 exploration season on a series of highly prospective copper-zinc-silver-gold targets in Kirkland Lake, Ontario.

With the technical groundwork in place, permits in hand for key areas, and boots on the ground, KLDC is advancing a large-scale, underexplored VMS system supported by compelling historical drill results, strong geophysical signatures, and multi-element soil anomalies.

TSX Venture Exchange Approves Transactions

On May 8, 2025, the Company received final approval from the TSX Venture Exchange for its acquisitions of the Amikougami and Winnie Lake properties from Val-d'Or Mining Corporation and additional land holdings from private holders. KLDC has now issued:

• 1,750,000 common shares to Val-d'Or Mining Corporation
• 200,000 common shares each to Sudeep Mathew and Charles Gryba

These transactions expand KLDC's footprint in the Blake River Group, immediately adjacent to and along trend with the historical Winnie Lake VMS showing, which has seen minimal modern exploration.

Field Program Underway – Drilling Planned for Late June

KLDC's field team is now active on-site conducting:

• Access preparation
• Geological mapping, sampling and ground truthing
• Final targeting for the upcoming drill program, expected to begin late June

Permits have been received for core areas around the Winnie Lake Pluton, with applications already submitted for additional newly acquired ground (see Figure 1).

Figure 1 - Regional magnetics map highlighting soil anomalies from the 2024 geochemical survey, along with newly permitted and permit-pending areas. Anomalous soil trends are observed wrapping around the Winnie Lake Pluton, coinciding with key magnetic features and structural corridors.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5701/252528_ab66294ac4b71aec_001full.jpg

VMS Potential: Soils, Magnetics, and Historical Mineralization Align

KLDC's exploration thesis centers around a potential volcanogenic massive sulfide (VMS) system peripheral to the Winnie Lake Pluton – a felsic intrusion with surrounding magnetic highs and coincident multi-element geochemical anomalies.

"With final approvals in place and the field season underway, we are laser-focused on drilling what we believe is a significant VMS system that's been overlooked for decades," said Stefan Sklepowicz, CEO of Kirkland Lake Discoveries. "We've got all the right ingredients — a synvolcanic felsic intrusive, with coincident magnetic highs and geochemical anomalies suggesting it may have played a role in local mineralizing systems— and we're excited to put the first modern holes into these targets in over 30 years."

Key highlights include:

• Copper-zinc-silver-gold anomalies in soils concentrated along the margins of the pluton.
• Prominent magnetic highs surrounding the margins of the pluton - In one of these magnetic highs, Pamorex Resources 1989 drill hole intersected massive sulfide mineralization grading:
  • 1.93% Cu, 1.51% Zn, 0.786 g/t Au and 12.1 g/t Ag over 18.41 m (from 11.89 m)
  • 2.44% Cu, 3.63% Zn, 1.376 g/t Au and 16.5 g/t Ag over 10.12 m (from 31.15 m)
    within a broader intercept of 1.34% Cu, 1.53% Zn, 0.638 g/t Au, 9.5 g/t Ag over 47.12 m (from 11.89 m)

KLDC plans to follow up on these results with modern geophysics and systematic drilling.

QP Statement

The technical information contained in this news release has been approved by Mike Kilbourne, P.Geo. who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not independently verified the accuracy of historical exploration data presented.

About Kirkland Lake Discoveries Corp.

Kirkland Lake Discoveries Corp. (TSXV: KLDC) has assembled a 40,000-hectare 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 VMS deposits.

With multiple anomalous soil trends, historical showings, and structural intersections now permitted for exploration, KLDC is advancing a pipeline of drill-ready targets across its KL East and KL West project areas. 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
stefan@kirklandlakediscoveries.com

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 certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Kirkland Lake Discoveries, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's three-phase drill program, the results thereof, and any impact therefrom. 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. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Kirkland Lake Discoveries, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, changes in general economic, market and business conditions, and the ability to obtain any requisite approvals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Kirkland Lake Discoveries does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252528

FAQ

What were the historical drilling results for KLDC's Kirkland Lake property?

A 1989 Pamorex Resources drill hole showed 1.34% Cu, 1.53% Zn, 0.638 g/t Au, and 9.5 g/t Ag over 47.12m, including higher-grade sections of 1.93% Cu, 1.51% Zn over 18.41m and 2.44% Cu, 3.63% Zn over 10.12m.

When will KLDC begin drilling at its Kirkland Lake VMS project?

KLDC plans to begin drilling in late June 2025, following current field work including access preparation, geological mapping, sampling, and ground truthing.

How many shares did KLDC issue for its recent property acquisitions?

KLDC issued a total of 2.15 million shares: 1.75 million shares to Val-d'Or Mining Corporation and 200,000 shares each to Sudeep Mathew and Charles Gryba.

What type of mineralization is KLDC targeting in Kirkland Lake?

KLDC is targeting a volcanogenic massive sulfide (VMS) system near the Winnie Lake Pluton, supported by copper-zinc-silver-gold soil anomalies and magnetic highs.