Sunday, September 7, 2025

Wallbridge Mining, Kirkland Lake Enter Non-Binding Term Sheet For Detour East

Wallbridge Mining (TSX: WM) and Kirkland Lake Gold (TSX: KL) yesterday evening announced that they have entered into a non-binding term sheet regarding Wallbridge’s Detour East property. The term sheet enables Kirkland to earn up to a 75% interest in the property, dependent on spending $35 million in exploration over a defined time period.

Wallbridge has entered the term sheet, and upon a definitive agreement, a joint venture with Kirkland Lake as a means of realizing the full value of the assets it acquired through Balmoral Resources. The joint venture will enable the company to remain focused on its Fenelon Gold property, while still seeing value unlocked from the Detour East property.

Under the terms of the arrangement, Kirkland Lake would be the acting operator of the Detour East gold property, enabling Wallbridge to remain focused on Fenelon. To facilitate this, Wallbridge would grant an option to acquire a 50% interest in the property, which can be earned via Kirkland funding phase 1 expenditures on the property to the tune of $7.5 million over a five year period. $2.0 million would be required to be funded in the first two years, with year one consisting of $0.5 million in expenditures.

Upon the option being exercised in full, the two parties would enter into a joint venture arrangement, with Kirkland acting as the operator. A further 25% interest in the property can then be obtained by Kirkland by spending an additional $27.5 million on the property within the first five years of the joint venture.

As part of the overall arrangement, Wallbridge will also be required to incur $11.67 million in expenditures on the property over the course of the arrangement. Upon completion of both options, Kirkland would own a 75% undivided stake in the Detour East property.

A definitive agreement is expected to be entered into by September 30, 2020.


Information for this briefing was found via Sedar and Kirkland Lake Gold Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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