Barrick enters earn-in deals with two juniors near Hemlo – by Simone Liedtke (Mining – November 23, 2020)

Canadian major Barrick Gold has entered into two option and joint venture (JV) agreements with junior miners near its Hemlo operation, in Ontario.

The first is with TSX-V-listed Melkior Resources, which has granted Barrick the right to earn-on up to a 75% interest in the White Lake project, 20 km from the Hemlo mine.

Under the terms of the option agreement, Barrick could earn a 75% interest in the White Lake property in consideration for completing $4-million in exploration expenditures over a period of five years.

Barrick has a minimum commitment of $500 000 during the first two years of the option period, during which the bullion major will also act as the operator of the property.

Upon Barrick completing the expenditures and earning its 75% interest, the parties will enter into a JV agreement to carry on operations with respect to the property, and the funds required for further development will be contributed by the JV parties based on their proportional JV interests.

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