Barrick Gold takes option on Hemlo Explorers’ project - CanadianInvestor CanadiansInvest
-TSX, GOLD-NYSE] the right to earn a 80% in interest in the company’s Pic project in northwestern Ontario.
Through acquisition and staking programs, Hemlo Explorers has assembled a large land package, covering 380 square kilometres of prospective mineral rights in the Hemlo-Schreiber Greenstone Belt in northern Ontario. In order to maintain the earn-in right from the date of the first anniversary of the definitive agreement to the end of the expenditure period, Barrick must fund work expenditures of $1.0 million on or before each anniversary of the definitive agreement.
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