Subject to a successful earn-in, the two companies will form a joint venture corporation owned 80% by Barrick and 20% by Hemlo Explorers.
If any party’s interest in the JV declines below 10%, it will convert to a 1% net smelter return royalty.
Both companies will work to complete the due diligence necessary to sign a definitive agreement by month-end.
The Pic project comprises 910 claims over 16,800 hectares in the Hemlo-Schreiber Greenstone Belt. The Hemlo Camp is noted for hosting the Hemlo deposit, with more than 22 million oz of historical production since 1985. It remains in operation at the Williams mine operated by Barrick.
The Pic project is said to host multiple intrusive related gold shear systems with significant occurrences at Wire Lake and Smoke Lake-Beggs Stock. Further, Porphyry, Contact and Page Lakes represent prospective areas showing litho-geochem and soil sample anomalies with concurrent geophysical features…
