Gold and copper major Barrick is set to venture into Jamaica’s untapped minerals landscape through an earn-in agreement with private exploration company Geophysx.
Geophysx has strategically amassed an extensive portfolio of exploration assets across Jamaica, which Barrick CEO Mark Bristow considers “significantly underexplored and prospective”.
Initially granting Barrick access to about 4 000 km2 of consolidated land positions, the agreement positions the gold major in Jamaica’s favourable geological setting, which is comparable with the Dominican Republic, where Barrick operates the Pueblo Viejo mine.
Barrick will have the right to work with Geophysx to earn up to an 80% join venture interest in designated properties upon fulfilment of certain spending obligations and study-deliverable milestones.
Barrick will act as the operator, leveraging Geophysx’s existing personnel, knowledge, facilities and equipment.
Over the last six years, Geophysx has been engaged in an intensive nation-wide greenfield exploration programme. The company has conducted high-quality early-stage exploration work including geochemical sampling, geological mapping, and industry-leading airborne geophysical surveys. These datasets provide the two companies with an opportunity to move rapidly to target definition and accelerate the potential discovery of new resources.
“We look forward to advancing our partnership by combining and leveraging Geophysx’s capabilities and presence on the island, along with the remarkable dataset they have created, with Barrick’s technical and financial resources to deliver new world class discoveries. We also look forward to partnering with the government of Jamaica to pursue projects for the benefit of the country and local communities,” said Bristow.
Geophysx founder and MD Robert Stewart added that the partnership with Barrick was an amazing opportunity for Jamaica to grow a new economic base.
“Barrick's experience in exploring, developing and operating projects combined with Geophyx’s in-country knowledge and committed team, makes this an ideal partnership to advance the industry in Jamaica. We admire Barrick’s commitment to partnering with host countries and communities to transform their natural resources into tangible benefits and mutual prosperity.”