Canada-based major Barrick Gold has signed an option agreement that could see it earn a 100% interest in the Pearl String gold project, located in the Walker Lane trend, Nevada.
In terms of the agreement with Orogen Royalties, Barrick has to make $1.5-million in cash payments and incur $4-million in exploration expenses withing five years. If Barrick exercises its option, Orogen will retain a 2$ net smelter return royalty.
“The Walker Lane structural corridor is well known for hosting several low-sulphidation epithermal deposits, but also contains significant high-sulphidation deposits and past-producing mines including Borealis, Paradise Peak and the 4.2-million-ounce Goldfield camp,” commented Orogen CEO Paddy Nicol.
"We look forward to our arrangement with Barrick and welcome their exploration expertise on Pearl String."