Barrick's Hemlo East earn-in timeframe extended over First Nation claims
Canadian gold major Barrick Gold has declared a force majeure regarding the earn-in option agreement at the Hemlo East property, in Ontario, TSX-V-listed MetalCorp said on Friday, citing First Nation claims over the area.
Under an earn-in agreement announced in November 2020, Barrick can earn an 80% interest in MetalCorp’s Hemlo East property, which is adjacent to the major’s Hemlo operation.
MetalCorp explained that Barrick was informed of First Nation claims, including a claim of Aboriginal title, when it prepared to file submissions for an exploration permit. As a result, Barrick gave notice of the occurrence of a force majeure.
The period of the delay would be excluded in computing, and would extend, the time within which Barrick was to perform its obligations, in particular the time required to undertake mining operations and fund expenditures, as provided in the earn-in agreement.
The agreement provides that Barrick has to spend at least C$700 000 before the first anniversary of the date on which it made the C$3-million initial payment, and at least C$4.5-million on, or before, the third anniversary.
Barrick must also deliver a National Instrument 43-101 technical report for the Hemlo East property before the third anniversary of the initial payment.
Barrick is the operator during the earn-in period.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation