Barrick options Midland’s Quebec gold project

Barrick Mining (TSX: ABX) (NYSE: B) has entered into an option agreement with Canadian gold junior Midland Exploration (TSXV: MD) for its Lewis property in Quebec.Under the terms, Barrick can acquire up to 75% of the project by making C$750,000 in staged cash payments and spending C$12 million on exploration by the end of 2032. During the option period, the Canadian gold miner will serve as the project’s operator.An initial 51% interest can be earned by paying C$250,000 cash to Midland and funding exploration work of at least C$3 million by 2028.Following the initial earn-in, the companies will form a joint venture. Barrick will then have the option to earn a further 9% by 2030 (C$200,000 cash and C$1.5 million expenditure), and another 15% by 2032 (C$300,000 cash and C$7.5 million expenditure).Acquired by Midland in 2020, the Lewis property consists of 154 exclusive exploration rights covering 86 km2 of Quebec’s Abitibi region. It is located about 60 km northwest of Iamgold’s (TSX: IMG) (NYSE: IAG) Nelligan deposit, which hosts nearly 103 million tonnes of indicated resources grading 0.85 gram per tonne gold for 3.12 million oz. of gold.The project is one of many under Midland’s Quebec-focused portfolio. To advance these projects, the company has so far partnered with several majors including BHP, Rio Tinto, Centerra Gold and Agnico Eagle Mines.Shares of Midland Exploration inched 1.2% higher on the Barrick partnership. Trading at C$0.45 apiece, the company has a market capitalization of C$47.8 million ($34.2 million).For Barrick, this transaction comes amid a strategic shift towards North America. Recently, its interim CEO Mark Hill stated that the company considers the region as key to its future growth.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com