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.
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