Barrick Gold Corp (TSE:ABX) agrees property earn-in for ATAC’s Orion Project

Barrick Gold Corp (TSE:ABX, Mkt cap 30.86B, Div/yield 0.04/0.59, EPS 0.75, Shares 1.17B) and ATAC Resources Ltd have entered into a property earn-in agreement, ATAC said on Monday.

According to the Yukon-based exploration company, the agreement allows Barrick to acquire an interest in the central portion of ATAC's Rackla Gold Property, known as the Orion Project.

TSE:ABX Barrick Gold

Barrick Gold Corp (TSE:ABX) agrees property earn-in for ATAC’s Orion Project

Barrick will potentially invest a total of up to $63.3m, including a private placement of $8.3m and a two-stage, $55m exploration earn-in option to acquire up to 70% of the Orion Project.

The Rackla Gold Property covers 1,742 square kilometres in east-central Yukon. In all, it comprises three projects:

1. The Osiris Project, located at the east end of the property, covers 302 square kilometres and hosts the Osiris, Conrad, Ibis and Sunrise drill confirmed Carlin-type gold discoveries;

2. The Rau Project, located at the west end of the property, covers 660 square kilometres and hosts the Tiger Gold Deposit in addition to other early-stage carbonate-replacement style gold and base metal targets; and

3. The Orion Project, located in the central portion of the property, covers 780 square kilometres and is the only project subject to the Barrick agreement. The Orion Project hosts the Orion and Anubis drill confirmed Carlin-type gold discoveries in addition to eight other early stage Carlin-type gold prospects.

"We view the earn-in agreement and related private placement with the world's largest gold producer as a significant endorsement of the Rackla Gold Property, the ATAC exploration team and the Yukon as a region with world-class gold potential," commented ATAC's president and CEO Graham Downs. "The placement funds, together with access to Barrick's expertise will help accelerate ATAC's exploration and development work over the entire Rackla Gold Property."

Barrick Gold Corp (TSE:ABX) is a Toronto  based gold mining company. The Company is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company operates in segments: eight individual gold mines, Acacia and Pascua-Lama project. The remaining operating segments have been grouped into two other categories: its remaining gold mines and its two copper mines. The Company sells its production in the world market through the distribution channels: gold bullion is sold in the gold spot market; gold and copper concentrate is sold to independent smelting companies, and copper cathode is sold to various manufacturers and traders. The Company has 14 producing gold mines, located in Canada, the United States, Peru, Argentina, Australia, the Dominican Republic and Papua New Guinea. It also holds a 63.9% equity interest in Acacia Mining plc (Acacia) that owns gold mines and exploration properties in Africa.
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