Barrick Gold digs deeper in Red Lake area, signs two earn-in agreements
(Kitco News) - Today, two companiesannounced that they have executed definitive agreements with a subsidiary ofBarrick Gold, whereby they have granted the right to Barrick to earn-in ontheir projects in the prolific Red Lake gold region, located in Ontario,Canada.
According to the companies'statements, Dixie Gold (TSX VENTURE: DG) has executed a definitive agreementwith Barrick on its Red Lake project, whereas Red Lake Gold (CSE: RGLD) hasexecuted a definitive agreement with Barrick on its Whirlwind Jack project.
According to an agreementbetween Red Lake Gold and Barrick Gold, Barrick Gold may earn a 70% interest inthe Whirlwind Jack gold project by incurring, in full, an aggregate of at least$4,000,000 of exploration expenditures within 48 months of the earn-in agreement;and deliver a 43-101 compliant technical report that establishes a mineralresource of at least half a million ounces of gold.
The same terms are in theagreement between Dixie Gold and Barrick Gold in relation to the Red Lake gold project.
"Today's announcement is amilestone event for us. We believe our news today to platform-in Barrick Goldas our partner speaks to the tier-one potential of the assets and to ourstrategy. Barrick Gold is one of the world's largest gold producers and theirtechnical team represents the pinnacle of gold discovery expertise," statedRyan Kalt, Chairman and CEO of Dixie Gold and Red Lake Gold.
Both projects are situatedimmediately adjacent and contiguous to the Dixie project being advanced byneighbouring exploration junior Great Bear Resources.
By Vladimir BasovFor Kitco News
Follow kitconewsnow
vbasov@kitco.comwww.kitco.com