Published: November 16, 2021 |

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Kenorland Minerals has agreed to grant an option to a fully-owned subsidiary of Barrick Gold to acquire a stake of up to 80 percent in its South Uchi project in Canada.

The gold and lithium project is located within the Birch-Uchi greenstone Belt in the Red Lake district in Northwestern Ontario.

As per the option agreement signed by the parties, Barrick Gold can initially earn a 70 percent stake in the Canadian project by spending C$6 million ($4.7 million) in mineral exploration expenditures. Half of that amount has to be spent within the first three years of the agreement.

The Canadian gold miner has to deliver a technical report that defines a mineral resource of at least one million ounces of gold for the project.

After earning a 70 percent stake, Barrick Gold and Kenorland Minerals will create a joint venture for the South Uchi project.

Kenorland Minerals also has the option to relinquish its 30 percent stake in the joint venture for a net smelter returns royalty interest of 3 percent on currently unencumbered claims along with 2 percent on claims currently encumbered by an existing royalty.

Barrick Gold also has an option to increase its stake to 80 percent in the joint venture by fully funding a feasibility study on or before the completion of 10 years of signing the option agreement.

“In addition to the gold prospectivity, the project meets many of the criteria for potential lithium pegmatite deposits, including the presence of the large Alison Lake batholith (a fertile peraluminous granite), which is partly covered by the project. Numerous lithium pegmatite occurrences are located in the region, including the McCombe deposit (Ardiden Ltd.) located immediately to the east of the project,” Kenorland Minerals said in a statement.

In November last year, MetalCorp has entered into an earn-in agreement with Barrick Gold for its Hemlo East gold property located about 350km east of Thunder Bay, Ontario.

Source: NS Energy

About Kenorland Minerals
Kenorland Minerals Ltd. is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland’s focus is early to advanced stage exploration in North America. The company currently holds three projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo Metal Mining Canada Ltd. (SMMCL), the Chicobi Project is optioned to SMMCL, and the Chebistuan Project is optioned to Newmont Corporation. The company also owns 100 percent of the advanced stage Tanacross porphyry Cu-Au project as well as an option to earn up to 70 percent from Newmont Corporation on the Healy Project, both located in Alaska.

To stop by Kenorland’s website, CLICK HERE

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