Barrick Enters Earn-In Arrangement With Precipitate Gold

Barrick Gold Corp (TSX: ABX) (NYSE: GOLD) is looking to expand its land holdings. The company announced this morning that it has entered into an earn-in agreement with Precipitate Gold Corp (TSXV: PRG) for the firms Pueblo Grande project in the Dominican Republic.

Under the terms of the arrangement, Barrick has entered into an agreement to acquire up to a 70% stake in Precipitate’s gold project. While classified as an earn-in agreement, the details of such agreement were not provided.

In connection with the earn-in agreement, Barrick has also subscribed for subscription receipts in Precipitate at a price of $0.11 per unit, for a total sum of just under $1.4 million. 12,713,636 common shares of Precipitate will be issued to Barrick in connection with the transaction, resulting in Barrick owning a 12..02% stake in the exploration firm.

The Pueblo Grande project is significant for Barrick in that it surrounds its Pueblo Viejo joint venture mine, which is one of the top 5 largest gold mines in the world and the largest active gold mine in South America. Over 200 historic drill holes have occurred on the property, totaling over 29,500 meters. New drilling on site was expected to commence in the first quarter of 2020.

Barrick Gold last traded at $24.37 on the NYSE.


Information for this briefing was found via Sedar and Barrick Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

2 Responses

  1. Here we go:

    Gold to $2100. Followed by a bunch you tools saying its going to $50,000 as we watch it drop back down to $1400.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

SKRR Exploration Expands Flow Through Placement To $2.2 Million

SKRR Exploration (TSXV: SKRR) quietly announce after the bell last night that it has increased...

Tuesday, October 20, 2020, 02:55:40 PM

Sassy Resources Set To Mobilize To Drill Westmore Targets

Sassy Resources (CSE: SASY) this morning provided an exploration update for ongoing fieldwork at its...

Friday, September 4, 2020, 09:05:36 AM

Amex Exploration To Raise $33.7 Million Via Flow Through Bought Deal

Amex Exploration (TSXV: AMX) last night announced that it is looking to raise further funds...

Tuesday, January 18, 2022, 07:47:30 AM

Crypto: This Is A Correction In The Bull Run – The Daily Dive feat Mike McGlone

Starting off the Daily Dive this week is that of Mike McGlone, Senior Commodity Strategist...

Monday, May 31, 2021, 02:00:00 PM

Mako Mining Reports 96.3% Gold Recovery Rate At San Albino, Announces Commercial Production

Mako Mining Corp. (TSXV: MKO) reported this morning the pre-commercial production results from its San...

Tuesday, July 13, 2021, 10:01:00 AM