Tuesday, October 7, 2025

Hemlo Explorers Enters Earn-In Arrangement With Barrick Gold

Hemlo Explorers (TSXV: HMLO) has entered into a major agreement with that of Barrick Gold (TSX: ABX). The two firms this morning entered into a binding term sheet that will see Barrick obtain an earn-in right to a portion of the Pic Project.

The arrangement will see Barrick obtain the right to earn into 910 claims covering 16,800 hectares of the Pic Project, which is 25 kilometres to the west of Barrick’s Hemlo Mine. Under the terms of the arrangement, the company can earn up to an 80% stake in the claims by conducting a pre-feasibility study within the next six years.

The earn-in right is subject to the company spending $0.8 million on the property in the first year, and having at least $1.0 million in expenditures on each anniversary of the definitive agreement thereafter. The arrangement can be extended by up to two years with a $0.5 million payment to Hemlo for each year extended.

“Hemlo Explorers has moved its Pic Project to a point where it was ready to option to a major. We believe that we have the best possible partner to complete this program. We are excited to work with Barrick in bringing this project forward,” commented CEO Brian Howlett.

In consideration for the earn-in agreement, Barrick has agreed to invest in Hemlo the lesser of a 5% stake and $300,000 via a private placement of common shares into the company.

Finally, the company also indicated that it intends to continue exploration on the southwestern corner of the Pic Project, referred to as Project Idaho. The region is believed to be analogous to the geology at Generation Mining’s Marathon palladium-copper project to the west which is now under development.

Hemlo Explorers last traded at $0.22 on the TSX Venture.


FULL DISCLOSURE: Hemlo Explorers is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Hemlo Explorers on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Skeena To Acquire 100% Interest In Eskay Creek Project, Barrick Gold To Become Major Shareholder

Skeena Resources (TSXV: SKE) announced this morning that it will be exercising its option to...

Monday, July 6, 2020, 09:18:42 AM

Company Profile: Hemlo Explorers

Hemlo Explorers Inc. (CSE: HMLO) is a junior resource exploration and development company with a...

Friday, July 8, 2022, 04:12:00 PM

Barrick Sells Interest In Donlin Gold Project For $1.0 Billion In Cash To NovaGold And Paulson Advisors

Barrick Gold (TSX: ABX) is monetizing assets amid record high gold prices. The gold major...

Tuesday, April 22, 2025, 09:02:38 AM

Mali Arrests Four More Mining Executives In Intensified Government Crackdown

Mali’s military-led government continues to escalate its pressure on foreign mining companies, detaining executives and...

Wednesday, November 27, 2024, 10:08:00 AM

Barrick Gold Misses Estimates in Q3 2024 as Rising Costs Overwhelm Strong Gold Prices

Barrick Gold Corporation (TSX: ABX) reported third-quarter earnings for 2024 that fell short of market...

Thursday, November 7, 2024, 12:23:00 PM