Hemlo Explorers Sees Barrick Gold Exceed Spend Commitments At Pic Project

Barrick Gold (TSX: ABX) appears to be excited by Hemlo Explorers’ (TSXV: HMLO) Pic Project, which it optioned from the company just four months ago. The firm has reportedly surpassed its spend commitments for the first year already, exceeding initial expectations.

“Barrick’s commitment to exploration of the Pic Project is very encouraging. It is notable that Barrick had a minimum spend commitment of $800,000 in the first year and have exceeded that budget by a significant amount in the first four months since signing the option agreement,” commented Hemlo CEO Brian Howlett.

Exploration in 2022 is said to have consisted of mapping, prospecting, geochronology and soil sampling. The stated goal of the seas was to collect geochemical data, although the firm appears to have gone over and above that goal.

Exploration appears to have largely focused on the Wire Lake Gold Zone, where Barrick was able to confirm the tenor and distribution of historic gold mineralization, following 6,700 metres of historical drill core being re-logged and scanned. A total of 243 samples were taken across the property for multi-element geochemistry and 7 were taken for geochronological testing.

READ: Hemlo Explorers Closes Option Arrangement With Barrick Gold

An anomaly meanwhile was identified across the Porphyry Lake area following soil sampling conducted across a 5 kilometre by 3 kilometre area that is said to be multi-element in nature. The anomaly itself is currently known to be 900 metres by 500 metres in size based on gold values returned.

Hemlo Explorers last traded at $0.08 on the TSX Venture.

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