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.


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

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Barrick Reports 7.8 Million Ounce Gold Resource At Fourmile Project

Barrick Gold (TSX: ABX) this morning indicated it has updated its mineral resource estimate for...

Friday, November 22, 2024, 08:38:47 AM

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 Targets To Arrest Barrick Gold CEO – Reports

Mali has issued an arrest warrant for Mark Bristow, CEO of Barrick Gold Corporation (TSX:...

Friday, December 6, 2024, 09:40:00 AM

Skeena Resources Looks To Repurchase 0.5% NSR At Eskay Creek

Skeena Resources (TSX: SKE) is looking to repurchase a net smelter return royalty currently outstanding...

Monday, September 19, 2022, 08:18:47 AM

Barrick Gold CEO Unveils Canadian Growth Strategy Amid Stock Rally

Barrick Gold Corporation (TSX: ABX) is increasing its focus on potential investments in Canada, aiming...

Tuesday, August 13, 2024, 10:25:37 AM