Hemlo Explorers farms out Pic property to Barrick, Ontario

Hemlo Explorers Inc. [HMLO-TSXV; CNOBF-OTC] reported that The TSX Venture Exchange has accepted for filing documentation with respect to an earn-in and joint venture shareholders agreement dated August 26, 2022, with Barrick Gold Corp. [ABX-TSX; GOLD-NYSE].

Under the definitive agreement, Barrick has the right to earn an 80% interest in Hemlo’s Pic project, located in Northern Ontario, by delivering to the company a prefeasibility study on the Pic project within six years of the definitive agreement and financing work expenditures on the Pic project of $800,000 during the first year and $1-million annually for the following five years.

The definitive agreement is extendable by two additional one-year periods by paying the company an amount of $500,000 for each one-year extension plus $1-million of work expenditures on the Pic project per extension year.