Barrick boosts spending by 120% on Precipitate’s Pueblo Grande project
TSX-V-listed Precipitate Gold announced on Wednesday that Barrick Gold had amended their existing earn-in agreement for the Pueblo Grande project in the Dominican Republic, increasing its total required work expenditures from $10-million to $22-million.
This marks a 120% increase in Barrick’s commitment to the project, which is located next to the gold major’s Pueblo Viejo mine.
Under the amended agreement, Barrick must now spend an additional $17-million before completing its earn-in obligations, which would allow it to earn a 70% stake in the project. Barrick has already incurred over $5-million in work expenditures since the original agreement was signed in April 2020.
The amendment also alters the timeline for the remaining work expenditures and the delivery of a prefeasibility study (PFS). Barrick’s exploration activities will continue to focus on two high-priority drill targets, Pueblo Grande Norte and Pueblo Grande Sur, both located within the 7 105.73-ha project area, which borders the Pueblo Viejo mine on three sides.
“We’re pleased to see Barrick increase its work expenditure commitment while maintaining the requisite delivery of a PFS to earn a 70% interest in Precipitate’s Pueblo Grande project,” said Precipitate president and CEO Jeffrey Wilson.
The Pueblo Grande project is 100% owned by Precipitate Gold and is considered highly prospective owing to its proximity to the Pueblo Viejo mine, one of the world’s largest gold operations. Barrick holds an exclusive option to earn a 70% interest in the project by meeting the specified work expenditures and delivering a PFS.
Comments
Research Reports
Latest Multimedia
Latest News
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Introducing the Rio-Carb Smart Chute Concept - a revolutionary advancement in materials handling, designed for the toughest industries like mining...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
