Barrick signs option agreement with Midland for Quebec project
TSX-V-listed Midland Exploration has signed a definitive option agreement granting a Barrick Mining subsidiary the right to earn up to a 75% interest in the Lewis gold property, in Quebec’s Abitibi region.
The 86 km2 property, located about 60 km south-west of Chapais, is wholly owned by Midland and lies along a structural flexure near the Guercheville–Opawica deformation zone. It sits in a highly prospective belt that includes Iamgold’s Nelligan deposit to the south-east and the historic Lac Shortt mine to the west.
Under the agreement, Barrick can earn an initial 51% interest by paying Midland C$250 000 and funding C$3-million in exploration by the end of 2028, including a guaranteed C$200 000 this year. A joint venture will be formed at that stage, with Barrick as operator.
Barrick may then take its stake to 60% by spending a further C$1.5-million and paying C$200 000 before the end of 2030. A final option allows Barrick to reach 75% ownership by investing an additional C$7.5-million in work and making C$300 000 in payments by the end of 2032. In total, the earn-in includes C$750 000 in cash payments and C$12-million in exploration commitments.
The Lewis property, acquired by Midland in 2020, covers ground adjacent to major regional structures and near several notable gold deposits.
The transaction comes as Barrick sharpens its focus on North America. The miner’s interim CEO, Mark Hill, has reiterated in recent weeks that the company sees its future growth anchored in the region.
Midland said it looks forward to advancing work on the Lewis project with Barrick as operator.
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