MetalCorp Announces Update and Notice of Force Majeure from Barrick Gold on Hemlo East Property
2021年11月26日 - 9:43PM
MetalCorp Limited (“MetalCorp”)
(TSXV – MTC) announces that Barrick Gold Inc.
(“Barrick”) has reported that its activities under
its Earn-In Agreement in respect of MetalCorp’s Hemlo East Property
have centered around obtaining an exploration permit to conduct
exploration activities on the Hemlo East Property, although an
exploration permit has not been submitted. Barrick has reported
that no field activities have been undertaken but significant
desktop study has been conducted into the exploration potential of
the property in preparation for field program planning. Barrick has
systematically compiled and collated all data provided by MetalCorp
into thematic databases and, where applicable, into GIS layers
based on data-type. This compilation was extended beyond data from
MetalCorp to include, wherever practical, all historical work as
well.
Barrick has reported that, in respect of
preparing to file submissions for an exploration permit, Barrick
has had discussions with local First Nations who have advised of
claims which they have. As a result, on November 25, 2021, Barrick
gave notice to MetalCorp of the occurrence of a ‘force majeure’
based on those claims, including a claim of Aboriginal title, which
claims prevent and make unattainable, on a practical basis in
circumstances which are reasonably beyond Barrick’s control,
delaying the performance by Barrick of its obligations under the
Earn-In Agreement. Barrick’s notice also stated that the period of
the delay will be excluded in computing, and will extend, the time
within which Barrick is to perform its obligations, in particular
the time required to undertake Mining Operations and fund
Expenditures, as provided in the Earn-In Agreement.
The Earn-In Agreement provides that Barrick has
the right and option to earn an 80% interest in the Hemlo East
Property upon satisfaction of the following remaining
conditions:
(a) |
Barrick funding expenditures on the Hemlo East Property as follows:
(i) at least Cdn$700,000 (the “Guaranteed Amount”)
on or before the first anniversary of the date on which Barrick
made the Cdn$3 million initial payment (the “Initial
Payment”); and (ii) at least Cdn$4,500,000 (including the
Guaranteed Amount) on or before the third anniversary of receipt of
the Initial Payment; and |
|
|
(b) |
Barrick delivering a National Instrument 43-101 technical report in
respect of the Hemlo East Property on or before the third
anniversary of receipt of the Initial Payment. |
MetalCorp received the Initial Payment on
December 18, 2020.
During the earn-in period, Barrick will be the
operator of the Hemlo East Property and will manage and execute all
exploration programs and spending on the Hemlo East Property.
Barrick may withdraw from the earn-in at any
time, provided it has fulfilled its obligation to fund the
Cdn$700,000 Guaranteed Amount of expenditures on the Hemlo East
Property.
After completion of the earn-in, Barrick and
MetalCorp will form a joint venture company
(“JVCo”) to hold the Hemlo East Property, to be
owned 80% by Barrick and 20% by MetalCorp with funding on a
pro-rata basis. Dilution of a shareholder’s interest below 10% will
result in the conversion of the interest to a 2% Net Smelter Return
royalty. The party holding a majority of shares will be the
operator of the JVCo.
METALCORPMetalCorp is a mineral
exploration company based in Thunder Bay, Ontario, with gold, PGE
and base metal projects in the Canadian Shield of Northern Ontario,
Canada, one of the most prolific mineral districts in the
world. To find out more about MetalCorp visit its website at
www.metalcorp.ca.
For further information, please contact:
Pierre Gagné,
DirectorPhone: (807) 626-3621info@metalcorp.ca
Caution Regarding Forward-Looking
InformationExcept for statements of historical fact
contained herein, information in this press release may constitute
"forward-looking information" within the meaning of Canadian
securities laws. Other than statements of historical fact,
all statements herein that involve various known and unknown risks,
uncertainties and other factors are "forward-looking information"
(such forward-looking information includes, without limitation,
statements regarding proposed exploration activities, duration of
force majeure, completion of the earn-in and formation of
JVCo). There can be no assurance that such statements will
prove accurate. Results and future events could differ
materially from those anticipated in such statements. Readers
of this news release are cautioned not to place undue reliance on
these "forward-looking statements". Except as otherwise
required by applicable securities statutes or regulation, MetalCorp
expressly disclaims any intention or obligation to update publicly
any forward-looking information, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy, accuracy
or contents of this news release.
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