Carlin Gold Corporation, is pleased to announce Barrick Gold Exploration has commenced drilling on Carlin’s Cortez Summit property, Eureka County, Nevada.
The Company entered into an Exploration and Earn-In agreement with Barrick on Cortez Summit in November 2016. Under the terms of this agreement, Barrick has the right to earn a 70% interest in the Property by making expenditures totaling US$5 million by December 31, 2020, of which US$500,000 is a firm commitment to be completed by September 1, 2017. Upon expenditure by Barrick of US$5 million, a limited liability company will be formed to own the Property with membership interests owned 70% by Barrick and 30% by Carlin. Carlin retains a 2% net smelter return royalty in addition to its 30% interest.
Barrick has collared their initial core hole in an area that Carlin geologists refer to as the Fourmile structural zone in the southwest section of the Property. This target area has been defined on Carlin lands and adjacent Barrick property by geological, geochemical and alteration information generated by mapping and sampling. Shallow drilling by the Company of upper plate rocks and geophysical surveys indicate that the target structural zone projects under post-mineral cover rocks.
Wayne Livingstone, Carlin’s President and CEO, states “This drilling program is testing an excellent Carlin-style structural, stratigraphic, and geochemical target in a setting adjacent to known large gold deposits with high grade mineralization. This is an opportunity for the Company to have this exciting target drill tested and to advance the project with Barrick as a partner.”