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.
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