TORONTO, Canada, CMC—The Canadian-based Barrick Gold Corporation (BARRICK) says it has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd (Geophysx) regarding specific properties located on the island.
BARRICK said that its subsidiary Barrick Gold (International Holdings) Ltd. (Barrick) has entered into an agreement with Geophysx that initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where Barrick operates the Pueblo Viejo mine.
“We are pleased to partner with Geophysx, who has assembled a large, consolidated portfolio of work and holdings in Jamaica, a significantly underexplored and prospective region,” said Barrick President and Chief Executive Officer Mark Bristow.
“We look forward to advancing our partnership by combining and leveraging Geophysx’s capabilities and presence on the island, along with the remarkable dataset they have created, with Barrick’s technical and financial resources to deliver new world-class discoveries. We also look forward to partnering with the government of Jamaica to pursue projects for the benefit of the country and local communities,” Bristow added.
The founder and Geophysx managing director, Robert “Bobby” Stewart, said, “We are excited to be partnering with Barrick, a company that not only shares our beliefs in environmentally responsible and sustainable exploration and mining but is also a sector-leading gold and copper producer with a portfolio which spans the world’s most prolific gold and copper districts.
“This is an amazing opportunity for Jamaica to grow a new economic base. Barrick’s experience in exploring, developing, and operating projects, combined with Geophyx’s in-country knowledge and committed team, makes this an ideal partnership to advance the industry in Jamaica. We admire Barrick’s commitment to partnering with host countries and communities to transform their natural resources into tangible benefits and mutual prosperity,” he added.
Under the agreement, Barrick will have the right to work with Geophysx to earn up to an 80 percent joint-venture interest in designated properties upon fulfilling certain spending obligations and study-deliverable milestones. Barrick will act as the operator, in partnership with Geophysx, leveraging the Jamaican company’s existing personnel, knowledge, facilities, and equipment.
A private mineral exploration company, Geophysx is Jamaica’s dominant mineral exploration force and license holder.
Over the last six years, the company has been engaged in an intensive nationwide greenfield exploration program, conducting high-quality early-stage exploration work, including geochemical sampling, geological mapping, and industry-leading airborne geophysical surveys.
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