NEWS ROUNDUP — Barrick backs Keltic’s efforts in Alaska

Gold giant Barrick Gold (ABX-T) has set its sights on the Goodpaster mining district in Alaska, an exploration hotspot that hosts the Pogo gold deposit, which is being advanced by Teck (TEK-T) and its Japanese partners.

The Toronto-based major recently signed a financing and option agreement with Western Keltic Mines (WKM-V) related to the junior’s five properties contiguous to, and south and east of, the Pogo deposit (9.8 million tons grading 0.52 oz. gold per ton).

Barrick can earn a 51% interest in any of the five properties by paying $100,000 on each and spending $1 million on exploration over three years. The major also subscribed for $500,000 worth of Keltic’s shares, with proceeds earmarked for exploration. If the major exercises the warrants attached to the financing, it would hold 1.2 million shares of Western Keltic, or about 10% of the outstanding shares.