Vancouver — Altius Minerals (ALS-V) and Barrick Gold (ABX-T) are joining forces to explore Newfoundland’s Botwood Basin for Carlin-type gold deposits.
Barrick stands to earn a 75% interest in six properties by funding all exploration costs and making annual cash payments until a production decision is made. Altius will manage the exploration programs for the first two years of the agreement. Barrick can earn an additional 5% interest by arranging development financing for Altius if a production decision is positive.
Exploration will target the junior’s recently staked Mustang trend situated in the Botwood basin. Pervious reconnaissance prospecting along the 90-km-long trend has identified gold-arsenic-antimony mineralization, barite mineralization as well as decalcification, silicification and clay alteration. The primary rock types in the area include calcareous, thin-bedded siltstone and fossil-bearing limestone. Marine siliciclastic rocks are locally thrust over the calcareous units.
Altius Minerals holds a diversified mineral portfolio throughout Newfoundland and Labrador and is exploring of precious metals, base metals as will as uranium. The junior has 13.1 million shares outstanding and $600,000 in working capital.
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