Barrick drilling Walsh Lake

Drilling by Barrick Gold (TSE) is in progress on Nebex Resources’ (ASE) 75%-owned Walsh Lake gold project in Yellowknife, N.W.T.

The senior gold producer is using two drills to follow up on induced-polarization surveys and other surface exploration.

Barrick can earn a 51% undivided interest by spending $2.5 million on exploration and arranging a $2-million private placement of Nebex shares within three years. It can raise its interest to 60% by performing a feasibility study on the 6,200-acre project within the following two years. Nebex is also completing drill programs on three other gold and base metal properties.

A 15-hole program is testing targets at the Northbelt gold property, also in the Yellowknife area.

Meanwhile in New Brunswick, drills have begun turning on the Millstream base metal project near Bathurst, as well as on the Canoe Lake polymetallic project.