Gold giant Barrick Gold (ABX-T) has terminated an option it held on the Nufort claims, near Timmins, Ont.
Moneta Porcupine Mines (ME-T) holds a 50% interest in the claims. However, Barrick will maintain its option to earn 60% of Moneta’s adjoining Michaud property by spending $3.5 million on exploration and making option payments of $225,000 to Moneta.
The Southwest zone of the Michaud property hosts a known resource of 2.4 million tonnes grading 6.1 grams gold per tonne, or 460,000 contained ounces.
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