Barrick eyes Minaspata property

Targeting a large high-sulphidation gold system, Barrick Gold (ABX-T) has inked a letter of intent with equal partners Cambior (CBJ-T) and Southwestern Gold (SWG-T) to earn a 51% stake in the Minaspata project in southern Peru.

Situated 110 km southwest of Cuzco, the 130-sq.-km property hosts four large zones defined by vuggy silica and alunite.

The most promising prospects include: Cerro Utunsa, where chip samples grading 0.1-2.2 grams gold per tonne occur over a 2-by-1.5-km area; and the Quellocirco prospect, which covers a 2-by-1-km area and is defined by chip samples averaging 0.1-0.3 gram gold. The latter is a broad zone of mineralization that hosts a smaller, higher-grade portion, which returned up to 3.8 grams gold over 30 metres.

Barrick is required to spend US$1.5 million on exploration over three years and pay US$500,000 in cash on the third anniversary of the option agreement. It can then increase its interest to 60% by completing a bankable feasibility study.