Vancouver —
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. Previous reconnaissance prospecting along the 90-km-long trend has identified gold-arsenic-antimony and barite mineralization, as well as decalcification, silicification and clay alteration. 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 for precious and base metals, as well as uranium.
The junior has 13.1 million shares outstanding and $600,000 in working capital.
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