Carlin Gold Signs Exploration Agreement with Barrick 

 

VANCOUVER, BC - Carlin Gold Corporation has entered into an Exploration and Earn-In agreement with Barrick Gold Exploration Inc. (Barrick) on Carlin's Cortez Summit property, Eureka County, Nevada. Barrick has the right to earn a 70% interest in the Property by making expenditures totaling US$5 million by December 31, 2020, of which US$500,000 is a firm commitment to be completed by September 1, 2017. Upon expenditure by Barrick of US$5 million, a limited liability company will be formed to own the project with membership interests owned 70% by Barrick and 30% by Carlin. In addition to its 30% working interest, Carlin will retain a 2% net smelter return royalty on future production to be paid on a pro-rata basis according to membership interests

The 100% owned Property consists of 142 unpatented mining claims which are located adjacent to Barrick's Goldrush deposit. The Goldrush deposit is reported by Barrick to contain estimated measured and indicated resources of 8.6 million ounces grading 10.58 gpt gold, and an inferred resources of 1.6 million ounces grading 9.0 gpt gold and is the subject of a pre-feasibility study contemplating an underground operation producing 440,000 ounces of gold annually.

Prior drilling by Carlin at Cortez Summit has demonstrated the presence of anomalous gold values with associated Carlin-type pathfinder geochemistry and alteration in the same stratigraphic sequence which hosts most of the Goldrush mineralization.

Carlin's President and CEO Wayne Livingstone stated "We are very pleased to have Barrick join us in exploring Cortez Summit. Barrick's well-articulated philosophy of valuing partnership resonates with Carlin. Together, we are looking forward to taking Cortez Summit up the value chain though focused and cost-effective exploration which we expect should unlock value of this strategic asset."