Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

MGX Minerals Inc MGXMF

MGX Minerals Inc. is a Canada-based diversified resource and technology company with interests in advanced materials, metals, and energy technologies. The Company’s portfolios include Magnesium, Silicon, Lithium, Gold, and Silver. Its Magnesium projects include Driftwood Creek, Marysville, Red Mountain Group and Botts Lake. Its Silicon projects include Gibraltar, Koot and Wonah. Its Lithium projects include GC and Petrolithium. Its Gold projects include Heino, Tillicum and Fran. The Driftwood Creek project is located approximately 164 kilometers (km) north of Cranbrook, British Columbia (B.C.). The Marysville magnesite project is located approximately 12 km (7.7 miles) south of Kimberly, BC. The Red Mountain-Topaz-Cleland magnesite property is located approximately 50 km south of Golden. The Botts Lake magnesite property consists of claims approximately 50 km south of Golden, BC. The Gibraltar project is located approximately 95 kilometers northeast of Cranbrook, BC.


GREY:MGXMF - Post by User

Bullboard Posts
Post by Analizeron Nov 22, 2020 2:07pm
729 Views
Post# 31949168

Hemlos looking better !!!!!

Hemlos looking better !!!!!

MetalCorp Announces Earn-In Agreement with Barrick Gold on MetalCorp's Hemlo East Property

V.MTC 

THUNDER BAY, Ontario, Nov. 20, 2020 (GLOBE NEWSWIRE) -- MetalCorp Limited (“MetalCorp”) (TSXV – MTC) is pleased to announce that it has entered into an earn-in agreement (the “ Earn-In Agreement ”) with Barrick Gold Inc. (“ Barrick ”), a wholly-owned subsidiary of Barrick Gold Corporation, relating to MetalCorp’s Hemlo East gold property (the “ Hemlo East Property ”) located about 350 kilometers east of Thunder Bay, Ontario. Barrick is currently operating the Williams and David Bell Gold Mines which are adjacent to the Hemlo East Property. Over 21 million ounces of gold have been produced to date from the Hemlo gold deposits. The Earn-In Agreement is subject to acceptance by the TSX Venture Exchange.

“We are pleased to enter into this agreement with Barrick and look forward to our joint venture with them,” commented Donald Sheldon, the Chief Executive Officer of MetalCorp. “Our shareholders recognize the value of the Hemlo East property and we have always believed in the potential it represents for creating value for their investment. We believe that in Barrick we have secured the right joint venture party to move this project forward.”

The Earn-In Agreement provides that Barrick has the right and option to earn an 80% interest in the Hemlo East Property upon satisfaction of the following conditions:

(a) Barrick paying Cdn$3,000,000 (the “ Initial Payment ”) to MetalCorp on or before the third business day following TSX Venture Exchange acceptance of the Earn-In Agreement (the date of such payment being the “ Initial Payment Date ”);
   
(b) Barrick funding expenditures on the Hemlo East Property as follows: (A) at least Cdn$700,000 (the “ Guaranteed Amount ”) on or before the first anniversary of the Initial Payment Date; and (B) at least Cdn$4,500,000 (including the Guaranteed Amount) on or before the third anniversary of the Initial Payment Date; and
   
(c) Barrick delivering a National Instrument 43-101 technical report in respect of the Hemlo East Property on or before the third anniversary of the Initial Payment Date.

During the earn-in period, Barrick will be the operator of the Hemlo East Property and will manage and execute all exploration programs and spending on the Hemlo East Property.

Barrick may withdraw from the earn-in at any time, provided it has paid to MetalCorp the Cdn$3,000,000 Initial Payment and fulfilled its obligation to fund the Cdn$700,000 Guaranteed Amount of expenditures on the Hemlo East Property.

After completion of the earn-in, Barrick and MetalCorp will form a joint venture company (“ JVCo ”), to hold the Hemlo East Property, to be owned 80% by Barrick and 20% by MetalCorp with funding on a pro-rata basis. Dilution of a shareholder’s interest below 10% will result in the conversion of the interest to a 2% Net Smelter Return royalty. The party holding a majority of shares will be the operator of the JVCo.

METALCORP
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold, PGE and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca .

For further information, please contact:
  Pierre Gagn, Director
  Phone: (807) 626-3621
  info@metalcorp.ca

Caution Regarding Forward-Looking Information


Bullboard Posts