On January 10, 2018 Premier Gold Mines Ltd and Barrick Gold Corp signed a comprehensive Nevada-focused agreement (click here for press release) which provides an option for Barrick to earn a 60% interest in the Property subject to the following:
- A firm commitment to spend US$6.0 Million in exploration prior to June 30, 2019 with Premier as Operator at the direction of a Steering Committee; and
- An additional required spend of US$16.5 Million in exploration on the Property prior to June 30, 2022 with Barrick as Operator.
The Joint Venture Property excludes the “Cove Deposit” carve-out, which will be retained solely by Premier.
The McCoy-Cove Property surrounds Premier’s Cove Property. It is located in the Battle Mountain trend in north Nevada approximately 20 kilometres south of Newmont’s Phoenix mine and 50 kilometres southwest of Battle Mountain.
Located west of the central part of the Battle Mountain-Eureka Trend. The Property including the Favret Formation (approximately 700 ft thick) is the principal Carlin-style ore host. Three types of mineralization occur within or near the Property including (a) Carlin-type at Cove in the Helen zone, CSD zone, and the Gap zone, (b) polymetallic sheeted vein in the deep 2201 zone and (c) skarn mineralization at the historic McCoy pit.