Xali Gold signs agreement with Barrick in Peru

As per the Agreement, Barrick must pay Xali Gold US$175 000 over a 5-year period and spend $500 000 in exploration work to earn 100% of the Property subject to Xali Gold retaining a 1.5% Net Smelter Return Royalty. Barrick retains the right to purchase 1% of the NSR Royalty, for a single one-time payment of US$750 000, which would decrease the NSR Royalty from 1.5% to 0.5%.

“Xali Gold’s history in the area dates as far back as 2002 when the Candente Resources Peru team recognised a superposition of both high and low-sulfidation styles of mineralisation, alteration and geochemical anomalies, which manifested in both high-grade vein hosted silver mineralisation as well as potential for bulk tonnage high-sulfidation style gold mineralisation,” says Joanne Freeze, President and CEO of Xali Gold. “We are very excited to have Barrick as our partner for this project in Peru as they have excellent technical skills and aggressive exploration plans for the area.”

Tres Marias is located within an emerging epithermal gold, silver, and polymetallic belt of southern Peru which includes several new mines and discoveries by Barrick, Minas Buenaventura, Gold Fields, Aruntani, and Bear Creek and is considered one of the fastest growing precious metal mining districts in Peru. A northwesterly trend extends over 200 km and a northeasterly trend covers approximately 60 km so far.

Read the article online at: https://www.globalminingreview.com/mining/01122023/xali-gold-signs-agreement-with-barrick-in-peru/