Barrick can earn up to 70% of the Orion gold project at ATAC’s Rackla property.
YUKON – ATAC Resources of Vancouver and Barrick Gold of Toronto have signed agreements pursuant to which Barrick can acquire an interest in the central portion of the Rackla gold property 55 km northeast of Keno City. Under terms of the agreement, Barrick can acquire up to 70% of what is known as the Orion project.
Barrick will potentially pay $63.3 million for its share. Payment consists of a private placement of $8.3 million and a two-stage, $55 million exploration program. The first stage requires Barrick to spend $35 million on the property over five years to acquire a 60% interest. In stage two, Barrick will spend an additional $20 million to acquire the final 10%, bringing its interest to 70%.
One or more senior members of the Barrick exploration team will be seconded to the Orion project to provide technical assistance and expertise to the ATAC team.
As a result of the new agreement, ATAC has divided the Rackla property into three areas:
- The Osiris project covering 302 km2 at the east end of the property and hosting the Osiris, Conrad, Ibis and Sunrise discoveries;
- The Rau project covering 660 km2 and hosing the Tiger gold deposit and numerous other targets; and
- The Orion project covering 780 km2 and hosing the Orion and Anubis drill confirmed Carlin-type gold discoveries and eight other similar early stage prospects.
Visit ATAC’s website for an updated figure containing the three project areas and additional information on the Orion project at (www.AtacResources.com).