Under the option agreement, Barrick is required to make C$1.02m in cash payments and C$16.57m to fund the exploration work at the project over a period of eight years.
The two companies will sign a definitive earn-in and joint venture (JV) agreement, which will be subject to customary terms and conditions, including the satisfactory completion of due diligence by Barrick and the receipt of necessary regulatory approvals.
Midland president and CEO Gino Roger said: “We are delighted to welcome Barrick as one of our new high-quality partners who will ensure the progress of future exploration work on this excellent gold project.”
Covering an area of 117km², the Patris project comprises 298 claims. It is located less than 10km north-west of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp.
Midland said the Patris property provides significant gold potential as it covers more than 8km of the Manneville Fault and over 10km of the La Pause Fault, both of which are subsidiary faults of the well-known Destor-Porcupine Fault Zone.
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In a recent separate development, Barrick Gold, the Papua New Guinea Government and New Porgera have signed a new agreement to reopen the Porgera gold mine, which has been shut since 2020, at the earliest opportunity.
The mine has measured and indicated resources of ten million ounces and inferred resources of 3.4 million ounces.