Barrick will solely fund all costs of the Charaque project’s pre-feasibility study. Credit: Red ivory/shutterstock.com.

Australia-based Valor Resources has signed an earn-in agreement with Barrick Gold whereby the latter will have the option to acquire a stake in the Charaque copper-silver exploration project in Peru.

Under the agreement, Barrick will hold a five-year option to acquire a stake of 70% in the property.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In exchange, Barrick will make cash payments totalling $800,000 (C$1.05m) and at least $3m of exploration expenditure at the 60km² property.

Furthermore, Barrick will have the option to earn an additional 10% stake in the property by exercising a second option with a cash payment of $1m.

The company will also solely fund all costs and deliver the project’s pre-feasibility study to Valor Resources.

See Also:

Located 30km north-east of Valor’s Picha Copper Project, the Charaque Project comprises eight claims that cover an area of around 6,000 hectares.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Since acquiring the Charaque Project, Valor has completed ground reconnaissance exploration work at the property. The company also recently started an extensive soil sampling programme in the project area.

Valor executive chairman George Bauk said: “This is a very exciting outcome for Valor, with the participation of a leading global miner such as Barrick in the Charaque exploration programme demonstrating the enormous discovery potential in this district.

“Barrick already holds land in the area, including tenements immediately adjacent to Charaque, and we look forward to them bringing their significant expertise to lead the exploration programme while Valor retains strong, free-carried exposure to any discoveries.”

Valor expects the latest agreement to allow it to focus on the planned drilling programme of multiple advanced large-scale copper targets at its Picha copper project in the third quarter of this year.