GFG Resources said it will receive up to $1.20 million over six years, including $420,000 upon signing.
Barrick earns into Pen gold project
GFG Resources Inc said Barrick can earn a 60% interest in the Pen gold project by paying $1.20 million, funding $17.68 million, and delivering an NI 43-101 report.
Barrick may increase its interest to 70% with a preliminary economic assessment and to 80% with a feasibility study.
GFG Resources said Barrick commits to fund at least $4 million in the first three years.
GFG Resources will retain a 40% interest in Pen after the initial earn-in.
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