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MetalCorp Announces Force Majeure Updates and Notices from Barrick Gold at Hemlo East Property in Canadian Business Journal

Thunder Bay, Ontario, November 26, 2021 (GLOBE NEWSWIRE) –

MetalCorp Limited (“Metal Corp”) (TSXV – MTC) is Barrick Gold Inc. (“”Barrick”) Reports that Metal Corp’s activities under the Earn-In Agreement on Hemlo East Property focus on obtaining exploration permits for exploration activities at Hemlo East Property, although no exploration permits have been submitted. .. Barrick reports that no field activity has been conducted, but important desktop research has been conducted on the potential for property exploration in preparation for planning the field program. Barrick systematically compiled all the data provided by MetalCorp and matched it to a thematic database and, if applicable, a GIS layer based on the data type. This edit extends beyond the data from MetalCorp to include all historical work when it is practical.

Barrick reported that he had discussed with local indigenous peoples who advised on their allegations regarding preparations for submitting an exploration permit submission. As a result, on November 25, 2021, Barrick notified Metal Corp of the occurrence of “force majeure” based on these allegations. It is reasonably beyond Barrick’s control, delaying Barrick’s fulfillment of obligations under the acquisition contract. Barrick’s notice also said that the period of delay would be excluded from the calculation and would extend the period for Barrick to fulfill his obligations, especially the period required to carry out mining operations and fund spending. With an agreement.

The acquisition agreement provides that Barrick has the right and option to earn 80% interest on the Hemro East Property if the following remaining conditions are met:

(NS) Barrick’s funding for the Hemlo East Property is as follows: (I) At least Cdn $ 700,000 (“Guarantee amount1st anniversary of Barrick’s initial payment of C $ 3 million or earlier (“”down payment”); (Ii) At least Cdn $ 4,500,000 (including guarantee amount) 3 years after receipt of the first payment or earlier.
(NS) Barrick delivers the National Instrument 43-101 Technical Report on Hemlo East Properties 3 years or earlier from the receipt of the first payment.

MetalCorp received the initial payment on December 18, 2020.

During the acquisition period, Barrick will be the operator of the Hemro East Property, managing and executing all exploration programs and spending on the Hemro East Property.

Barrick may withdraw from the acquisition at any time if he fulfills his obligation to fund a guaranteed spend of $ 700,000 for the Hemlo East Property.

After the acquisition is complete, Barrick and Metal Corp will establish a joint venture (“JVCo”) Hemlo East Property is owned, Barrick owns 80%, Metal Corp owns 20% and raises funds in a proportional distribution. When shareholder interest is diluted to less than 10%, interest is converted to 2% net smelter revenue royalties. The party that holds the majority of the shares is the operator of JVCo.

METALCORP
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold, PGE and base metal projects in the Canadian Shield in northern Ontario, Canada, one of the world’s most prolific mineral districts. For more information on MetalCorp, please visit the company’s website at www.metalcorp.ca.

For more information, please contact:

Pierre Gagne, Director
Phone: (807) 626-3621
info@metalcorp.ca

Attention about future prospects
Except for the historical facts contained herein, the information in this press release may constitute “forward-looking information” within the meaning of Canadian securities law. Except for the description of historical facts, all statements in this document, including various known and unknown risks, uncertainties, and other factors, are “forward-looking information” (such forward-looking information). Contains, but is not limited to, the proposed exploration activity, the duration of the unavoidable force, complete acquisition and formation of JVCo). There is no guarantee that such a statement will be proven to be accurate. Results and future events may differ materially from those expected in such a statement. Readers of this news release should be careful not to place undue reliance on these “forward-looking statements.” Unless otherwise required by applicable securities laws or regulations, MetalCorp expressly disclaims any intention or obligation to publicly update forward-looking information as a result of new information, future events, etc. ..

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the adequacy, accuracy, or content of this news release.


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MetalCorp Announces Force Majeure Updates and Notices from Barrick Gold at Hemlo East Property in Canadian Business Journal

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