Alicanto Minerals begin US$10 million Guyana project with Barrick Gold

Tuesday, April 26, 2016 by Proactive Investors, http://www.proactiveinvestors....rick-gold-68260.html

Alicanto Minerals Ltd (ASX:AQI) has commenced a US$1.8 million exploration program at the highly prospective Arakaka Gold Project in Guyana, backed by a US$10 million earn-in agreement with Barrick Gold Corporation (NYSE:ABX).

The Arakaka Gold Project has been the source of more the 1 million ounces of alluvial and near surface gold production within Guyana, with a mining history that extends more than 100 years.

Alicanto has granted Barrick the right to acquire a 65% interest in the Arakaka Gold Project by funding US$8 million in exploration expenditure within a four year earn-in period.

At the completion of the earn-in period, Barrick can elect to pay an additional US$2 million to Alicanto to exercise its earn-in right to acquire a 65% interest in the project.

Barrick is obliged to spend a minimum of US$1.8 million toward exploration expenditure in 2016.

The exploration program will include 6,000 metres of drilling planned during the June and September quarters focusing on the 12 kilometres long Arakaka main trend, initially targeting the Pepperpot and Purple Heart Prospects.

Pepperpot is host to one of the largest artisanal pits in the region where previous drill results returned up to 13.5 metres at 7.36g/t gold along strike.

Purple Heart Target Area is located in the Arakaka Main Trend and is host to gold mineralisation focused in shear zones in and around diorite intrusions. Drilling will focus on structural horizons that hosts up to 22 metres at 2.34 g/t gold along strike in previous trenching.

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