By Adriano Marchese

Kenorland Minerals Ltd. said Monday that it has signed an agreement giving Barrick Gold Corp. an option to acquire up to an 80% interest in the South Uchi project in Ontario.

The company said that Barrick can earn an initial 70% interest in the project by incurring an aggregate of 6 million Canadian dollars ($4.7 million) in exploration expenditures on or before the sixth anniversary of the agreement and delivers a technical report for the project that establishes a mineral resource of at least 1 million ounces of gold.

If Barrick acquires the interest, a joint venture between the two companies will form and Barrick Gold will have the option to earn an additional 10% interest in the project by solely funding a feasibility study, Kenorland said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

09-20-21 0857ET