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GOLD
Oct 19, 2020 | 09:08 EDT
Dakota Territory Resource (DTRC) announce that Dakota Territory has entered into a definitive agreement to purchase the Maitland Gold Property in the Black Hills of South Dakota from Homestake Mining Company of California, a wholly owned subsidiary of Barrick Gold Corporation (GOLD). Pursuant to the terms of the definitive agreement, the Company has agreed to pay consideration to Barrick comprised of $3.5M cash and the issuance of 3 million shares of Dakota Territory's common stock. Additionally, Barrick will retain a 2.5% net smelter returns royalty on the property. The 2,112 mineral-acre Maitland acquisition will secure an important component of the Company's strategy for the structural corridor that extends from the Homestake Gold Mine to the Company's Blind Gold Property at the northern end of the District. The purchase serves to extend the target area at the Blind Gold Property and also covers Homestake Mining Company's "North Drift" gold discovery of the late 1980's at the southern end of the property. Completion of the acquisition remains subject to satisfaction of certain conditions that are customary for a transaction of this nature and the acquisition is expected to be completed on or about October 23, 2020.