By Adriano Marchese

Metalcorp Ltd. said Friday that it has received notice from potential earn-in partner Barrick Gold Corp. that First Nations' claims in southeastern Ontario have delayed the fulfilment of its obligations toward the agreement.

The Thunder Bay, Ontario-based resource exploration company said Barrick has had discussions with local First Nations who have advised of claims which they have in the area of the Hemlo East property.

As a result of these claims, Barrick gave notice of a force majeure occurrence to MetalCorp and said it would delay fulfilling obligations and extend the time it needs to undertake mining operations and fund expenditures, which were part of the earn-in agreement.

Under the terms of the agreement, Barrick could opt in to earn an 80% stake in the Helmo East Property by producing a technical report and funding up to 700,000 Canadian dollars, the equivalent of US$553,469, in expenditures on the property.

Barrick has hasn't yet undertaken field activities, but it has conducted significant desktop study into the exploration potential of the property, Metalcorp said.

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

(END) Dow Jones Newswires

11-26-21 0832ET