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As part of the deal, Barrick will make cash payments of C$1.02 million ($760,000) and exploration work totalling C$16.57 million ($12.35m) over eight years, which would give it up to a 75% stake in Patris.

The Toronto-based miner will be the operator of the work carried out under the agreement, Midland said.

“We are delighted to welcome Barrick as one of our new high-quality partners who will ensure the progress of future exploration work on this excellent gold project,” chef executive Gino Rodger said.

Midland and Barrick have also agreed to negotiate a definitive earn-in and joint venture agreement upon the satisfactory completion of due diligence by the gold giant and the receipt of any required regulatory approvals.

The Patris gold property, northeast of Rouyan-Noranda, comprises 298 claims covering a surface area of about 117 square kilometres, very close to the Doyon/Westwood-Bousquet-La Ronde gold mining camp.