08:49 AM EDT, 06/02/2025 (MT Newswires) -- Rocky Shore Gold ( CNOBF ) entered Monday into a definitive agreement with a subsidiary of Barrick Mining Corporation ( B ) to sell its Hemlo-area mineral claims near Marathon, Ontario for cash consideration of C$975,000.

A statement noted this agreement includes all Ontario claims owned by the company, including the claims subject to an earlier option agreement, which will be terminated on closing of the transaction.

RSG said it will retain a variable-rate royalty of up to 0.50% Net Smelter Returns on the claims; the rate per claim will depend on the preexisting royalty burden on such claim, and Barrick will have the right to buy back 50% of the royalty by making a one-time cash payment of C$500,000. The transaction is expected to close within 30 days.

The company thanked the Biigtigong Nishnaabeg and the Netmizaaggamig Nishnaabeg First Nations for their cooperation and support through its various exploration campaigns.

Ken Lapierre, President and CEO, said, "As we transition to Newfoundland to advance our 100% owned, district scale Gold Anchor Project, the opportunity to monetize our non-core Ontario assets presented itself. We are delighted that Barrick has agreed to a cash and royalty purchase of our Pic, Idaho and North Limb Projects.

"The Company plans to use the non-dilutive proceeds to kick start the spring-summer field season at Gold Anchor. The program will include more detailed geological and geophysical work at its Lane Pond Gold Target. At Lane Pond, significant gold values in recent and historical sampling in an area 6,000 metres long is located proximal to the Appleton fault. The Appleton fault, the most prolific gold bearing fault in the emerging gold district, trends for a minimum 20 kilometres at Gold Anchor. The fault hosts gold resources and high-grade drill intersections on trend to the northeast of our property. Our plan is to be drill ready this summer to test the Lane Pond Gold Target with an inaugural drill program."