Barrick Gold Corp. backed out of an exploration and earn-in agreement on Carlin Gold Corp.'s Cortez Summit gold property in Nevada, Carlin said Feb. 20 without disclosing the reason for Barrick's withdrawal.

The companies signed the agreement in November 2016, under which Barrick can secure an earn-in option for a 70% interest in the property by paying US$5 million by Dec. 31, 2020.

Barrick completed only one vertical core hole to a depth of 1,577 meters at the property in 2017, but Carlin remains encouraged by Cortez Summit's potential. According to Carlin, drilling to date at the property by both companies has tested only a small portion of the project.