The deal follows Barrick president and CEO Mark Bristow telling Mining Journal last week: "Barrick has rediscovered Canada and we're investing."

Barrick could earn the initial 70% by spending C$6 million on exploration within six years, establishing a minimum 1 million ounce gold resource and reimbursing Kenorland for its sunk costs on the project.

Barrick could earn a further 10% by sole-funding a feasibility study before the 10th anniversary of the agreement, the junior said.

South Uchi has gold and lithium prospectivity, according to Kenorland.

It had acquired the "district-scale" property in April through staking and an option agreement with a private company.

The Barrick option marks Kenorland's latest deal with a mining major.

In Quebec, it's optioned its Chebistuan project to Newmont and its Chicobi project to Sumitomo Metal Mining Canada and has a joint venture with Sumitomo at Frotet.

In Alaska, it can earn up to 70% of Newmont's Healy project and owns the Tanacross copper-gold project.

It started the year with more than $9.5 million in cash after a $10 million private placement as part of its reverse takeover of Northway Resources.

Kenorland listed on the TSX Venture Exchange (TSXV: KLD) in mid-January and its shares have since ranged between 65c-$1.75.

They closed up 1.4% yesterday at 71c, capitalising it at $33 million (US$26 million).

Barrick gained 2% to close at $23.85, valuing it at $42 billion (US$33 billion).