Barrick Gold (NYSE:GOLD)(TSX:ABX) reported on (hyperlink) Tuesday a new discovery hole about 2 kilometers from the best drilling intercept at its Fourmile project in Nevada.
Barrick said the new discovery pointed to the delivery of at least one more Tier 1 gold mine through the combination of Fourmile with the nearby Goldrush development project.
Barrick did not include Fourmile in the recent combination of its Nevada assets with those of Newmont Goldcorp to create the Nevada Gold Mines joint venture, but has the right to bring it into the joint venture for full market value provided certain agreed investment criteria are met, the miner said in a media statement.
The intercept is of a new orebody a kilometer north of Fourmile, and it increases the strike length of the mineralized Goldrush-Fourmile trend to greater than 6 kilometres.
Mineralization is open in all directions and significant resource growth is expected from continuing the step-out drilling program.
“Discovery is fundamental to value creation and the latest results from Fourmile confirm the potential for further high-value discoveries in the greater Cortez – Carlin region which has been a prolific source of gold discovery and production for 150 years, and still holds an untapped wealth of geological endowment,” Bristow said.
Bristow said details of Barrick’s five-year plan would be shared when it publishes its Q3 results in November.