Barrick Gold (TSX: ABX) this morning indicated it has updated its mineral resource estimate for the Fourmile project in Nevada. The update follows the completion of 25 additional drill holes on site, focusing on southern portion of the orebody.
Recent drilling is said to have been focused on an area immediately adjacent to the Nevada Gold Mines joint venture, which Barrick owns a 61.5% interest in, with the remainder owned by Newmont.
The updated resource estimate breaks down as follows:
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- 1.4 million indicated ounces of gold at 11.76 g/t
- 6.4 million inferred ounces of gold at 14.1 g/t
Indicated ounces improved by 192% relative to the prior estimate, while inferred ounces improved by 137%. The overall grade of the resource improved by 35%.
CEO Mark Bristow meanwhile stated that the deposit “could be compared to the original Goldstrike deposit,” which was one of the original Barrick assets in Nevada.
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“To illustrate the potential value that a truly world-class orebody like Fourmile has, we have completed a preliminary economic assessment using conservative mining rates and costs, all of which draw directly from the current Goldrush mine plan. The results highlight the potential for annual operating cash flows resulting from Fourmile to be more than 70% higher than the already world-class Goldrush project3. For the next stage of the project, we plan to start a three-year prefeasibility study in 2025,” commented Simon Bottoms, whom is focused on mineral resource management for Barrick.
Barrick Gold last traded at $25.31 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
