Barrick sees 'enormous' geological potential in Nevada
(Kitco News) - Today, Barrick Gold (NYSE:GOLD)(TSX:ABX) revealed that an intensive strategic review by executive teams from Barrick and Nevada Gold Mines (NGM) has confirmed the enormous geological prospectivity of the NGM properties and outlined the key development projects.
The company said that that the Barrick-operated joint venture, established in July 2019, is already the world's single largest gold mining complex, hosting three of Barrick's Tier One mines and targeting production of between 3.4 and 3.7 million ounces this year.
President and CEO Mark Bristow said unlocking the full potential of the Nevada gold fields, one of the world's largest and most prospective gold endowments, had been one of the key drivers behind the formation of NGM. With the newly integrated operation having met all its key performance indicators last year, the focus was now shifting to the hunt for new discoveries and resource additions.
"Barrick's emphasis on agile management and exploration and orebody knowledge was implanted at NGM and is already delivering results. There are exciting opportunities for major new discoveries in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex, and in the Carlin Basin south of Gold Quarry. There are also good prospects of near to medium-term Life of Mine resource additions at North Leeville, Fourmile and Goldrush, as well as at the Ren project at the Carlin complex," he said.
Bristow said in addition to building a solid foundation for its 10-year business plan, NGM had also established itself as a valued partner to its communities, the state of Nevada and its other local stakeholders, as evidenced by the Covid-19 support it provided.
Barrick has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. The company's diversified portfolio spans many of the world's prolific gold districts and is focused on high-margin, long-life assets.