Barrick Gold secures exploration licenses in Egypt
(Kitco News) - Barrick Gold (NYSE:GOLD)(TSX:ABX) announced today that it has been awarded four exploration licenses for 19 blocks following its participation in the International Bid-Round (1)/2020 led by the Egyptian government for exploration of gold and associated minerals in the highly prospective Eastern Desert region of the country.
According to the company’s statement, Eastern Desert is part of the Proterozoic Arabian Nubian Shield, which hosts the giant Sukari deposit and numerous other gold occurrences, but which has seen no recent systematic exploration.
Barrick said it intends to work closely with the Egyptian Mineral Resource Authority and other participating exploration and mining companies, over the period of a year, to finalize the terms of Egypt’s exploitation license agreement which will apply to the industry.
“The opportunity in Egypt is an exciting addition to our portfolio and we look forward to a long and successful partnership with the Egyptian government,” said Barrick president and CEO Mark Bristow.
In 2021, Barrick expanded its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan and Nevada.