Canadian mining company Barrick Gold has discovered a hole, which is 2km away from drilling intercept at its Fourmile project in Nevada.

The company 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 development project Goldrush.

Barrick mentioned that it did not include Fourmile in the recent combination of its Nevada and Newmont Goldcorp’s assets, but owns the right to bring it into the JV for full market value.

Barrick Gold president and CEO Mark Bristow said: “The intercept (FM19-11DW14) is of a new orebody a kilometre north of Four mile. It increases the strike length of the mineralised Goldrush-Fourmile trend to greater than 6km.

“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.

“The market is starting to recognise and reward this performance, and it’s worth noting that the Barrick share price has increased by 90% since the Randgold deal announcement a year ago, outstripping the GDX index and the spot gold price by a wide margin.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Bristow further added that the company’s acquisition of the Acacia minorities’ shareholding could now proceed unrestricted to address the issues that previously troubled the company.

In July, Barrick Gold signed an agreement to acquire a stake in Acacia Mining, which was implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.