Barrick makes hole discovery at Fourmile project in Nevada, US

18 September 2019 (Last Updated September 18th, 2019 14:14)

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

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.”

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.