ELKO, Nev., Sept. 19, 2019 (GLOBE NEWSWIRE) -- The new Nevada Gold Mines complex is hosting a group of analysts for their first site visit since the formation of the Barrick / Newmont Goldcorp joint venture at the beginning of July.
The complex represents the single largest gold producing operation in the world and includes three Tier 1 mines. In an announcement earlier this week, Barrick reported a new discovery hole4 about 2 kilometers from the best ever drilling intercept at its Fourmile project in Nevada and said this pointed to the potential for at least one more Tier 1 gold mine through the combination of Fourmile with the nearby Goldrush development project. Fourmile was not included in the recent combination of Nevada assets but the company has the right to bring it into the joint venture for fair market value provided certain agreed investment criteria are met.
Barrick president and chief executive Mark Bristow and Nevada Gold Mines executive managing director, Greg Walker, welcomed the analysts to the operations. The benefits of combining the assets and infrastructure in Northern Nevada will be showcased in a presentation by the Nevada team to the visitors today. A copy of the presentation is available on the Barrick website at www.barrick.com.
The three day tour includes visits to the third shaft and autoclave facility of the now combined Turquoise Ridge and Twin Creeks, the Cortez Hills underground mine including Deep South and processing facilities at Carlin.
President and CEO
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|Kathy du Plessis|
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The scientific and technical information contained in this press release has been reviewed and approved for release by Rob Krcmarov, FAusIMM, Executive Vice-President, Exploration and Growth, who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
|Drill Results from FM19-11DW11|
|Core Drill Hole2||Azimuth||Dip||Interval (m)||Width (m)3||Au (g/t)|
|FM19-11DW14||18||-74||1208.2 - 1209.7||1.5||8|
|1238.1 - 1239.3||1.2||73.4|
|1279.8 - 1290.5||10.7||24.8|
|1304.2 - 1305.7||1.5||8.1|
|1319.5 - 1321.0||1.5||5|
|1343.8 - 1348.4||4.6||49.4|
|1351.5 - 1357.6||6.1||21.2|
- All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width
- Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (19 for 2019)
- True width of intercepts are uncertain at this stage
- Partial results received
The drilling results for the Fourmile property contained in this press release have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Fourmile property conform to industry accepted quality control methods. For previously released significant intercepts at Fourmile refer to Appendix B and Appendix F of the Nevada Gold Mines Analyst Presentation, dated as of September 19, 2019, available at www.Barrick.com.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “potential” “will”, “should” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: potential mineralization, including in respect of Fourmile; potential for Goldrush/Fourmile to become a Tier One gold asset; and the expected impact of the creation of Nevada Gold Mines, including potential synergies.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; the benefits expected from Nevada Gold Mines being realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; non-renewal of key licenses by governmental authorities; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate;; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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