Cross River Ventures Corp. (CSE: CRVC) (OTCQB: CSRVF) (FSE: C6R) (the "Company") is pleased to announce results from the Bear Head Zone maiden drill program at the McVicar Project, located 150km northeast of Red Lake Ontario. Highlights include:
In the summer of 2021, Cross River completed extensive targeted prospecting work on the McVicar Property located in the Archaean Lang Lake greenstone belt, which resulted in the discovery of a new surface gold trend, the "Bear Head Zone", which was drill tested by the company in winter 2022. The Bear Head Zone is a +700-meter long gold trend with surface samples returning up to 19.75 grams-per-tonne (g/t) gold over coincident LiDAR and magnetic features (Press Release October 5, 2021). No previous drilling has ever been completed at the Bear Head Zone target.
Figure 1 shows a map of drillhole locations at the Bear Head Zone.
Figure 1: Bear Head Zone drillholes and high-grade surface samples
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Eight diamond drillholes tested the Bear Head Zone during the winter 2022 program, and all holes intercepted anomalous gold mineralization greater than 0.25 g/t Au. Drilling identified an altered and mineralized corridor >710 m long, open to the east and west along strike.
Notable Drilling Intercepts (>0.5 g/t Au) at Bear Head Zone include:
BH-02:
BH-03:
BH-04:
BH-08:
Discovery Drillhole: BH-02
Hole BH-02 intersected 0.5m of 41.1 g/t gold in a smoky grey quartz vein with visible gold, chalcopyrite, and pyrrhotite at 153.75m downhole (117m vertical depth). The quartz vein cross-cuts a locally sheared mafic metavolcanic succession, with a feldspar-porphyry dyke cutting host rocks proximal to the vein footwall. The gold interval is located near the east-west trending contact between volcano-sedimentary host rocks and a tonalite intrusive body. The contact area is characterized by damage zones and abundant shearing, various styles of alteration and veining, as well as feldspar porphyry dikes.
Figure 2: a) BH-02 smoky-grey quartz vein (41.1 g/t Au over 0.50m), b) visible gold, chalcopyrite and pyrrhotite in brecciated grey-black quartz
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Geological mapping and 3-D modelling work indicates that this high-grade gold intercept projects to the surface along strike with the 19.75 g/t Au surface sample collected in 2021, as well as the 0.47m sample grading 3.23 g/t Au and 1.185% Cu from BH-03. (Figure 3).
Figure 3: Interpreted projection of high-grade intercepts from surface through BH-03 and BH-02
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Additional smoky grey quartz +/- sulfide veins up to 20 cm wide were intercepted in BH-02 and all other Bear Head Zone drillholes, contributing to a broad, low-grade gold envelope as indicated by the assays. The presence of high-grade mineralization, with visible gold, within a broad low-grade mineralized envelope, is typical in environments where gold is concentrated in plunging chutes. Table 1 shows the significant gold intercepts (>0.25 g/t) in each drill hole.
Table 1: Significant Gold Intercepts >0.25 g/t
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Drillhole Descriptions
BH-01 (Az: 180°, Dip: -50°)
BH-01 is the westernmost hole drilled at the Bear Head Zone and is designed to test an east-west trending quartz vein zone beneath the 1.415 g/t Au sample collected on surface in 2021. BH-01 cut 16 meters of overburden before intersecting chlorite-carbonate altered mafic metavolcanic rocks containing instances of moderate shearing with minor intervals of sericite-silica alteration, with up to 5% grey to white quartz veinlets. The best gold intercept occurs between 16-19 meters downhole and averages 0.356 g/t Au. Pyrite and pyrrhotite are present as fine disseminations and as a stringer veinlet network. At 78m, the hole intersected an intrusive tonalite body to EOH at 185.5m.
BH-02 (Az: 180°, Dip: -50°)
BH-02 was drilled 300m east of BH-01 and targeted an east-west oriented magnetic high feature located north of the quartz-veined topographic ridge system tested by BH-01. After 25 meters of overburden, the hole intersected an intensely sheared clastic sedimentary rock (argillite) that contains smokey quartz veins, disseminated pyrite and pyrrhotite. From 44 -163m downhole, chlorite-calcite altered mafic metavolcanic rocks were intersected, with locally strong shearing, and intermittent zones of moderate sericite and silica alteration. From 62-67m interbedded banded-iron-formations were noted, often with up to 8% banded pyrite and pyrrhotite. The mafic metavolcanic unit (72 to 155 meters downhole) contains narrow smoky grey and white quartz veinlets creating a broad low-grade gold halo (samples up to 1.17 g/t Au, 0.23% Cu over 1m), as well as a 0.5m meter sample with 41.1 g/t Au, where a 20cm (true width unknown) smoky quartz vein contains visible gold, chalcopyrite and pyrrhotite. At 163m the hole intersected tonalite intrusion to EOH at 206 meters.
BH-03 (Az: 180°, Dip: -50°)
BH-03 was drilled 100m east of BH-02 and targeted the quartz-veined ridge topographic high, specifically below the 19.75 g/t Au sample collected in 2021. After 15 meters of overburden the hole intersected chlorite altered mafic metavolcanic rocks to 117 meters downhole. The metavolcanic rocks are moderately sheared (locally) and contain smoky-grey and white quartz veins, quartz breccia, and sulfide stringers with sericite halos. From 20m to 105m downhole, a low-grade gold envelope is present (similar to BH-02). The highest grade sample was taken from a moderately veined interval with foliation-hosted pyrite, pyrrhotite and chalcopyrite, grading 3.23 g/t Au and 1.185% Cu over 0.47m. From 117m to 192m (EOH), the tonalite intrusion was intersected and intermittently cut by fine-grained mafic dykes.
BH-04 (Az: 180°, Dip: -50°)
BH-04 was drilled 100m east of BH-03 and targeted a quartz-vein topographic high ridge with a coincident magnetic anomaly (high). Below 28 meters of overburden the hole cut interbedded clastic metasedimentary rocks (argillite), mafic metavolcanic rocks, and banded iron-formations (locally enriched in arsenopyrite and pyrite) to 97m depth. From 97m to 181m, mafic metavolcanic rocks are present cut locally by fine-grained mafic intrusions (dykes). The mafic metavolcanic rocks are cut by 2-3% smoky-grey to white quartz veinlets which ran up to 0.895 g/t Au & 0.243% Cu over 1m. From 181m to 290m (EOH) the hole intersected tonalite intrusion cut by mafic dykes.
BH-05 (Az: 0°, Dip: -50°)
BH-05 was drilled toward the north and cut a topographic/magnetic low situated between the Bear Head Zone surface exposure and the Chellow Vein (600m to the north). After 26 meters of overburden, the hole intersected sheared argillite to 224m depth. The argillite is locally pyrite +/- pyrrhotite bearing in foliation parallel layering with occasional course arsenopyrite. From 224m to EOH at 449m, the hole intersected foliated chlorite-calcite altered mafic metavolcanic rocks (local argillite interbeds) with narrow zones of sulfides, and minor quartz-carbonate veining. The highest grade gold sample occurred at 63.4m in the sheared argillite, with 0.256 g/t Au, 32.6 g/t Ag, 0.483% Zn, and 0.476% As over 0.5m.
BH-06 (Az: 180°, dip: -50)
BH-06 was drilled 100m east of BH-04 and targeted a quartz-veined topographic high ridge system and coincident magnetic high anomaly. After 20 meters of overburden the hole cut the sheared argillite unit down to 59m, followed by banded iron formation interbedded with mafic metavolcanic rocks down to 67m downhole. From 67-165m, chlorite altered mafic metavolcanic rocks were cut by sparse intermediate to mafic dykes, and local zone of sericite + silica alteration. The mafic metavolcanic unit contains 2-5% smoky-grey to white quartz veins, with increasing sulfide abundance (pyrite + pyrrhotite + chalcopyrite) moving downhole, grading up to 0.42 g/t Au over 2m, and up to 0.16% Cu over 1m. From 165m to 225m the tonalite intrusion was intersected and intermittently cut by fine-grained mafic dykes.
BH-07 (Az: 0°, Dip: -50°)
BH-07 was drilled towards the north to test the topographic/ magnetic low situated between the Bear Head Zone surface exposure and the Chellow Vein (600m to the north). After 21 meters of overburden, the hole intersected the same lithologic sequence as BH-05, with strongly sheared argillite down to 234m, followed by chlorite-altered mafic metavolcanic rocks down to EOH at 489m. Within the mafic metavolcanic unit from 454-488m downhole, quartz + carbonate breccia veins up to 50cm wide with trace chalcopyrite, pyrrhotite and pyrite were intersected. The highest grade gold sample occurred at 429m downhole in the mafic metavolcanic rocks, with 0.267g/t Au over 2m.
BH-08 (Az: 180°, dip: -50)
BH-08 is the easternmost hole drilled at the Bear Head Zone and is designed to test an east-west trending quartz veined topographic ridge system. BH-08 cut 12 meters of overburden before intersecting sheared argillite containing local concentrations of banded sulfides (pyrite, pyrrhotite, and arsenopyrite), with samples in this unit grading up to 0.328% Zn and 0.471% As over 1m. At 74m, the hole intersected mafic metavolcanic rocks, cut by narrow smoky grey-white quartz veinlets and trace sulfides which ran up to 1.1 g/t Au over 1m, and 0.403% Cu and 0.269 g/t over 0.51m. From 185-245m (EOH) the hole intersected tonalite intrusion cut by minor mafic dykes.
Geologic Setting
The geology and mineralization encountered in the drill program are similar to that described at the historic Golden Patricia Mine, located along strike 30km to the SE along the Bear Head Fault Zone. The Golden Patricia Mine produced 619,796 oz at 15.2 g/t Aui, and is hosted in a continuous 40 cm wide smoky quartz vein with visible gold, pyrrhotite, chalcopyrite. Like the Bear Head Zone (McVicar Project), veining at Golden Patricia is also hosted in mafic metavolcanic rocks with feldspar porphyry intrusions, iron formations, and shearing. The Golden Patricia shear zone is interpreted as a splay of the Bear Head Fault.v
Cross River CEO, Alex Klenman stated: "We are pleased with the results of the company's initial drill test on the Bear Head trend. The Cross River technical team identified this area as a priority target for gold mineralization and drilling has now confirmed discovery in this highly prospective zone. We look forward to next steps on the large prospective McVicar property and to follow up drilling at Bear Head. We're also eager to see the results from drilling at the Altered Zone and anticipate receiving those sometime over the next few weeks."
"The discovery of high grade gold during the company's initial drill test at the Bear Head Zone represents a significant step forward for Cross River," said Dan MacNeil, P.Geo, of the Cross River Technical Team. "The Bear Head Zone is on trend with the Golden Patricia Mine, which produced more than half a million ounces of gold at an average grade of 15 grams per ton. The McVicar project is a flagship gold endowed exploration asset, and the presence of high grade gold increases our confidence in the potential of the project," continued Mr. MacNeil.
In addition to drill testing the Bear Head Zone during the winter 2022 drill program, 6 holes were drilled at the Altered Zone target to test strike and plunge continuity of known mineralization. Assays are pending and will be released once received, reviewed, and verified by the technical team.
Table 2: Bear Head Zone Collars
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About The Bear Head Trend
The Bear Head Trend was discovered in summer 2021 by Cross River Ventures field crews. The target is defined by a +700m strike of high-grade surface samples (up to 19.75 g/t Au - see News Release October 5th, 2021) following a prominent WNW trending topographic ridge system with mapped iron formation, sheared mafic meta-volcanics, and mineralized quartz veins. The Bear Head zone is located 600 meters south of the historic Chellow Vein near the southern contact between mafic volcanics and granite along the Bear Head Fault Zone. Drillholes were positioned to target the mineralized ridge system and coincident magnetic anomaly, as well as the topographic low situated between the Bear Head Trend and the Chellow Vein.
The Bear Head Trend is a previously undrilled high-grade gold corridor that is nested within a WNW trending multi-km braided damage zone structure. This geological environment is considered prospective for Archean greenstone gold deposits and contains favorable structural and lithological sites for gold deposition.
About The Altered Zone
The Altered Zone is a complex zone of deformation and intense alteration composed of sheared mafic volcanics, abundant green mica, intermediate intrusive rocks, massive to semi-massive quartz, and a quartz-carbonate-sericite schist.
New geologic modelling by Cross River in 2021 utilizes historic drilling data and suggests that the high-grade gold bearing structure continues at depth, coincident with lithologic breaks and a broader damage zone corridor characterized by an intense hydrothermal alteration overprint. The gold bearing structure at the Altered Zone is open in all directions. 2022 drillholes were positioned to target down-plunge extensions of known mineralization based on 3D modelling, as well as track the continuity of the structure to the south.
About the McVicar Project
Cross River's McVicar gold project is situated in the Superior Province of northern Ontario, Canada. The greenstone belts within the Superior Province contain some of the largest economic gold deposits in the world. McVicar encompasses the geologically significant structural components of the Lang Lake greenstone belt, an underexplored belt located approximately 40 km north of the historic Golden Patricia Mine (619,796 oz at 15.2 g/t Au)*.
The McVicar Gold Project is a district-scale (approximately 12,000 hectares) gold exploration project that contains gold prospective structure and host rocks that transect the entire Lang Lake greenstone belt, located in the Patricia Mining Division, approximately 150 km east of Red Lake, and 80 km west of Pickle Lake, in NW Ontario, Canada.
The property covers all the major fertile structural and lithostratigraphic elements of the greenstone belt, which is bound to the south by the major NW trending Bear Head Fault zone (within which the historic Golden Patricia Mine is situated).
Historic drilling at McVicar Lake in the Altered and North Flexure Zones include:
The McVicar property also host the Chellow Vein zone, which is a narrow quartz vein that consists of smoky grey to white quartz mineralized with minor pyrite and visible gold. The vein system yielded high grade gold at surface including grab samplesiv that assayed 827.4 g/t Au and 578.1 g/t Auv.
Figure 4: McVicar Gold Project, location of nearby deposits and historical mines, NW Ontario
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Quality Assessment, Quality Control Protocols
Cross River has deployed an industry-standard quality-assurance/quality-control program during the 2022 drill program. This included the insertion of a sequence of standards, blanks, and duplicates into the sample string every tenth sample, in addition to industry standard chain of custody protocols for the samples. Core cutting was completed in Thunder Bay and samples were taken to ALS Global for multi-element analysis in addition to fire-assay of gold using analytical codes ME-MS61 and Au-ICP22. Overlimit analyses of gold (>10 g/t Au) was performed using Au-GRAV22.
Qualified Person
Daniel MacNeil, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. Historical assay results contained in this press release were not verified by the Company. However, the historical reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets were commonly inserted in the reports.
About Cross River Ventures
Cross River is a gold exploration company focused on the development of top tier exploration properties located in emerging Greenstone Districts of NW Ontario, Canada. The Company controls a 28,000-ha, multiple project portfolio with highly prospective ground in and among prolific, gold bearing greenstone belts. Cross River's common shares trade in Canada under the symbol "CRVC" on the CSE, and in the US under the symbol "CSRVF" on the OTCQB. Please visit www.crossriverventures.com for more information.
On behalf of the Board of Directors of
CROSS RIVER VENTURES CORP.
Alex Klenman
CEO
604-227-6610
aklenman@crossriverventures.com
www.crossriverventures.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Canadian Securities Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
____________________________________________
ihttps://thediggings.com/mines/usgs10255075
*https://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52O06SE00005.html
ii McKay D.B, 2004. Report on the 2003 Overburden Stripping, Geologic Mapping and Sampling Program conducted on the McVicar Lake Property: Continuum Resources Ltd and Prospector Consolidated Resources Inc. www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/52O11SW2003/52O11SW2003.pdf
iii McKay D.B, 2004. Report on the 2003 Overburden Stripping, Geologic Mapping and Sampling Program conducted on the McVicar Lake Property: Continuum Resources Ltd and Prospector Consolidated Resources Inc. www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/52O11SW2003/52O11SW2003.pdf
iv Grab samples are selective by nature and may not represent the true grade or style of mineralization across the property. Dr. Rob Carpenter, P.Geo., Ph.D., a Qualified Person as defined under National Instrument 43-101, reviewed, and approved the technical content disclosed in this press release. Historical assay results contained in this press release were not verified by the Company. However, the historical reports referenced were authored by experienced geoscientists and copies of laboratory assay sheets were commonly inserted in the reports.
v Waldie C.J. Report of Diamond Drilling McVicar Lake Area Patricia Mining Division: BHP Minerals Canada Ltd.
vhttps://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52O06SE00005.html
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today it was making significant progress in building a business for the future with a peerless Tier One 1 focused asset portfolio and a strategy that continues to uncover and unlock value, while also fostering productive partnerships in its host countries.
Speaking in New York to investors at an in-depth presentation on the group's position, achievements and plans, president and chief executive Mark Bristow said that since the merger, Barrick had generated $23 billion in operating cash flow, invested $15 billion in its operations and growth projects — effectively recapitalizing operations for the next 10 years or more — reduced the net debt by nearly $4 billion and returned over $5 billion to shareholders. 2
"Our world-class projects are set to deliver a new growth phase and our targeted exploration programs are on course to maintain Barrick's unmatched record of reserve replacement, which allows us to project a 10-year production profile," he said.
Barrick is opening up exciting new frontiers in Chile, Peru and Ecuador while also exploiting value-creating opportunities within its current asset portfolio. "In Nevada, we're making significant progress with mine extension projects at Leeville, Goldrush, Hanson, Robertson, Swift and new extensions to Turquoise Ridge. The newly permitted Goldrush mine is ramping up production and the adjacent Fourmile, which is currently 100% owned by Barrick, is turning out to be a truly world-class asset," Bristow said.
Barrick has completed a preliminary economic assessment at Fourmile using conservative mining rates and costs, all of which draw directly from the current Goldrush mine plan. The results highlight the potential for annual operating cash flows that are at least 70% higher than the already world-class Goldrush project. 3
Bristow said Barrick's holistic approach to sustainability is central to every aspect of its value-driven business. "It enables us to make the most of the highest-quality gold assets in the industry while building a world-class copper business. It supports the evolution of a partnership model that benefits all stakeholders. It is key to the management of the mines that generate the free cash flow to fund our organic growth projects and build the strong balance sheet that enables a disciplined return to shareholders. Not least, it attracts the best and the brightest new employees because it resonates with their own values," he said.
The webcast of today's Investor Day presentations is available at www.barrick.com .
Enquiries:
| President and CEO Mark Bristow +1 647 205 7694 +44 788 071 1386 | Senior EVP and CFO Graham Shuttleworth +1 647 262 2095 +44 779 771 1338 | Investor and Media Relations Kathy du Plessis +44 20 7557 7738 Email: barrick@dpapr.com |
Website: www.barrick.com
Endnote 1
A Tier One Gold asset has the potential for +5Moz and +10 years of production at +500kozpa at $1400/oz reserve prices, with all in sustaining costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset has potential for +5Mt contained copper and +20 years of production of +200ktpa at $3/lb reserve prices, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.
Endnote 2
Returns to shareholders include dividends, return of capital distributions and share buybacks.
Endnote 3
Fourmile financial metrics and production metrics are based upon Barrick's internal preliminary economic assessment which is conceptual in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by a Qualified Person. Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.
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 "progress", "continue", "target", "ramp up", "potential", "project", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance, including our ten-year outlook for gold and copper and anticipated production growth from Barrick's organic project pipeline and reserve replacement; our expected progress with respect to our growth projects, including our mine extension projects at Leeville and the Pipeline region and the ramp up at Goldrush; our exploration strategy; the potential for Fourmile to become a world-class asset and anticipated annual operating cash flows from the project; Barrick's sustainability strategy; and expectations, regarding future price assumptions, financial performance and other outlooks or guidance.
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: risks relating to political instability in certain of the jurisdictions in which Barrick operates; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as 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 working with partners in jointly controlled assets; 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, or the other jurisdictions in which the Company or its affiliates do or may carry on business in the future; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; failure to obtain key licenses by governmental authorities; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; 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.
Barrick disclaims 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.
News Provided by GlobeNewswire via QuoteMedia
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today updated its mineral resource estimate for its wholly-owned Fourmile project in Nevada, resulting in a 192% increase in indicated resources (1.4 million ounces grading 11.76gt), a 137% increase in inferred resources (6.4 million ounces grading 14.1gt) and a 35% increase in grade relative to Barrick's 2023 year-end mineral resource estimate 1 .
The increases reflect the addition of 25 new drill holes to the 2023 mineral resource estimate across the southernmost portion of the orebody, immediately adjacent to the Goldrush project at Cortez which is part of the Nevada Gold Mines joint venture (NGM).
Speaking today at Barrick's Investor Day in New York , president and chief executive Mark Bristow said that the Fourmile project was a truly world-class asset and could be compared to the original Goldstrike deposit, the foundational asset of Barrick which is now part of NGM's Carlin.
"Our strategy of investing in organic growth through exploration and mineral resource management has set us apart from the industry. We believe in creating real value through discovery and development rather than relying on an increase in the gold price to justify high-premium mergers and acquisitions," he said.
"Since the formation of the NGM joint venture in 2019, we have added more than 19Moz of proven and probable mineral reserves to the life of mine plan on a 100% basis 2 . This does not yet reflect the additional exploration upside that we see today, including Greater Leeville and Hanson in Cortez Underground," said Bristow.
Mineral resource management and evaluation executive Simon Bottoms added that the updated mineral resource estimate for Fourmile only covers approximately one-third of the overall orebody as defined by drilling to date.
"To illustrate the potential value that a truly world-class orebody like Fourmile has, we have completed a preliminary economic assessment using conservative mining rates and costs, all of which draw directly from the current Goldrush mine plan. The results highlight the potential for annual operating cash flows resulting from Fourmile to be more than 70% higher than the already world-class Goldrush project 3 . For the next stage of the project, we plan to start a three-year prefeasibility study in 2025, which will not only continue to define substantial resources and reserves across the entire orebody from surface drilling, while the northern Bullion Hill access is permitted and developed, but will also undertake pilot autoclave and roaster test work," Bottoms said.
Enquiries:
| President and CEO Mark Bristow +1 647 205 7694 +44 788 071 1386 | Senior EVP and CFO Graham Shuttleworth +1 647 262 2095 +44 779 771 1338 | Investor and Media Relations Kathy du Plessis +44 20 7557 7738 Email: barrick@dpapr.com |
Website: www.barrick.com
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration—each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects . Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2023 except Fourmile, which is as of November 22, 2024.
Endnote 1
Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.
| Fourmile 2024 Gold Mineral Resources 1, 2,3,4,5 | |||||||||||||
| As at November 22, 2024 | MEASURED (M) 6 | INDICATED (I) 6 | (M) + (I) 6 | INFERRED 7 | |||||||||
| Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | Contained ozs | Tonnes | Grade | Contained ozs | ||||
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) | |||
| Fourmile underground (100%) | — | — | — | 3.6 | 11.76 | 1.4 | 1.4 | 14 | 14.1 | 6.4 | |||
| TOTAL | — | — | — | 3.6 | 11.76 | 1.4 | 1.4 | 14 | 14.1 | 6.4 | |||
| See "Mineral Reserves and Resources Endnotes". | |||||||||||||
| Fourmile 2023 Gold Mineral Resources 1,2,3,4,5 | |||||||||||||
| As at December 31, 2023 | MEASURED (M) 6 | INDICATED (I) 6 | (M) + (I) 6 | INFERRED 7 | |||||||||
| Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | Contained ozs | Tonnes | Grade | Contained ozs | ||||
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) | |||
| Fourmile underground (100%) | — | — | — | 1.5 | 10.04 | 0.48 | 0.48 | 8.2 | 10.1 | 2.7 | |||
| TOTAL | — | — | — | 1.5 | 10.04 | 0.48 | 0.48 | 8.2 | 10.1 | 2.7 | |||
| See "Mineral Reserves and Resources Endnotes". | |||||||||||||
Endnote 2
Proven and probable reserve gains at Nevada Gold Mines calculated from cumulative net change in reserves from year end 2019 to 2023, as shown in the table below (100% basis):
| Year | P&P Reserves (Moz) | Acquisition & Divestments (Moz) i | Depletion (Moz) | Net Change (Moz) | |
| 2019 a | 48 | - | (4.5 | ) | 4.5 |
| 2020 b | 45 | - | (4.0 | ) | 0.85 |
| 2021 c | 50 | 0.38 | (4.3 | ) | 9.0 |
| 2022 d | 48 | - | (3.7 | ) | 1.8 |
| 2023 e | 47 | - | (3.5 | ) | 2.7 |
| 2019 – 2023 Total | N/A | 0.38 | (20 | ) | 19 |
Totals may not appear to sum correctly due to rounding.
All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.
a Estimates as of December 31, 2019, unless otherwise noted. Proven reserves of 160 million tonnes grading 4.24 g/t, representing 22 million ounces of gold, and Probable reserves of 410 million tonnes grading 2.02 g/t, representing 26 million ounces of gold. Conversions may not recalculate due to rounding.
b Estimates as of December 31, 2020, unless otherwise noted. Proven reserves of 150 million tonnes grading 4.23g/t, representing 21 million ounces of gold, and Probable reserves of 360 million tonnes grading 2.11g/t, representing 24 million ounces of gold. Conversions may not recalculate due to rounding.
c Estimates as of December 31, 2021, unless otherwise noted. Proven mineral reserves of 99 million tonnes grading 4.82g/t, representing 15 million ounces of gold, and Probable reserves of 420 million tonnes grading 2.58g/t, representing 35 million ounces of gold. Conversions may not recalculate due to rounding.
d Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 83 million tonnes grading 5.24g/t, representing 14 million ounces of gold, and Probable reserves of 500 million tonnes grading 2.12g/t, representing 34 million ounces of gold. Conversions may not recalculate due to rounding.
e Estimates as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 52 million tonnes grading 4.42g/t, representing 7.5 million ounces of gold, and Probable reserves of 530 million tonnes grading 2.35g/t, representing 40 million ounces of gold. Conversions may not recalculate due to rounding.
Endnote 3
Fourmile financial metrics and production metrics are based upon Barrick's internal preliminary economic assessment which is conceptual in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by a Qualified Person. Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.
Mineral Reserves and Resources Endnotes
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 "progress", "continue", "target", "ramp up", "potential", "project", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance, including our ten-year outlook for gold and copper and anticipated production growth from Barrick's organic project pipeline and reserve replacement; our expected progress with respect to our growth projects, including our mine extension projects at Leeville and the Pipeline region and the ramp up at Goldrush; our exploration strategy; the potential for Fourmile to become a world-class asset and anticipated annual operating cash flows from the project; Barrick's sustainability strategy; and expectations, regarding future price assumptions, financial performance and other outlooks or guidance.
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: risks relating to political instability in certain of the jurisdictions in which Barrick operates; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as 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 working with partners in jointly controlled assets; 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, or the other jurisdictions in which the Company or its affiliates do or may carry on business in the future; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; failure to obtain key licenses by governmental authorities; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; 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.
Barrick disclaims 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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Prospect Ridge Resources' compelling investment value proposition stems from the company's robust growth ambitions driven by its highly prospective assets near the renowned Golden Triangle region, and a management team with substantial technical expertise.
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. In 2023, a total of 241 samples were collected from this area which extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
Prospect Ridge Resources has also completed an inaugural drilling program at the Copper Ridge zone to test high-priority targets covering an area of 1,550 metres by 850 metres.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east.
The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.