With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals has been awarded a $2.87 million grant for the commercialisation of its innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. The grant is under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a definitive feasibility. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
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.
News Provided by GlobeNewswire via QuoteMedia
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 in the western and central portion of this large system.
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 granodioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, which confirmed the orientation of the veins and extended them more at depth.
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 over $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.