Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report metallurgical test results for Hestia, Eos and Iris, part of the 100%-owned Mandilla Gold Project (Mandilla), located approximately 70km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
Astral Resources’ Managing Director Marc Ducler said: “The exceptional metallurgical results for Hestia, Eos and Iris continue to highlight the outstanding metallurgical characteristics of the Mandilla Gold Project. Typically, gold project studies in the Eastern Goldfields report initial metallurgical results based on 1,000ppm cyanide concentrations and 75µm grind sizes. The confidence in the Mandilla Gold Project gained from prior studies allowed us to successfully test much lower cyanide levels at much coarser grind sizes that would deliver very low processing costs yet still achieve sector-leading gold recoveries.
“To date, we have conducted 20 gravity and leach tests at Mandilla, with the gold remaining in the assayed tail averaging 0.02g/t Au. This demonstrates that the 95.7% gold recovery assumption used in the Scoping Study, while considered high by industry standards, is potentially conservative when considering the excellent metallurgical properties being demonstrated at Mandilla.
“These new results significantly de-risk Mandilla, confirming the ability to generate high gold recoveries in easily achievable, real-world processing plant conditions.
“This will positively impact the metrics and economics of the Mandilla Gold Project Pre-Feasibility Study which is expected to be completed in the June quarter 2025.
“I note that, in the Scoping Study announced on 21 September 2023, no contribution was included for Iris where a Mineral Resource of 115koz is currently mapped. However, in light of these metallurgical results as well as the increase in gold price since the Study was released, it is anticipated that ore from Iris may be included as part of the Pre-Feasibility Study.
“Turning to exploration, drilling activities are progressing well, with the latest phase of in-fill RC drilling at Theia completed. The drill rig has since been relocated to Feysville to complete further extensional and in-fill drilling at Kamperman with seven holes already completed. Importantly, step-out holes up to 200 metres further north of the current known extents of gold mineralisation have intersected significant quartz and sulphide mineralisation which is similar in characteristic to the lithologies which host gold mineralisation at Kamperman.
“With Mineral Resource Estimation work currently underway at Feysville, the team has also taken the opportunity to refine the geological models for the Hestia and Eos deposits. Updated MRE’s are now expected later this month for Think Big, Rogan Josh and Kamperman at Feysville, with Hestia and Eos to follow later in the December Quarter.”
Figure 1 - Map illustrating location of Mandilla and Feysville Gold Projects.
MANDILLA GOLD PROJECT
The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.
The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX:NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX:WGX).
Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Significant NW to WNW-trending structures along the western flank of the project are interpreted from aeromagnetic data to cut through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which has a mineralised footprint extending over a strike length of more than 1.6km.
A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike length of approximately 600 metres, combining with Theia to form a mineralised zone extending over a strike length of more than 2.2 kilometres.
At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified and which extends over a length of approximately 600 metres. A primary gold source is also present with further drilling required to determine both the nature and structural controls on mineralisation and its extent.
Mineralisation delineated over approximately 800 metres of strike at the Hestia deposit, located approximately 500 metres west of Theia, is associated with a shear zone adjacent to a mafic/sediment contact, interpreted to be part of the major north-south trending group of thrust faults known as the Spargoville Shear Corridor.
Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the north, the Ghost Crab/Mt Marion mine (>1Moz).
The mineralisation at Hestia, which is present in a different geological setting to bedrock mineralisation at Theia and Iris, remains open both down-dip and along strike.
In July 2023, Astral announced a Mineral Resource Estimate (MRE) of 37Mt at 1.1 g/t Au for 1.27Moz of contained gold1 for the Mandilla Gold Project.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated mineral resource estimate of 5.0Mt at 1.2g/t gold for 196koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral Resources intends to increase production further. The assay results from the six-hole 1,832-metre drilling program completed at Theia deposit last year indicate a high potential for converting inferred resources to higher confidence indicated resources. Feysville presents another exciting opportunity, which is evident from the recent assay results at the Kamperman prospect. In 2023, Astral drilled 10 holes at Kamperman intersecting high-grade gold, including 4 metres at 94.8 g/t gold, 21 metres at 4.16 g/t gold, 35 metres at 2.19 g/t gold, 10 metres at 4.57 g/t gold, and 5 metres at 5.89 g/t gold.
The presence in Western Australia, a tier 1 mining jurisdiction, is encouraging and should comfort investors. Western Australia has world-class infrastructure and a skilled workforce. The Fraser Institute ranked it fourth globally and first in Australia as the most attractive jurisdiction for mining investment in 2023.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. We note that Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company completed a six-hole 1,832 metre drilling program at Theia deposit last year. The assay results have been released and indicate a high potential for the conversion of inferred resources to higher confidence indicated resources. The assay results include: 39 metres at 5.4 g/t gold, 29 metres at 2.8 g/t gold, 28 metres at 1.4 g/t gold, 8 metres at 8.8 g/t gold.
Astral is planning to commence a pre-feasibility study at Mandilla.
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 mineral resource estimate (MRE) indicates 5.0Mt at 1.2g/t gold for 196koz of contained gold. Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 19-hole 2,459 reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program yielded significant assay results in 14 out of 19 RC holes. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant. A further 2,500-metre follow-up RC program is planned to extend known mineralization at Kamperman beyond the current 350-metre strike length.
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Jed Whitford is a mining engineer with over 20 years of industry experience. His expertise primarily encompasses gold and base metals operations, having worked with companies such as Western Mining, Gold Fields, Golder Associates, Xstrata and Glencore.
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
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
