Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported a new
discovery hole about 2 kilometers from the best ever drilling
intercept at its Fourmile project in Nevada and said this pointed
to the delivery of at least one more Tier 1 gold mine through
the combination of Fourmile with the nearby Goldrush development
project. Barrick did not include Fourmile in the recent combination
of its Nevada assets with those of Newmont Goldcorp to create the
Nevada Gold Mines joint venture, but has the right to bring it into
the joint venture for full market value provided certain agreed
investment criteria are met.
Speaking at the Denver Gold Forum Americas,
Barrick president and chief executive Mark Bristow said diligent
exploration and detailed geological modelling had led to effective
targeting at Fourmile. The intercept (FM19-11DW14) is of a new
orebody a kilometer north of Fourmile. It increases the strike
length of the mineralized Goldrush-Fourmile trend to greater than 6
kilometres. Mineralization is open in all directions and
significant resource growth is expected from continuing the
step-out drilling programme.
“Discovery is fundamental to value creation and
the latest results from Fourmile confirm the potential for further
high-value discoveries in the greater Cortez – Carlin region which
has been a prolific source of gold discovery and production for
150 years, and still holds an untapped wealth of geological
endowment,” Bristow said.
Reporting on Barrick’s performance since the
merger with Randgold at the beginning of the year, Bristow said the
business was generating significantly higher profits and free cash
flows. The business was well supported by six profitable Tier 1
assets with tangible prospects for future value creation, and
Barrick now boasts one of the strongest balance sheets among its
industry peers.
“We’re well positioned to achieve our targets
for the year. Production is trending towards the top end of the
5.1 to 5.6-million-ounce guidance range while costs are likely
to be at the lower end of the cost forecasts. The market is
starting to recognize and reward this performance, and it’s worth
noting that the Barrick share price has increased by 90% since the
Randgold deal announcement a year ago, outstripping the GDX index
and the spot gold price by a wide margin,” he said.
Bristow said details of Barrick’s five-year plan
would be shared with the market when it publishes its
Q3 results in November.
“Our aim is to make the Barrick brand synonymous
with value creation. That value will be generated by its existing
Top Tier operational base of long-life mines, located within
world-class geological provinces and run by management teams that
can unlock and bring to account opportunities where others have
failed,” he said.
“But there is also a lot more to be done,
notably in Latin America and Tanzania, and you can be sure that we
remain unrelenting in our quest to be the industry leader in value
creation and delivery.”
Bristow noted that Barrick’s acquisition of the
Acacia minorities’ shareholding had closed that day and it could
now proceed unfettered to address the issues that had previously
plagued the company. A Barrick team was already hard at work on the
ground to fix these assets operationally, restore their social
license and repair their relationship with the government and other
local stakeholders. The team is making significant progress: North
Mara has been reopened and the shipping of concentrates is expected
to resume shortly. Acacia’s London office has been closed and the
mines integrated into Barrick’s Africa and Middle Eastern region,
with a significant saving in corporate and overhead costs.
Enquiries:
Mark Bristow President and CEO+1 647 205 7694+44 788 071 1386 |
Graham Shuttleworth Senior Executive Vice-President and Chief
Financial Officer+1 647 262 2095+44 779 771 1338 |
Kathy du Plessis Investor and Media Relations+44 20 7557
7738barrick@dpapr.com |
Website: www.Barrick.com
Technical
Information The scientific and technical
information contained in this press release has been reviewed and
approved for release by Rob Krcmarov, FAusIMM, Executive
Vice-President, Exploration and Growth, who is a
“Qualified Person” as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
Drill Results from FM19-11DW11 |
Core Drill Hole2 |
Azimuth |
Dip |
Interval (m) |
Width (m)3 |
Au (g/t) |
FM19-11DW14 |
18 |
-74 |
1208.2 - 1209.7 |
1.5 |
8 |
1238.1 - 1239.3 |
1.2 |
73.4 |
1279.8 - 1290.5 |
10.7 |
24.8 |
1304.2 - 1305.7 |
1.5 |
8.1 |
1319.5 - 1321.0 |
1.5 |
5 |
1343.8 - 1348.4 |
4.6 |
49.4 |
1351.5 - 1357.6 |
6.1 |
21.2 |
- All intercepts calculated using a 5 g/t Au cutoff and are
uncapped; minimum intercept width is 0.8 m; internal dilution is
less than 20% total width
- Fourmile drill hole nomenclature: FM (Fourmile) followed by the
year (19 for 2019)
- True width of intercepts are uncertain at this stage
- Partial results received
The drilling results for the Fourmile property
contained in this press release have been prepared in accordance
with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects. All drill hole assay information has been
manually reviewed and approved by staff geologists and re-checked
by the project manager. Sample preparation and analyses are
conducted by an independent laboratory. Procedures are employed to
ensure security of samples during their delivery from the drill rig
to the laboratory. The quality assurance procedures, data
verification and assay protocols used in connection with drilling
and sampling on the Fourmile property conform to industry accepted
quality control methods.
Cautionary Statement on Forward-Looking
InformationCertain information contained or incorporated
by reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “potential”, “prospects”,
“likely”, “aim”, “quest”, “shall”, “will”, “should” and similar
expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including,
without limitation, with respect to: potential mineralization,
including in respect of Fourmile; potential for existing or newly
developed assets to become Tier One gold assets; potential for
additional discoveries in the Cortez-Carlin region; Barrick’s
forward-looking production guidance; estimates of future total cash
costs; Barrick’s goal to be an industry leader; and Barrick’s
integration plans for Acacia and potential cost savings.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation and exploration
successes; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; the duration of the Tanzanian ban on mineral
concentrate exports; the ultimate terms of any definitive agreement
between Acacia and the Government of Tanzania to resolve a dispute
relating to the imposition of the concentrate export ban and
allegations by the Government of Tanzania that Acacia
under-declared the metal content of concentrate exports from
Tanzania and related matters; the benefits expected from recent
transactions being realized, including Nevada Gold Mines;
diminishing quantities or grades of reserves; increased costs,
delays, suspensions and technical challenges associated with the
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; non-renewal of key licenses by
governmental authorities; timing of receipt of, or failure to
comply with, necessary permits and approvals; uncertainty whether
some or all of Barrick's targeted investments and projects will
meet the Company’s capital allocation objectives and internal
hurdle rate; the impact of global liquidity and credit availability
on the timing of cash flows and the values of assets and
liabilities based on projected future cash flows; adverse changes
in our credit ratings; the impact of inflation; fluctuations in the
currency markets; changes in U.S. dollar interest rates; risks
arising from holding derivative instruments; changes in national
and local government legislation, taxation, controls or regulations
and/or changes in the administration of laws, policies and
practices, expropriation or nationalization of property and
political or economic developments in Canada, the United States and
other jurisdictions in which the Company or its affiliates do or
may carry on business in the future; lack of certainty with respect
to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; risks associated with illegal
and artisanal mining; the risks of operating in jurisdictions where
infectious diseases present major health care issues; disruption of
supply routes which may cause delays in construction and mining
activities; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not; the
possibility that future exploration results will not be consistent
with the Company’s expectations; risks that exploration data may be
incomplete and considerable additional work may be required to
complete further evaluation, including but not limited to drilling,
engineering and socioeconomic studies and investment; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
litigation and legal and administrative proceedings; contests over
title to properties, particularly title to undeveloped properties,
or over access to water, power and other required infrastructure;
business opportunities that may be presented to, or pursued by, the
Company; our ability to successfully integrate acquisitions or
complete divestitures; risks associated with working with partners
in jointly controlled assets; employee relations including loss of
key employees; increased costs and physical risks, including
extreme weather events and resource shortages, related to climate
change; and availability and increased costs associated with mining
inputs and labor. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release. We disclaim any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Sep 2023 to Sep 2024