Exploration Identified Open-Ended High-Grade Upside At Turquoise Ridge

TORONTO – Barrick Gold Corporation reported operational highlights for the accelerated ramp-up of Goldrush in Nevada after its final permitting (Record of Decision) late last year. At the nearby Fourmile project — a potentially world-class asset drilling for a prefeasibility study has started to drive it up the value curve. Exploration has identified open-ended high-grade upside at Turquoise Ridge in Nevada, already Barrick’s highest-grade mine.

Nevada Gold Mines (NGM) has come a long way since 2019 when Barrick and Newmont pooled their assets in the state to create the world’s largest gold mining complex and is now making a strong start to the new year on the back of performance improvements and new growth prospects.  Operational highlights of the past year included a record production by the post-merger Cortez and the continuing turnaround at Turquoise Ridge, which is beginning to live up to its Tier One  status again. The most significant development, however, was the completion of the Goldrush permitting process at the end of 2023. This enabled Cortez to accelerate the development of a key project which will already make a significant production contribution this year.

The Barrick-owned Fourmile, for example, is expected to more than triple its current mineral resource of 0.48 million ounces at 10.04 g/t indicated in addition to 2.7 million ounces at 10.1g/t inferred, as well as uplifting the grade as orebody modelling and evaluation continue with a view to commence a pre-feasibility study at the end of 2024. In the meantime, brownfields exploration has delivered an exciting pipeline of near-mine growth opportunities across Carlin, Cortez and Turquoise Ridge. The complex now boasts a production growth profile that goes well beyond 10 years as the geologists step up the replacement of the ounces depleted by mining.

In line with the Barrick group’s transition to renewable energy, NGM completed the commissioning of the first 100 megawatt phase of its solar power project in the last quarter of 2023, with the second 100 megawatt scheduled to come on stream in the second half of this year. NGM also continues to invest in developing a new generation of skilled entrants to the mining industry. Last year, 270 people enrolled in its training mine, of whom 95% graduated. Of these, 84% are now employed by NGM.