Mr. Mark Bristow reports
BARRICK GROWS AND IMPROVES RESERVE AND RESOURCE BASE IN A YEAR OF CHANGE
Barrick Gold Corp.'s annual reserve and resource declaration, published today as part of its fourth quarter 2019 results, shows an attributable gold mineral reserve increase of approximately 14.5 per cent in ounces at a 7.7-per-cent-higher grade after depletion from mining, reflecting a busy year which included the incorporation of Randgold Resources, the formation of the Nevada Gold Mines joint venture with Newmont and the disposal of KCGM. Attributable reserves now stand at 1,300 million tonnes at 1.68 grams per tonne for 71 million ounces of gold (1). This has been achieved through reserve additions greater than mining depletion at a number of the principal assets including Kibali, Loulo-Gounkoto, Veladero, Porgera, Goldstrike underground mine, the Leeville/Portal underground mines, Mega pit, Turquoise Ridge underground mine and Phoenix. This was achieved through the refocus on geology as a core discipline within the business and cost improvements at the Nevada JV, which allowed for the lowering of cut-off grades and the increase in reserves.
All amounts are expressed in U.S. dollars.
Global attributable mineral resources also increased net of depletion with significant inferred mineral resource additions at Robertson and Fourmile in the Cortez district of Nevada, moving these new projects up the resource triangle. Goldrush, Robertson and Pueblo Viejo contain significant indicated and inferred mineral resources not currently in reserves and are the three growth projects from which further reserve growth can be expected in the near future upon completion of feasibility studies. Total attributable measured and indicated mineral resources, now reported inclusive of reserves and at a $1,500-per-ounce gold price, stand at 3,400 million tonnes at 1.55 grams per tonne for 170 million ounces, with a further 940 million tonnes at 1.30 g/t for 39 million ounces in the inferred category, highlighting the potential for growth in a higher gold price environment (1). All underground mineral resources are now reported within $1,500/oz stope optimizer shells and as such have shown significant growth in ounces albeit at a lower grade, but which better reflects the opportunity at higher gold prices.
All assets are optimized on the full value of the deposit and as such copper and silver are reported as dedicated mineral resources and reserves for all assets where copper or silver is produced and sold as a primary product or byproduct. Total attributable copper mineral reserves now stand at 1,600 million tonnes at 0.38 per cent for 13 billion pounds of contained copper.1 The growth of copper mineral reserves was primarily driven by Lumwana due to the reclassification and remodelling of the Chimiwungo pit and cost improvements, with a small additional contribution from Zaldivar.
Total attributable silver mineral reserves are 900 million tonnes at 5.03 g/t for 150 million ounces of contained silver (1).
Technical information
The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, North America resource modelling manager; Chad Yuhasz, PGeo, mineral resource manager, Latin America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, mineral resources manager: Africa and Middle East; and Rodney Quick, MSc, PrSciNat, mineral resource management and evaluation executive -- each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
Endnote
(1) Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of Dec. 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold; 420 million tonnes grading 0.4 per cent, representing 3,700 million pounds of copper; and 150 million tonnes grading 4.31 g/t, representing 21 million ounces of silver. Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold; 1,200 million tonnes grading 0.38 per cent, representing 9,800 million pounds of copper; and 750 million tonnes grading 5.18 g/t, representing 120 million ounces of silver. Measured resources of 530 million tonnes grading 2.21 g/t, representing 37 million ounces of gold; 660 million tonnes grading 0.38 per cent, representing 5,500 million pounds of copper; and 350 million tonnes grading 12.52 g/t, representing 140 million ounces of silver. Indicated resources of 2,800 million tonnes grading 1.43 g/t, representing 130 million ounces of gold; 2,400 million tonnes grading 0.38 per cent, representing 21,000 million pounds of copper; and 2,000 million tonnes grading 13.44 g/t, representing 870 million ounces of silver. Inferred resources of 940 million tonnes grading 1.3 g/t, representing 39 million ounces of gold; 430 million tonnes grading 0.2 per cent, representing 2,200 million pounds of copper; and 460 million tonnes grading 3.20 g/t, representing 47 million ounces of silver. Complete mineral reserve and resource data, including tonnes, grades and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set out in Barrick's Q4 2019 report issued on Feb. 12, 2020.
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