NYSE- and TSX-listed Barrick Gold has announced a 192% increase in the mineral resource estimate (MRE) for its wholly-owned Fourmile project, with CEO Mark Bristow hailing the asset as “truly world-class".

The updated resource estimate reveals indicated resources of 1.4-million ounces grading 11.76 g/t and inferred resources of 6.4-million ounces grading 14.1 g/t. The increase is the result of 25 new drill holes incorporated into the 2023 MRE, primarily focusing on the southernmost portion of the orebody. This area lies immediately adjacent to Barrick’s Goldrush project at Cortez, which is part of the Nevada Gold Mines (NGM) joint venture (JV).

Bristow compared Fourmile to the original Goldstrike deposit, a cornerstone asset for Barrick and now part of NGM's Carlin complex. “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,” Bristow said.

Since the formation of the NGM JV in 2019, Barrick has added more than 19-million ounces of proven and probable mineral reserves to its life-of-mine plan on a 100% basis. “This does not yet reflect the additional exploration upside that we see today, including Greater Leeville and Hanson in Cortez Underground,” Bristow added.

Simon Bottoms, Barrick’s executive in charge of mineral resource management and evaluation, emphasised that the updated estimate for Fourmile currently reflects only about one-third of the total orebody, based on drilling to date.

To highlight Fourmile’s potential value, Barrick has completed a preliminary economic assessment using conservative mining rates and costs aligned with the current Goldrush mine plan. The assessment suggests that annual operating cash flows from Fourmile could be more than 70% higher than those of the Goldrush project, according to Bottoms.

Looking ahead, Barrick plans to initiate a three-year prefeasibility study for Fourmile in 2025. This study will continue to define resources and reserves across the entire orebody with additional surface drilling, while also advancing the permitting and development of the northern Bullion Hill access. The study will include pilot autoclave and roaster test work, which will be critical for determining the optimal processing methods for the orebody.