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Barrick's ties to Canada dwindle as other miners secure access to country's rich gold belt
By Gabriel Friedman
National Post / Financial Post, Toronto
Friday, February 10, 2023
Toronto-based Barrick Gold Corp. has long been one of the largest, most recognizable names in Canada's sizeable mining industry, but its ties to the country are narrowing, especially now that its longtime rival, Colorado's Newmont Corp., is closing in on a US$17-billion purchase of Australia's Newcrest Mining Ltd.
All three companies are global in scale -- the largest, second largest, and fourth largest gold miners in the world -- but when it comes to Canada, home to some of the richest gold belts globally, only Barrick lacks a significant presence.
... Dispatch continues below ...
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Relevant Gold Intersects 83.8 g/ton gold over 1 meter at Golden Buffalo
Company Announcement
Monday, February 6, 2023
VANCOUVER, British Columbia, Canada -- Relevant Gold Corp. (CSE:RGC) is pleased to announce the results of its initial 3,500-meter drilling exploration program on its Golden Buffalo Project in the company's 15,095-hectare land package in the South Pass Gold Field, Wyoming, United States.
Highlights of the program include 1 metre (core length) of 83.8 g/ton Au in Hole 22GB-012 and 14 of 26 holes reporting anomalous gold (>0.1 g/ton Au). The results indicate that the Golden Buffalo Shear is a fertile orogenic gold structure and provide initial proof of concept that large scale Abitibi-style mineralization may exist in central Wyoming. ...
Mineralization was consistently found in individual shear strands within the overall 20-meter-wide Golden Buffalo Shear Zone.
Fifty-four percent of holes drilled intersected anomalous (>0.1 g/ton Au) gold mineralization. Orogenic/Abitibi-style alteration was observed in all 26 drill holes. ...
... For the remainder of the announcement:
Newcrest, on the other hand, owns Brucejack -- a high-grade underground mine in British Columbia's Golden Triangle that consistently produces more than 300,000 ounces of gold per year -- which many analysts have pegged as Barrick's best potential acquisition target if it is to grow its presence in Canada.
Instead, it appears that Newmont, which is already building a presence in British Columbia, will gain control of Brucejack, leaving Barrick with only one mine in Canada: Hemlo, a once-formidable Ontario mine whose production has dropped steeply in recent years. ...
... For the remainder of the report:
https://financialpost.com/commodities/mining/barrick-gold-canada-ties-dwindle
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