exploration-growth

Our overarching objective is to grow our free cash flow per share.

Barrick's project portfolio is unsurpassed in the gold industry, and represents a source of optionality and value. As of December 31, 2016, we had proven and probable gold reserves of 85.9 million ounces1, and 75.2 million ounces of measured and indicated gold resources.1

Around existing mines, we are advancing organic growth opportunities at Cortez, Goldrush, Lagunas Norte, and Turquoise Ridge. Scaleable projects that provide future optionality include Donlin Gold, Cerro Casale, and Pascua-Lama.

We are focused on growing our free cash flow per share through:

Optimizing development of existing reserves and resources

Adding new reserves through minesite exploration (Minex) in the near term

Advancing organic growth projects

Adding new resources through exploration

Strategic greenfield exploration supported by improved data mining

Assessing external opportunities to grow free cash flow per share

Acquisitions

Seed financing and earn-ins with junior companies

Partnerships and joint ventures

Global Exploration

Exploration expertise is a competitive advantage for Barrick.

More on global exploration

Since 1990, we have found 143 million ounces of gold for an overall discovery cost of $25 per ounce, or roughly half the average finding cost across the industry. This includes two of the largest gold deposits discovered in recent decades—Lagunas Norte in Peru, and Goldrush in Nevada—as well as our new Alturas discovery in Chile.

These results are driven by the Barrick Exploration System (BXS), a proprietary system for identifying, evaluating, and ranking exploration projects that has been developed over two decades. This system significantly increases the chances for success and ensures our exploration dollars are allocated to the projects with the best potential returns at the lowest risk.

Approximately 80 percent of our total 2017 exploration budget of $185-$225 million is allocated to the Americas. Our exploration programs balance high-quality brownfield projects, greenfield exploration, and emerging discoveries that have the potential to become profitable mines.

After several years of exploration focused primarily on existing core districts and projects, we are increasing our budget and broadening our focus to include new greenfield opportunities.

SPOTLIGHT: Alturas Discovery

Alturas
and El Indio Belt


Chile

Alturas is located in the Andean region of Chile, approximately 30 kilometers south of the former El Indio mine. The site is part of a large mineralized system which extends well beyond the limits of the current drilling area. At the end of 2016, we added an additional 1.1 million ounces of inferred gold resources, bringing the total inferred resource to 6.8 million ounces (211 million tonnes, grading 1.00 grams per tonne).1 We expect to complete a scoping study for Alturas in 2017.

Learn more
Alturas Geology & Discovery (PDF)

Advancing Organic Growth Opportunities
Around Our Existing Mines

Cortez Underground Expansion
Goldrush
Lagunas Norte Refractory Ore Mine Life Extension
Turquoise Ridge Underground Expansion

More on organic growth opportunities

Cortez Deep South

Cortez Underground Expansion2,3

Project Overview: Expand underground mining into the Deep South area, below currently permitted levels
Satus: On track

Prefeasibility Study Results

Estimated initial capital expenditure
$153 million

Average annual production
300,000 ounces of underground production incremental to current mine plan

Estimated construction start date
2019-2020

Estimated first production
2022-2023

Learn more
Operations and Technical Update - February 22, 2017 (PDF)

Goldrush3

Goldrush
and Fourmile


Nevada

Project Overview: Development of an underground mine at Goldrush
Status: On track

Prefeasibility Study Results

Estimated initial capital expenditure
$1 billion

Average annual production
Aproximately 450,000 ounces for the first full five years of operation

Estimated construction start date
2020

Estimated first production
2021

Learn more
Operations and Technical Update - February 22, 2017 (PDF)

Lagunas Norte

Lagunas Norte Life Extension3,4

Project Overview: Optimization of carbonaceous oxide ore recovery, and installation of refractory ore processing circuit
Status: On track

Prefeasibility Study Results

Estimated initial capital expenditure
$640 million

Average annual production
240,000 ounces

Estimated construction start date
2020

Estimated first production
2023

Learn more
Operations and Technical Update - February 22, 2017 (PDF)

Turquoise Ridge

Turquoise Ridge Underground Expansion3

Project Overview: Expand underground mining through construction of an additional production shaft
Status: On track

Feasibility Study Results

Estimated initial capital expenditure
$300-$325 million (100% basis)

Average annual production
Increases production from approximately 280,000 ounces to 500,000 ounces per year (100% basis)

Estimated construction start date
Phased approach

Three-phase approach to expansion
First phase: Productivity/ventilation improvements (now underway)
Second phase: Install ventilation shaft
Third phase: Convert to production shaft

Learn more
Operations and Technical Update - February 22, 2017 (PDF)

Future Optionality With Scaleable Projects

Donlin Gold
Cerro Casale
Pascua-Lama

More on future optionality

Donlin Gold

Donlin Gold (50%)
Alaska

  • 50:50 joint venture with NOVAGOLD
  • Measured and indicated resource: 19.5 million ounces (50% basis)1
  • Draft Environmental Impact Study published in November 2015, permitting process underway
  • Assessing potential design and execution enhancements to improve economics
Cerro Casale

Cerro Casale (75%)
Chile

  • Reserve: 17.4 million ounces (75% basis)1
  • Environmental Impact Study approved in 2013
  • Evaluating smaller project with potential to significantly reduce initial capital and retain option to expand

News
Barrick Announces Sale of 25 Percent of Cerro Casale and Formation of New Partnership with Goldcorp - March 28, 2017

Pascua-Lama
Chile & Argentina

  • Reserve: 14 million ounces1
  • We have initiated a prefeasibility study to evaluate the construction of an underground mine at Lama.

Learn more
Barrick Reports Progress on Projects (February 15, 2017)

Date Download Description
January 1, 2013 files/design/bodybg/exploration.jpg
Operations > Exploration

Footnotes

  1. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted.

    Barrick total proven reserves of 480.3 million tonnes grading 1.68 g/t, representing 25.9 million ounces of gold; probable reserves of 1.5 billion tonnes grading 1.22 g/t, representing 60.1 million ounces of gold; measured resources of 82.9 million tonnes grading 2.52 g/t, representing 6.7 million ounces of gold; and indicated resources of 1.2 billion tonnes grading 1.74 g/t, representing 68.5 million ounces of gold.

    Donlin Gold measured resources of 3.8 million tonnes grading 2.52 g/t, representing 313,000 ounces of gold; and indicated resources of 266 million tonnes grading 2.24 g/t, representing 19.2 million ounces of gold.

    Cerro Casale proven and probable reserves of 898 million tonnes grading 0.60 g/t, representing 17.4 million ounces of gold.

    Pascua-Lama proven and probable reserves of 277.9 million tonnes grading 1.57 g/t, representing 14 million ounces of gold.

    Complete mineral reserve and mineral resource data for all mines and projects referenced on this website, including tonnes, grades, and ounces, can be found on pages 88-93 of Barrick’s Fourth Quarter and Year-End 2016 Report.
  2. For additional detail, see the Technical Report on the Cortez Joint Venture Operations, Lander and Eureka Counties, State of Nevada, U.S.A., dated March 21, 2016, and filed on SEDAR and EDGAR on March 28, 2016.
  3. Scientific or technical information relating to projects is based on information prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, in each case under the supervision of, or following review by, Rick Sims, Senior Director, Resources and Reserves of Barrick, Steven Haggarty, Senior Director, Metallurgy of Barrick or Patrick Garretson, Senior Director, Life of Mine Planning of Barrick. Scientific or technical information on this website relating to the geology of particular properties and exploration programs is based on information prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, in each case under the supervision of Robert Krcmarov, Executive Vice President, Exploration and Growth of Barrick.
  4. For addition detail, see the Technical Report on the Lagunas Norte Mine, La Libertad Region, Peru, dated March 21, 2016, and filed on SEDAR and EDGAR on March 28, 2016.
Gold  $ 1,301.80 +0.02 +0% Volume: September 20, 2017
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Gold  $ 1,301.80 +0.02 +0% Volume: September 20, 2017

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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