Skip to main content
Exploration & Projects
Barrick has a demonstrated track record of creating value through exploration.

Since 1990, we have found 129 million ounces of gold at an overall discovery cost of $29 per ounce, or roughly half the average finding cost across the industry.

Projects

We have one of the deepest project pipelines in the gold industry, including brownfield projects near existing operations, greenfield exploration discoveries and some of the largest undeveloped gold deposits in the world, providing significant optionality and leverage to gold prices.

Turquoise Ridge

Construction of a third shaft continues to advance.

Turquoise Ridge

Nevada, U.S.A.
Nevada Gold Mines (61.5% Barrick / 38.5% Newmont Goldcorp)

Image

Construction of the third shaft at Turquoise Ridge continues to advance according to schedule and within budget, with efforts in 2019 focused on surface civil works and shaft sinking.

Shaft sub-collar and ventilation plenum pours were completed in the first quarter of 2019.

Backfilling of the sub-collar was completed and pre-sink activities commenced the shaft pre-sink had started and has reached a depth of 26m out of a total planned depth of 1,052m as measured by the depth of concrete liner below collar. The assembly of the Galloway commenced with the assembly of the bottom deck. Dewatering wells are complete and commissioned, hoist house foundations complete and hoist assembly has commenced.

Full details
Cortez Deep South

Expand mining into the Deep South area below currently permitted levels of the Cortez Hills underground mine, bringing forward production.

Cortez Deep South

Nevada, U.S.A.
Nevada Gold Mines (61.5% Barrick / 38.5% Newmont Goldcorp)

Image

Under the current Life of Mine plan, the Deep South project starts to contribute to Cortez production from 2020.

The draft Environmental Impact Statement for the project was published in late October 2018, and the public comment period concluded in December 2018.

Deep South will utilize infrastructure which has already been approved under current plans to expand mining in the Lower Zone of the Cortez underground mine, including the new Rangefront twin declines, and other underground infrastructure already in use and under construction.

Full details
Goldrush

Development of an underground mine at Goldrush.

Goldrush

Nevada, U.S.A.
Nevada Gold Mines (61.5% Barrick / 38.5% Newmont Goldcorp)

Construction of twin exploration declines at Goldrush accelerated in the first quarter of 2019, and each decline has now advanced approximately 680 meters of the planned 4000m. These declines will provide access to the ore body, allowing for further drilling, and the conversion of existing resources to reserves. The exploration declines can be converted to production declines in the future, subject to further permitting. Development of the decline infrastructure areas including wash and lube bay and powder magazine was completed in the first quarter. Underground decline cover drilling to predict the forward ground conditions has been adopted in planning.

Full details
Greenfield
Projects
Massawa

The Massawa feasibility project is being progressed towards a final development decision.

Massawa

Senegal
(83.25% Barrick)

Image

The feasibility study of a Massawa standalone operation was completed in the fourth quarter of 2018 and does not currently pass the investment hurdles we have set for the company. Work continues to bring this asset to account, including additional exploration work, while the application for the exploitation permit to develop the project has been submitted to the government.

Technical Report

Full details
Donlin Gold

The project represents one of the world’s largest undeveloped gold deposits, at an advanced stage of permitting in a stable jurisdiction, underscoring its unique potential.

Donlin Gold

Alaska, U.S.A.
(50% Barrick / 50% NOVAGOLD)

Donlin Gold, located in Alaska, contains 39.0 million ounces of measured and indicated gold resources (Barrick’s 50% equity share is 19.5 million ounces). A federally permitted project, Donlin Gold is one of the largest, undeveloped open pit gold deposits in the world. With key permitting activities largely advanced, the current focus is on integrating scoping-level optimization work into a study that will form the basis for an updated project development plan. The Donlin team is continuing its work, in collaboration with Barrick and NOVAGOLD, with a strong focus on furthering our geological understanding, engineering optimization, environmental stewardship and safety.

Full details
Norte Abierto

The joint venture is now advancing an optimized project design, including an updated geological model for the Cerro Casale, Caspiche, and Luciano deposits.

Norte Abierto

Atacama Region, Chile
(50% Barrick / 50% Newmont Goldcorp)

Norte Abierto, our new joint venture with Newmont Goldcorp in Chile, contains 11.6 million ounces1 of proven and probable gold reserves, and 13.3 million ounces1 of measured and indicated gold resources (Barrick’s 50 percent share). The joint venture is now advancing an optimized project design, including an updated geological model for the Cerro Casale, Caspiche, and Luciano deposits. Work in 2018 will include trade-off and engineering studies on power, water, mining methods, and metallurgy, as well as ongoing stakeholder engagement and environmental baseline monitoring.

Full details
Pascua-Lama

Located on the border between Argentina and Chile, Pascua-Lama contains 21.3 million ounces of measured and indicated gold resources.1

Pascua-Lama

San Juan Province, Argentina / Atacama Region, Chile

Pascua-Lama, located on the border between Argentina and Chile, contains 21.3 million ounces1 of measured and indicated gold resources. Over the past year, Barrick has been studying the optimization of the Pascua-Lama project. Work to date on the prefeasibility study for a potential underground project indicates that while the concept may be feasible from a technical standpoint, it does not meet Barrick’s investment criteria. Based on this, and taking into consideration other risk factors, the Company has suspended work on the prefeasibility study, and will focus on adjusting the project closure plan for surface infrastructure on the Chilean side of the project, in line with legal requirements. Barrick will continue to evaluate opportunities to de-risk the project while maintaining Pascua-Lama as an option for development in the future if economics improve, and related risks can be mitigated.

Full details
Alturas

In 2017, we completed a scoping-level study for a conventional open pit heap leach operation at Alturas.

Alturas

Coquimbo Region, Chile

The Alturas project, located in Chile on the El Indio Belt, is a Barrick greenfield discovery with 6.8 million ounces3 of inferred gold resources as of December 31, 2017. In 2017, we completed a scoping-level study for a conventional open pit heap leach operation at Alturas which fell just short of the Company’s hurdle rate. In support of project optimization efforts, we are now undertaking additional drilling focused on increasing grades, adding and better-defining shallow near surface mineralization, and increasing potential mine resource tonnage.

Full details
  1. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2017, unless otherwise noted. Proven reserves of 398.2 million tonnes grading 1.91 g/t, representing 24.4 million ounces of gold, and probable reserves of 0.9 billion tonnes grading 1.39 g/t, representing 40.0 million ounces of gold. Measured resources of 400.0 million tonnes grading 0.92 g/t, representing 11.8 million ounces of gold, and indicated resources of 1.6 billion tonnes grading 1.54 g/t, representing 76.8 million ounces of gold. Inferred resources of 795.4 million tonnes grading 1.21 g/t, representing 30.8 million ounces of gold. Donlin Gold measured resources of 3.9 million tonnes grading 2.52 g/t (50% basis) representing 0.3 million ounces of gold (50% basis), and indicated resources of 266.8 million tonnes grading 2.24 g/t (50% basis), representing 19.2 million ounces of gold (50% basis). Norte Abierto (formerly known as the Cerro Casale project, comprised of the Cerro Casale, Caspiche and Luciano deposits) proven reserves of 114.9 million tonnes grading 0.65 g/t (50% basis) representing 2.4 million ounces of gold (50% basis), and probable reserves of 484.0 million tonnes grading 0.59 g/t (50% basis), representing 9.2 million ounces of gold (50% basis). Norte Abierto measured resources of 310.1 million tonnes grading 0.57 g/t (50% basis) representing 5.7 million ounces of gold (50% basis, indicated resources of 391.8 million tonnes grading 0.47 g/t (50% basis) representing 6.0 million ounces of gold (50% basis), and inferred resources of 99.1 million tonnes grading 0.29 g/t (50% basis) representing 0.9 million ounces of gold (50% basis). Pascua-Lama measured resources of 42.8 million tonnes grading 1.86 g/t representing 2.6 million ounces of gold, and indicated resources of 391.7 million tonnes grading 1.49 g/t, representing 18.8 million ounces of gold. Alturas inferred resources of 211 million tonnes grading 1.0 g/t, representing 6.8 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 86-91 of Barrick’s Fourth Quarter and Year-End 2017 Report.

  2. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

  3. “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Cash costs” per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of “cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 23 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.