Improving geology models

A focus in the first half of 2019 was on improving Barrick’s mine geological databases, borehole logging as well as geological and grade control models. This has laid the foundations for improved geology models which are critical for more reliable resource models to help optimize mine planning. We are now well placed to resume investing in our future through focused greenfields exploration, driven by the clear understanding that it is exploration that ultimately drives the company’s value chain.

Barrick has active reconnaissance teams scouting for new Tier One opportunities in Canada, the Guiana Shield, and more recently in Japan and Tanzania. (We consider a Tier One gold asset to be a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.) Our teams conduct close surveillance of competitor activity to identify emerging new discoveries and projects where the full potential to yield a discovery has not yet been realized.

Mineral resource management model

The relationship and integration with the company’s unique mineral resource management (MRM) model as a core part of our operating culture introduces responsible and sustainable stewardship of valuable orebodies to optimize and deliver that value. Every site has an exploration and MRM lead who work together to ensure we update and improve our geological models and look to immediate opportunities to identify brownfields potential for resource and, ultimately, reserve additions.