Barrick Gold Corp - CEO, Mark Bristow
CEO, Mark Bristow
Source: Geko Research
  • Barrick Gold (ABX) and Novagold Resources (NG) have completed their 85-hole 2020 drill program at the Donlin Gold Project in Alaska
  • The project is operated by Donlin Gold LLC, an equally held subsidiary of the two companies, and hosts 39 million ounces of gold at an average grade of 2.24 grams per tonne
  • Drilling was primarily focused on the ACMA and Lewis deposits, representing the largest program to have been completed since 2008
  • The aim of the program was to validate and increase confidence in recent geologic modelling with a view to updating mining schedules and life-of-mine business plans
  • Most significantly, the program intersected 4.17 metres at 80.6 grams per tonne of gold, which included 3.15 metres at 106.2 grams per tonne of gold
  • Barrick Gold (ABX) is currently up 0.82 per cent to C$35.50 per share, while Novagold Resources (NG) is up 1.63 per cent to $14.36 per share

Barrick Gold (ABX) and Novagold Resources (NG) have completed their 85-hole 2020 drill program at the Donlin Gold Project in Alaska.

The project is operated by Donlin Gold LLC, in which Barrick and Novagold each hold a 50 per cent stake, and is thought to host a measured and indicated resource of 39 million ounces of gold at an average grade of 2.24 grams per tonne.

Representing the largest exploration program completed at the Donlin Project since 2008, the drilling work was primarily focused on the ACMA and Lewis deposits. This sought to validate and bolster confidence in recent geologic modelling activities, with view to updating mining schedules and life-of-mine business plans.

Mark Bristow, President and CEO of Barrick Gold, noted that a comprehensive geological understanding of orebodies is a foundational step that few companies in the gold industry sufficiently achieve.

“With an orebody the size, scale, and quality of Donlin Gold it is of even greater importance in order for the project to successfully deliver maximum value for all our stakeholders.

“Building on the last two decades of exploration, the results continue to highlight Donlin’s world-class potential,” he added.

Most significantly, the program intersected 4.17 metres at 80.6 grams per tonne of gold, which included a sub-interval of 3.15 metres at 106.2 grams per tonne of gold.

A separate holes also intersected 6.93 metres at 43.1 grams per tonne of gold, with a sub-interval of 3.25 metres at 90.5 grams per tonne of gold.

These assays come from an initial 25 holes, representing 30 per cent of the total drilling work, with additional results to come.

Greg Lang, President and CEO of Novagold Resources, said the results continue to demonstrate a higher grade of mineralisation than previously predicted.

“With the industry burning through reserves, and grades continuing to decline, great drill results with even higher than modelled grades are exciting for any mining company — and we believe that to be particularly true for Donlin Gold at this late stage of development,” he added.

Barrick Gold (ABX) is currently up 0.82 per cent to C$35.50 per share while Novagold Resources (NG) is up 1.63 per cent to $14.36 per share.

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