- Japan Gold Corp. (JG) has given an update on the progress of the Barrick Alliance
- Between May and July, in-depth field and data reviews were completed by senior Barrick and Japan Gold personnel across identified areas of high-prospectivity
- The reviews allowed Barrick to decide on projects that meet its criteria for advancement to the second evaluation phase by August 31, 2022
- Barrick agreed to sole-fund a 2-year initial evaluation phase of all 29 projects and sole-fund a subsequent 3-year second evaluation phase on projects which meet its criteria
- Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold exploration across the three largest islands of Japan: Hokkaido, Honshu and Kyushu
- Japan Gold Corp. was up 2.041 per cent, trading at $0.25 as at 3:14 PM ET
Japan Gold (JG) has updated the progress of the Barrick Alliance following the six-month extension to its initial evaluation phase in February 2022.
The company reported that in-depth field and data reviews were completed by senior Barrick and Japan Gold personnel between May and July of this year across identified areas of high-prospectivity within the 29-project Barrick Alliance portfolio.
The reason for these comprehensive reviews is to allow Barrick to decide on projects that meet its criteria for advancement to the second evaluation phase by August 31, 2022.
As part of the Barrick Alliance agreement, Barrick agreed to sole-fund a two-year initial evaluation phase of all 29 projects and a subsequent three-year second evaluation phase on projects that meet its criteria.
In February 2022, Barrick requested a six-month extension to the two-year initial evaluation phase to August 31 due to delays and travel restrictions caused by the global COVID-19 pandemic.
Barrick’s conditions for project advancement require the potential for a project to host either a Tier 1 or Tier 2 ore body.
Barrick defines Tier 1 projects as having five million ounces or greater potential with an annual production of at least 500,000 ounces of gold for ten years. On the other hand, Tier 2 projects have five million ounces or greater potential with a yearly production of 300,000 ounces of gold for ten years.
Following Barrick’s decisions, Japan Gold will continue to provide full support and management of the Alliance second phase evaluation programs.
“With the thorough evaluations completed by the Alliance, the company now holds a comprehensive and unique data set on Japan’s epithermal-gold districts and is positioned to advance areas of high-prospectivity which don’t fit Barrick’s criteria but can still host large high-grade gold deposits,” said John Proust, Chairman & CEO.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold exploration across the three largest islands of Japan: Hokkaido, Honshu and Kyushu.
Japan Gold Corp. was up 2.041 per cent, trading at $0.25 as at 3:14 PM ET.