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Barrick outlines gold 'discovery' near Fourmile project in Nevada

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Barrick outlines gold 'discovery' near Fourmile project in Nevada

A newly discovered gold deposit about a kilometer north of Barrick Gold Corp.'s Fourmile project on the Goldrush property in Nevada is expected to drive resource growth, the major gold miner said in a Sept. 17 press release.

"It’s very good," Haywood Securities analyst Kerry Smith said in an email. "One kilometer away [from Fourmile] with the same stratigraphy. This deposit is going to get a lot bigger."

Barrick outlined intervals from one drillhole that included as much as 10.7 meters grading 24.8 g/t Au, 4.6 meters grading 49.4 g/t Au and 6.1 meters grading 21.2 g/t Au in discrete intercepts starting over 1,200 meters down hole.

"It increases the strike length of the mineralized Goldrush-Fourmile trend to greater than six kilometers," Barrick said in the release. "Mineralization is open in all directions and significant resource growth is expected from continuing the step-out drilling program."

There were few additional details on the apparent discovery or Barrick's exploration plans. The company is "very excited" about the potential in the deposit, a company spokesperson told S&P Global Market Intelligence.

Fourmile is one of the few projects Barrick did not include in a Nevada joint venture of major assets with Newmont Goldcorp Corp. The joint venture, 61.5% owned and operated by Barrick with Newmont holding the 38.5% balance, includes their top Nevada mines as well as the Goldrush project.