The South Arturo mine is 100% owned by Nevada Gold Mines, a joint venture between Barrick Gold Corp (61.5%) and Newmont Mining Corp (38.5%), and it is located about 54 km northwest of Carlin in the northern end of the Carlin Trend. The Carlin Trend has a long history of mining activities with more than 50 million ounces of gold mined from the region since 1980.
The South Arturo property includes both open-pit and underground Mineral Reserves and Resources. It is adjacent to the past producing Dee, Storm, Tara, and Bootstrap mines, and it is 5 km northwest of Nevada Gold Mine's Goldstrike mine.
A Pre-Feasibility Study was released in January 2021, which reported Measured & Indicated Resources on a 40% basis of 20 Mt grading 1.2 g/t gold, 6.2 g/t silver for a contained 768,300 oz gold and 4.0 Moz silver, exclusive of Mineral Reserves (Resource cut off grades are variable based on recovery and mining method). Proven & Probable Reserves (on a 40% basis) are 3.8 Mt grading 2.9 g/t gold, 15.2 g/t silver containing 350,500 oz gold and 1.9 Moz silver. Inferred Resources (40% basis) are 10.1 Mt grading 1.0 g/t gold containing 322,400 oz and 5.5 g/t silver containing 1.8 Moz.
On a pro-rated 100% basis, calculated from these figures, the South Arturo property contains:
Proven & Probable Reserves: 9.5 Mt containing 0.88 Moz Au and 4.75 Moz Ag;
Measured & Indicated Resources: 50.0 Mt containing 1.92 Moz Au and 10.0 Moz Ag (exclusive basis); and
Inferred Resources: 25.25 Mt containing 0.81 Moz Au and 4.45 Moz Ag.
South Arturo began commercial production in August 2016, and the El Niño underground mine achieved commercial production in the third quarter of 2019. Mineralized material from El Niño is primarily processed at the Goldstrike mine processing facility. As of December 1, 2020, total gold production from South Arturo is 456,400 ounces.
Agreement terms are subject to the closing of the Transactions as defined in the Company's press release dated May 2, 2022.
See press release for more details.