Barrick, Japan Gold expand footprint with new project
Barrick (TSX: ABX) (NYSE: GOLD) and Japan Gold (TSX-V: JG) are expanding their footprint in the Asian country with the acquisition of the Kanehana project, which comprises 40 new claims and covers seven historic gold mines.
The asset spans 12,431 hectares and adjoins the west side of the Japan Gold’s Ikutahara project on the island of Hokkaido, the country’s second largest.
Under a venture formed in February, known as Barrick Alliance, the companies will explore seven historic gold mines in the Kanehana project: Muka, Jindai, Jomon, Hokushin, Kokka, Hyakuhan and Souryu.
Combined, the Kanehana and Ikutahara projects cover a 25-kilometre strike-zone. Among the mines in this area is the region’s third-largest gold producer, the Kitano-o mine.
Gold-rich area
Japan Gold recently expanded its portfolio to reach a total of 31 projects across Japan’s three largest islands: Hokkaido, Honshu and Kyushu. The venture with Barrick covers 28 of them.
The Canadian exploration company said that one of the advantages of partnering with Barrick is that it retains 100% ownership of the assets if the gold giant chooses to not move forward with any of them.
Japan Gold can then develop the projects itself or find another third-party to work with.
The Vancouver-based firm has attracted interest from other majors, including Newmont (NYSE: NEM) (TSX: NGT), which has a 13% stake in the Vancouver-based junior.
The world’s no. 1 gold producer became involved with Japan Gold in 2018, when Goldcorp (now part of Newmont) provided financing. As part of the deal, Goldcorp was granted a joint venture right of first refusal on two projects, the Ohra-Takamine and the Ikutahara project.
source: Mining.com
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
