Projects
Overview
The Cortez Trend is a fast-growing gold district where the overall gold endowment (production/reserves/resources) exceeds 55 million ounces. 2023 production in the Cortez Trend by NGMtotaled 892,000 oz gold contributed in part from the Cortez Hills mine shown below. At year end 2021, NGM’s Goldrush deposit contained an indicated resource of 8.65 M oz gold and 4.5 M oz gold inferred resource. Carlin Gold’s Cortez Summit property is located within 1.1 km of Goldrush. In subsequent years the Goldrush resources have been included in NGM’s overall Cortez Complex reserves plus resources, which stood at 26 M oz at year-end 2023.
An Environmental Impact Statement has been submitted, followed by a public comment period and the issuance of a Record of Decision December 2023. NGM plans to produce 130,000 oz in 2024, with anticipated annual production of +400,000 oz by 2028 (Barrick 2023 Annual Report).
The Fourmile resource, located directly north of Goldrush, is owned 100% by Barrick and contains an indicated resource (1.5 Mt grading 10.05 g/t) and inferred resource (8.2 Mt grading 10.1 g/t), containing a total indicated and inferred resource of 3.18 M oz Au (Barrick 2023 annual report).
The description about Goldrush and Fourmile is summarized for the reader’s information and it is meant to demonstrate some of the parameters for the type of mineral deposit that the Company may encounter while conducting exploration at Cortez Summit. The Company cannot state and it should not be implied, that similar mineralization will be discovered at Cortez Summit.
The open pit at Cortez Hills, owned by Nevada Gold Mines.
Why Nevada?
Total historical gold production in the state of Nevada through 2022 is approximately 253 million ounces. 89% of this total has been produced since the original Carlin Mine, now owned by Nevada Gold Mines (NGM, 61.5% Barrick Mining, 38.5% Newmont Mining) began production in 1965. Nevada’s production of 4.0 million ounces in 2022 accounted for 73% of total U.S. gold production and 3.5% of the world’s production with only China, Russia, Australia, Canada and Ghana producing more gold. Nevada truly is “elephant country” when it comes to major gold deposits. Through 2022, cumulative gold production on the Carlin trend exceeded 98 million ounces (Special Publication MI-2022, The Nevada Mineral Industry, Nevada Bureau of Mines and Geology).
Nevada is the number 2 ranked US state in value of nonfuel commodity production (including sand and gravel, excluding oil, gas, coal, uranium, and geothermal), second only to Arizona, where most of the country’s copper is produced. This high ranking is consistent with Nevada’s ranking from the Fraser Institute, where it number 2 of 86 jurisdictions surveyed for “Investment Attractiveness”, a combination ranking which includes analysis of mineral potential/geological attractiveness and policy perception, which measures the effects of government policy on attitudes toward exploration investment.
Figure: Cortez Trend + 55 M oz
Barrick’s wholly owned Fourmile resource, located directly north of Goldrush and 0.9 Km directly west of Cortez Summit, contains 2.55 million oz Au grading 10.6 gpt (Barrick 2021 annual report). Barrick reports that exploration drilling carried out in early 2022 shows strong evidence that the mineralized system extends three kilometers north of the current Fourmile resource.
Nevada Gold Mines’ Long Canyon operation produced 261,000 ounces gold in 2021. The deposit occurs in a relatively new exploration terrain 90 miles (145 km) east of the Carlin trend of gold deposits, representing further demonstration that the large “Carlin-type” gold deposits are not confined to the established Carlin and Cortez trends. Carlin Gold’s Willow property (see section on this website) is in this new prospective region, approximately 50 miles (80 km) northwest of Long Canyon.
All Projects
Nevada, US
Cortez Summit
Carlin Gold’s Cortez Summit property, situated in the Cortez gold trend, comprises 142 unpatented lode claims. Positioned near active gold mines like Goldrush and Cortez Hills, Cortez Summit targets Carlin-style mineralization in similar structural and stratigraphic settings. Geological studies confirm the sedimentary units’ equivalence to those hosting mineralization at Goldrush, with recent drilling indicating potential high-grade mineralization. Nearby discoveries, such as Barrick’s Fourmile, further enhance exploration prospects. The Goldrush deposit, with substantial indicated and inferred resources, underscores the region’s significant gold potential. Ongoing feasibility studies and exploration activities contribute to the property’s promising outlook.
Nevada, US
Willow
The Willow property in northern Snake Mountains, Nevada, is situated in a promising gold belt near Wells. Exploration targets a Carlin-style gold deposit in carbonate rocks. Rock chip samples show gold values up to 368 ppb, associated with NE-trending structures. The property, comprising 24 QA-claims and 23 CC-claims, is fully owned with variable net returns royalties. The area’s potential was identified through GIS analysis of regional data. Significant structural features like the Roberts Mountain Thrust host favorable lithologies for gold mineralization. Further exploration, including drilling in specific areas, is planned to assess gold potential.
Nevada, US
Ivy Copper-Gold Project
The IVY Property is an early-stage exploration project located in northeastern Elko County, Nevada. The project aims to explore a copper-gold skarn deposit within a carbonate sequence adjacent to a granodiorite stock. Historical workings show minor copper mineralization, with recent sampling indicating widespread localized mineralization. Geologists suggest potential for buried porphyry-style mineralization. Carlin plans to conduct additional surface sampling and mapping to assess the project’s exploration potential.