Gold and copper major Barrick Mining is casting its Nevada Fourmile project as one of the most significant gold discoveries in decades, with new studies suggesting it could become a top global producer and reshape the industry’s cost curve.

The Toronto-based miner on Tuesday released an updated preliminary economic assessment (PEA) that highlights Fourmile’s rare combination of grade, scale and longevity. The company said the findings confirmed the project’s potential to become a so-called Tier 1 mine – a classification reserved for large, low-cost, long-life operations.

“Fourmile is emerging as a multi-generational project,” said Barrick president and CEO Mark Bristow, who is presenting at the Mining Forum Americas in Colorado Springs, US on Tuesday. 

“With the ongoing exploration drilling results, we expect to double the resource by the end of this year and, even more excitingly, we are continuing to define significant high-grade orebody extensions underpinning the current exploration upside estimate of 32-million to 34-million tonnes at 15 g/t to 16 g/t outside of our current 2024 mineral resource. As a result, Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century.”

Bristow said the updated PEA pointed to the potential for Fourmile to rank among the top ten gold producers globally with output of 600 000 oz/y to 750 000 oz/y, with industry-leading operating cash flows. “Very few projects anywhere in the world today can offer this combination of grade, scale and cash flow,” Bristow said. “Fourmile is one of those rare discoveries that has the potential to reset the industry cost curve.”

The project is adjacent to Nevada Gold Mines’ Carlin-Cortez complexes, which Barrick co-owns with Newmont. That proximity gives it access to existing infrastructure – a critical advantage in an industry where new mine development can cost billions.

"One characteristic of the Fourmile orebody that makes it even more compelling is the geometallurgy," said Bristow “Unlike Goldrush, which is double refractory, indications are that a significant portion of Fourmile’s mineralisation will be single refractory. This means that it can be processed more flexibly and at a lower cost across Nevada Gold Mines’ existing facilities.”

"Finding gold at these grades anywhere is exceptional but to do so at this scale adjacent to multiple existing processing facilities is truly remarkable,” said Bristow.

Barrick plans to accelerate drilling with more than 20 rigs with about 120 km of directional surface drilling planned in 2026. The drill programme is targeting 30 m to 35 m drill spacing for indicated resources and 80 m to 90 m for inferred resources, which translates to 370 km of surface drilling and 80 km of underground drilling by the end of 2028.

In parallel, Barrick is progressing the permitting of the Bullion Hill exploration decline and expectations are the company will start construction of the portal and start underground development in 2026. Concurrently, the Goldrush multi-purpose development is still advancing towards the Fourmile boundary. This underground development is expected to provide critical underground exploration drill access to the deeper portions of the orebody from 2027 onwards. 

By 2029, Barrick plans to have 34 km of development in place, connecting Bullion Hill with the Goldrush multi-purpose development and setting the mine up for the initial test stoping shortly thereafter. As Fourmile commences its production ramp-up, it will offset low-grade 1.8 g/t stockpiles from the planned feed to the Carlin-Cortez process facilities, adding significant low-cost production to the Nevada Gold Mines profile.

Mineral Resource Management executive Simon Bottoms said the orebody’s geology was a differentiator. “The geologically unique feature that drives the value in Fourmile is the steeply dipping structurally controlled breccia domain,” he said. That portion of the orebody, he explained, was both high grade and more technically favourable for large-scale mining.

“We believe Barrick represents one of the most compelling investment cases in gold and copper,” Bristow said. “Fourmile, along with the company’s other growth projects, exemplifies how our Tier 1 asset strategy sets Barrick apart and highlights the significant upside that lies ahead.”