Barrick Gold Alliance Declared Major Expansion to Gumyo Project

SEATTLE (Scrap Monster): Japan Gold Corp. announced that the Japanese Ministry of Economy, Trade and Industry (METI) has accepted 10 new prospecting rights applications pertaining to expansion of Gumyo Project in the Hokusatsu Region, which is run in alliance with Barrick Gold.

The newly accepted prospecting rights applications comprise 2,937 hectares, thereby bringing the alliance’s coverage in the Hokusatsu Region to a total of 96,227 hectares. It now has priority over approximately 80% of prospective and explorable ground within the region. The company’s portfolio across five of Japan’s major epithermal gold provinces now totals nearly 186,270 hectares of prospective ground.

ALSO READ: Barrick Gold Alliance in Japan Recorded Notable Progress in Exploration

Commenting on the latest development, John Proust, Chairman and CEO, Japan Gold said that the alliance has been successful in adding newly identified prospective areas to the Japan Gold portfolio of projects, based on the new knowledge gained through innovative regional evaluation programs.

The Gumyo Project, located next to Sumitomo Metal Mining's Hishikari Gold Mine, is one among the many projects that the partnership has agreed to jointly explore and develop. The two-year initial evaluation will be solely funded by Barrick.