Turquoise Ridge Technical Report
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BARRICK GOLD CORPORATION TECHNICAL REPORT ON THE TURQUOISE RIDGE MINE, STATE OF NEVADA, U.S.A. NI 43-101 Report Qualified Persons: Jason J. Cox, P.Eng. Wayne W. Valliant, P.Geo. Kathleen Ann Altman, Ph.D., P.E. Philip A. Geusebroek, P.Geo. March 9, 20181 RPA 55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 IT + 1 (416) 947 0907 www.rpacan.com Report Control Form Document Title Technical Report on the Turquoise Ridge Joint Venture, Nevada, USA Client Name & Address Barrick Gold Corporation 10371 N. Oracle Road Suite 201 Tucson, AZ 85737 Document Reference Status & FINAL Project # 2893 Issue No. Version Issue Date March 19, 2018 Lead Author Jason J. Cox (Signed) Wayne W. Valliant (Signed) Kathleen Ann Altman (Signed) Philip A. Geusebroek (Signed) Peer Reviewers Deborah A. McCombe (Signed) Luke Evans (Signed) Project Manager Approval Jason J. Cox (Signed) Project Director Approval Richard J. Lambert (Signed) Report Distribution Name No. of Copies Client RPA Filing 1 (project box) Roscoe Postle Associates Inc. 55 University Avenue, Suite 501 Toronto, ON M5J 2H7 Canada Tel: +1 416 947 0907 Fax: +1 416 947 0395 [email protected] www.rpacan.com FORWARD-LOOKING INFORMATION This report contains forward-looking statements. All statements, other than statements of historical fact regarding Barrick Gold Corporation or the Turquoise Ridge Joint Venture (TRJV), are forward- looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "project", "continue", "budget", "estimate", "potential", "may", "will", "can", "could" and similar expressions identify forward-looking statements. In particular, this report contains forward- looking statements with respect to cash flow forecasts, projected capital, operating and exploration expenditure, targeted cost reductions, mine life and production rates, potential mineralization and metal or mineral recoveries, and information pertaining to potential improvements to financial and operating performance and mine life at the TRJV that may result from the shaft-sinking project. All forward-looking statements in this report are necessarily based on opinions and estimates made as of the date such statements are made and are subject to important risk factors and uncertainties, many of which cannot be controlled or predicted. Material assumptions regarding forward-looking statements are discussed in this report, where applicable. In addition to such assumptions, the forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of commodities (including gold, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; damage to Barrick Gold Corporation’s or the TRJV’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; uncertainty whether the TRJV will meet Barrick Gold Corporation's capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in interest rates; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in USA; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation; contests over title to properties or over access to water, power and other required infrastructure; increased costs and physical risks including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold ore losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect Barrick Gold Corporation’s actual results and could cause actual results to differ materially from those expressed or implied in any forward- looking statements made by, or on behalf of, Barrick Gold Corporation. All of the forward-looking statements made in this report are qualified by these cautionary statements. Barrick Gold Corporation and RPA and the Qualified Persons who authored this report undertake no obligation to update publicly or otherwise revise any forward‐looking statements whether as a result of new information or future events or otherwise, except as may be required by law. Barrick Gold Corporation – Turquoise Ridge JV, Project #2893 Technical Report NI 43-101 – March 19, 2018 Page i www.rpacan.com TABLE OF CONTENTS PAGE 1 SUMMARY ...................................................................................................................... 1-1 Executive Summary ....................................................................................................... 1-1 Economic Analysis ......................................................................................................... 1-5 Technical Summary ....................................................................................................... 1-5 2 INTRODUCTION ............................................................................................................. 2-1 3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1 4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................... 5-1 Accessibility ................................................................................................................... 5-1 Climate .......................................................................................................................... 5-1 Local Resources and Infrastructure ............................................................................... 5-1 Physiography ................................................................................................................. 5-2 6 HISTORY ........................................................................................................................ 6-1 7 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 7-1 Regional Geology .......................................................................................................... 7-1 Local and Property Geology........................................................................................... 7-4 Alteration ..................................................................................................................... 7-10 Structure ...................................................................................................................... 7-10 Mineralization .............................................................................................................. 7-11 8 DEPOSIT TYPES ............................................................................................................ 8-1 9 EXPLORATION ............................................................................................................... 9-1 Exploration Potential ...................................................................................................... 9-1 10 DRILLING .................................................................................................................... 10-1 Core Sampling ............................................................................................................. 10-3 RC Sampling ............................................................................................................... 10-3 Production Sampling .................................................................................................... 10-3 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1 Quality Assurance/Quality Control ............................................................................... 11-2 12 DATA VERIFICATION ................................................................................................