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Barrick, Japan Gold expand Gumyo project

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Japan Gold (TSXV: JG) announced acceptance by the Japanese Ministry of Economy, Trade and Industry of 10 new prospecting rights applications covering extensions to the Barrick Alliance Gumyo project in the Hokusatsu region.

The Gumyo project, part of a venture formed with Barrick in February, is located immediately west of Sumitomo’s Hishikari gold mine which has produced 7.9 million ounces of gold at grades between 30-40 g/t.

The new prospecting areas comprise 2,937 hectares and bring Japan Gold’s total coverage in the region to a total of 96,227 hectares (approximately 80% of prospective and explorable ground within the region).

The Hokusatsu region is Japan’s largest gold producing area with low-sulphidation epithermal deposits recording a combined production of over 11 million ounces.

“Based upon new knowledge gained through the Barrick Alliance large regional evaluation programs, we continue to add newly identified prospective areas to the Japan Gold portfolio of projects,” said Japan Gold CEO John Proust in a media statement.

Barrick has committed to solely fund a two-year initial evaluation phase of 28 of 30 projects Japan Gold already has in the country.