Barrick Gold Alliance Expands Footprint With New Acquisition

SEATTLE (Scrap Monster): The alliance between Barrick and Japan Gold in the Asian country has expanded its footprints through acquisition of a new project. The alliance announced acquisition of the Kanehana project on the island of Hokkaido that covers seven historic gold mines in that country- Muka, Jindai, Jomon, Hokushin, Kokka, Hyakuhan and Souryu.

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The acquisition follows the acceptance of 40 new prospecting rights applications by the Japanese Ministry of Economy, Trade and Industry (METI). The project spans over 12,431 hectares and adjoins the west side of Japan Gold’s Ikutahara Project. Together, the Kanehana and Ikutahara projects cover a 25-kilometers strike-zone, which also includes the Kitano-o Mine- the region’s third largest gold mine.  

As part of the joint venture deal, both the companies have completed bulk leach extractable gold and rock chip sampling over eight of the several joint venture projects in the Southern Kyushu Epithermal Gold Province within the Hokusatsu region of Japan. The alliance, formed in February this year, now covers 28 out of the total 31 projects undertaken by Japan Gold across the islands of Hokkaido, Honshu, and Kyushu.