Exhibit 99.1

 

NI 43-101 Technical Report on the

Turquoise Ridge Complex

Humboldt County, Nevada, USA

 

March 15, 2024

Effective Date: December 31, 2023

Prepared for Barrick Gold Corporation

Prepared by:

Craig Fiddes, SME (RM)

John Langhans, MMSA (QP)

Paul Schmiesing, SME (RM)

Joseph Becker, SME (RM)

Timothy Webber, SME (RM)

Simon Bottoms, CGeol, MGeol, FGS, FAusIMM

		Turquoise Ridge Complex NI 43-101 Technical Report

 

 

 

Cautionary Statement on Forward-Looking Information

This Technical Report contains forward-looking statements. All statements, other than statements of historical fact regarding Nevada Gold Mines LLC, Barrick Gold Corporation, Newmont Corporation or the Turquoise Ridge Complex, 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 Technical 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 Turquoise Ridge Complex. All forward-looking statements in this Technical 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 Technical 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 Nevada Gold Mines LLC’s, Barrick Gold Corporation’s, or Newmont Corporation’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 Turquoise Ridge Complex will meet Nevada Gold Mines LLC’s or 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 the United States; 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 labour. 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, ground conditions, 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 Nevada Gold Mines LLC’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, Nevada Gold Mines LLC. All of the forward-looking statements made in this Technical Report are qualified by these cautionary statements. None of Nevada Gold Mines LLC, Barrick Gold Corporation, Newmont Corporation, and the Qualified Persons who authored this Technical 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.

 

 

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Table of Contents

 

1		Summary				18
		1.1		Description, Location, and Ownership		18
		1.2		Geology and Mineralization		18
		1.3		Exploration Status		19
		1.4		Mineral Resource Estimate		20
		1.5		Mineral Reserve Estimate		22
		1.6		Mining Methods		24
		1.7		Mineral Processing		24
		1.8		Project Infrastructure		25
		1.9		Environmental, Permitting, and Social Considerations		25
		1.10		Capital and Operating Costs		25
		1.11		Interpretations and Conclusions		26
		1.11.1		Mineral Tenure, Rights, Royalties and Agreements		26
		1.11.2		Geology and Mineral Resources		26
		1.11.3		Mining and Mineral Reserves		28
		1.11.4		Mineral Processing		29
		1.11.5		Infrastructure		30
		1.11.6		Environmental, Permitting and Social Considerations		30
		1.11.7		Project Economics		31
		1.12		Recommendations		32
		1.12.1		Geology and Mineral Resources		32
		1.12.2		Mining and Mineral Reserves		33
		1.12.3		Mineral Processing		33
		1.12.4		Infrastructure		34
		1.12.5		Environment, Permitting, and Social and Community		34
2		Introduction				35
		2.1		Effective Date		38
		2.2		Qualified Persons		38
		2.3		Site Visits of Qualified Persons		40
		2.4		Information Sources		41

 

 

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		2.5		List of Abbreviations		41
3		Reliance on Other Experts				43
4		Property Description and Location				44
		4.1		Property and Title in Nevada		44
		4.1.1		Mineral Title		44
		4.1.2		Surface Rights		46
		4.1.3		Water Rights		46
		4.2		Project Ownership		47
		4.3		Mineral Tenure		47
		4.3.1		Unpatented Mining and Mill Site Claims		49
		4.3.2		Fee Property		64
		4.4		Surface Rights and Plans of Operations		65
		4.5		Agreements		65
		4.6		Royalties, Taxes, and Levies		66
		4.6.1		Government Mining Taxes, Levies, and Royalties		66
		4.6.2		NGM Royalty		67
		4.6.3		Claims Royalties		67
		4.7		Permit Considerations		68
		4.8		Environmental Liabilities		68
		4.9		Comment on Property Description and Location		68
5		Accessibility, Climate, Local Resources, Infrastructure and Physiography				69
		5.1		Accessibility		69
		5.2		Climate		69
		5.3		Local Resources and Infrastructure		70
		5.4		Physiography		70
		5.5		Seismicity		70
		5.6		Sufficiency of Surface Rights		70
6		History				72
		6.1		Development and Operations		72
		6.2		Production History		74
7		Geological Setting and Mineralization				76
		7.1		Regional Geology		76

 

 

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		7.2		Local Geology		79
		7.2.1		Lithologies		79
		7.2.2		Structure		82
		7.2.3		Alteration		83
		7.2.4		Mineralization		85
		7.3		Project Geology		85
		7.3.1		Turquoise Ridge Underground		85
		7.3.2		Turquoise Ridge Surface		90
		7.3.3		Vista Underground		97
		7.4		Comment on Geological Setting and Mineralization		101
8		Deposit Types				102
		8.1		Summary		102
		8.2		Deposit Type		102
		8.3		Comment on Deposit Types		102
9		Exploration				103
		9.1		Summary		103
		9.2		Grids and Surveys		103
		9.2.1		Turquoise Ridge Underground		103
		9.2.2		Turquoise Ridge Surface and Vista Underground		103
		9.3		Geological Mapping		103
		9.3.1		Turquoise Ridge Underground		104
		9.3.2		Turquoise Ridge Surface		104
		9.3.3		Vista Underground		104
		9.4		Geochemical Sampling		104
		9.5		Geophysics		104
		9.6		Petrology, Mineralogy, and Research Studies		105
		9.7		Exploration Potential		105
		9.7.1		Near Mine		105
		9.7.2		Regional Exploration		106
		9.8		Comment on Exploration		106
10		Drilling				107
		10.1		Summary		107

 

 

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		10.2		Drilling Used to Support Mineral Resource Estimation		109
		10.3		Drill Methods		113
		10.3.1		Drill Contractors		113
		10.3.2		Air and Mud Drilling Methods		113
		10.3.3		Reverse Circulation Drilling Methods		113
		10.3.4		Core Drilling		113
		10.4		Logging Procedures		114
		10.4.1		Reverse Circulation		114
		10.4.2		Core		114
		10.5		Collar Surveys		115
		10.5.1		Reverse Circulation		115
		10.5.2		Core		116
		10.6		Down Hole Surveys		116
		10.6.1		Reverse Circulation		116
		10.6.2		Core		116
		10.7		Recovery		117
		10.8		Surface Grade Control Drilling		117
		10.9		Underground Grade Control Drilling		117
		10.10		Sample Length/True Thickness		118
		10.11		Comments on Drilling		118
11		Sample Preparation, Analyses and Security				120
		11.1		Sampling Methods		120
		11.1.1		Historic Sampling Methods		120
		11.1.2		RC Drill Sampling		120
		11.1.3		Core Sampling		120
		11.1.4		Production Sampling		121
		11.2		Density Determinations		121
		11.2.1		Turquoise Ridge Underground		121
		11.2.2		Turquoise Ridge Surface		122
		11.2.3		Vista Underground		122
		11.3		Analytical and Test Laboratories		122
		11.4		Sample Preparation		123

 

 

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		11.5		Analysis		123
		11.6		Quality Assurance and Quality Control		125
		11.6.1		Analytical Procedures		125
		11.6.2		Analytical Monitoring		126
		11.7		Databases		128
		11.8		Sample Security		129
		11.9		Sample Storage		129
		11.10		Comments on Sample Preparation, Analyses, and Security		129
12		Data Verification				130
		12.1		Summary		130
		12.2		External Reviews and Audits		130
		12.3		Internal Reviews and Audits		130
		12.4		Comments on Data Verification		131
13		Mineral Processing and Metallurgical Testing				132
		13.1		Summary		132
		13.2		Metallurgical Testwork		133
		13.2.1		Variability of Preg-robbing in Turquoise Ridge Ores		133
		13.2.2		Turquoise Ridge Underground		134
		13.2.3		Vista Underground		139
		13.2.4		Turquoise Ridge Mega Pit Cutback		139
		13.2.5		Stockpiles		142
		13.3		Metallurgical Variability		143
		13.4		Recovery Forecasts		143
		13.4.1		Juniper Mill		144
		13.4.2		Sage Mill		144
		13.5		Blending		145
		13.6		Deleterious Elements		148
14		Mineral Resource Estimates				149
		14.1		Summary		149
		14.2		Turquoise Ridge Underground		152
		14.2.1		Introduction		152
		14.2.2		Geological Modelling and Domaining		152

 

 

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		14.2.3		Exploratory Data Analysis		154
		14.2.4		Composites		155
		14.2.5		Grade Capping/Outlier Restriction		157
		14.2.6		Density Assignment		160
		14.2.7		Variography		160
		14.2.8		Estimation/Interpolation Methods		163
		14.2.9		Block Model Validation		165
		14.2.10		Confidence Classifications		165
		14.2.11		Reasonable Prospects of Eventual Economic Extraction		166
		14.3		Turquoise Ridge Surface		167
		14.3.1		Introduction		167
		14.3.2		Geological Modelling and Domaining		168
		14.3.3		Exploratory Data Analysis		170
		14.3.4		Composites		176
		14.3.5		Grade Capping/Outlier Restriction		177
		14.3.6		Density Assignment		177
		14.3.7		Variography		178
		14.3.8		Estimation/Interpolation Methods		178
		14.3.9		Block Model Validation		178
		14.3.10		Confidence Classifications		179
		14.3.11		Reasonable Prospects of Eventual Economic Extraction		180
		14.4		Vista Underground		181
		14.4.1		Introduction		181
		14.4.2		Geological Modelling and Domains		182
		14.4.3		Exploratory Data Analysis		184
		14.4.4		Composites		184
		14.4.5		Grade Capping/Outlier Restriction		186
		14.4.6		Density Assignment		186
		14.4.7		Variography		186
		14.4.8		Estimation/Interpolation Methods		187
		14.4.9		Block Model Validation		188
		14.4.10		Confidence Classifications		189
		14.4.11		Reasonable Prospects of Eventual Economic Extraction		189

 

 

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		14.5		Stockpiles		190
		14.6		Royalties		190
		14.7		Mineral Resource Statement		191
		14.8		Comments on Mineral Resource Estimates		194
		14.8.1		External Mineral Resource Audits		194
		14.8.2		Relative Accuracy/Confidence of the 2023 Mineral Resource Estimate		194
15		Mineral Reserve Estimates				195
		15.1		Summary		195
		15.2		Metal Price Assumptions		198
		15.3		Revenue Calculation		198
		15.4		Turquoise Ridge Underground		198
		15.4.1		Estimation Procedure		198
		15.4.2		Dilution and Mining Recovery		200
		15.4.3		Processing Recovery		200
		15.4.4		Net Value Calculation		200
		15.4.5		Sensitivities		201
		15.5		Turquoise Ridge Surface		201
		15.5.1		Estimation Procedure		201
		15.5.2		Dilution and Mining Recovery		206
		15.5.3		Net Value Calculation		206
		15.5.4		Processing Recovery		206
		15.5.5		Royalties		207
		15.5.6		Sensitivities		207
		15.6		Vista Underground		207
		15.6.1		Estimation Procedure		207
		15.6.2		Dilution and Mining Recovery		208
		15.6.3		Processing Recovery		208
		15.6.4		Net Value Calculation		209
		15.6.5		Sensitivities		209
		15.7		Stockpiles		210
		15.7.1		Estimation Procedure		210
		15.7.2		Net Value Calculation		210

 

 

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		15.8		Mineral Reserve Statement		210
		15.9		Comments on Mineral Reserve Estimates		213
16		Mining Methods				214
		16.1		Summary		214
		16.2		Turquoise Ridge Underground		214
		16.2.1		Mining Method and Mine Design		214
		16.2.2		Geotechnical Considerations		216
		16.2.3		Ground Support		218
		16.2.4		Hydrological Considerations		219
		16.2.5		Mine Dewatering		220
		16.2.6		Ventilation		220
		16.2.7		Electric Power		221
		16.2.8		Main Infrastructure Levels		221
		16.2.9		Material Handling		222
		16.2.10		Grade Control		223
		16.2.11		Backfill		223
		16.2.12		Blasting and Explosives		224
		16.2.13		Mining Equipment		224
		16.2.14		Production Rate		225
		16.2.15		Mine Schedule		226
		16.3		Turquoise Ridge Surface		227
		16.3.1		Mining Method		227
		16.3.2		Mine Design		228
		16.3.3		Geotechnical Considerations		228
		16.3.4		Hydrogeological Considerations		230
		16.3.5		Waste Rock Storage Facilities		231
		16.3.6		Stockpiles		231
		16.3.7		Grade Control		231
		16.3.8		Blasting and Explosives		232
		16.3.9		Mining Equipment		232
		16.3.10		Production Rate		232
		16.3.11		Mine Schedule		233
		16.4		Vista Underground		234

 

 

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		16.4.1		Mining Method and Mine Design		234
		16.4.2		Geotechnical Considerations		238
		16.4.3		Hydrological Considerations		239
		16.4.4		Ventilation		239
		16.4.5		Material Handling		240
		16.4.6		Backfill		240
		16.4.7		Blasting and Explosives		240
		16.4.8		Grade Control		240
		16.4.9		Mining Equipment		240
		16.4.10		Production Rate		241
		16.4.11		Mine Schedule		241
		16.5		Life of Mine Production Schedule		242
		16.6		Comments on Mining Methods		245
17		Recovery Methods				246
		17.1		Summary		246
		17.2		Design Basis		246
		17.3		Flowsheet		246
		17.4		Plant Design		248
		17.4.1		Juniper Mill		248
		17.4.2		Sage Autoclave		248
		17.4.3		Heap Leach		250
		17.5		Comments on Recovery Methods		250
		17.6		Energy, Water, and Consumables Requirements		251
		17.6.1		Energy		251
		17.6.2		Water		251
		17.6.3		Consumables		251
		17.7		Comments on Recovery Methods		252
18		Project Infrastructure				253
		18.1		Summary		253
		18.1.1		Turquoise Ridge Underground and Getchell Infrastructure		254
		18.1.2		Turquoise Ridge Surface, Vista Underground, and Process Infrastructure		256
		18.1.3		Common Purpose Infrastructure		259

 

 

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		18.1.4		Planned Infrastructure and Facility Relocations		259
		18.2		Road and Logistics		259
		18.3		Stockpiles		260
		18.4		Heap Leach Pads		260
		18.5		Waste Rock Storage Facilities		260
		18.6		Tailings Storage Facilities		261
		18.7		Water Management		262
		18.8		Power and Electrical		263
19		Market Studies and Contracts				264
		19.1		Market Studies		264
		19.2		Commodity Price Assumptions		264
		19.3		Contracts		265
		19.4		Comment on Market Studies and Contracts		265
20		Environmental Studies, Permitting, and Social or Community Impact				266
		20.1		Environmental Studies		266
		20.2		Environmental Considerations		266
		20.3		Closure and Reclamation		267
		20.4		Permits		267
		20.4.1		Current Operations		267
		20.4.2		Mega Pit Layback		268
		20.4.3		Sage Tailings Facility		269
		20.5		Social Considerations		269
21		Capital and Operating Costs				271
		21.1		Summary		271
		21.2		Capital Cost Estimates		271
		21.2.1		Sustaining Capital		271
		21.2.2		Open Pit Stripping		271
		21.2.3		Underground Development		271
		21.2.4		Capital Drilling		272
		21.2.5		Expansion Capital		272
		21.3		Operating Cost Estimates		272
		21.4		Comments on Capital and Operating Costs		273

 

 

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22		Economic Analysis				274
23		Adjacent Properties				275
24		Other Relevant Data and Information				276
25		Interpretation and Conclusions				277
		25.1		Mineral Tenure, Rights, Royalties and Agreements		277
		25.2		Geology and Mineral Resources		277
		25.2.1		Exploration, Drilling and Analytical Data Collection in Support of Mineral Resource Estimation		278
		25.2.2		Mineral Resource Estimates		278
		25.3		Mining and Mineral Reserves		279
		25.3.1		Mineral Reserve Estimate		279
		25.3.2		Mine Plan		279
		25.4		Mineral Processing		280
		25.4.1		Metallurgical Testwork		281
		25.5		Infrastructure		281
		25.6		Environmental, Permitting and Social Considerations		281
		25.7		Project Economics		282
		25.7.1		Capital Cost Estimates		283
		25.7.2		Operating Cost Estimates		283
		25.8		Risks		283
		25.8.1		Risk Analysis Definitions		283
		25.8.2		Risk Analysis Table		284
26		Recommendations				286
		26.1		Geology and Mineral Resources		286
		26.2		Mining and Mineral Reserves		286
		26.3		Mineral Processing		287
		26.4		Infrastructure		287
		26.5		Environment, Permitting, and Social and Community		287
27		References				289
28		Date and Signature Page				291
29		Certificates of Qualified Persons				293
		29.1		Craig Fiddes		293

 

 

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		29.2		John Langhans		295
		29.3		Paul Schmiesing		297
		29.4		Joseph Becker		299
		29.5		Timothy Webber		301
		29.6		Simon P. Bottoms		303

 

 

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List of Tables

 

Table 1-1		Turquoise Ridge Mineral Resources Summary, 100% Basis, as of December 31, 2023			21
Table 1-2		Turquoise Ridge Mineral Reserves Summary, December 31, 2023			23
Table 2-1		QP Responsibilities			39
Table 2-2		Table of Abbreviations			42
Table 4-1		Plans of Operations Centroid Location Summary Table			44
Table 4-2		Fee Properties			64
Table 4-3		Agreements			66
Table 6-1		Turquoise Ridge Complex Development History			72
Table 6-2		Operations History			74
Table 6-3		Summary of Gold Production			75
Table 7-1		Local Structure			83
Table 10-1		Turquoise Ridge Complex Drill Summary Table			107
Table 10-2		Turquoise Ridge Underground Drilling Supporting Mineral Resource Estimates			109
Table 10-3		Turquoise Ridge Surface Drilling Supporting Mineral Resource Estimates			109
Table 10-4		Vista Underground Drilling Supporting Mineral Resource Estimates			109
Table 10-5		Cutoff Dates for Drilling Data Supporting Mineral Resource Estimates by Deposit			110
Table 11-1		QA/QC Samples and Insertion Rates			126
Table 13-1		Drill Hole Test Program BTAC Results			135
Table 13-2		TRUG Monthly Composite BTAC vs Plant Results			136
Table 13-3		Turquoise Ridge Surface Ore Control Matrix			140
Table 13-4		Number of Tests Conducted per Metallurgical Type			141
Table 13-5		Turquoise Ridge Surface Refractory Ore Classification			146
Table 13-6		Autoclave Feed Parameter Ranges			146
Table 13-7		Typical Sage Mill Constraints			147
Table 14-1		Turquoise Ridge Mineral Resources Summary, 100% Basis, as of December 31, 2023			151
Table 14-2		Grade Capping Analysis for Turquoise Ridge Underground			158
Table 14-3		OK Estimation Parameters			164
Table 14-4		Turquoise Ridge Underground Model Mineral Resource Classification Distances			165
Table 14-5		Resources Cut-off Grade Inputs			167
Table 14-6		Mega Leapfrog Grade Shell Cutoffs			168
Table 14-7		Vista Leapfrog Grade Shell Cutoffs			170
Table 14-8		Summary of Mega Modelled Densities			177
Table 14-9		Summary of Vista Modelled Densities			178
Table 14-10		Turquoise Ridge Surface Model Mineral Resource Classification Distances			179
Table 14-11		Turquoise Ridge Surface Resource Cut-Off Grade Parameters			181
Table 14-12		Grade Capping Analysis for Vista Underground			186
Table 14-13		VUG Estimation Parameters			188
Table 14-14		Input Considerations, Mineral Resources CoG, Vista Underground			190
Table 14-15		Turquoise Ridge Mineral Resource Statement, 100% Basis, December 31, 2023			192
Table 14-16		Turquoise Ridge Mineral Resource Statement, Barrick Attributable Basis, December 31, 2023			193

 

 

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Table 15-1		Turquoise Ridge Mineral Reserves Summary, December 31, 2023			197
Table 15-2		TRUG Mining Dilution and Recovery Assumptions			200
Table 15-3		Input Considerations, Mineral Reserve Net Value, Turquoise Ridge Underground			201
Table 15-4		TRUG Reserves Sensitivity to Gold Price			201
Table 15-5		Summary of Optimisation Input Parameters			202
Table 15-6		Mega Pit Reserves Sensitivity to Gold Price			207
Table 15-7		Input Considerations, Mineral Reserve Net Value, Vista Underground			209
Table 15-8		VUG Reserves Sensitivity to Gold Price			209
Table 15-9		Input Considerations, Mineral Reserve Net Value, Stockpiles			210
Table 15-10		Turquoise Ridge Mineral Reserves Statement, December 31, 2023			211
Table 16-1		Typical Geotechnical Design Assumptions			219
Table 16-2		Turquoise Ridge Underground Equipment List			225
Table 16-3		Turquoise Ridge Underground LOM Production Schedule Summary			226
Table 16-4		Historical Inter-ramp Slope Angles By Domain			229
Table 16-5		Turquoise Ridge Surface LOM Equipment Requirements			233
Table 16-6		Turquoise Ridge Surface LOM Production Schedule Summary			234
Table 16-7		VUG Stope Design Parameters			238
Table 16-8		Vista Underground Equipment List			241
Table 16-9		Vista Underground LOM Production Schedule Summary			241
Table 16-10		Consolidated LOM Mining Schedule			243
Table 16-11		LOM Processing Schedule			244
Table 17-1		Major Process Equipment, Juniper Mill			248
Table 17-2		Major Process Equipment, Sage Autoclave			249
Table 17-3		Major Process Equipment, Heap Leach Facilities			250
Table 21-1		Capital Cost Summary			271
Table 21-2		LOM Operating Costs Summary			272
Table 25-1		Turquoise Ridge Risk Analysis			285

 

 

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List of Figures

 

Figure 2-1		Project Location Map		37
Figure 4-1		NGM Area of Interest		48
Figure 4-2		PoO Layout Plan (Operations), 2023		50
Figure 4-3		PoO Layout Plan (Exploration), 2023		51
Figure 4-4		Operations PoO Claims Locations, 2023; Sheet 1 of 4		52
Figure 4-5		Operations PoO Claims Locations; 2023, Sheet 2 of 4		53
Figure 4-6		Operations PoO Claims Locations, 2023; Sheet 3 of 4		54
Figure 4-7		Operations PoO Claims Locations, 2023; Sheet 4 of 4		55
Figure 4-8		Exploration PoO Claims Locations, Sheet 1 of 8		56
Figure 4-9		Exploration PoO Claims Locations, Sheet 2 of 8		57
Figure 4-10		Exploration PoO Claims Locations, Sheet 3 of 8		58
Figure 4-11		Exploration PoO Claims Locations, Sheet 4 of 8		59
Figure 4-12		Exploration PoO Claims Locations, Sheet 5 of 8		60
Figure 4-13		Exploration PoO Claims Locations, Sheet 6 of 8		61
Figure 4-14		Exploration PoO Claims Locations, Sheet 7 of 8		62
Figure 4-15		Exploration PoO Claims Locations, Sheet 8 of 8		63
Figure 7-1		Regional Geology Map		78
Figure 7-2		Getchell Trend Deposits		79
Figure 7-3		Simplified Geology Plan, Turquoise Ridge and Vista Areas		80
Figure 7-4:		Stratigraphic Column		81
Figure 7-5		Turquoise Ridge Underground Geological Map		87
Figure 7-6		Example Cross-Section, Turquoise Ridge Underground, Showing Drill Intercepts		88
Figure 7-7		Example Cross-Section, Turquoise Ridge Underground, Showing Grade Shells		89
Figure 7-8		Geological Map, Turquoise Ridge Surface (Mega Pit)		92
Figure 7-9		Example Long Section, Turquoise Ridge Surface (Mega Pit), Showing Drill Intercepts		93
Figure 7-10		Example Long Section, Turquoise Ridge Surface (Mega Pit), Showing Grade Shells		94
Figure 7-11		Geological Map, Turquoise Ridge Surface (Vista 8 Pit)		95
Figure 7-12		Example Long Section, Turquoise Ridge Surface (Vista 8 Pit)		96
Figure 7-13		Geological Map, Vista Underground		98
Figure 7-14		Geological Map, Vista Underground Showing Location of Figure 7-15		99
Figure 7-15		Example Cross Section, Vista Underground		100
Figure 10-1		Project Drill Collar Location Plan		108
Figure 10-2		Drill Collar Location Map Turquoise Ridge Underground Drilling Supporting Mineral Resource Estimates		111
Figure 10-3		Drill Collar Location Plan, Turquoise Ridge Surface and Vista Underground Drilling Supporting Mineral Resource Estimates		112
Figure 13-1		Relationship Between Total Organic Carbon (TOC) and the Preg-Rob Index		134
Figure 13-2		View of the TRUG Showing Mineral Reserves and BTAC Drill Holes		136
Figure 13-3		TRUG Recovery as a Function of Organic Carbon and Gold Head Grade		139
Figure 13-4		Sage Autoclave Recovery Data by shift for the years of 2022 and 2023		145
Figure 13-5		Stockpile Locations at ROM		147
Figure 14-1		Geologic and Resource Domains Cross Section, Turquoise Ridge Underground		153
Figure 14-2		Box and Whisker Plots for Gold Domain Grades		154

 

 

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Figure 14-3		Histogram Showing Raw Composite Sample Length and Comparing Raw and Composited Data 2500 Domain		156
Figure 14-4		Histogram Showing Raw Composite Sample Length and Comparing Raw and Composited Data 1000 Domain		157
Figure 14-5		Domain 2500 Datamine Supervisor Top Cut Analysis for 2500 Domain (140g/t topcut)		159
Figure 14-6		2500 Domain r-Grams Used to Help Determine the 2500 Domain		160
Figure 14-7		Variograms for Au Domain 2500		161
Figure 14-8		Variograms for the TCM Estimation		162
Figure 14-9		Plan Section Example of TRUG Classification with Drilling (Section width 30.5m)		166
Figure 14-10		Mega Domains and Main Mafic Map		168
Figure 14-11		Vista Domains Plan View		169
Figure 14-12		Box and Whisker Plots for Mega aufa, by aufa Grade Shell		170
Figure 14-13		aufa Composite Statistics Less Than 0.3 g/t Gold Shell		171
Figure 14-14		aufa Composite Statistics Between 0.3 and 1.5 g/t Gold Shell		172
Figure 14-15		aufa Composite Statistics Greater Than 1.5 g/t Gold Shell		173
Figure 14-16		Vista 6.1m (20 ft) Composites by Domain		174
Figure 14-17		Vista 6.1m Composites Inside 111_hwcen Domain, 17.1 g/t (0.50 opt) Cap		175
Figure 14-18		Histogram and Probability Plot of the Gold Composites		176
Figure 14-19		Vista Open Pit Composite Length Statistics		177
Figure 14-20		Mega Section 51000 N, Looking North, Cut 40 Classification Model		180
Figure 14-21		Vista Database		182
Figure 14-22		VUG OZ domains		183
Figure 14-23		Vista Underground Gold Histograms by Domain and Composite Length Histograms by Domain		185
Figure 14-24		Vista Underground High Grade Variogram		187
Figure 14-25		Mega Pit Royal Gold Royalty Boundary		191
Figure 15-1		Turquoise Ridge Underground Cross-Section Showing Mineral Reserves		199
Figure 15-2		Mineral Reserves Remaining in Vista Pit		203
Figure 15-3		Mineral Reserves Remaining in Mega Pit – Cut 40		204
Figure 15-4		Mineral Reserves Remaining in Turquoise Ridge Open Pit		205
Figure 15-5		Vista Underground Cross-Section Showing Mineral Reserves		208
Figure 16-1		Underhand Drift and Fill with Cemented Aggregate Backfill Mining Method Schematic		215
Figure 16-2		Long-hole Stoping Mining Method Schematic		216
Figure 16-3		Turquoise Ridge Underground VentSIM Model Long Section		221
Figure 16-4		Turquoise Ridge Underground Shaft Location Schematic		223
Figure 16-5		Turquoise Underground Schedule 2024		227
Figure 16-6		VUG LHSR Layout and Mining Activities		235
Figure 16-7		VUG Surface Infrastructure Layout Plan		236
Figure 16-8		VUG Mine Layout Plan		237
Figure 16-9		Ventilation Design, VUG		239
Figure 17-1		Process Flow Sheet		247
Figure 18-1		Location Plan, Major Operations, Turquoise Ridge Complex		253
Figure 18-2		Location Plan, Key Infrastructure, Turquoise Ridge Underground and Getchell		255
Figure 18-3		Location Plan, Key Facilities, Turquoise Ridge Surface, Vista Underground, and Process Facilities		258

 

 

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1

Summary

 

1.1	Description, Location, and Ownership

The Turquoise Ridge Complex (the “Project”) is a gold mining operation utilizing both underground and open pit mining methods. It is located in Humboldt County, approximately 64 km northeast of Winnemucca, Nevada, and 40 km northeast of the settlement of Golconda, Nevada.

Since 1883, there has been sporadic mining of various minerals and metals at the property.

The Project is operated as a joint venture (JV) through Nevada Gold Mines (NGM) which was formed in 2019. Barrick is the JV operator and owns 61.5%, with Newmont owning the remaining 38.5% JV interest.

 

1.2	Geology and Mineralization

The Turquoise Ridge Complex deposits are considered examples of Carlin-type or carbonate-hosted disseminated gold–silver deposits. The Carlin deposit forms the type locality.

The Project is within the Basin and Range Province between the Osgood Mountains and the Dry Hills in Northern Nevada.

Preferred host lithologies for gold mineralization are the Comus Formation, followed by the Valmy and Etchart Formations.

Host rocks are most commonly thinly bedded silty or argillaceous carbonaceous limestone or dolomite, commonly with carbonaceous shale. Although less mineralized, non-carbonate siliciclastic and rare metavolcanic rocks can locally host gold that reaches economic grades. Felsic plutons and dikes may also be mineralized at some deposits. Deposits typically have a tabular shape, are strata-bound, localized at contacts between contrasting lithologies, but can also be discordant or breccia related.

Mineralization consists primarily of micrometer-sized gold in sulfide grains disseminated in zones of siliciclastic and decarbonated calcareous rocks and are commonly associated with jasperoids. Other associated minerals to mineralization include pyrite, arsenian pyrite, stibnite, realgar, orpiment, cinnabar, fluorite, barite, and rare thallium minerals. Gangue minerals typically comprise fine-grained quartz, barite, clay minerals, carbonaceous matter, and late-stage calcite veins.

 

 

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Mineralization is often structurally focused, either related to lithologic contacts, anticlines, fault intersections and fracture sets or unconformities. Sub-microscopic gold mineralization is associated with arsenian pyrite, quartz, calcite, realgar, and orpiment. Gold mineralization is likely Eocene in age, and it is overprinted in some areas by a late stage of realgar, orpiment, and calcite. Gold-bearing zones can be located close to granodiorite and dacite dikes and beneath basaltic sills, evidencing the importance of rheologic contacts to mineralization.

 

1.3	Exploration Status

Given the mining history in the Project area, extensive exploration has occurred at various times by numerous operators.

Significant potential remains within the district plan of operations and exploration is actively being conducted at the Project and regionally.

Near mine exploration is focussed on prospectivity at depth, along strike, and down plunge from current operations. Current near mine exploration focus includes:

 

●

Interpreted corridors of high-angle faults and fractures that can act as conduits for mineralizing fluids;

 

●

Intersections of faults and dikes;

 

●

Favorable lithofacies that have been fractured and/or brecciated and represent good potential for gold mineralization; and

 

●

Deformation above and below mafic units that could generate fluid pathways such that gold mineralization may occur between the mafic units or have ponded under the mafic units acting as impermeable barriers.

Current regional exploration focus includes:

 

●

Geochemistry – using Carlin-type deposit model pathfinder elements as vectors to mineralization.

 

●

Alteration – using alteration associated with Carlin-type deposit model as vectors to mineralization.

 

●

Structure – targeting anticlines, fault intersections, dike and sill contacts, and other anomalous structural sites containing deep-seated fractures and rheologic changes that can act as conduits for mineralizing fluids.

 

●

Facies interpretation – to identify the most favorable mineralization host rocks.

 

 

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1.4	Mineral Resource Estimate

The Mineral Resource estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM (2014) Standards) as incorporated with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resources and Mineral Reserves (MRMR) Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

Mineral Resources considered amenable to open pit mining methods were constrained within a Pseudoflow (Lerchs-Grossman algorithm alternative) pit shell that used $1,700/oz gold price. Value-based routing was used in generating the cost and cash value of each block to determine reasonable prospects for eventual economic extraction and are demonstrated as a result of this pit optimisation process.

Mineral Resources for the stockpiles was determined using a revenue-based approach with a gold price of US$1,700/oz and appropriate mining costs. Stockpiles that made a profit of at least $1.00 were then considered as Mineral Resources.

Underground Mineral Resources were reported using Deswik Stope Optimizer (Deswik SO) applying appropriate cut-off grades for the methods utilised, minimum mineable stope shape, reasonable mineability constraints (including a minimum mining width, a reasonable distance from current or planned development), and a positive profitability at a $1,700/oz gold price demonstrating a reasonable prospect for eventual economic extraction.

The estimate was reviewed internally as well as externally and approved by NGM prior to release.

A summary of the Mineral Resources for the Project is provided in Table 1-1.

 

 

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Table 1-1  Turquoise Ridge Mineral Resources Summary, 100% Basis, as of December 31, 2023

 

Location		Measured						Indicated						Measured + Indicated						Inferred
		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained
		(Mt)		(g/t Au)		(Moz Au)		(Mt)		(g/t Au)		(Moz Au)		(Mt)		(g/t Au)		(Moz Au)		(Mt)		(g/t Au)		(Moz Au)
Open Pits		-		-		-		38		2.52		3.0		38		2.52		3.0		13		2.3		0.98
Twin Creeks  Stockpile		28		2.22		2.0		-		-		-		28		2.22		2.0		-				-
Surface Total		28		2.22		2.0		38		2.52		3.0		66		2.39		5.0		13		2.3		0.98
Underground  Total		17		10.72		5.8		31		8.96		9.0		48		9.57		15		2.4		7.7		0.61
Turquoise  Ridge Total		45		5.40		7.8		69		5.43		12		110		5.42		20		16		3.2		1.6

Notes:

•

Mineral Resources are reported on 100% basis. Barrick’s attributable share of the Mineral Resource is based on its 61.5% interest in NGM.

•

CIM (2014) Standards and CIM (2019) MRMR Best Practice Guidelines were followed for Mineral Resources

•

Underground Mineral Resources are estimated based on a positive net value stope economic analysis.

•

Surface Mineral Resources are estimated based on an economic pit shell using a pseudoflow algorithm.

•

Mineral Resources are estimated using a long-term gold price of US$1,700/oz.

•

Resource block model dimensions of 10 m x 10 m x 10 m were assumed to reflect mining selectivity.

•

Mineral Resources are inclusive of Mineral Reserves.

•

Numbers may not add due to rounding.

•

The QP responsible for this Mineral Resource Estimate is Craig Fiddes, SME Reg.

 

 

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1.5	Mineral Reserve Estimate

The Mineral Reserve estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM (2014) Standards) as incorporated with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

The Mineral Reserves have been estimated from the Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. Mineral Reserves include material that will be mined by open pit and underground mining methods, and stockpiles.

The estimate uses updated economic factors, the latest Mineral Resource and geological models, geotechnical and hydrological inputs, and metallurgical processing and recovery updates. The QPs responsible for estimating the Mineral Reserves have performed an independent verification of the block model tonnes and grade, and in their opinion the process has been carried out to industry standards.

For the open pit, economic pit shells were generated using the Pseudoflow algorithm within Deswik software and then used in the open pit mine design process and Mineral Reserve estimation. The final pit limit selection and design process is outlined in Section 16.

For the underground operations, the Deswik SO was used to evaluate the geological block model to create overall mining shapes. Preliminary stope wireframes were created and planned dilution was added to the mineable stope shape. Deswik Pseudo-flow software was used to estimate the cost, revenue, and resulting net value associated with each shape. Stopes with a positive net value were included in the Mineral Reserves estimate.

Mineral Reserves are summarised in Table 1-2 and stated:

 

●

As of December 31, 2023.

 

●

Using a gold price of $1,300/oz.

 

●

As ROM grades and tonnage delivered to the primary crushing facility.

 

●

For Turquoise Ridge Underground, Vista Underground, Mega Pit, Vista Pit, and numerous historically mined surface ore stockpiles.

A site specific financial model was populated and reviewed to demonstrate that the Mineral Reserves are economically viable.

 

 

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Table 1-2  Turquoise Ridge Mineral Reserves Summary, December 31, 2023

 

Location		Proven								Probable								Proven + Probable
		Tonnes		Grade		Contained		Attributable		Tonnes		Grade		Contained		Attributable		Tonnes		Grade		Contained		Attributable
		(Mt)		(g/t Au)		(Moz Au)		(Moz Au)		(Mt)		(g/t Au)		(Moz Au)		(Moz Au)		(Mt)		(g/t Au)		(Moz Au)		(Moz Au)
Open Pits		-		-		-		-		11		2.37		0.85		0.52		11		2.37		0.85		0.52
Twin Creeks  Stockpile		25		2.36		1.9		1.2		-		-		-		-		25		2.36		1.9		1.2
Surface Total		25		2.36		1.9		1.2		11		2.37		0.85		0.52		36		2.36		2.8		1.7
Underground  Total		13		11.58		4.9		3.0		20		10.04		6.3		3.9		33		10.66		11		6.9
Turquoise  Ridge Total		38		5.53		6.8		4.2		31		7.24		7.2		4.4		69		6.29		14		8.6

Notes

•

Proven and Probable Mineral Reserves are reported on 100% basis. Barrick’s attributable share of the Mineral Reserve is 61.5% based on its interest in NGM.

•

The Mineral Reserve estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

•

Mineral Reserves are reported at a gold price of US$1,300/oz.

•

Underground Mineral Reserves are estimated based on a positive net value stope economic analysis applying appropriate cost and modifying factors.

•

Surface Mineral Reserves are estimated based on an economic pit design applying appropriate costs and modifying factors.

•

Mining recovery and dilution factors are applied based on calculated historic actual results.

•

All reported metal is contained before process recovery; metal recoveries are variable based on material type, gold grades, TCM grades, sulfide sulfur grades, and processing methodology.

•

Contained metal is reported in millions of troy ounces.

•

Numbers may not add due to rounding.

•

The QP responsible for the Surface Mineral Reserve Estimate is Timothy Webber, SME RM.

•

The QP responsible for the Underground Mineral Reserve Estimate is Paul Schmiesing, SME RM.

 

 

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1.6	Mining Methods

The Turquoise Ridge Complex consists of underground and open pit mining operations. The mining methods used are considered conventional and use conventional equipment.

Ore is mined from its source and transported to the ROM stockpiles where it is blended and fed to the various process facilities, or long-term stockpiles for future reclamation and processing.

Waste material is taken to several possible locations including; various dump locations underground, used as construction material, or placed onto long term waste rock storage facilities.

The mining rate is variable and dependent on the phase of the active operations, although when in full production it is expected to peak at approximately 3,200 tpd for the underground operations and more than 50 ktpd for the surface operations.

Life of Mine for the Reserves is expected to end in 2047 for Turquoise Ridge Underground (TRUG) operations, in 2034 for Turquoise Ridge Surface operations, and 2024 for Vista Underground (VUG).

 

1.7	Mineral Processing

Processing of oxide and refractory ores at Turquoise Ridge is completed through the Juniper oxide mill, the Sage refractory facility, and a number of heap leach pads:

 

●

Oxide ore from the open pits is processed through the existing Juniper oxide mill or heap leach facilities, depending on ore grade and characteristics such as the clay and silica percentages. Oxide ores are those in which the gold is available for direct leaching by cyanide via conventional leach or milling methods. Oxide ores have been processed through the Juniper Mill (originally the Chimney Creek mill) since 1988.

 

●

Low-grade oxide ores have been leached on multiple run-of-mine heap leach pads since at least 1996.

 

●

Refractory ore from underground and open pit sources is processed through the Sage Mill pressure oxidation autoclaves, where the sulfide sulfur (SS) holding the gold is oxidized to liberate the gold so it can be recovered through conventional cyanidation (CIL). Refractory ores have been processed through the Sage Mill (originally the Twin Creeks mill) since 1996.

 

●

On an ad-hoc basis the Turquoise Ridge process facilities have periodically toll treated ores from other sources of non-owned regional operations when excess process capacity is available and if there is a benefit to NGM in doing so.

 

 

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Laboratory testing is completed on new deposits and mine extensions to confirm the amenability of ores in the new areas/zones to the current process methods. The majority of testwork has been completed in the on-site testing facility with some specialty work completed off site.

Recent metallurgical testwork primarily focused on core samples from the proposed expansion of the Mega open pit.

The Turquoise Ridge processing facilities are suitable for processing the ores envisaged in the LOM plan. Various plant modifications for improved performance are periodically undertaken, such as the CIL inter-tank screen upgrades that are currently underway with both throughput and recovery enhancements expected.

 

1.8	Project Infrastructure

The Turquoise Ridge operation is a mature project that has been operating intermittently since 1934 with modern open pit operations beginning in 1987 and modern underground mining in 1994. It has well developed infrastructure supporting the current operations and plans for additional infrastructure to support the Project growth.

 

1.9	Environmental, Permitting, and Social Considerations

NGM maintains a number of permits for the operation. These compliance permits cover areas such as air quality, water rights, wastewater treatment, tailings storage, hazardous materials storage, land reclamation, and community relations. NGM maintains a legal obligation register to track permitting and ensure on-going compliance. The Turquoise Ridge Complex is operating in compliance in all material respects with all applicable regulations and permit requirements as required by the BLM and the NDEP.

Closure and reclamation strategies and methods remain in accordance with the existing, approved Reclamation Plans.

There are no major challenges with respect to government relations, non-governmental organizations, social or legal issues, and community development.

 

1.10	Capital and Operating Costs

Capital and operating costs for Turquoise Ridge are based on extensive experience gained from many years of operating these mines and an extensive number of years operating other gold mines

 

 

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in Nevada and within NGM. Capital costs reflect current price trends and supporting studies. Operating costs are in-line with historical averages and considering recent inflationary pressures.

 

1.11	Interpretations and Conclusions

 

1.11.1

Mineral Tenure, Rights, Royalties and Agreements

Information from NGM’s in-house experts supports that the tenure held is valid and sufficient to support a declaration of Mineral Resources and Mineral Reserves.

NGM holds sufficient surface rights to allow mining activities. The surface rights are sufficient to support mining operations,

Three minor royalties are payable on a portion of the production from Turquoise Ridge Surface to Royal Gold described in 4.6.3.

The State of Nevada imposes a 5% net proceeds tax on the value of all minerals severed in the State.

Environmental liabilities are typical of those that would be expected to be associated with a long-life mining operations. NGM complies with all required permit and regulatory obligations to manage these liabilities.

To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

 

1.11.2

Geology and Mineral Resources

The Turquoise Ridge Complex suite of deposits are considered to be examples of Carlin-type or carbonate-hosted disseminated gold–silver deposits.

The understanding of the deposit settings, lithologies, mineralisation, and the geological, structural, and alteration controls on mineralisation is sufficient to support estimation of Mineral Resources and Mineral Reserves.

Exploration potential remains within the Project area. Targets include depth extensions under the current pits, and structural targets associated with faults and intersecting structures.

 

 

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