North America doesn’t realize that the latest gold rush on this continent is only just beginning, remarked one of Canada’s most experienced mining financiers before a recent tour of Nevada’s Carlin gold trend.
Like all of the fund managers and Franco-Nevada Mining executives who toured the gold belt last weekend, Merrill Lynch Canada Director William White expects the area to outstrip Hemlo in terms of gold production.
The 45-mile Carlin trend has produced nearly 6 million oz. gold since the 1870s. However, White says previous operators, such as Newmont Gold and Western State Minerals, literally only scratched the surface.
Earlier this year, American Barrick Recources discovered a high-grade gold deposit between the 1,100-ft. and 1,700-ft. levels at its Goldstrike mine.
Barrick began a campaign of aggressive deep drilling there in late 1986. The company’s efforts resulted in the discovery of two deposits, Betze and Deep Post, which could boost the major’s production output to between 460,000 oz. and 1 million oz. by 1992.
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