The $1-million campaign will attempt to extend mineralization below 100 metres and test the potential of deeper, previously intersected high-grade zones.
Golden Ridge is a 50-50 joint venture, but Barrick can boost its interest in the 174-sq.-km project to 65% by completing a feasibility study and arranging financing by September 2000.
The banded-iron-formation-hosted, main Nyaligongo zone hosts the bulk of the gold resource. Mineralization is stratabound sulphide-replacement with high-grade gold-bearing quartz veins.
Previous work has defined a global resource of 1.6 million oz. grading 1.46 grams per tonne. The measured and indicated resource is pegged at 1 million oz. grading 2.73 grams.
Eight other Pangea projects in Tanzania, along with the Pukaqaqa project in Peru, are to be drilled in the second half of the year.
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