3 days ago
3
Barrick Gold is identifying sites in Jamaica ready for drilling by the end of 2025, under its minerals exploration partnership with Geophysx Jamaica Limited.
The Canadian company is focusing on two large areas with potential for gold and copper deposits. These zones lie along ancient rock formations known as the “cretaceous and paleocene belts” the company said in its latest financial report.
Geophysx Jamaica has mapped the island, but the precise locations being targeted are undisclosed. It’s understood, however, that key zones of interest are along the northeast and central parts of the island. Barrick added that it’s using ground surveys to pinpoint the most promising targets.
“Geophysical surveys will be completed in the central district by September, with the objective to define drill-ready targets by year end,” said Barrick.
A second area will be evaluated next year.
“Along the paleocene belt, the goal is to define the top-priority target and progress it towards drill-ready status in the first half of 2026,” Barrick said.
The exploration builds on a 2024 agreement that gives Barrick access to 4,000 square kilometres of land to test across Jamaica. Barrick is leading the project, using Geophysx’s local data and infrastructure.
Geophysx founder Robert ‘Bobby’ Stewart did not immediately respond to request for comment. He previously said in January that drilling could begin this year.
Barrick sees similarities between Jamaica’s geology and its Pueblo Viejo mine in the Dominican Republic, which produces over 800,000 ounces of gold annually. With gold trading around US$3,300 per ounce or near all-time highs, the economics remain favourable.
Barrick, one of the top gold producers in the world, reported US$3.7 billion in revenue for the June quarter, up 18 per cent year-on-year. Net earnings more than doubled to US$811 million.
English (US) ·