Barrick secures Egyptian exploration licenses

Barrick Gold Corporation [TSX-ABX; NYSE-GOLD] has been awarded four exploration licenses for 19 blocks following its participation in the International Bid-Round (1)/2020 led by the Egyptian government for exploration of gold and associated minerals in the highly prospective Eastern Desert region of the country. The Eastern Desert is part of the Proterozoic Arabian Nubian Shield, which hosts the giant Sukari deposit and numerous other gold occurrences, but which has seen no recent systematic exploration.

Barrick intends to work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating exploration and mining companies, over the period of a year, to finalize the terms of Egypt’s exploitation license agreement which will apply to the industry.

“The move into Egypt is an integral part of Barrick’s exploration strategy. Barrick is a global company and we evaluate opportunities anywhere we see the potential for world-class deposits capable of passing our investment filters. We believe that it is essential to move into prospective emerging and underexplored mineral belts to maintain the discovery rate as part of a balanced development strategy,” says Barrick SVP exploration Joel Holliday.

In 2021, Barrick expanded its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan and Nevada.

“The opportunity in Egypt is an exciting addition to our portfolio and we look forward to a long and successful partnership with the Egyptian government,” said Barrick president and CEO Mark Bristow.