Fourth Quarter 2005
Highlights:
Australia
WESTERN AUSTRALIA - TELFER GOLD PROJECT
Barrick are currently conducting an in depth review of all of the data obtained from deep diamond drilling conducted on the Telfer project during the course of 2005.
Africa
NAMIBIA - TSUMKWE DIAMOND PROJECT
A large number of very fresh, Class 4, kimberlitic garnets have been recovered from clustered follow-up percussion drilling in the western project area, indicating the presence of a local kimberlite source.
BOTSWANA – KIHABE BASE METALS PROJECT
Following the positive scoping study conducted by ProMet Engineers on the Kihabe Base Metals Project, a 4,000m RC infill drilling programme will be conducted to upgrade this mineralised zone to a JORC compliant resource/reserve, to a depth of -150m.
The Kihabe zone of mineralisation is 2.4km long and based on the wide-spaced drilling conducted to date, is estimated to contain an open cut tonnage (NOT JORC COMLIANT) of some 17,500,000 tonnes to 100m depth, with a 3:1 stripping ratio and grades of 3% zinc, 1% lead, 28 g/t silver, together with significant credits for copper and vanadium.
If infill drilling confirms the continuity of grades obtained to date and current metal prices prevail, it is estimated that this project could generate substantial cash flows, with pre-tax profits in the region of A$ 30/tonne of ore.
Drilling is scheduled to commence before the end of January 2006.
As a result of the recognition of uranium oxides in previous work conducted on this project, the Company applied for and has now been granted approval by the Botswana Government, to explore for nuclear fuels within this tenement.
