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United States

Cortez Complex

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Overview

Mine TypeOpen Pit & Underground
StatusActive
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Mechanized Cut & Fill
  • Longhole open stoping
Backfill type ... Lock
Production Start... Lock
Mine Life... Lock
SnapshotOn July 1, 2019, Cortez Complex was contributed to Nevada Gold Mines, a joint venture between Barrick and Newmont.

The Complex consists of multiple open pit (Pipeline, Crossroads, and Cortez) and underground (Cortez Hills and Goldrush) mines and multiple processing facilities. These include an oxide mill and heap leach pads with refractory material transported to and processed at the Carlin complex.

Cortez is expected to continue producing long into the future through the addition of projects such as Goldrush, Robertson and Fourmile. The Record of Decision for the Goldrush mine was issued in December 2023 and is now forecast to produce 130,000 ounces of gold in 2024.

The Robertson is a particularly significant target, where step-out drilling has confirmed an upside potential which comes with the additional advantage of mostly oxide ore.

The Fourmile project Prefeasibility study scheduled to start at the end of 2024.
Related AssetsGoldrush Project, Robertson Project

Owners

SourceSource
CompanyInterestOwnership
Newmont Corp. 38.5 % Indirect
Barrick Gold Corp. (operator) 61.5 % Indirect
July 1, 2019, Barrick’s interest in Cortez was contributed to Nevada Gold Mines, a joint venture with Newmont.

Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5% of the joint venture.

Deposit type

  • Carlin-type
  • Sediment-hosted
  • Hydrothermal

Summary:

The Cortez deposits are Carlin-type sedimentary rock-hosted deposits. At Cortez, mineralization consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite.

A secondary deposit model that is applicable to the Cortez Complex is an intrusion-related gold model. Cortez mineralization occurs approximately between elevations 1,630–1,240 m, is approximately 400 m wide northeast-southwest by 1,219 m long northwest-southeast, and ranges in thickness from approximately 90–455 m. Mineralization is hosted within the Roberts Mountains Formation and the Hanson Creek Formation. A series of north-northwest trending and north-east trending faults cut the lithologies, with mineralization forming where these faults intersect shallow east-dipping thrust breccia zones (thrust duplexes). Most of the Cortez NW Deep higher-grade gold mineralization (<3.43 g/t Au) occurs in two zones lying between the 1,280-1,325 m elevations beneath the old Cortez open pit floor. One zone consists of an oxidized and strongly altered thrust zone within the Roberts Mountains Formation and the other is an unoxidized, sulfide-bearing thrust zone at the top of the Hanson Creek Formation. Mineralization becomes dominantly refractory at about 1,280-1,325 m elevation. Breccia gold mineralization is hosted in hydrothermally brecciated and fractured rocks that are spatially associated with the WSW dipping faults and attendant structures. Altered, matrix-supported breccia bodies contain the highest gold grades and are surrounded by “crackle” breccias and highly-fractured rock with moderate gold grades continuing outwards to less fractured rocks with lower grades. Most of the Breccia mineralization dips moderately southwest enveloping the west–southwest-dipping faults.

PIPELINE
The main Pipeline deposit is a 15-90 m thick, tabular zone lying at about 150-180 m beneath the surface. The deposit dips at a low angle to the east and extends over an area of 230 m north-south by 460 m east-west. Drilling indicates the deposit extends to at least 427 m depth.
South Pipeline consists of two zones, a shallow zone starting at 20–46 m depth and a deep zone starting at 300 m. The shallow zone occupies an area of approximately 550 m by 610 m, north and east respectively, and exhibits both low-angle and high-angle structural controls on gold distribution. The deep zone occupies an area 60 m north-south by 180+ m east-west, is up to 76 m thick and is more closely associated with high-angle structures.
Within the Pipeline deposit, gold occurs in association with silica, pyrite, hematite, and illitic or sericitic matrix material. Gold grains are coarser in open spaces and in fracture fillings, and finer-grained when associated with silica, pyrite and hematite.
At South Pipeline, microscopic gold is commonly associated with silica, in replaced matrix and quartz veinlets, and in association with limonite after pyrite.
Mineralization is predominantly characterized by oxides, and sulphidic and carbonaceous refractory material. Carbon content in the deposits is highly variable and occurs generally in the Devonian Wenban Limestone and Roberts Mountain Formation.
Supergene alteration extends up to 656 ft depth resulting in oxide ores, which overlie the refractory sulphides. Alteration has liberated gold by the destruction of pyrite and resulted in the formation of oxide and secondary sulphate minerals, which include goethite, hematite, jarosite, scorodite, alunite, and gypsum.

CROSSROADS
Crossroads is to the south of, and along strike with, the Pipeline deposit, but is at a greater depth, consistent with the south–southeasterly dip of the host formations into the basin.
The deposit has dimensions of 1,700 m by 500 m along strike and extends from about 1,320 m to 890 m in elevation above sea level. The Crossroads deposit consists of two mineralized zones: an upper stratiform zone along the Horse Canyon-Wenban Formation contact and a deeper zone controlled by an east– northeast-striking, west dipping (20° to 25°) structural zone that cuts across stratigraphy.
Gold mineralization is associated with anomalous arsenic, antimony, and thallium. Gold occurs in solid solution within arsenian rims on hydrothermal pyrite in primary ore, and as sub-micron sized free gold particles in ores which have been oxidized. Common gangue minerals include pyrite, abundant calcite, oxide and arsenate minerals, as well as clays.

GOLD ACRES
The Gold Acres deposit lies just to the north-west of the Pipeline Open Pit, in an exposed window of the upper plate of the Roberts Mountain Thrust. The deposit has dimensions of 450 m by 900 m along strike and extends from approximately 1,650 m to about 1,430 m in elevation above sea level.
Two mineralizing phases are recognized. The first consists of skarn calc-silicates and sulfide assemblages; the second comprises gold mineralization within the imbricate fault zone. Some gold was also deposited in the high angle structures and along the Roberts Mountains Thrust above the imbricate fault zone. Gold is present as disseminated submicroscopic particles. Gangue minerals include pyrite, calcite, quartz, melanterite, azurite, jarosite, realgar and various base metal sulfides and calc-silicate minerals related to the skarns.

ROBERTSON
The deposit is about 2285 m long, 910 m wide, and approximately 400 m thick. Robertson is an igneous related gold system. Gold mineralization is found in Upper Plate siliciclastics of the Devonian Slaven and Silurian Elder formations, as well as inside Eocene intermediate composition igneous rocks, primarily diorite and granodiorite. Mineralization is primarily concentrated around the Tenabo Stock in three main areas: Gold Pan in the northwest, Porphyry in the east to northeast, and Altenburg Hill in the southeast. Gold mineralization overprints an initial contact metamorphic hornfels event and a subsequent chalcopyrite-pyrrhotite-pyrite-chlorite-actinolite skarn event.

CORTEZ HILLS COMPLEX
The Cortez Hills Complex consists of two in-situ and connected Carlin-type orebodies with differing geometries and an exotic satellite deposit (Pediment deposit) that was eroded and redeposited adjacent to the sub-cropping Cortez Hills orebody.
The underground portion of the Cortez Hills deposit consists of the Breccia Zone, the Middle Zone and the Lower Zone (subdivided into Lower Zone A, B, C and D).
The conical-shaped Breccia Zone mineralization extends from a near-surface elevation of 1,783-1,240 m, terminating just east of the Middle Zone. It is approximately 300 m wide with a northwest trend, and varies in width from 75–580 m.
The Middle Zone occurs between elevations 1,318-1,166 m, is approximately 550 m wide northwest-southeast by 400 m long northeast-southwest, and ranges in thickness from 3-80 m.
The Lower Zone lies at an elevation of 1,298 m to the northwest and 933 m to the southeast, extends 1,310 m northwest-southeast, varies in width from 440 m in the north to 150 m in the south, and ranges in thickness from 20-80 m. An emerging area below Lower Zones C and D has mineralization extending to 759 m elevation along the Hanson Fault.
The Pediment deposit covered an area of 900 m x 180 m, ranged in elevation from 1,785– 1,615 m, and was about 75 m thick.
Breccia gold mineralization is hosted in hydrothermally brecciated and fractured rocks that are spatially associated with the Voodoo Fault and its attendant structures. Mineralization within the Middle and Lower Zones lies at depth to the west and southwest of the Breccia Zone, occurring as tabular, sub-horizontal to shallow dipping zones. Mineralization in the Lower Zone is typically refractory in the north, transitioning to dominantly oxide as the zone plunges deeper to the south.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnits2024202320222021202020192018201720162015
Gold koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe9631,2651,4471,059999
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.

Operational metrics

Metrics202320222021202020192018201720162015
Stripping / waste ratio  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe6.15 6.54
Ore tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe20,024 kt
Waste OP  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe115,209 kt104,573 kt117,336 kt
Total tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe135,234 kt121,929 kt134,503 kt124,919 kt151,357 kt
Tonnes processed  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe22,025 kt17,001 kt15,853 kt25,112 kt22,406 kt
Daily mining capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe405 k tons405 k tons
Daily mining rate  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe341.8 kt415.5 kt
Daily processing rate  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe68.7 kt61.4 kt

Production Costs

CommodityUnits20242023202220212020201920182017
Cash costs Gold USD
Cash costs Gold USD
Total cash costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 516 / oz   352 / oz   301 / oz  
Total cash costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 515 / oz **   351 / oz **   300 / oz **  
All-in sustaining costs (AISC) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 652 / oz   431 / oz   381 / oz  
All-in sustaining costs (AISC) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 651 / oz **   430 / oz **   380 / oz **  
All-in costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 855 / oz   650 / oz   513 / oz  
All-in costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 854 / oz **   649 / oz **   512 / oz **  
^ Guidance / Forecast.
** Net of By-Product.

Operating Costs

Currency20232022202120202019201820172016
OP mining costs ($/t mined) USD 3.11  2.78  2.22  1.64  1.76  1.47  1.43  1.56  
UG mining costs ($/t mined) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe

Financials

Units2023202220212020201920182017
Growth Capital M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 315   340   294  
Sustaining costs M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 129  
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 1,323   1,589   1,870  
Operating Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 540   725   873  
EBITDA M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 790   1,112   1,405  

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