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UPDATE: Barrick Gold Up 1%, But Well Off Day Highs as Makes Two "Significant" U.S. Gold Discoveries

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Barrick Gold (ABX.TO) is up 1% but is well off a day high $54.98 - compared to an existing year high $55.64 - after announcing yesterday that it has made two significant gold discoveries on the company's 100%-owned Cortez property in Nevada). These two discoveries, known as Red Hill and Goldrush, are located on highly prospective ground, six kilometers southeast of the Cortez Hills mine and 24 kilometers southeast of the Pipeline mine.

Based on the results of wide spaced drilling, the company has outlined two zones of gold mineralization along a seven kilometer long trend. "The mineralization is primarily hosted in a favorable carbonate unit and has a tabular geometry. The new discoveries are geologically similar in style to Barrick's Cortez Hills and Goldstrike mines. The majority of the mineralization intersected to date is refractory and occurs at depths between 150 and 500 meters," it said in a statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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