Barrick Mining (NYSE: B) has revealed significant developments in its Fourmile project in Nevada, positioning it as one of the most important gold discoveries of the century. According to updated studies released this week, the project holds the potential to produce up to 750,000 ounces of gold annually, making it a major player in the gold industry.

Drilling at Fourmile project.

The latest resource estimate indicates that Fourmile contains 1.4 million ounces in the measured and indicated category, along with 6.4 million ounces inferred. Additionally, exploration suggests that up to 15 million more ounces may be delineated in the future. With average grades ranging from 12 to 16 grams per tonne, Fourmile is regarded as one of the richest large-scale gold deposits currently in development. Barrick CEO Mark Bristow emphasized its significance, stating: “Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century.”

The project benefits from its location within the Nevada Gold Mines joint venture with Newmont, providing access to existing infrastructure. The mine is expected to operate for over 25 years, with annual output projected to be between 600,000 and 750,000 ounces. The life-of-mine all-in sustaining costs are estimated at $650 to $750 per ounce, significantly below the current industry averages. Barrick also estimates that the development capital will range from $1.5 to $1.7 billion, with the location’s proximity to existing mills and infrastructure at Carlin–Cortez helping to moderate costs.

Barrick is currently advancing the permitting process and plans to start underground development in 2026. An expanded drilling program is also in the works to convert resources and further expand the deposit. The orebody is hosted in a steeply dipping breccia zone, which offers favorable geotechnical conditions for large-scale mining. Additionally, metallurgical studies indicate that much of the ore will be “single refractory,” making processing simpler and more cost-effective compared to Nevada’s more complex “double refractory” ores.

Despite these promising developments, Barrick’s shares closed down 0.7% at $28.84 per share on Tuesday, giving the company a market capitalization of $49.2 billion. Nonetheless, the Fourmile project is expected to become a cornerstone of Barrick’s gold production and significantly contribute to the company’s future growth.