The REN Project ("REN") is an underground, high-grade deposit currently being developed as the northern, underground extension of the Goldstrike Mine, along the Carlin Trend in Nevada, USA.
REN is located along the Carlin Trend which has produced over 70 million ounces of gold. The project is operated by Barrick Gold Corp. ("Barrick") and owned by Nevada Gold Mines, a joint venture between Barrick (61.5%) and Newmont Gold Corporation (38.5%).
In 2022, Nevada Gold Mines consolidated the northern extension of its Carlin complex by acquiring 100% of the South Arturo and Rodeo Creek properties through an asset swap with i-80 Gold Corp. The South Arturo and Rodeo Creek properties lie to the northwest of REN and further highlight Nevada Gold Mines' focus on the northern region of the Carlin trend. The Carlin complex includes the Goldstrike Mine, which is the largest gold mine in the United States and has produced over 60 million ounces of gold, as well as REN, over which Gold Royalty holds a 1.5% NSR and a 3.5% NPI.
At REN, drilling continues to grow inferred resources in the significantly sheared JB Zone. Assays are pending for other drillholes that test the continuity of high-grade mineralization within the JB Zone and further expand the inferred resource footprint. As a result of Barrick's drilling activity, REN's mineral resource estimate is expected to grow in 2023 to support their previously mentioned plan to incorporate REN into the Carlin complex production plan in the near term. At a grade of over 7.0 g/t, REN represents attractive supplemental feed to the Carlin complex which produced at an average grade of 3.60 g/t in 2022.