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Desert Mountain strikes helium
www.miningmirror.co.za
Nevada Gold Mines, the new joint venture
between Barrick Gold and Newmont
Goldcorp, is a classic case of the whole being
more valuable than the sum of its parts, says
Barrick president and CEO Mark Bristow.
At a recent presentation Bristow said
the logic for combining the two companies’
Nevada assets has always been compelling, and
now they are able to take advantage of realising
the synergies.
The name of the new joint venture company
was revealed at Barrick’s quarterly results
presentation recently, and Bristow said its
branding reflected the joint venture partners’
deep roots in Nevada, a state rich in gold
deposits.
“Nevada Gold Mines will have three
tier one gold mines: Barrick’s Cortez; the
combination of Barrick’s Goldstrike and
Newmont Goldcorp’s Carlin; and Barrick’s
Turquoise Ridge with Newmont Goldcorp’s
Twin Creeks. In addition, our Goldrush-
Fourmile project has the potential to become
the fourth,” says Bristow.
“It will be one of the world’s greatest gold
mining operations and will create sustainable,
long-term value for all its stakeholders, not
least the state and people of Nevada,” said
Bristow.
Gas samples from three of Desert Mountain
Energy’s oil and gas wells in the Kight-
Gilcrease Sand Unit (KGSU) oil field in
Seminole County, Oklahoma in the US, have
returned positive results for the presence of
helium. The company has reported helium
(He) concentrations of more than 1.3622%.
According to Irwin Olian, CEO of Desert
Mountain Energy, the results are highly
encouraging and suggest the potential for future
development of helium production from the
KGSU. “This gives the company another highly
prospective property for helium development
in addition to its flagship Heliopolis project in
Arizona’s Holbrook Basin,” says Olian.
The KGSU is located in an area of
Oklahoma which has been host to numerous
helium bearing natural gas wells, with
commercial production grades typically
ranging from 0.6% to 1.4% He. The Hugoton
Field in Kansas, Oklahoma and Texas, among
the nation’s largest natural gas fields, has
produced helium ranging from 0.3‒1.92%,
with future production grades estimated to
be in the range of 0.5%). Current test results
from the KGSU are consistent with helium
concentrations being produced from other US
natural gas fields.
JV stronger than sum of its parts
Mark Bristow, president and CEO of Barrick Gold
Corporation.
JULY 2019 MINING MIRROR [11]