The REN Property is part of Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Gold Corporation. REN, centered along the North Carlin Trend, is surrounded by operating gold mines. Within five kilometers of the property, this area of the Carlin Trend has produced or has an inventory of over 70 million ounces of gold.
Overview

The REN Property consists of 86 contiguous unpatented lode mining claims covering 7.4 square kilometres of the North Carlin Trend. The property has a long history of significant gold discoveries. The first deep, high-grade discovery hole (RU-24c) was drilled in 2000 and returned 42.7 meters of 34.6 gpt Au. This discovery led to an expansion of the surface drilling program. During the period 1999-2003, 65 drill holes/55,000 meters were completed. The Property is now operated Barrick who has recently had exploration success on the property.

On November 4, 2021, Barrick Gold Corp. (“Barrick”) announced their third quarter results including an update on operations, development, and exploration at the Carlin complex. The Carlin complex includes the Goldstrike mine, which has produced over 60 million ounces of gold, as well as the REN project, over which Gold Royalty holds a 1.5% NSR and a 3.5% NPI. The REN project is operated by Barrick and owned by Nevada Gold Mines, a Joint Venture between Barrick (61.5%) and Newmont (38.5%).

Barrick President and CEO, Mark Bristow, highlighted on Barrick’s third quarter earnings call that underground resource drilling at REN has confirmed Barrick’s model and the significant upside potential on the western side of the deposit next to infrastructure. With the latest results, Barrick expects to report a maiden resource at REN by the end of 2021 and that the project has potential to add to the Carlin complex life of mine profile in the short term.

Recent drill results identified a potentially significant +700m strike length discovery, 250m from infrastructure along JD1/Corona Zone. Drill result highlights include:

  • MRC-21001: 12.8m at 26.39g/t and 7.6m at 13.77g/t located 130m west of RU-24c: 45.7m at 32.54g/t
  • MRC-21010: 8.0m at 16.95g/t, 3.8m at 24.76g/t

Nevada Gold Mines recently consolidated the northern extension of the Carlin complex by acquiring 100% of the South Arturo and Rodeo Creek properties through an asset swap with i-80 Gold. The South Arturo and Rodeo Creek properties lie to the northwest of REN and further highlights Nevada Gold Mines’ focus on the northern region of the Carlin trend. Further potential lies in the Banshee Zone, which is trending towards the southern edge of Gold Royalty’s 1.5% NSR and 3.5% NPI coverage area.

See Global Resource Statement page for assumptions and notes for each respective resource estimate.