Resources and Reserves (100 Percent Basis)
Based on Barrick's 2017 disclosure:
Proven and Probable Reserves:
Gold: approximately 23.2 million ounces
Copper: approximately 5.8 billion pounds
Measured and Indicated Resources:
Gold: approximately 26.6 million ounces
Copper: approximately 6.7 billion pounds
From earlier technical reporting (around 2017 to 2018):
Caspiche measured and indicated: approximately 7.1 million ounces of gold in 99 million tonnes grading between 0.47 and 0.57 grams per tonne
Caspiche inferred: approximately 0.9 million ounces of gold in 99 million tonnes at 0.29 grams per tonne
Cerro Casale measured and indicated: approximately 1.7 million ounces of gold
Cerro Casale inferred: approximately 3.0 million ounces of gold in 248 million tonnes at 0.38 grams per tonne
Project Status and Studies
Originally approved under an environmental impact assessment (EIA) in early 2013. In 2021, the Supreme Court of Chile ordered a new environmental review focused on the Caspiche project due to its overlap with indigenous Colla territory in the Jorquera River valley.
In 2024 and 2025, the Norte Abierto joint venture submitted a 52 million US dollar drilling plan for the Casale sector, which includes:
Re-accessing 63 historic drill platforms
Drilling 101 new holes
Building supporting infrastructure and core storage facilities
A two-year program duration, approved as of mid-2025
Geological and Operational Characteristics
The project is characterized as a porphyry-style gold and copper system with overlying high-sulfidation epithermal mineralization.
Cerro Casale contains large stockwork zones with vertical continuity over 700 meters and lateral spread of roughly one kilometer, with mineralization remaining open at depth and along strike.
Caspiche is located 10 to 12 kilometers north of Cerro Casale and shares similar structural and geological features. Several satellite targets are currently being reviewed as part of an updated resource model and expanded drilling initiative.
Strategic Implications and Opportunities
Norte Abierto ranks as the fourth-largest undeveloped gold project in the world, with a total gold inventory exceeding 54 million ounces. It is considered a key part of Chile’s future mining development portfolio.
The combination of Caspiche and Cerro Casale offers the joint venture increased development flexibility, scale, and optionality. The upcoming drilling campaign in the Casale area is expected to refine resource modeling, test extensions at Caspiche, and support feasibility-level technical work.
Securing environmental and community approvals remains critical to advancing the project.
Summary Table
Ownership: Newmont and Barrick, 50 percent each
Proven and Probable Reserves: 23.2 million ounces gold, 5.8 billion pounds copper
Measured and Indicated Resources: 26.6 million ounces gold, 6.7 billion pounds copper
Inferred Resources: 0.9 million ounces at Caspiche, 3.0 million ounces at Cerro Casale
Deposit Type: Porphyry copper-gold with epithermal gold-silver characteristics
Expansion Plan: 52 million USD for 101 drill holes over two years in the Casale sector
Regulatory Status: New EIA process underway; drilling program approved mid-2025
Development Outlook: Long-term project moving toward feasibility and engineering phases
Final Notes
Caspiche, as part of the Norte Abierto joint venture, is one of the most important undeveloped copper-gold assets globally. Its proximity to Cerro Casale, ongoing exploration, and significant resource base position it as a strategic long-term development opportunity. The period from 2024 to 2025 will be critical in advancing the project toward production readiness. |
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