Japan Gold Announces the Conclusion of the Barrick Alliance and Reports Ebino Drill Results
Executive Summary
- Japan Gold and Barrick Mining mutually agree to terminate their strategic alliance effective Oct 31 2025, ending Barrick’s rights to any of Japan Gold’s Japanese mineral assets.
- The termination follows completion of a $23.16 M funded drill program that generated a comprehensive geochemical/geophysical database but did not discover significant gold mineralization.
- Japan Gold announces the results of its three‑hole, 1,528 m Ebino Project diamond drill program, confirming extensive hydrothermal alteration and outlining next‑phase exploration plans.
Key Details
- Termination Agreement
- Alliance dated Feb 23 2020 (amended) terminated per its terms; effective Oct 31 2025.
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Barrick relinquishes all rights/interests in Japan Gold’s portfolio, including the former “Barrick Alliance Projects,” Hakuryu, Togi and Ebino.
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Funding Received
- Total of $23,155,932 USD (≈ US$17.38 M) provided by Barrick for work under the alliance.
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Funds used to create a comprehensive geochemical & geophysical database covering ~3,000 km² of Japanese mineral rights.
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Drill Program Overview
- Three‑hole diamond drill program at Ebino Project (Hokusatsu District, southern Kyushu).
- Total depth drilled: 1,528 m testing Otsuka and Kuwanoki‑zuru (“KZ”) prospects.
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All holes intersected strong hydrothermal clay alteration zones (kaolinite & dickite) indicative of shallow epithermal systems.
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Drill Results
- No significant gold mineralization intersected.
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Broad alteration zones identified, providing vectoring targets for future epithermal exploration in Masaki, KZ and Otsuka zones.
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Environmental & Rehabilitation
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Drill sites fully rehabilitated to original condition; work complied with environmental best practices.
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Future Exploration Plans
- Continue advancing two district‑scale areas in Kyushu and Hokkaido plus individual projects (including former Barrick Alliance Projects).
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Actively seeking new joint‑venture or partnership opportunities; discussions ongoing with interested parties.
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Qualified Person
- Technical information reviewed/approved by Jason Letto, B.Sc., P.Geo., Vice President of Exploration, qualified under NI 43‑101.
Notable Quotes
“Japan Gold remains well‑funded and committed to advancing its projects… With full operational control, our experienced management team is well‑positioned to prioritize our high potential assets and implement a tailored exploration strategy.” – John Proust, Chairman & CEO, Japan Gold
“Japan Gold consistently demonstrated exceptional in‑country expertise and operational excellence. We thank them for their dedication and professionalism throughout our alliance.” – Joe Holliday, Vice President of Exploration, Barrick Mining