Midway Gold reported that drilling by Barrick Gold on the Spring Valley project in Pershing County, Nevada, during the first quarter of 2012 encountered a number of long intercepts, including 136 m of 0.75 g/mt gold and 108 m of 0.93 g/mt gold. Higher-grade intercepts included 0.9 m of 32.91 g/mt gold and 1.5 m of 12.34 g/mt gold.
Barrick has budgeted $11.5 million for work at Spring Valley in 2012. The company’s total expenditure through the end of 2011 was approximately $17.7 million. Barrick can earn a 60% interest in the project by completing expenditures totaling $30 million before December 31, 2013. (www.midwaygold.com)