07:49 AM EST, 11/22/2024 (MT Newswires) -- Barrick Gold ( GOLD ) 's shares were up 1.5% at last look in NYSE pre-market trading as it reported Friday an increase in mineral resources at the Fourmile project in Nevada.

The company said its updated resource estimate outlined a 192% increase in indicated resources to 1.4 million ounces grading 11.76 grams per tonne (g/t) gold, and a 137% increase in inferred resources to 6.4 million ounces grading 14.1 g/t gold.

Barrick said the grade also rose 35% relative to its 2023 year-end mineral resource estimate.

The miner attributed the increase to the addition of 25 new drill holes to the 2023 mineral resource estimate across the southernmost portion of the orebody, immediately adjacent to the Goldrush project at Cortez, which is part of Barrick's Nevada Gold Mines joint venture with Newmont ( NEM ) .

"Our strategy of investing in organic growth through exploration and mineral resource management has set us apart from the industry," Barrick CEO Mark Bristow said at the company's Investor Day in New York. "We believe in creating real value through discovery and development rather than relying on an increase in the gold price to justify high-premium mergers and acquisitions."

Separately, Barrick said it is opening up "exciting new frontiers" in Chile, Peru and Ecuador while also "exploiting value-creating opportunities" within its current asset portfolio.

"Our world-class projects are set to deliver a new growth phase and our targeted exploration programs are on course to maintain Barrick's unmatched record of reserve replacement, which allows us to project a 10-year production profile," Bristow told investors in New York.

Bristow noted that since the merger, Barrick has generated US$23 billion in operating cash flow, invested $15 billion in its operations and growth projects -- effectively recapitalizing operations for the next 10 years or more -- while also reducing net debt by nearly $4 billion, and returning over $5 billion to shareholders.