Barrick, Japan Gold expand footprint on Hokkaido island

Barrick Gold (TSX: ABX; NYSE: GOLD) and Japan Gold (TSXV: JG) are expanding their footprint in the Asian country with the acquisition of the Kanehana project, which comprises 40 new claims and covers seven historic gold mines. The asset spans 124 sq. km and adjoins the west side of the Japan Gold’s Ikutahara project on Hokkaido, the country’s second-largest island. Under a joint venture formed in February, known as Barrick Alliance, the companies will explore seven historic gold mines in the Kanehana project: Muka, Jindai, Jomon, Hokushin, Kokka, Hyakuhan and Souryu. Combined, the Kanehana and Ikutahara projects cover a 25-km strike-zone. Among the mines in this area is the region’s third-largest gold producer, the Kitano-o mine.