North American gold title held by Newmont Gold (August 10, 1987)

The North American title for the largest gold reserve base goes to Newmont Gold Co. Newmont Gold, which is an affiliate of Newmont Mining Corp, controls properties hosting proven and probable reserves totalling 12.3 million oz gold — the largest reserve base in North America. In 1986, Newmont also held claim to the title of second-largest North American gold producer, pouring 474,000 oz. In 1987, Newmont expects to mine 577,000 oz, the company’s annual report says.

A majority of the company’s huge gold r eserves are located on 20 sq mi of ground centred on the famed Carlin trend near Elko, Nev. Here, in 1961, Newmont geologists discovered the Carlin gold mine which began production in 1965. On going exploration within a radius of 12 miles of the Carlin mine has led to numerous successes. By 1986, Newmont was producing from five open pits, the Bluestar, Genesis, Carlin, Gold Quarry and Maggie Creek.

More than 67% of the company’s massive reserve base is located at the Gold Quarry mine, located approximately 12 miles southeast of the original Carlin open pit. In-place reserves exceed 170 million tons grading 0.049 oz gold per ton or 8.3 million oz gold.

And it doesn’t end here. Exploration in the prolific Carlin area continues to yield spectacular results. At the Capstone project, less than 10 miles north of the Carlin open pit, a 1986 drill hole cut 150 ft grading 1.1 oz, Newmont reports.

A choice takeover target you ask? Unlikely. Newmont Gold, which went public in June, 1986, is a 95%-owned affiliate of Newmont Mining Corp. Its predecessor was the 100%-owned Carlin Gold Mining Co., which was incorporated in 1965 by Newmont Mining.