The asset spans 12,431 hectares and adjoins the west side of the Japan Gold’s Ikutahara project on the island of Hokkaido, the country’s second largest.

Under a 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-kilometre strike-zone. Among the mines in this area is the region’s third-largest gold producer, the Kitano-o mine.

Gold-rich area
Japan Gold recently expanded its portfolio to reach a total of 31 projects across Japan’s three largest islands: Hokkaido, Honshu and Kyushu. The venture with Barrick covers 28 of them.

The Canadian exploration company said that one of the advantages of partnering with Barrick is that it retains 100% ownership of the assets if the gold giant chooses to not move forward with any of them.

Japan Gold  can then develop the projects itself or find another third-party to work with.

The Vancouver-based firm has attracted interest from other majors, including Newmont (NYSE: NEM) (TSX: NGT), which has a 13% stake in the Vancouver-based junior.

The world’s no. 1 gold producer became involved with Japan Gold in 2018, when Goldcorp (now part of Newmont) provided financing. As part of the deal, Goldcorp was granted a joint venture right of first refusal on two projects, the Ohra-Takamine and the Ikutahara project.