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Exploration

Exploration is core to value creation at Goldcorp.

As of June 30, 2017
2017 Exploration Budget
$100m
Proven and Probable Gold Reserves
(ounces)
53.5m
Measured and Indicated Gold Resources
(ounces)
37.1m
Inferred Gold Resources
(ounces)
20.0m

Exploration features in our plan to grow our reserves by 20% by 2021.

We have a disciplined two-part strategy:

  • replace the reserves we mine every year by converting resources to reserves and extending known mineralization at our existing mine sites
  • add to our reserves overall by generating a constant supply of district-level targets that we rank and prioritize using the resource triangle.

We use a resource triangle to rank and prioritize the pipeline of exploration targets based on rigorous geological and stringent economic filters.

Reserves diagram

As work progresses on each target, it either moves up the triangle or it moves out.

The success of this tool depends on having a constant supply of targets to evaluate. These come from two sources:

  • generative work in our existing mine districts
  • small investments in junior companies that are in the right geological jurisdictions and have the technical teams capable of making discoveries that meet our criteria.

We do not pursue greenfield exploration in new districts.

2016 Achievements

Increased proven and probable gold mineral reserves by 4%

Maintained gold reserve grade of 1.06 g/t

Increased measured and indicated gold resources by 16%

Increased inferred gold mineral resources by 22%

Established indicated gold mineral resource of 4.5 million ounces and Inferred gold mineral resource of 900,000 ounces at Century

Restructured geology group to support exploration strategy

Added core team of experts in structural geology, geophysics and geochemistry

Added directors for Canadian and Latin American regions

2017 Targets

Convert 3.5 million ounces from resources to reserves at Porcupine’s Century Development Project

Convert a portion of the 290,000 of indicated resources to reserves at Red Lake’s Cochenour Development Project

Extend mineralization at Coffee

Build geological team at Cerro Casale and Caspiche

Resource conversion and expansion drilling at Cerro Negro

Generate new targets in our districts

SVP Exploration on Goldcorp's 20% Growth in Reserves by 2021

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