The venture, jointly owned by Vale and BHP, has already reached an agreement with the regulator and could get formal permission to operate as soon as mid-September.

Barrick had booked a $405m impairment charge on Lagunas Norte last year, which resulted in a $431m net loss in the September quarter.

The Vancouver-based miner said results from 10 of the first 12 holes have returned intersections such as 15.35 g/t Au over 13.55 metres.

Kootenay Silver will retain the remaining 35% interest.

Azuay province is home to several potentially lucrative gold, silver and copper projects.

The lawsuit was launched in response to a shooting incident in 2013 at Tahoe's Escobal mine in south-east Guatemala.

BMR may acquire an 80% interest in Revelo's Montezuma copper project in northern Chile.

This was possibly the second-largest heist in Brazil’s history.