Barrick Gold (ABX.TO) said on Wednesday it has made two major gold discoveries on its Cortez property in Nevada, highlighting the gold miner’s increased emphasis on exploration to expand its resource base.

The world’s top gold miner said the new discoveries, known as Red Hill and Goldrush, are located roughly six kilometers (3.6 miles) southeast of its Cortez Hills mine and are geologically similar to the deposit it is currently mining on the property.

“The mineralization in both deposits remains open in multiple directions,” said head of exploration Rob Krcmarov. “We have more work to do, but these discoveries have the potential to become truly world-class deposits.”

Barrick has outlined a 3.5 million ounce inferred resource at Red Hill and it is doing further drilling at the site to upgrade and expand the resource. The company has yet to outline a resource for the Goldrush discovery.

“These two discoveries highlight the potential value and opportunities that can be created through a well-structured and disciplined exploration program,” said Chief Executive Aaron Regent in a statement.

Given Barrick’s size and scale, costly takeovers typically do little to move the needle in terms of its gold resources. Regent has long argued that expanding its resource base through a more cost effective exploration program is the best way forward for the company.

Over the last two decades, the company’s global exploration program has added about 140 million ounces of gold reserves, at an average discovery cost of about $16 per ounce. Barrick plans to spend between $370 million and $390 million on its exploration program this year.

Toronto-based Barrick is scheduled to host a meeting with investors later on Wednesday. – Reuters