Barrick is trading at the highest price in 12 years after the company’s Sept. 16 statement touted Fourmile as “one of the century’s greatest gold discoveries.” Photo by Getty Images

Barrick Mining Corp. shares are on their biggest tear in five years on prospects that a U.S. project will become a major new gold mine, boosting the outlook of a company hit by setbacks in risky places.

The Canadian metals producer is heading for its steepest four-day rally since early 2020 after a preliminary assessment of its Fourmile project in Nevada showed the potential for as much as 750,000 ounces of annual gold production , prompting analysts to raise price forecasts for the stock.

Barrick is trading at the highest price in 12 years after the company’s Sept. 16 statement touted Fourmile as “one

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