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Gold Road Resources awarded A$177,500 in state funding for drilling in Yamarna Belt

Published: 23:46 13 Jun 2011 EDT

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Gold Road Resources (ASX: GOR) has received A$177,500 in state funding to drill at the Dorothy Hills and Golden Sands prospects, located on the company’s 5,000 square kilometre landholding in the Yamarna Belt of Western Australia.

The projects are generally associated with major gold districts in greenstone belts.

The Western Australia Department of Mines and Petroleum awarded the grant to Gold Road after the company successfully applied to the Exploration Incentive Scheme Co-funded Drilling Project.

Ziggy Lubieniecki, executive director, said “we expect these initial drill holes will lead us to new ideas and a better understanding of these major crustal structures, the end game is to find new, large deposits which our Yamarna Belt has the potential to host.”

The company has not previously conducted drilling at Golden Sands, which is interpreted to be on the southern extension of the Yamarna shearzone.

The project is strategically located 25 kilometres north of the AngloGold-Ashanti (NYSE: AU, LON: AAL) and Independence Group’s (ASX: IGO) five million ounces gold Tropicana gold mine.

Golden Sands extends for over 65 kilometres which Gold Road considers highly prospective for gold and uranium mineralisation.

 

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