viewGold Road Resources Ltd

Gold Road Resources exploration results support future growth

Yaffler South in the Southern Project Area is near the Gruyere gold mine and is presenting as a promising gold prospect.

Gold Road Resources Ltd - Gold Road Resources exploration results support future growth
Notably, Gold Road owns 100% of the Southern Project Area

Gold Road Resources Ltd (ASX:GOR) has received positive drill results from exploration conducted in and around the company’s operating Gruyere Gold Mine  in Western Australia.

While the Gruyere Gold Mine is held in a 50% joint venture, Gold Road owns 100% of its surrounding exploration tenure, most notably the Southern Project Area (SPA).

Drilling from the Yaffler South prospect within the SPA has produced 11 metres at 5.94 g/t gold from 74 metres, 12 metres at 3.40 g/t gold from 116 metres and 12 metres at 2.71 g/t gold from 59 metres.

The results come from a 13-hole program following up an anomaly identified by aircore and RC drilling in 2017 and 2018.

A follow‐up RC and diamond drill program is planned to commence in the December 2019 quarter. 

Gold Road’s executive director of exploration & growth Justin Osborne said: “The high‐grade results from Yaffler South demonstrate the benefit of good geological work and persistence.

“This prospect was first identified in 2016 during the previous South Yamarna Joint Venture and it is only recently that we have had opportunity to complete targeted bedrock drilling based on sound geological re‐interpretation and funding availability.

“The high‐grade shear zone and favourable dolerite geology are very encouraging first‐pass indicators supporting immediate follow‐up programs.

“These results confirm the Southern Project Area as the area of greatest prospectivity and will remain our priority exploration project.

Drilling at Gruyere nearly complete

Diamond  drilling  is  near‐complete  at  Gruyere, which aims to enable the  conversion  of  Inferred  Resources  to  Indicated  Resources  to  support  optimisation  of  the  mine  plan  and  the  placement  of  mine infrastructure

Osborne added: “Drilling at Gruyere has intersected the expected mineralisation below the current Reserve pit shell providing confidence that the Gruyere JV will be able to extend the current Indicated Resource.

“We look forward to the assay results from the remaining 14 holes of this program in support of an update to the Mineral Resource estimate scheduled for 2020.

“Improved resource confidence will allow future assessment of mining options and potential optimisation of the mine plan at Gruyere to benefit both JV partners.”

Northern portion shows growth potential

Significant widths at higher than the average resource grade have been intersected in the northern portion of the Gruyere resource.

Latest assays include 36 metres at 2.44 g/t gold from 282.8 metres, 45 metres at 1.80 g/t gold from 270.1 metres and 73 metres at 1.80 g/t gold from 288.6 metres.

Notably, these results are all located beyond the current Ore Reserve pit design, and may result in future growth of the Mineral Resource and Ore Reserve in this area.

Gold Road confirmed last month that it expects Gruyere to produce 75,000 to 100,000 ounces of gold for calendar 2019.

Quick facts: Gold Road Resources Ltd

Price: 1.56 AUD

Market: ASX
Market Cap: $1.37 billion

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