Gold Road Resources upgrades gold potential at Gruyere Joint Venture – Proactive investors Australia
The new JORC resource totals 327,300 ounces of gold grading 1.55 g/t gold.
Gold Road Resources (ASX:GOR) has completed a major upgrade to the Attila Open Pit resource at the Gruyere Joint Venture in Western Australia.
The Gruyere Joint Venture is a 50:50 joint venture with Gold Fields (JSE:GFI), situated 30 kilometres west of the Gruyere Gold Project.
The new JORC resource totals 6,570,900 tonnes at 1.55 g/t gold for 327,300 ounces of gold.
This represents an addition of 103,200 ounces (+46%) compared to the 2015 resource, with 91% of the resource being classified in the measured or indicated categories.
The updated resource includes new information derived from the 2016 diamond and reverse circulation drilling programs which contributed to the refinement of the geological understanding at Attila.
Importantly, the update reflects the work done by the exploration team in applying smart geology and efficient drilling to extend this historic resource.
The joint venture now has more than 14 kilometres of known mineralisation along the Attila-Alaric Trend.
The March 2017 quarter saw the start of Gold Road’s $30 million 2017 Yamarna greenfields exploration program, which will include:
- $15 million committed to regional exploration on the North Yamarna tenements;
- $11 million committed (Gold Road: $5.5 million) to drilling within the Gruyere JV; and
- $3.3 million (Gold Road: $1.65 million) committed on the South Yamarna JV.
As at 31 March 2017, the company had cash and other current assets of $415.9 million.
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