Proactiveinvestors Australia Gold Road Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Gold Road Resources Ltd RSS feed en Sat, 25 May 2019 03:53:47 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Gold Road Resources on cusp of pouring first gold at Gruyere project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13353/gold-road-resources-on-cusp-of-pouring-first-gold-at-gruyere-project-13353.html Tue, 14 May 2019 19:57:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13353/gold-road-resources-on-cusp-of-pouring-first-gold-at-gruyere-project-13353.html <![CDATA[News - Gold Road Resources confirms maiden guidance as production to begin this quarter ]]> https://www.proactiveinvestors.com.au/companies/news/218993/gold-road-resources-confirms-maiden-guidance-as-production-to-begin-this-quarter-218993.html Gold Road Resources Ltd (ASX:GOR) has taken the opportunity to confirm maiden guidance for 2019 gold production in its March quarterly report released today.

Guidance is for 100,000 to 120,000 ounces gold production in CY2019 at an all-in sustaining cost (AISC) of between $1,050 and $1,150 per ounce.

The development of the Gruyere Gold Project is nearing completion at 97% with works in progress across the site and progressive handover to commissioning. 

The project schedule remains on budget with first  gold on target for the second half of the June 2019 quarter.

READ: Gold Road Resources on track for first gold from Gruyere this quarter

As  planned,  mining  commenced  during  the  quarter  with  approximately  800,000  tonnes  of  ore  mined  and  stockpiled. 

The substantial ore stockpile largely de‐risks mining related aspects of the operation through the commissioning and ramp‐up phase.

Solid balance sheet

Gruyere’s final forecast capital cost estimate, excluding JV support costs, remains unchanged at $621 million, of which $284 million is attributable to Gold Road.

Gold Road anticipates further capital payments of approximately $27 million

As at 31 March 2019, the company had cash of $49 million and $117 million of undrawn debt facilities.

READ: Gold Road Resources leveraged to Cygnus Gold’s drilling at Wadderin and Lake Grace

Elsewhere, Gold Road is earning into four projects covering over 5,000 square kilometres in Western Australia’s Wheatbelt region.

Partner and operator Cygnus Gold Ltd (ASX:CY5) recently commenced drilling programs on the two joint venture projects in which Gold Road is earning-in.

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Wed, 24 Apr 2019 11:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218993/gold-road-resources-confirms-maiden-guidance-as-production-to-begin-this-quarter-218993.html
<![CDATA[News - Gold Road Resources leveraged to Cygnus Gold’s drilling at Wadderin and Lake Grace ]]> https://www.proactiveinvestors.com.au/companies/news/218728/gold-road-resources-leveraged-to-cygnus-golds-drilling-at-wadderin-and-lake-grace-218728.html Gold Road Resources Ltd (ASX:GOR) will watch with keen interest the drilling progress of partner Cygnus Gold Ltd (ASX:CY5) at the Wadderin and Lake Grace projects in WA’s Wheatbelt region.

Cygnus has started drilling programs on the two joint venture projects in which Gold Road is earning-in.

Aircore drilling began last weekend on the Wadderin project testing targets identified from Cygnus’ surface sampling.

Cygnus’ tenements in the Wheatbelt region with targets being tested in drill programs highlighted.

When this work is completed the aircore rig will be mobilised to the Lake Grace project to test bedrock anomalies identified in aircore drilling from early-2019.

READ: Gold Road Resources on track for first gold from Gruyere this quarter

Cygnus is managing exploration on four JV and earn-in projects with Gold Road covering an area of more than 5,000 square kilometres in the Wheatbelt region.

Cygnus Gold’s managing director James Merrillees said the company was looking forward to results from drilling on multiple prospects.

“We’re looking forward to the aircore program and drilling the first deeper RC holes at Lake Grace in partnership with Gold Road, who have provided us with outstanding support to date,” he said.

Drilling is also underway at Cygnus’ 100%-owned Stanley project where a reverse circulation (RC) rig is testing the Kepler Zone before heading to McDougalls to further test widespread gold mineralisation.

Merrillees said: “Stanley is developing into an exciting story with our new geological understanding of the high-grade zone at Kepler, and the targets at McDougalls that have received little deeper drilling.

“Multiple rigs, drilling simultaneously across several projects is further evidence of the Cygnus team’s ability to work openly and effectively with landholders and local communities to gain access for our exploration programs.”

READ: Gold Road Resources substantial shareholder continues on-market purchases ]]>
Wed, 17 Apr 2019 12:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218728/gold-road-resources-leveraged-to-cygnus-golds-drilling-at-wadderin-and-lake-grace-218728.html
<![CDATA[News - Gold Road Resources on track for first gold from Gruyere this quarter ]]> https://www.proactiveinvestors.com.au/companies/news/218722/gold-road-resources-on-track-for-first-gold-from-gruyere-this-quarter-218722.html Gold Road Resources Ltd (ASX:GOR) and Gruyere Mining Company Pty Ltd have completed 97% of commissioning and construction work at the Gruyere Gold Project and remain on track for first gold later this quarter.

The project, which is a 50:50 joint venture with Gold Road and Gruyere Mining, a member of the Gold Fields Limited group (NYSE:GFI), is about 200 kilometres east of Laverton in WA’s Goldfields.

Finishing works are in progress across the site and the partners are progressively handing over to the commissioning phase.

READ: Gold Road Resources set to begin gold production at Gruyere JV in June quarter

The primary crushing system was ore commissioned in January with material being delivered to the coarse ore stockpile.

This system is being handed over to the operations team.

The Gruyere power station and high voltage sub-stations across the site are fully commissioned, enabling power supply for commissioning activities.

Water systems around the process plant are fully commissioned as is the Yeo Borefield in the southern section, which has delivered water to the main transfer station ahead of the plant.  

READ: Gold Road Resources substantial shareholders continues on-market purchases

Dry commissioning activities are in progress including the coarse ore reclaim and mill feed circuits, the grinding areas SAG and Balls Mills, CIL, thickeners and reagents areas.

The company remains on target for the final forecast capital cost estimate of $621 million of which $284 million is attributable to Gold Road.

Mining activities scaled up to double shift operations in January with total mining movement tracking ahead of plan.

From the start of construction to the end of March 2019, Gruyere will have mined 4.9 million BCM of material from the open pit as budgeted in the feasibility study.

During the initial stages of plant commissioning and ramp-up, lower grade stockpiled ore will be processed to reduce gold losses associated with lower recoveries anticipated as the plant operations are stabilised.

The plant is anticipated to ramp-up to capacity over a period of six to seven months.

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Wed, 17 Apr 2019 09:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218722/gold-road-resources-on-track-for-first-gold-from-gruyere-this-quarter-218722.html
<![CDATA[News - Gold Road Resources substantial shareholder continues on-market purchases ]]> https://www.proactiveinvestors.com.au/companies/news/217471/gold-road-resources-substantial-shareholder-continues-on-market-purchases-217471.html Gold Road Resources Ltd (ASX:GOR) substantial shareholder BlackRock Group continues to show its faith in the company’s impressive gold strategy with a series of on-market acquisitions this month.

The US-based group and its subsidiaries in Australia, the UK and Japan have increased their stake in the gold developer to 7.54% on March 27 from 5.46% on March 5.

Between March 15 and March 27 BlackRock purchased more than 18.232 million shares at prices ranging from 86 cents to $1.02.

READ: Gold Road Resources has new substantial shareholder in BlackRock Group

The global investment management corporation now holds more than 66.236 million shares which were valued at almost $69.555 million at the 12-month high of $1.035 which was reached early this week.

Gold Road, in a 50:50 partnership with Gold Fields Limited (NYSE:GFI) (JSE:GFI), is developing the Gruyere Gold Project in Western Australia’s Yamarna Belt, 200 kilometres east of Laverton.

READ: Gold Road Resources set to begin gold production at Gruyere JV in June quarter

The partnership is on schedule for the first gold production in the June quarter and commercial production in the second half of 2019.

First ore was mined in January 2019 and a production target of 100,000-120,000 ounces for 2019 has been established.

The JV with anticipates annual mining rates to peak at about 60 million tonnes in 2023 and average 35 million tonnes over the mine life.

An updated mine plan was revealed in December 2018, confirming Gruyere as a global Tier 1 gold mine with a long life and forecast high margins based on life-of-mine average annual production of 300,000 ounces.

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Fri, 29 Mar 2019 10:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217471/gold-road-resources-substantial-shareholder-continues-on-market-purchases-217471.html
<![CDATA[News - Gold Road Resources set to begin gold production at Gruyere JV in June quarter ]]> https://www.proactiveinvestors.com.au/companies/news/217073/gold-road-resources-set-to-begin-gold-production-at-gruyere-jv-in-june-quarter-217073.html Gold Road Resources Ltd (ASX:GOR) is on schedule for the first gold production in the June quarter and commercial production in the second half of 2019 at the Gruyere JV project in WA’s Yamarna Belt.

First ore was mined in January 2019 and a production target of 100,000-120,000 ounces for 2019 has been established by the Gruyere JV partners.

The 50:50 JV with Gold Fields Ltd (NYSE:GFI) (JSE:GFI) is anticipating mining rates to peak at about 60 million tonnes per annum (Mtpa) in 2023 and average 35 Mtpa over the mine life.

An updated mine plan was revealed in December 2018, confirming Gruyere as a global Tier 1 gold mine with a long life and forecast high margins based on life-of-mine average annual production of 300,000 ounces.

Yamarna Gold Discovery

Gold Road also holds interests in the Yamarna tenements covering about 6,000 square kilometres, providing access to one of the most highly prospective yet under-explored greenstone belts in Western Australia.

The company’s exploration program in 2018 delivered significant results across the Yamarna Terrane which incorporates the Yamarna and Dorothy Hills Greenstone Belts.


Gold Road’s total Yamarna project pipeline now has 163 targets identified representing an 18% increase over 2017

The primary focus of Gold Road’s exploration activities continues to be the discovery of multi-million ounce deposits or clusters of deposits that can underpin a new stand-alone gold mine development.

Cygnus JV

Gold Road had signed two earn-in joint venture agreements with Cygnus in late 2017 covering about 3,400 square kilometres of the Wadderin and Lake Grace greenfields exploration projects in Western Australia.

The earn-in agreements allow Gold Road to secure up to a 75% interest in these two areas.

Activity in 2018 focused on gravity surveys and surface soil sampling ahead of a campaign of aircore and reverse circulation (RC) drilling that commenced in the first quarter 2019.

2019 outlook

Gold Road has an approved total exploration budget of $20 million across the project areas for 2019, of which $17 million will be allocated to its 100% owned Yamarna tenements, $1.5 million to the Gruyere JV (100% basis) and $1.5 million to the Cygnus JV (under the sole-funding earn-in process).

READ: Gold Road Resources expects 50,000-60,000 ounces from Gruyere gold JV in 2019

This budget commitment confirms the Yamarna exploration program as one of the largest of its kind in Australia, and Gold Road as one of the most active greenfields gold explorers globally.

The 2019 program has been planned to include 40,000 to 50,000 metres of RC and diamond drilling, and about 75,000 metres of aircore drilling as well as geophysics across about 200 square kilometres of unexplored tenure.

The priority focus for 2019 will be to define the full extent of the mineralised system on the Gilmour-Morello Project prior to infill drilling at Gilmour in support of a maiden resource.

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Mon, 25 Mar 2019 13:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217073/gold-road-resources-set-to-begin-gold-production-at-gruyere-jv-in-june-quarter-217073.html
<![CDATA[News - Gold Road Resources has new substantial shareholder in BlackRock Group ]]> https://www.proactiveinvestors.com.au/companies/news/215757/gold-road-resources-has-new-substantial-shareholder-in-blackrock-group-215757.html Gold Road Resources Ltd (ASX:GOR) has a new substantial shareholder in leading global investment management corporation, BlackRock Group.

The US-based group and its subsidiaries in Australia, the UK and Japan have accumulated a 5.46% stake in the gold development company.

This has come through a series of on-market transactions between November 9, 2018, and March 1, 2019, ranging in price from 70 cents to 93 cents.

Stake valued at more than $42.243 million

BlackRock Investment Management (UK) Limited has been the most active of the subsidiaries.

The value of the group’s investment in Gold Road is in excess of $42.243 million based on this morning’s price of 88 cents per share.

READ: Gold Road Resources expects 50,000-60,000 ounces from Gruyere gold JV in 2019

Gold Road, in a 50:50 partnership with Gold Fields Limited (NYSE:GFI) (JSE:GFI), is developing the Gruyere Gold Project in Western Australia’s Yamarna Belt, 200 kilometres east of Laverton.

Mining is underway with ore being stockpiled in preparation for initial production with first gold scheduled for the June quarter and commercial production in the second half of 2019.

The company expects its share of 2019 production to amount to 50,000 to 60,000 ounces.

READ: Gold Road Resources upgrades reserve at Gruyere JV to 3.92 million ounces gold

Earlier this year a 5% increase in gold reserve to 3.92 million gold ounces was revealed at Gruyere with Gold Road’s attributable ore reserve being 50% of the amount.

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Tue, 05 Mar 2019 11:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215757/gold-road-resources-has-new-substantial-shareholder-in-blackrock-group-215757.html
<![CDATA[News - Gold Road Resources expects 50,000-60,000 ounces from Gruyere gold JV in 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/214676/gold-road-resources-expects-50000-60000-ounces-from-gruyere-gold-jv-in-2019-214676.html Gold Road Resources Ltd (ASX:GOR) expects its share of 2019 gold production from the under-development Gruyere joint venture project in WA’s Yamarna Belt to amount to 50,000 to 60,000 ounces.

The 50:50 JV with Gruyere Mining Company Pty Ltd, part of Gold Fields Limited (NYSE:GFI) (JSE:GFI), is on schedule for the first production in the June quarter and commercial production in the second half of 2019.

A 2019 production target of 100,000-120,000 ounces has been established by the Gruyere JV partners.

READ: Gold Road Resources full steam ahead towards first gold from Gruyere JV this half

Gold Road chairman Tim Netscher said: “It is good to see the Gruyere project develop from conceptual plans through feasibility study to a well-designed large-scale, long-life, low-cost operation that is on the threshold of delivering substantial value for our shareholders. 

“We look forward to pouring first gold in the June 2019 quarter.”

Gold Road is pioneering development of Australia’s newest goldfield, the Yamarna Belt, 200 kilometres east of Laverton.

Mining is underway and a substantial stockpile of ore is planned in preparation for initial production in order to facilitate a smooth ramp-up.

The Yamarna tenements with Gold Road 100% tenements in blue and Gold Road-Gold Fields tenements in yellow.

Ramp-up to full nameplate capacity is expected to be completed within six to seven months of first gold.

AISC guidance

Once commercial production is declared, all-in sustaining costs for the remainder of 2019 are expected to be between A$1,050 and $1,150, slightly higher than forecast life-of-mine average of $1,025 per ounce.

Prior to commercial production being declared, production costs, net of revenue from any gold sold, will be capitalised.

Capital cost estimate unchanged

Final forecast capital cost estimate for the project remains at $621 million and Gold Road anticipates funding a total share of this cost of $284 million.

At December 31, 2018, the company’s remaining share of capital development costs was approximately $40 million while the remaining share of JV management costs was approximately $10 million.

Gold Road’s board has made several visits to the project site during the construction process.

In late January, board members viewed the impressive, large-scale and well-designed project nearing construction completion.

Gold Road’s Board, from left, Justin Osborne, Sharon Warburton, Duncan Gibbs, Brian Levet and Tim Netscher on site.

READ: Gold Road Resources upgrades reserve at Gruyere JV to 3.92 million ounces gold

Gold Road holds interests in tenements covering around 6,000 square kilometres in the Yamarna region, which is historically underexplored and highly prospective for gold mineralisation.

In November 2016, Gold Road entered a 50:50 joint venture with Gold Fields for the Gruyere JV covering 144 square kilometres.

The Yamarna leases contain a gold mineral resource of 6.6 million ounces, including 5.8 million ounces at the Gruyere deposit and an ore reserve of 3.92 million ounces.

An operational plan for Gruyere indicates that these reserves support average annual production of 300,000 ounces for at least 12 years.

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Fri, 15 Feb 2019 09:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214676/gold-road-resources-expects-50000-60000-ounces-from-gruyere-gold-jv-in-2019-214676.html
<![CDATA[Media files - Gold Road Resources increases gold reserves 5% with construction of Gruyere at 90% ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12202/gold-road-resources-increases-gold-reserves-5-with-construction-of-gruyere-at-90-12202.html Wed, 13 Feb 2019 12:54:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12202/gold-road-resources-increases-gold-reserves-5-with-construction-of-gruyere-at-90-12202.html <![CDATA[News - Gold Road Resources upgrades reserve at Gruyere JV to 3.92 million ounces gold ]]> https://www.proactiveinvestors.com.au/companies/news/214501/gold-road-resources-upgrades-reserve-at-gruyere-jv-to-392-million-ounces-gold-214501.html Gold Road Resources Ltd (ASX:GOR) has revealed a 5% increase in gold reserve to 3.92 million gold ounces at the Gruyere Project joint venture in the Yamarna Belt of Western Australia.

The Gruyere JV is a 50:50 joint venture between Gold Road and Gold Fields Limited (NYSE:GFI) (JSE:GFI).

Yamarna tenement plan with ore reserve and mineral resource as at December 2018

Gold Road, on behalf of the Gruyere JV, manages all exploration activities and resource development to pre‐feasibility completion on the JV tenements other than the Gruyere Gold Project.

Gold Road attributable ore reserve now totals 1.96 million ounces of gold, with a mineral resource of 3.31 million ounces.

 

Gold Road managing director and CEO Duncan Gibbs said: “Positive exploration results and excellent technical work by the Gold Road exploration and Gruyere JV operational teams has increased the reserve by 5% to almost 4 million ounces, including the maiden ore reserve additions on the Golden Highway.

Ore Reserve comparison to December 2017

“Encouragingly the Golden Highway mineral resource increased by 17% to almost 700,000 ounces, and the addition of a robust high‐grade underground resource at Central Bore increases the mineralisation options available to the Gruyere JV.

“The increased reserve grade and ounces has the potential to add further value to the recently updated Gruyere Mine Plan.”

READ: Gold Road Resources targets first gold production from Gruyere in June quarter

The Golden Highway ore reserves are within economic trucking distance of the Gruyere process plant and provide a source of supplementary mill feed during Gruyere’s mine life.

The additional ore reserves from Gruyere and the Golden Highway will be available for future life of mine updates beyond the Gruyere Mine Plan published in December 2018.

READ: Gold Road Resources full steam ahead towards first gold from Gruyere JV this half ]]>
Wed, 13 Feb 2019 12:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214501/gold-road-resources-upgrades-reserve-at-gruyere-jv-to-392-million-ounces-gold-214501.html
<![CDATA[News - Gold Road Resources drilling extends Gilmour gold deposit ]]> https://www.proactiveinvestors.com.au/companies/news/213557/gold-road-resources-drilling-extends-gilmour-gold-deposit-213557.html Gold Road Resources Ltd (ASX:GOR) has received infill and extensional drill results from its Gilmour gold deposit within its 100% owned Yamarna tenements in Western Australia.

Latest intersections include grades of up to 117.78 g/t gold and broad intersections such as 19 metres at 2.78 g/t gold from 63 metres.

The contiguous high‐grade results provide considerable scope for strike and down‐dip extensions to known mineralisation.

Further extensional and infill drilling at Gilmour and exploration drilling of the Gilmour-Morello system will commence in the current March 2019 quarter.

READ: Gold Road Resources full steam ahead towards first gold from Gruyere JV this half

Gold Road’s executive director Justin Osborne said: “This last round of infill and extensional drilling proved very successful in confirming the high‐grade nature of the mineralisation at Gilmour, with abundant free gold consistently intersected in both diamond and RC drilling.

“More importantly, the drilling demonstrated a highly predictable geometry to the main shear zone as well as indications of possible parallel structures which only adds to the upside of this exciting new discovery.

“Our 2019 drilling programs will kick off in February with diamond and RC drilling targeting further extensions to the currently defined Gilmour footprint prior to commencing detailed drilling for resource assessment.”

Drilling comprised of 11 diamond holes for 3,521 metres and 22 reverse circulation (RC) holes for 3,941 metres designed to infill previous high-grade results.

Drilling on the Gilmour Main Shear has defined gold mineralisation over a 500-metre strike length and a dip extent of 300 metres.

Drilling has generated new exploration targets

The identification of high‐grade gold-in-quartz occurring within the Waters Fault has delivered new exploration targets within the Gilmour‐Morello mineralised system.

The target areas prioritised for immediate testing now include:

• extensions to depth and strike of the Gilmour Main Shear;
• additional high‐grade shoots along the Morello Main Shear;
• additional lode positions parallel to both the Gilmour and Morello Main Shears; and
• additional mineralisation “dragged” into the east‐west trending Waters Fault.

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Wed, 30 Jan 2019 09:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213557/gold-road-resources-drilling-extends-gilmour-gold-deposit-213557.html
<![CDATA[News - Gold Road Resources full steam ahead towards first gold from Gruyere JV this half ]]> https://www.proactiveinvestors.com.au/companies/news/213451/gold-road-resources-full-steam-ahead-towards-first-gold-from-gruyere-jv-this-half-213451.html Gold Road Resources Ltd (ASX:GOR) and joint venture partner Gold Fields Limited (NYSE:GFI) (JSE:GFI) are on schedule and within budget for first production at the Gruyere Gold Project in WA during the June quarter of 2019.

Construction and commissioning activities at the 50:50 JV project, around 200 kilometres east of Laverton, are continuing.

First ore was mined earlier this month as scheduled.

READ: Gold Road Resources targets first gold production from Gruyere in June quarter

This occurred as contractor Downer EDI Limited (ASX:DOW) began double-shift operations as part of the mining production ramp-up.

A significant amount of ore is expected to be stockpiled in advance of first gold production as the JV takes steps to de-risk the project.

Primary crusher to coarse ore stockpile circuit.

At January 18 overall construction of the Gruyere process plant and infrastructure had reached 91% completion.

Primary crusher nears completion

Gold Road said construction in the primary crusher area was substantially complete and ore commissioning of the primary crusher to coarse ore stockpile circuit was in progress.

Remaining process plant construction works are concentrated in the milling, CIL and elution areas.

This work includes piping, electrical and instrumentation installations and progressive commissioning of systems and equipment through these areas.

Conveyor to the pebble crusher.

Within cost estimates

The company said the Gruyere project remained within forecast total cost estimates.

Project operator Gruyere Mining Company Pty Ltd, a Gold Fields subsidiary, plans to employ a team of about 350 fly-in, fly-out workers with many on an eight-day-on, six-day-off roster.

Gold Road discovered Gruyere in October 2013 and later partnered with Gold Fields to develop the project.

The latter paid $350 million for its stake, $250 million of that upfront and $100 million to fund Gold Road’s share of cash calls during construction, along with up to $51 million of any construction cost overruns.

CV01 transfer station to CV02.

Gold Fields now operates the venture.

Annual production of 300,000 ounces

The partners are hoping for annual production of about 300,000 ounces over a 12-year mine life, for total annual sales revenues of $540 million.

Revenues over the mine life would be $6.48 billion, with both partners taking a $3.24 billion share.

Total initial capital expenditure forecast at $621 million, with Gold Road’s share being $284 million.

READ: Gold Road Resources concludes successful year of exploration in the Yamarna Belt

Gruyere’s inventory includes ore reserves of 3.7 million ounces with the deposit suitable for simple open pit mining and ore processing.

Ongoing exploration in the Yamarna region has potential to add to 6.5 million ounces of resources and this year Gold Road plans to spend between $17 million and $20 million on exploration.

There are 40,000-50,000 metres of reverse circulation drilling proposed along with diamond drilling while funds will also be allocated to aircore geochemistry across 40-60 square kilometres of unexplored tenure.

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Tue, 29 Jan 2019 09:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213451/gold-road-resources-full-steam-ahead-towards-first-gold-from-gruyere-jv-this-half-213451.html
<![CDATA[Media files - Gold Road Resources 'coming to closing phases of construction' on Gruyere Gold Mine ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12014/gold-road-resources--coming-to-closing-phases-of-construction--on-gruyere-gold-mine-12014.html Wed, 23 Jan 2019 12:32:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12014/gold-road-resources--coming-to-closing-phases-of-construction--on-gruyere-gold-mine-12014.html <![CDATA[News - Gold Road Resources targets first gold production from Gruyere in June quarter ]]> https://www.proactiveinvestors.com.au/companies/news/212535/gold-road-resources-targets-first-gold-production-from-gruyere-in-june-quarter-212535.html Gold Road Resources Ltd (ASX:GOR) (FRA:E6Q) (OTCMKTS:ELKMF) is focused on unlocking near-term cashflow opportunities at its flagship new West Australian gold mine Gruyere, which is expected to produce first gold in the June 2019 quarter.

The West Perth-based mine developer views the fully-funded Tier 1 global gold mine as a near-term high-margin production opportunity.

Gold Road’s focus is to pioneer development of Australia’s newest goldfield, the Yamarna Belt, 200 kilometres east of Laverton where it plans to spend $17-20 million on exploration this year.

READ: Gold Road Resources concludes successful year of exploration in the Yamarna Belt

Gruyere Gold Project is in the central hub of Gold Road’s Yamarna tenements on the gold belt and is tipped to be Australia’s next major gold mine.

The company plans to produce gold by mid-year this year, employing a team of about 350 fly-in, fly-out workers with many on an eight-day-on, six-day-off roster.

Gold Road discovered Gruyere on the South Dorothy Hills Trend in October 2013 and later partnered with Gold Fields Limited (NYSE:GFI) (JSE:GFI) (SWX:GOLI) (OTCMKTS:GFIOF) to develop the project, completing the transaction in December 2016.

The joint venture came after the company produced a bankable feasibility study for the project in October 2016 and considered a range of funding and development strategies.

Gold Fields paid $350 million for its stake, $250 million of that upfront and $100 million to fund Gold Road’s share of cash calls during construction, along with up to $51 million of any construction cost overruns.

Gold Road and Gold Fields each hold a 50% stake in the Gruyere Joint Venture, with Gold Fields now operating the venture and housing its investment in its wholly-owned subsidiary Gruyere Mining Company Pty Ltd.

Gold Road managing director & CEO Duncan Gibbs told Proactive Investors the joint venture was a way of derisking the project which already had bank financing.

Geologist Gibbs said, “The sale to Gold Fields has essentially funded Gold Road’s share of Gruyere development costs.”

“As a consequence, we anticipate by the end of 2019 Gold Road will be generating strong cash flows from the 50% (share) of Gruyere and, unlike other developers, achieve this with very little debt.”

 

Debt to be repaid

The company has debt facilities of $150 million and expects to draw some debt from its financiers, which include National Australia Bank, Societe General and ING, to fund final construction and initial mine operations with substantial financing capacity in reserve.

Repayment of debt should occur in the first year of commercial production.

Gibbs said, “This is a unique situation for a junior exploration company to successfully metamorphose into a debt-free cash-generative gold producer.”

Attractive gross margin

An uncapped 1.5% net smelter return royalty on Gold Field’s share of production from the Gruyere venture tenements will apply once total gold production exceeds 2 million ounces.

Gruyere mine has forecasted average life-of-mine all-in-sustaining-costs (ASIC) of $1,025 an ounce.

With the gold price hovering at the $1,800 an ounce mark, margins at today’s prices are tipped at more than $750 an ounce.

The corresponding gross margin is greater than 40%.

Strong cash generation from Gruyere is likely to fund future organic growth initiatives or returns to shareholders.

Gold Road has $70 million in franking credits from the sale to Gold Fields, which could potentially benefit Australian investors.

READ: Gold Road Resources intersects high-grade gold at Gilmour deposit, confirms continuity

Given targeted annual production is 150,000 ounces for Gold Road’s investors, sales revenues for the company’s stake in the mine would be in the order of $270 million a year.

Partners Gold Road and Gold Fields are hoping for annual production of about 300,000 ounces a year over a 12-year mine life, for total sales revenues of $540 million a year.

Revenues over the 12-year mine life would be $6.48 billion, with both partners taking a $3.24 billion share.

Total initial capital expenditure (capex) is forecast at $621 million, with Gold Road’s share being $284 million.

According to an updated mine plan issued in December 2018, planned mill processing throughput was lifted from 7.5 million tonnes a year to 8.2 million tonnes at the project after fully-funded scope changes were incorporated into the plan.

Deposit suited to simple mining and processing

Gruyere’s inventory includes a 3.7 million ounce reserve and a 6.5 million ounce resource for both partners, with the deposit suitable for simple open pit mining and ore processing.

Ore reserves from Attila and Alaric have also been incorporated into the production schedule for Gruyere project.

The Gruyere project partners have commenced open pit mining and anticipate building up ore stockpiles prior to first gold production.

Mining has been significantly de-risked as the partners have completed at least two years of grade control.

Gold Road has reported a low strip ratio of 2.7:1 for the project, describing its five-stage mine plan as ‘low risk’.

The process plant adopts a gravity carbon-in-leach (CIL) circuit with ‘favourable metallurgy’.

Overall recovery from processing is 91-94% while gravity recovery is expected in a range of 35-40%.

Milestones and next steps

Gibbs expects steady news flow in the coming months, highlighting the company’s upcoming milestones include the completion of construction at Gruyere.

He expects, “Completion of construction with ore commissioning to lead to first gold production in the June 2019 quarter.”

Commercial production would be another milestone for the company.

Gibbs also expects ramp-up of the mine to its capacity of 8.2 million tonnes a year will be achieved over a six-to-seven-month period following first gold production, and be complete by the end of 2019.

The geologist-MD said, “Once we have stabilised the operation at nameplate, we will be seeking to optimise the asset including production rates and costs.”

This is something he achieved previously as general manager at the Tropicana Gold Mine where production rates lifted from 5.5 million tonnes a year to 7.5 million tonnes a year.

Gold Road leadership

Gold Road’s MD joined the company in September 2018 as its new corporate leader on the retirement of former MD & CEO Ian Murray.

Gibbs was a general manager at AngloGold Ashanti’s Sunrise Dam and Tropicana gold mines.

He led a significant turnaround program at Sunrise Dam and led Tropicana from discovery, through its study phases, construction and into production.

The corporate leader bought into Gold Road on December 20, 2018, snapping up 40,000 shares on the market for $24,350, at an average of 60.9 cents a share.

READ: Gold Road Resources appoints Duncan Gibbs as CEO, Ian Murray to retire

Former leader Murray finished his handover to Gibbs on January 1 this year, retiring from the board and exiting the company with an indirect stake of more than 12.488 million fully-paid ordinary shares.

Yamarna exploration and development program

Gold Road has a wider greenfields exploration program on the large Yamarna gold belt which has a 180-kilometre greenstone strike.

The company reported last month its exploration was “focused on defining deposits that support the next standalone, more than 1 million ounce, operation on 100%-(owned) ground.”

Gold Road’s wholly-owned Southern Hub at its Yamarna tenement package includes Gilmour, Smokebush, Toppin Hill and Wanderrie.

Gilmour is a new, exciting discovery for the company made in late 2018.

Gibbs said, “Our Gilmour discovery (features) high-grade gold mineralisation hosted in quartz veins in the southwestern part of the belt.

“We have yet to determine the potential scale of the resource.

“During 2019 we will be targeting extensions to the current vein as well as potential parallel and fault offset structures.

“Depending on the scale of the deposit and other resources identified near Gilmour development could conceptually be developed as either a standalone operation or via the Gruyere plant.”

Gold Road’s 100%-owned tenements in the Northern Hub at Yamarna include Ibanez (Corkwood), Bloodwood and Romano.

The company plans to spend between $17 million and $20 million on exploration at the three hubs this calendar year, drilling 40,000-50,000 metres of reverse circulation (RC) holes and undertaking diamond drilling.

Gold Road will also direct its funds to an aircore geochemistry effort across 40-60 square kilometres of unexplored tenure.

The soon-to-be producer hopes to develop another, wholly-owned mine from its exploration efforts, achieving mid-tier miner status as it continues to build value for its shareholders.

 

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Mon, 14 Jan 2019 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212535/gold-road-resources-targets-first-gold-production-from-gruyere-in-june-quarter-212535.html
<![CDATA[News - Gold Road Resources concludes successful year of exploration in the Yamarna Belt ]]> https://www.proactiveinvestors.com.au/companies/news/211452/gold-road-resources-concludes-successful-year-of-exploration-in-the-yamarna-belt-211452.html Gold Road Resources Ltd (ASX:GOR) has received positive assay results from its 2018 drilling programs at the fully owned Yamarna Project and the 50% owned Gruyere Joint Venture, both in Western Australia.

The company is pioneering development of Australia’s newest goldfield, the Yamarna Belt, 200 kilometres east of Laverton.

Drill intersections from across the Yamarna tenements

Yamarna Project 

Infill and extensional drilling is in progress designed to support estimation of a maiden resource. 

Gold Road has observed coarse visible gold in diamond core and reverse circulation samples.

Smokebush target:  Best results from infill drilling include 22.24 metres at 1.40 g/t gold from 82.17 metres and 11 metres at 2.27 g/t Au from 47 metres.

Yaffler South target: Bedrock gold mineralisation confirmed, with visible gold in diamond drilling returning 3.6 metres at 3.68 g/t gold from 281 metres.

Target generation at Yamarna Project

Early stage aircore drilling results have extended and refined existing gold anomalies at the Hirono and Cronos targets.

Ore reserve development at Gruyere Joint Venture

Golden Highway: Drilling as part of pre‐feasibility studies returned high‐grade results including 3 metres at 32.06 g/t gold from 84 metres at Montagne and 12 metres at 3.54 g/t Au from 15 metres at Argos.

Gruyere joint venture infrastructure plan showing mineral resource and ore reserve locations

Gold Road executive director of exploration and growth Justin Osborne said: “At the close of 2018, we look back with satisfaction on a successful year of exploration.

“As planned, we drill tested our 10 highest ranked bedrock targets across Yamarna which led to the discovery of the exciting Gilmour deposit which quickly advanced to the resource assessment stage.

“With visible gold consistently intersected at Gilmour, this project is proving to be predictable and a relatively simple deposit, showing upside both along strike and at depth. 

“As we move into 2019, the exploration team is fully occupied with data review and target assessment.

“We will shortly commence refining our 2019 exploration program, to deliver our primary strategic goal of discovering and developing gold mines on our 100% owned Yamarna Project.”

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Wed, 19 Dec 2018 15:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211452/gold-road-resources-concludes-successful-year-of-exploration-in-the-yamarna-belt-211452.html
<![CDATA[News - Gold Road Resources intersects high-grade gold at Gilmour deposit, confirms continuity ]]> https://www.proactiveinvestors.com.au/companies/news/209424/gold-road-resources-intersects-high-grade-gold-at-gilmour-deposit-confirms-continuity-209424.html Gold Road Resources Ltd (ASX:GOR) has intersected further high-grade gold in exploration drilling at the Gilmour deposit within its Yamarna belt holdings.

The drilling results confirm continuity of high-grade mineralisation and a positive conceptual economic assessment based on a preliminary geological model has been completed.

The assessment results justify ongoing follow-up extensional diamond and infill reverse circulation (RC) drilling which will be completed during the December quarter.

 

Gold Road executive director exploration & growth Justin Osborne said the Gilmour deposit was shaping up to be a very interesting discovery, exhibiting excellent continuity of mineralisation characterised by a consistent and predictable gold-bearing quartz vein in most intersections.

He said: “A diligent focus on understanding both the geological controls to mineralisation, and the potential economic value of the discovery has allowed the team to rapidly advance the project to detailed drilling capable of supporting potential future resource modelling activities.

“The widths, grades, and extent of mineralisation identified to date provide the encouragement to progress Gilmour as one of the priority projects going into 2019.”

High-grade gold assays

Highlighted intersections include: 4 metres at 19.61 g/t gold from 111 metres, including 1 metre at 74.98 g/t from 113 metres; and 8.14 metres at 7.11 g/t from 261 metres, including 1.23 metres at 31.98 g/t from 267.91 metres.

Further results include: 3 metres at 12.77 g/t from 170 metres, including 2 metres at 18.98 g/t from 170 metres; and 5 metres at 5.12 g/t from 219 metres, including 1 metre at 24.06 g/t from 221 metres.

READ: Gold Road Resources appoints Duncan Gibbs as CEO, Ian Murray to retire

Mineralisation was intersected over 250 metres below surface and is open at depth.

The main mineralised shear zone is about 3-5 metres wide and characterised by coarse visible gold within a highly-continuous laminated quartz vein, with moderate alteration and lesser subsidiary gold-bearing veins.

Due to the coarse nature of the free gold observed in drill core, results derived from the traditional fire assay methodology were validated using the recently developed Chrysos PhotonAssay technique.

This technique, offered by MinAnalytical laboratories, can investigate potential nugget-related issues and provide a more robust and reliable analysis of the coarse gold mineralisation.

The diamond core was also scanned using Orexplore X-ray technology, which maps the density of the sample and allows a detailed understanding of the physical distribution of gold grains in the rock.

READ: Gold Road Resources completes final cost estimate for the Gruyere Gold Project

Gold Road’s exploration is focused on its 6,000-kilometre landholding in Western Australia’s Yamarna belt, 200 kilometres east of Laverton.

In November 2016, Gold Road entered into a partnership with Gold Fields Ltd (NYSE:GFI) for the Gruyere Joint Venture covering 144 square kilometres.

The company uses a staged project pipeline approach to manage, prioritise and measure success of its exploration portfolio.

Each target is classified by a milestone and ranked using geological and economic criteria.

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Mon, 19 Nov 2018 01:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209424/gold-road-resources-intersects-high-grade-gold-at-gilmour-deposit-confirms-continuity-209424.html
<![CDATA[News - Gold Road Resources appoints Duncan Gibbs as CEO, Ian Murray to retire ]]> https://www.proactiveinvestors.com.au/companies/news/202935/gold-road-resources-appoints-duncan-gibbs-as-ceo-ian-murray-to-retire-202935.html Gold Road Resources Ltd (ASX:GOR) has announced the retirement of its managing director & CEO Ian Murray.

He will be succeeded by Duncan Gibbs, who has previously been general manager at AngloGold Ashanti’s Sunrise Dam and Tropicana gold mines.

The transition will take effect from 17 September 2018, with Murray remaining a director and assisting Gibbs in the handover until the end of the year.

 

Gold Road non-executive chairman Tim Netscher said Murray’s leadership of the company had been inspirational and transformative.

He said: “This has been a succession planning process that began at the start of this year to ensure an orderly transition and handover and the best possible outcome for Gold Road.

“In Duncan Gibs we have found a very capable and suitable new managing director & CEO, who will lead the next chapter of Gold Road’s growth.”

Commenting on his departure, Murray said it was an emotional day for him but that it was the right decision.

Murray continued: “I look forward to working with Duncan Gibbs on a smooth leadership transition.”

READ: Gold Road Resources completes final cost estimate for the Gruyere Gold Project

A search for Murray’s replacement began after Murray informed the Gold Road board of his plans to retire once construction of the Gruyere Gold Project was nearing completion.

The process has been assisted by international executive search firm Derwent Executive.

Gibbs said the initial focus will be on working collaboratively with Gold Fields Australia in achieving the safe and successful operational start-up of Gruyere.

He said: “It is equally important for me to enable Gold Road to build on its industry leading exploration expertise to deliver the next significant gold mine."

READ: Gold Road Resources confirms gold mineralisation with further high-grade intersections at Yamarna and Gruyere

Gibbs has a BSc (Hons) in geology and is a member of the Australasian Institute of Mining and Metallurgy.

He led a significant turnaround program at Sunrise Dam and led Tropicana from discovery through all study phases and construction.

The parallels between Tropicana and Gruyere are notable, with both mines being of similar scale, developed in a joint venture structure, and based on world-class greenfields discoveries in Western Australia’s Goldfields.

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Wed, 15 Aug 2018 03:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202935/gold-road-resources-appoints-duncan-gibbs-as-ceo-ian-murray-to-retire-202935.html
<![CDATA[Media files - Gold Road Resources is fully-funded as it prepares first gold at Gruyere ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10030/gold-road-resources-is-fully-funded-as-it-prepares-first-gold-at-gruyere-10030.html Fri, 03 Aug 2018 10:42:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10030/gold-road-resources-is-fully-funded-as-it-prepares-first-gold-at-gruyere-10030.html <![CDATA[News - Gold Road Resources completes final cost estimate for the Gruyere Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/201813/gold-road-resources-completes-final-cost-estimate-for-the-gruyere-gold-project-201813.html Gold Road Resources Ltd (ASX:GOR) has received the independent third party review of the definitive estimate for its Gruyere Gold Project, representing an estimate of costs to the end of project commissioning.

The review included the final forecast capital (FFC) cost estimate, which was revised to $621 million.

All long-lead items for the Gruyere process plant, including SAG and ball mills, have been transported to site from Perth and are awaiting installation by the EPC contractor Amec Foster Wheeler Civmec Joint Venture (ACJV).

READ: Gold Road Resources confirms gold mineralisation with further high-grade intersections at Yamarna and Gruyere

The revised FFC was increased by 10% from the $532 million capital cost estimate issued in June 2017, including $30 million in agreed scope changes and force majeure costs.

Gold Road anticipates funding a total share of the FFC of $284 million, representing an 8% increase on budget.

This is expected to be funded from Gold Road’s existing cash and working capital facilities.

The remainder of the increased capital cost will be funded by Gold Fields Ltd (JSE:GFI) under the terms of the joint venture, which was negotiated as part of Gold Fields’ acquisition of a 50% interest in the project in 2016.

Development activities progressing on schedule

Overall project engineering and construction is 94% and 61% complete, respectively, and process plant and associated infrastructure 39% complete.

The construction workforce comprises 440 workers and this is expected to peak at 600 during the current quarter.

Construction of the 198-kilometre Yamarna Gas Pipeline was completed by Nacap Australia Pty Ltd on behalf of APA Group ahead of schedule in June.

The pipeline has been connected to the 45-megawatt Gruyere power station, which was also completed this quarter.

READ: Gold Road Resources targeting multi million ounce gold deposits adjacent to Gruyere

MACA Ltd completed the main bulk earthworks in June and is now focusing on a second package of work, mostly associated with the lining of the tailings storage facilities.

Mining services contractor Downer EDI expects to complete construction of its mining and workshop facilities in the September quarter.

The bulk of the Downer workforce is scheduled to mobilise to site in the December quarter in time to start pre-strip activities on the Gruyere open pit in early 2019.

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Mon, 30 Jul 2018 03:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201813/gold-road-resources-completes-final-cost-estimate-for-the-gruyere-gold-project-201813.html
<![CDATA[News - Gold Road Resources confirms gold mineralisation with further high-grade intersections at Yamarna and Gruyere ]]> https://www.proactiveinvestors.com.au/companies/news/200326/gold-road-resources-confirms-gold-mineralisation-with-further-high-grade-intersections-at-yamarna-and-gruyere-200326.html Gold Road Resources Ltd (ASX:GOR) has received positive assay results from ongoing exploration at its 100%-owned Yamarna project and 50%-owned Gruyere joint venture in Western Australia.

Additional high-grade gold mineralisation was intersected at Yamarna’s Smokebush and Wanderrie camps while new gold anomalies were defined at Tamerlane.

Pre-feasibility infill drilling at the Gruyere JV has confirmed continuity of mineralisation, with high grades and potential extensions.

Extensive mineralisation at Yamarna

At Yamarna diamond and reverse circulation drilling has added strike length to the already more than 1.3 kilometres of mineralisation hosted in differentiated dolerite at Smokebush.

Best intercepts include: 0.51 metres at 22.49 g/t gold from 157.5 metres internal to 2.74 metres at 4.40 g/t from 156.61 metres at a 0.1 g/t cut-off; and 2 metres at 4.71 g/t from 61 metres.

The existence of high-grade mineralised shear zones was confirmed at the Wanderrie camp, with intersections including 10.53 metres at 4.19 g/t from 165 metres; and 7 metres at 2.24 g/t from 152 metres.

Aircore drilling at Tamerlane identified 8 kilometres of shear related gold anomalies ready for bedrock testing.

READ: Gold Road Resources targeting multi million ounce gold deposits adjacent to Gruyere

Gold Road executive director exploration and growth Justin Osborne said the company was making good progress with its strategy to test defined bedrock mineralisation in anticipation of resource-definition drilling next year.

Osborne said: “Of the targets tested so far this year we are particularly encouraged by the continuity and consistent high-grade mineralisation emerging from Smokebush as well as the results at nearby Wanderrie.

“Assay results from recently completed diamond drilling at our high priority Ibanez target in Northern Yamarna are expected in coming weeks along with assays from several other exciting targets in Southern Yamarna.”

Drilling at Gruyere consistent with mineral resource

Definition drilling has been completed at the Montagne prospect at the Gruyere JV, comprising 32 drill holes for a total of 3,120 metres.

Returned assays confirm location, thickness and tenor of mineralisation consistent with the current 2018 mineral resource.

One hole returned the highly significant intersection of 4 metres at 51.29 g/t, including 1 metre at 202.84 g/t from 9 metres downhole.

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Mon, 09 Jul 2018 13:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200326/gold-road-resources-confirms-gold-mineralisation-with-further-high-grade-intersections-at-yamarna-and-gruyere-200326.html
<![CDATA[News - Gold Road Resources targeting multi million ounce gold deposits adjacent to Gruyere ]]> https://www.proactiveinvestors.com.au/companies/news/191176/gold-road-resources-targeting-multi-million-ounce-gold-deposits-adjacent-to-gruyere-191176.html Gold Road Resources Ltd’s (ASX:GOR) wholly-owned subsidiary Gold Road (South Yamarna) Pty Ltd intends to acquire a project close to Gold Road's Gruyere deposit.

The group has signed a sale agreement to acquire Sumitomo Metal Mining Oceania Pty Ltd’s 50% interest in the South Yamarna project for $7 million in cash.

The project is located in Western Australia and is in close proximity to Gold Road’s Gruyere joint venture.

There are also certain rights of first refusal and first negotiation involved.

Gold Road reaps benefits of strong relationships

The acquisition will consolidate Gold Road’s ownership of the majority of the Yamarna Belt, which currently hosts 6.8 million ounces of gold in resource. 

In addition to Gold Road becoming owner of the 100% of the South Yamarna project, it also owns the North Yamarna project and 50% of the Gruyere joint-venture. 

The South Yamarna joint-venture was forged between Gold Road and Sumitomo in 2013.

Since then the group has discovered the 6.2 million ounce Gruyere gold deposit and will be producing from 2019.

The company also referred to the economic benefits that flowed from the joint-venture with Gold Fields Limited (NYSE:GFI) which concluded in 2016.

Gold Road to invest $23 million on exploration

Should the acquisition be formalised, it will benefit from a total budget of $23 million being applied to both North Yamarna and South Yamarna.

Gold Road is targeting multi-million ounce gold deposits in the South Yamarna project area which contains some of the group’s highest ranked drill targets.

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Tue, 06 Feb 2018 08:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191176/gold-road-resources-targeting-multi-million-ounce-gold-deposits-adjacent-to-gruyere-191176.html
<![CDATA[News - Gold Road's Ian Murray talked plans for $30M exploration budget at Proactive's CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/185144/gold-road-s-ian-murray-talked-plans-for-30m-exploration-budget-at-proactive-s-ceo-sessions-185144.html Gold Road Resources Ltd's (ASX:GOR) managing director, Ian Murray, joined Proactive's CEO Sessions in Sydney on Tuesday 3rd October and Melbourne on Wednesday 4th October.

Gold Road is the greenfields explorer who discovered the world-class Gruyere Gold Deposit.

Gruyere currently hosts 6.2 million ounces including a reserve of 3.5 million ounces.

The reserve discovery cost is less than A$10 per ounce.

Gold Road has $250 million in cash, with an allocated $30 million per annum on greenfields exploration programs.

ACCESS THE FULL PRESENTATION HERE

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Fri, 06 Oct 2017 12:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185144/gold-road-s-ian-murray-talked-plans-for-30m-exploration-budget-at-proactive-s-ceo-sessions-185144.html
<![CDATA[News - Gold Road to showcase Gruyere Joint Venture at the Proactive's CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/184539/gold-road-to-showcase-gruyerejointventure-at-the-proactive-s-ceo-sessions-184539.html Gold Road Resources Ltd (ASX:GOR) is pioneering development of Australia’s newest goldfield, the Yamarna Belt, 200 kilometres east of Laverton in Western Australia.

The Yamarna leases contain a gold resource of 6.8 million ounces, including 6.2 million ounces at the Gruyere Deposit, of which the company owns 50%.

Find out more from Ian Murray at Proactive's CEO Sessions.

Click below to register by email

- Sydney: Tuesday 3rd October.
- Melbourne: Wednesday 4th October.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Gold Road Resources (ASX:GOR): Ian Murray
- Cellmid (ASX:CDY): Maria Halasz
- Altech Chemicals (ASX:ATC): Iggy Tan
- Silver City Minerals (ASX:SCI): Chris Torrey
- Mustang Resources (ASX:MUS): Christiaan Jordaan (Melbourne only)
- Cobalt Blue Holdings (ASX:COB): Joe Kaderavek (Sydney only)

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Thu, 28 Sep 2017 13:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184539/gold-road-to-showcase-gruyerejointventure-at-the-proactive-s-ceo-sessions-184539.html
<![CDATA[News - Gold Road Resources upgrades gold potential at Gruyere Joint Venture ]]> https://www.proactiveinvestors.com.au/companies/news/177087/gold-road-resources-upgrades-gold-potential-at-gruyere-joint-venture-177087.html 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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Mon, 01 May 2017 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177087/gold-road-resources-upgrades-gold-potential-at-gruyere-joint-venture-177087.html
<![CDATA[News - Gold Road Resources has $11.9 million payday with gold forward sales facility ]]> https://www.proactiveinvestors.com.au/companies/news/170577/gold-road-resources-has-119-million-payday-with-gold-forward-sales-facility-170577.html Gold Road originally had agreed to sell forward 50,000 ounces of gold at A$1,791 to fund the development of the Gruyere gold project in Western Australia.

However, the recent completion of the joint venture with Gold Fields Ltd has now fully funded Gold Road through to production meaning the forward sales facility is no longer critical.

Because Gold Road secured such a high gold price in $1,791 per ounce for the forward sales facility, the company has been able to close it out at lower gold prices, in turn making a profit.

Gold Road still remains open to revised forward sales programs to complement its share of the future production from the Gruyere gold project.

Rarely is a company at this stage of its development able to generate such realised profits through risk management strategies such as this.

This savvy show of risk management from Gold Road’s management team should give investors confidence in the company’s ability to fully realise the value of the 6.6 million ounce Gruyere gold deposit.

Shares in Gold Road are trading up 45% year to date, currently priced at $0.565.

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Fri, 16 Dec 2016 13:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170577/gold-road-resources-has-119-million-payday-with-gold-forward-sales-facility-170577.html
<![CDATA[News - Gold Road Resources to update on funding ]]> https://www.proactiveinvestors.com.au/companies/news/168573/gold-road-resources-to-update-on-funding-168573.html The halt will remain in place until the opening of trade on Wednesday 9th November 2016, or earlier if an announcement is made to the market.

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Mon, 07 Nov 2016 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168573/gold-road-resources-to-update-on-funding-168573.html
<![CDATA[News - Gold Road Resources to finalise Gruyere Feasibility Study ]]> https://www.proactiveinvestors.com.au/companies/news/167597/gold-road-resources-to-finalise-gruyere-feasibility-study-167597.html The Gruyere project currently hosts 6.2 million gold ounces, and is located in Western Australia.

The halt will remain in place until the opening of trade on Friday 21st October 2016, or earlier if an announcement is made to the market.

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Wed, 19 Oct 2016 07:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167597/gold-road-resources-to-finalise-gruyere-feasibility-study-167597.html
<![CDATA[News - Gold Road Resources Ltd boosts gold project to 6.2 million ounces ]]> https://www.proactiveinvestors.com.au/companies/news/155016/gold-road-resources-ltd-boosts-gold-project-to-62-million-ounces-68261.html Gold Road Resources Ltd (ASX:GOR) has completed its update of the Gruyere Mineral Resource estimate at its 100% owned Gruyere Gold Project 200 kilometres east of Laverton, Western Australia.

The updated resource has increased by 10% and now stands at a total of 147.7 million tonnes at 1.30 g/t gold for a whopping 6.16 million ounces of gold.

The Measured Resources category has increased by 633% to 13.86 million tonnes at 1.18 g/t gold for 0.53 million ounces, which is 9% of the total. This was upgraded from an Indicated category.

This equates to approximately two years of pre-feasibility study production.

The major changes to the evaluation parameters used in reporting the resource include lowering the cut-off grade to 0.5 g/t gold compared to the previous 0.7 g/t gold cut‐off.

The increased price of gold from A$1,600 to A$1,700 per ounce gold has also been taken into consideration in the new report.

Deeper drilling that will target extensions to the resource will be completed in the medium to longer term.

Meanwhile, Sumitomo Metal Mining Co. Ltd, has recently increased its interest in the South Yamarna Joint Venture (SYJV) to 50%.

Under the terms of the Joint Venture Agreement signed between Gold Road and Sumitomo in May 2013, Sumitomo was required to contribute A$8 million to exploration on the South Yamarna tenements by the end of 2016 to earn a 50% share in the SYJV. This commitment was met in March 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 26 Apr 2016 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/155016/gold-road-resources-ltd-boosts-gold-project-to-62-million-ounces-68261.html
<![CDATA[News - Gold Road Resources flexes $10M drilling budget, PFS beckons ]]> https://www.proactiveinvestors.com.au/companies/news/155015/gold-road-resources-flexes-10m-drilling-budget-pfs-beckons-66687.html Gold Road Resources (ASX:GOR) is poised for strong newsflow and growth this year after committing A$10 million to its 2016 gold exploration budget as the company’s 5.6-million-ounce Gruyere deposit in Western Australia progresses fully funded feasibility work.

Gruyere – which is Australia’s largest undeveloped gold deposit – is on track for the start of mining operations and first gold pour in 2018.

Work at the site represents part of Gold Road’s broader strategy in WA’s emerging Yamarna Belt region, where the company controls 6.1 million ounces of already defined gold resources.

Gold Road’s $10-million exploration plan is the largest to be undertaken by a junior Australian mining company this year and will target additional multi-million-ounce deposits within the company’s 5,000 square kilometres of holdings in this historically underexplored area east of Laverton.

The plan includes 2,500 metres of reverse circulation drilling at a 5.2-kilometre-long gold anomaly known as the Wanderrie Supergroup, where a recent aircore drilling campaign by Gold Road identified multiple intersections of greater than 1 g/t gold.

The best results from this program included 1 metre at 27.63 g/t gold from 49 metres, 1 metre at 9.66 g/t gold from 61 metres and 1 metre at 2.32 g/t gold from 76 metres.

The anomaly remains open along strike to the north, and has a potential fault-offset to the south which remains untested over a strike length of five kilometres.

As this ambitious exploration program unfolds across Gold Road’s Yamarna properties, Gruyere is scheduled to generate parallel newsflow in the form of feasibility milestones and permitting progress.

A Pre-Feasibility Study (PFS) is advancing to plan for a Q1 2016 release, which is expected to lead directly into a fully funded Feasibility Study to be completed in short order during H2 2016.

Technical work for the PFS is near completion, with mining, metallurgy, process design work, power studies geotechnical drilling and environmental analyses well underway.

A native title mining agreement negotiation process is also currently moving forward.

Scoping Study results for Gruyere have contemplated production scenarios at 5 million tonnes per annum, 7.5 million tonnes per annum and 10 million tonnes per annum, with an average annual gold production of 190,000 ounces over an 11-year life for 2.1 million ounces total production recovered.

All-inclusive pre-production capital cost was estimated at A$360 million.


Analysis

Gold Road’s $10 million exploration budget provides the impetus for further discoveries in the Yamarna region and based on its success to date we believe there is further multi-million ounce potential beyond Gruyere to expand current mine life of +10 years.

Gold Road’s ground is an unexplored greenstone belt and the majority of the gold in Western Australia is found on greenstone belt.

The systematic approach planned throughout this region in 2016 is expected to unlock the potential of several prioritised targets.

Along with expected feasibility milestones at Gruyere, this program represents as good an outlook for an ASX gold development company to add value as we have seen.

Price catalysts include upcoming PFS results which are expected this quarter to bring its 5.6 million ounce resource at its Gruyere Deposit into production.

Bullishly, Gold Road has a strong institutional shareholding with RCF, Platypus and Van Eck holding 10%, 8% and 6% respectively.

With cash reserves of $43M (Dec ’15) we find the current market valuation of GOR on an Ev/oz peer ranking and price catalysts ahead to be undemanding. In addition, with likely strong metrics from the PFS, Gold Road is well funded to swing into a DFS.

For a gold company with significant cash, a +10 year mine and a +250,000 ounce per annum gold production profile, Gold Road has a runway to significant share price upside from the current $0.37.

Gold Road is in the vanguard of WA gold development companies with quality assets and strong management.


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Mon, 25 Jan 2016 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155015/gold-road-resources-flexes-10m-drilling-budget-pfs-beckons-66687.html
<![CDATA[News - Gold Road Resources looks to large capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/155014/gold-road-resources-looks-to-large-capital-raising-62712.html Gold Road Resources (ASX:GOR) will look to raise between $30 million to $40 million through a placement of shares in the next day to fund managers and sophisticated investors.

The company's shares are current in a trading halt pending the raising.

Its Gruyere Deposit at Yamarna, Western Australia has a large mineral resource of 5.51 million ounces of gold grading 1.24g/t Au.

A total of 62% of ounces are within the higher confidence Measured and Indicated JORC 2012 Resource status.

 

 

 

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Wed, 03 Jun 2015 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/155014/gold-road-resources-looks-to-large-capital-raising-62712.html
<![CDATA[News - Gold Road Resources raising $23M for major drilling in Yamarna Belt ]]> https://www.proactiveinvestors.com.au/companies/news/155013/gold-road-resources-raising-23m-for-major-drilling-in-yamarna-belt-57826.html Gold Road Resources (ASX:GOR) is raising $23.2 million via a oversubscribed 15% institutional placement of 77.3 million shares at $0.30.

GOR has been one of the precious few performing gold stocks over the past few years, and its ability to raise such a substantial amount of money is a function of this outperformance.

GOR will use proceeds for resource expansion and PFS drill out at its Gruyere Deposit in Western Australia; drill testing, metallurgy and modelling at the Toto Anomaly; and regional exploration at Dorothy Hills and North Yamarna.

The company boasts the 9th largest gold resource of any ASX-listed company with over 5 million ounces, and ownership of almost the entire Yamarna Belt with a 5,000 square kilometre tenement holding.

The company has identified more than 100 gold targets at Gruyere alone, and has attracted an exploration JV with Japanese giant Sumitomo Metal Mining over South Yamarna.

One of the more impressive gold exploration achievements in recent memory has been GOR's fast tracked advancement of Gruyere, which it took from anomaly to a resource of 3.84 million ounces in just 10 months - and it still remains open at depth.

The deposit is also placed proximal to comprehensive mining-specific infrastructure, which will expedite production and minimise operational costs.

GOR's capitalisation of $160 million pre capital raising still leaves a lot of room for appreciation.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 26 Sep 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/155013/gold-road-resources-raising-23m-for-major-drilling-in-yamarna-belt-57826.html
<![CDATA[News - Gold Road Resources has best intersection yet at Gruyere ]]> https://www.proactiveinvestors.com.au/companies/news/155012/gold-road-resources-has-best-intersection-yet-at-gruyere-54779.html Gold Road Resources’ (ASX: GOR) diamond drilling at the Gruyere Prospect in Western Australia has confirmed higher grade gold mineralisation with a best intersection of 38.8 metres at 2.13 grams per tonne gold from 149.4 metres.

It also confirmed the higher grade mineralisation trend and stacked lode structures along the eastern portion of the Gruyere Tonalite.

Meanwhile, deepening of an existing hole has extended mineralisation by 100 metres to 600 metres vertically below surface and confirmed interpreted structural shoot controls.

A drilling program has been designed to provide consistent 100 metre section spacing along the 1,800 metres strike, with drill holes at 40 to 80 metres on section drilled to a maximum depth of approximately 350 metres below surface.

Additional deep diamond holes have also been planned to test the depth continuity of interpreted higher‐grade shoots below 500 metres.

Gold Road is planning to complete the drilling in the June 2014 quarter; receive assays early in the September 2014 quarter and aims to have the maiden Mineral Resource estimate finalised for release during the same quarter.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 May 2014 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/155012/gold-road-resources-has-best-intersection-yet-at-gruyere-54779.html
<![CDATA[News - Gold Road Resources hits 284 metres at 1g/t gold at Gruyere, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/155011/gold-road-resources-hits-284-metres-at-1gt-gold-at-gruyere-western-australia-52972.html Gold Road Resources (ASX: GOR) should firm in trade today after strong assay results from the first diamond drill hole at its Gruyere Prospect within the Dorothy Hills Trend in Western Australia.

Gold mineralisation was intersected from 12 metres to 296 metres, for a total length of 284 metres at 1 gram per tonne gold.

This included zones of non-mineralised internal dykes, and higher grade mineralised zones.

The higher grade zones included 50 metres at 1.24 grams per tonne gold from 38 metres, and 43 metres at 1.4 grams per tonne from 188 metres, with 8 metres at 3.02 grams per tonne.

Mineralisation has now been identified over a strike extent of 1,600 metres, to a depth of 250 metres below surface, and remains open along strike and at depth.

Reverse circulation drilling also identified new higher grade intersections in the northern part of the structurally controlled mineralisation zone at Gruyere.

Along with recent aircore results which identified potential strike extensions of up to 1,000 metres further north, these results demonstrate the significant potential of the Gruyere mineralised system.

Shares in the company have bucked the trend in the gold sector since June last year, moving from $0.034 to a high of $0.165 today, boosted by a series of high grade assay results and promising outlook.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Feb 2014 14:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155011/gold-road-resources-hits-284-metres-at-1gt-gold-at-gruyere-western-australia-52972.html
<![CDATA[News - Gold Road Resources identifies 1,600 metres of gold strike at Western Australia prospect ]]> https://www.proactiveinvestors.com.au/companies/news/155010/gold-road-resources-identifies-1600-metres-of-gold-strike-at-western-australia-prospect-51855.html Gold Road Resources (ASX: GOR) has identified consistent gold mineralisation over 1,600 metres strike from drilling at the Gruyere Prospect in Western Australia.

Notable intersections include 50 metres at 1.31 grams per tonne gold from 58 metres, 53 metres at 1.26g/t gold from 45 metres and 45 metres at 1.12g/t gold form 81 metres.

Gold mineralisation was recorded in 22 out of the remaining 25 reverse circulation holes drilled.

Mineralisation remains open in both directions and at depth.

Diamond drilling will begin this month targeting known mineralised locations to provide additional information to improve the current understanding of the prospect geology.

Further reverse circulation drilling will also be carried out to provide a consistent 100 metre section spacing over the 1,100 metres strike length of the main discovery area and to follow up on an intersection of 30 metres at 3.51g/t gold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 14 Jan 2014 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155010/gold-road-resources-identifies-1600-metres-of-gold-strike-at-western-australia-prospect-51855.html
<![CDATA[News - Gold Road Resources intersects gold at Western Australia project ]]> https://www.proactiveinvestors.com.au/companies/news/155009/gold-road-resources-intersects-gold-at-western-australia-project-51183.html Gold Road Resources (ASX: GOR) has intersected gold including 4 metres at 15.1 grams per tonne gold at two large prospects at its South Yamarna Joint Venture in Western Australia.

Assays from 168 aircore drill holes have identified multiple ore‐grade intercepts and defined supergene and primary gold anomalies at the Minnie Hill South and the Breelya prospects.

Minnie Hill South is shaping up as a large coherent gold target measuring four kilometres long by 400 metres wide while Breelya extends over 4 kilometres and is about 500 metres wide.

Infill aircore and follow up reverse circulation drilling will be required to locate the primary gold mineralisation relating to the supergene anomalies identified.

It is expected that a number of sub‐vertical primary zones could be developed under these very wide anomalous zones.

Gold Road and Japanese partner Sumitomo will consider a follow up reverse circulation drilling program for 2014.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 16 Dec 2013 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155009/gold-road-resources-intersects-gold-at-western-australia-project-51183.html
<![CDATA[News - Gold Road Resources' share price gains buck trend ]]> https://www.proactiveinvestors.com.au/companies/news/155008/gold-road-resources-share-price-gains-buck-trend-50396.html Gold Road Resources' (ASX:GOR) share price has bucked the gold sector trend and logged a 27% rise in two days.

In replying to an ASX price query regarding the reason for the gain to an intra-day high of $0.11 today, the company could offer no explanation than was already released, other than it noted "positive results from the Gruyere Gold discovery" were announced on Monday.

Previous RC drilling and one metre re‐sample assays had identified the discovery at the Gruyere Prospect in the Dorothy Hills project area, 25 kilometres east of the high‐grade Central Bore deposit.

A new RC drilling programme of 4,500 to 5,500 metres has commenced at the prospect.  The strike extended by 200 metres to north and south for a total strike length of 800 metres and remains open in both directions and at depth.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Nov 2013 18:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155008/gold-road-resources-share-price-gains-buck-trend-50396.html
<![CDATA[News - Gold Road Resources to reveal drilling results from Yamarna in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/155007/gold-road-resources-to-reveal-drilling-results-from-yamarna-in-western-australia-48952.html Gold Road Resources (ASX: GOR) is poised to release reverse circulation drilling results from the company’s Yamarna project, which is located is one of the most prospective, but least explored greenstone belts in Western Australia.

The ASX has granted Gold Road a trading halt pending the announcement, with the company's shares placed in pre-open.

Gold Road is the first and only company to systematically explore the region for gold, discovered in 1990's.

The halt will be in place until the opening of trade on Monday 14th October 2013, or earlier if an announcement is made to the market.


Joint venture with Sumitomo Metal Mining

In May this year Gold Road executed a binding exploration joint venture agreement with Sumitomo Metal Mining Oceania Pty Ltd, a subsidiary of Sumitomo Metal Mining (TYO: 5713), over Gold Road’s southern tenements (South Yamarna Joint Venture).

Under the terms of the South Yamarna joint venture, Sumitomo may earn up to a 50% interest by funding A$8 million of exploration activities over the period to 31 December 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Oct 2013 09:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155007/gold-road-resources-to-reveal-drilling-results-from-yamarna-in-western-australia-48952.html
<![CDATA[News - Gold Road Resources finds gold at South Dorothy in Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/155006/gold-road-resources-finds-gold-at-south-dorothy-in-eastern-goldfields-47745.html Gold Road Resources (ASX: GOR) has recorded a slew of gold intercepts from early RAB drilling at the YAM14 Redox Target at its 100%-owned Yamarna Gold Belt, located in the eastern Goldfields of Western Australia.

This should see a strong share price as the target is the first of drill testing of the first Camp-Scale Target in 2013 and Redox target at South Dorothy Hills and promisingly has intercepted significant bedrock gold mineralisation.

Best drill results were: 8 metres at 2.56 g/t gold from 40 metres; 11 metres at 1.63 g/t gold from 44 metres and 4 metres at 2.26 g/t gold from 52 metres.

Results were from a 116 RAB-hole program of 5,232 metres, designed to test part of a 2 kilometre long (and up to 500 metres wide) gold anomaly identified from the shallow auger geochemical drilling program in July 2013.

Further testing in 2013 will include two further Camp-Scale Targets at Breelya and Pacific Dunes.

 


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

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Mon, 09 Sep 2013 16:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/155006/gold-road-resources-finds-gold-at-south-dorothy-in-eastern-goldfields-47745.html
<![CDATA[News - Gold Road Resources’ path paved with gold up to 110g/t at Central Bore ]]> https://www.proactiveinvestors.com.au/companies/news/155003/gold-road-resources-path-paved-with-gold-up-to-110gt-at-central-bore--37959.html Gold Road Resources (ASX: GOR) continues to unlock gold mineralisation, including very high grades, at depth from current drilling within Western Australia’s mineral-rich Yarmana Belt.

The company has intersected grades of up to 110 grams per tonne (g/t) gold and confirmed the mineralised structure to a depth of 616 metres, the deepest drilled to date, within its Central Bore Project.

Diamond drilling highlights include 3.2 metres at 26.94g/t gold from 483.2 metres, including 1.23 metres at 50.58g/t gold and 0.2 metres at 110.22g/t gold, and 0.5 metres at 24.18g/t gold from 501.2 metres.

The Yamarna Belt, which is wholly owned by Gold Road, is a newly discovered gold region covering around 5,000 square kilometres on the Yilgarn Craton.

The Belt, adjacent to the 500 kilometre long Yamarna shear zone, is historically underexplored and highly prospective for gold mineralisation.

Geologically similar to the prolific Kalgoorlie Gold Belt, the Yamarna Belt has a resource of 1.2 million ounces of gold, hosts a number of significant new discoveries and lies north of AngloGold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) 7.89 million ounce Tropicana Gold Project.

Importantly, Gold Road’s new drilling results support the potential to increase the mine depth and the value of the project.

The current eight-hole diamond drilling program at Central Bore’s high grade Imperial Shoot was designed to increase confidence in the deeper sections of the resource, expand mine life and establish ore shoot geometry at depth.

The Imperial Shoot lode continues to be distinctively visible in the diamond core at depth and Gold Road is optimistic the Shoot will continue below 600 metres and that there is high probability it locally widens at depth.

Central Bore currently hosts a JORC Resource of 153,000 ounces of gold at an average grade of 9.1g/t, with 144,000 ounces of that already in the higher confidence Measured and Indicated categories.


Exploration plan

The last three diamond holes in the program at depths between 250 and 300 metres will be completed in January.

All eight deeper diamond holes and the previous 46 diamond holes, drilled between 19 and 420 metres depth, will be incorporated into the Central Bore resource model and factored into a new Central Bore mine plan, which will be used in the Pre-Feasibility Study due for completion in the June quarter 2013.

Gold Road is prioritising exploration of five Gold Camp Targets on the Yamarna Belt.

Identified in 2012 through interpretation of various geological and geophysical data sets, each target has a 15 to 20 kilometre strike length and contains numerous prospects.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 09 Jan 2013 11:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155003/gold-road-resources-path-paved-with-gold-up-to-110gt-at-central-bore--37959.html
<![CDATA[News - Gold Road Resources hones in on more gold anomalies at Tobin Hill ]]> https://www.proactiveinvestors.com.au/companies/news/155002/gold-road-resources-hones-in-on-more-gold-anomalies-at-tobin-hill--36247.html Gold Road Resources (ASX:GOR) has found four more geochemical anomalies at Tobin Hill, two kilometres east of the five identified at the Tobin Hill Camp earlier this month.

Tobin Hill forms part of its wholly-owned Yamarna gold belt in Western Australia.

Feasibility Studies are proceeding over the advanced projects at Attila and Central Bore at Yamarna Belt, while focusing exploration at Tobin Hill.

It is one of five “high-priority Gold Camp Targets” identified on the Yamarna Belt earlier this year.

The discovery of the geochemical anomalies shows the prospectivity of the wider Gold Camp Target area.

A 25,000 metre RAB drilling program will commence across all these anomalies later this month.

Gold Road owns tenements covering 5,000 square kilometres of the Yamarna greenstone belt, which are north of the 6 million ounce Tropicana deposit owned jointly by AngloGold-Ashanti / Independence.

The company is progressing two key gold trends, together with two recently discovered trends, on the Yamarna Belt:

- Attila Trend, which includes Attila, Alaric, Khan and Khan North Projects and extends for over 33 kilometres and hosts a significant JORC resource.
- Central Bore Area is a 6km2 area east of the southern extent of the Attila Trend which has delivered six new discoveries in 24 months.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 22 Nov 2012 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155002/gold-road-resources-hones-in-on-more-gold-anomalies-at-tobin-hill--36247.html
<![CDATA[News - Gold Road Resources takes very high grade route at Central Bore ]]> https://www.proactiveinvestors.com.au/companies/news/155001/gold-road-resources-takes-very-high-grade-route-at-central-bore--34823.html Gold Road Resources (ASX: GOR) has unearthed 110 grams per tonne (g/t) gold from the deepest drill hole to date at its Central Bore Project.

Importantly, this discovery confirms the vertical continuity of high grade mineralisation at depth at the project that forms part of Gold Road’s wholly owned 5,000 square kilometre Yamarna Belt landholding in Western Australia.

Highlight intercepts include 2.63 metres at 32.12g/t gold from 483.77 metres including 1.23 metres at 50.58g/t gold and 0.2 metres at 110.22g/t gold.

The drill hole successfully intercepted the lode zone at a depth of around 484 metres down-hole (425 metres below surface), 25 to 30 metres vertically below an earlier hole that intersected 5 metres at 104g/t gold including 1 metre at 480g/t gold – the previous deepest diamond drill hole at Central Bore.

The current 12-hole diamond drilling program is designed to increase the underground resources and mine life at Central Bore’s Imperial Shoot, between 250 metres and 450 metres below surface.

The new hole is also the deepest mineralised intercept to date across the entire Yamarna Belt.

The Yamarna Belt, adjacent to the 500 kilometre long Yamarna shear zone, is a historically underexplored region that is highly prospective for gold mineralisation and hosts a number of significant new discoveries.

It lies north of the recently discovered AngloGold Ashanti (ASX: AGG) and Independence Groups’ (ASX: IGO) 5 million ounce Tropicana deposit.

Greenstones of the Yamarna Terrane are similar in age and character to the Kalgoorlie Terrane, which underlines Yamarna as a new gold region with potential for multi-million ounces of gold.

Yamarna is the fourth gold-rich shear zone on the world-class Yilgarn Craton, and one of the least explored greenstone belts in Western Australia.

The Central Bore Project hosts gold mineralisation over a strike length of 800 metres and from surface to a depth of 440 metres.

Assays of up to 1,000g/t gold have been returned from the project, and mineralisation remains open to the north, south and at depth.

Central Bore hosts a JORC resource of 519,000 tonnes at 9.1g/t for 152,323 of contained gold ounces, including 164,799 tonnes at 19.2g/t gold for 101,738 contained gold ounces within the Imperial Shoot.

Gold Road has defined 12 new gold discoveries in 30 months, and identified more than 100 gold targets as well as five high priority gold camps.

The company has delineated a total JORC resource of 1.2 million ounces of gold so far.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Tue, 23 Oct 2012 12:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155001/gold-road-resources-takes-very-high-grade-route-at-central-bore--34823.html
<![CDATA[News - Gold Road Resources clinches $15m capital raising for Yamarna Gold Belt exploration ]]> https://www.proactiveinvestors.com.au/companies/news/155000/gold-road-resources-clinches-15m-capital-raising-for-yamarna-gold-belt-exploration-20487.html Gold Road Resources (ASX:GOR) has received commitments to raise A$15 million through a placement of 47,563,130 new shares at A$0.32 per share for exploration and scoping/feasibility studies on its Yamarna Gold Belt project.

The placement was issued to a range of domestic and international institutional and sophisticated investors. 

A further A$6 million is aimed to be raised through a Share Purchase Plan to eligible shareholders at A$0.32 per share. If fully subscribed $8 million would be raised.

Proceeds from the placement and the SPP will be used to fund ongoing exploration and development of Gold Road’s assets and for general working capital purposes.

Significantly, the placement was significantly oversubscribed and signifies the interest in Gold Road's progress to date with five gold discoveries in 15 months; total gold resources exceeding one million ounces; less than 1% of the belt explored so far and potential to fast track production.

Helmsec Global Capital and Bell Potter Securities acted as Joint-Lead Managers to the placement.

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Fri, 07 Oct 2011 10:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/155000/gold-road-resources-clinches-15m-capital-raising-for-yamarna-gold-belt-exploration-20487.html
<![CDATA[News - Gold Road Resources hits bonanza gold at Central Bore Deposit ]]> https://www.proactiveinvestors.com.au/companies/news/154999/gold-road-resources-hits-bonanza-gold-at-central-bore-deposit-17251.html Gold Road Resources (ASX: GOR) has intercepted bonanza grade gold in the deepest hole yet drilled at the Central Bore project in the Yamarna greenstone belt of Western Australia. 

The spectacular intercept was 13 metres down the hole (4 metre true width) at 40.1 grams per tonne (g/t) gold from 426 metres or 5 metres at 104 g/t gold, including 1 metre at 480 g/t gold.

The mineralisation is below the Imperial Shoot, about 400 metres below surface and 75 metres below the previous deepest gold intercept in the shoot. Abundant visible gold was panned off from the mineralised samples.

The company believes that the preliminary result from the best intercept (>1,000g/t Au) might indicate a presence of coarse gold and is conducting further tests.

In the current reverse circulation (RC) drilling program, Gold Road has completed 8 out of 50 holes at the Central Bore Deposit. The program has been designed to better define the extent of the mineralisation along strike and at depth.

Gold Road plans to drill in excess of 100,000 metres throughout 2011, focussing primarily on Central Bore, Justinian, Hann and Attila as well as new gold targets.

In March Gold Road (formerly known as Eleckra Mines Limited) achieved a maiden high-grade JORC gold resource for the Central Bore Deposit, boosting the resource at its 100%-owned Yamarna Gold Project to over 1 million ounces.

Gold Road managed to achieve the milestone gold resource within only 15 months of its discovery. The company is bullish that the Yamarna Greenstone Belt will develop into a new gold region.

The Yamarna Gold Belt is located 140 kilometres east of Laverton in the Eastern Goldfields.

Currently all three drill rigs (one rotary air blast (RAB) and two RC) are located in close proximity at the Central Bore and Justinian projects.

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Mon, 20 Jun 2011 12:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154999/gold-road-resources-hits-bonanza-gold-at-central-bore-deposit-17251.html
<![CDATA[News - Gold Road Resources awarded A$177,500 in state funding for drilling in Yamarna Belt ]]> https://www.proactiveinvestors.com.au/companies/news/154998/gold-road-resources-awarded-a177500-in-state-funding-for-drilling-in-yamarna-belt-17103.html 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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Tue, 14 Jun 2011 13:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154998/gold-road-resources-awarded-a177500-in-state-funding-for-drilling-in-yamarna-belt-17103.html
<![CDATA[News - Gold Road Resources hits high grade gold, to ramp up drilling at Justinian ]]> https://www.proactiveinvestors.com.au/companies/news/154997/gold-road-resources-hits-high-grade-gold-to-ramp-up-drilling-at-justinian--16773.html Gold Road Resources (ASX: GOR) has intersected high grade gold from drilling at its Hann and Justinian gold projects, indicating the potential for additional mineralised trends.

The projects are located on the Yamarna Belt in Western Australia where the company plans to accelerate exploration by relocating the reverse circulation (RC)/diamond drill rig to Justinian from the Hann project within the next few weeks.

Highlights from the sole diamond drill hole at Justinian include 5 metres at 8.28 grams per tonne (g/t) gold from 94 metres, including 1 metre at 18.6g/t gold and 1 metre at 10.9g/t gold.

Gold Road is conducting an extensive drilling campaign of 8,000 metres of RC  drilling at Hann, 20,000 metres of rotary air blast drilling (RAB) at the Central Bore area and Justinian projects, and 1,000 metres of RC drilling at the Central Bore deposit.

The RAB drilling results from Justinian indicate the trend might be displaced by east-west cross-cutting structures.

Drill holes intercepted significant gold values between the Central Bore project and Justinian, as well as east of Justinian, suggesting the presence of more mineralised trends.

Highlights from RAB drilling at the project include:

- 4 metres at 3.17g/t gold from 12 metres; and
- 7 metres at 1.87g/t gold from 11 metres, including: 1 metre at 8.50g/t gold.

At Hann, gold has been intercepted in all six of the 500 metre long lines over the 660 metre strike after RC drilling.

The purpose of the maiden drilling at Hann is to test the southern 2.4 kilometre long gold anomaly in the soils.

Highlights from RC drilling at Hann include:

- 1 metre at 4.78g/t gold from 10 metres;
- 1 metre at 3.38g/t gold from 65 metres; and
- 4 metres at 3.04g/t gold from 56 metres.

Gold Road plans to drill more than 10,000 metres throughout 2011 at Central Bore, Justinian, Hann, Attila and new gold targets.

In March Gold Road (formerly known as Eleckra Mines Limited) achieved a maiden high-grade JORC gold resource for the Central Bore Deposit, boosting the resource at its 100%-owned Yamarna Gold Project to over 1 million ounces.

Gold Road managed to achieve the milestone gold resource within only 15 months of its discovery. The company is bullish that the Yamarna Greenstone Belt will develop into a new gold region.

The Yamarna Gold Belt is located 140 kilometres east of Laverton in the Eastern Goldfields.

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Wed, 01 Jun 2011 16:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154997/gold-road-resources-hits-high-grade-gold-to-ramp-up-drilling-at-justinian--16773.html
<![CDATA[News - Gold Road Resources ramps up gold exploration at Yamarna with third rig ]]> https://www.proactiveinvestors.com.au/companies/news/154996/gold-road-resources-ramps-up-gold-exploration-at-yamarna-with-third-rig-16467.html Gold Road Resources (ASX: GOR) has added a third drill rig to expedite the current exploration program at the company’s wholly-owned Yamarna Belt Project in Western Australia.

The new reverse circulation drilling rig is capable of drilling to a depth of 800 metres and will be used initially at the Central Bore and Justinian projects.

The drill rig will add to the rotary air blast drilling already underway at both the projects where around 800 metres of drilling is completed per day.

Reverse circulation drilling at the Hann project continues with around 150 metres completed per day.

In total, Road plans has forecast drilling around 90,000 metres in 2011.

The Yamarna Gold Belt is located 140 kilometres east of Laverton in the Eastern Goldfields of Western Australia.

 

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Fri, 20 May 2011 13:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154996/gold-road-resources-ramps-up-gold-exploration-at-yamarna-with-third-rig-16467.html
<![CDATA[News - Gold Road Resources 35% share spike raises ASX eyebrows ]]> https://www.proactiveinvestors.com.au/companies/news/154995/gold-road-resources-35-share-spike-raises-asx-eyebrows-15401.html Gold Road Resources (ASX: GOR) 35% share spike to $0.605 yesterday, from $0.445 a week earlier, caught the attention of the ASX with Gold Road receiving a price and volume speeding ticket.

The company said it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Gold Road did however say in a response to the ASX the investor interest may have come from a recent research note, or due to the currently very strong price of gold.

Just last month Gold Road achieved a maiden gold JORC Resource for the Central Bore Deposit, boosting the resource at the company's wholly owned Yamarna Gold Project to over 1 million gold ounces.

The project is strategically located in the Yamarna Belt, which is located north of the recently discovered five million gold ounce Tropicana deposit owned jointly by AngloGold-Ashanti (NYSE: AU) Independence (ASX: IGO).

 

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Tue, 12 Apr 2011 07:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154995/gold-road-resources-35-share-spike-raises-asx-eyebrows-15401.html
<![CDATA[News - Gold Road Resources targets more gold at Dorothy Hills in the Yamarna Gold Belt ]]> https://www.proactiveinvestors.com.au/companies/news/154994/gold-road-resources-targets-more-gold-at-dorothy-hills-in-the-yamarna-gold-belt-15232.html Gold Road Resources (ASX: GOR) has targeted gold at the Dorothy Hills Prospect and re-commenced reverse circulation drilling at the Hann Prospect in the company’s wholly-owned Yamarna Belt Project in Western Australia.

Rock chip sampling from Dorothy Hills have returned values between 0.081 grams per tonne (g/t) gold and 0.699g/t gold.

The rock chip samples were collected in the northwestern area of the prospect where auger and soil geochemistry programs have identified a 1.8 kilometre long gold anomaly.

Gold Road also returned to exploratory drilling at Hann after heavy rains halted a 10,000 metre reverse circulation drilling project, testing a 4.3 kilometre long gold anomaly.

A rotary air blast drill and another reverse circulation drill are expected at the site within the next three to four weeks.

Late last month, Gold Road achieved a maiden high-grade JORC Resource at the Central Bore Deposit, boosting the resource at the Yamarna Belt Project to over 1 million gold ounces.

The combined measured, indicated and inferred resource for the Central Bore Deposit totals 595,000 tonnes at 7.9 grams per tonne (g/t) gold for a total of 150,300 contained gold ounces.

This includes the high-grade Imperial Shoot containing 77,000 tonnes at 23.1g/t gold for 57,100 gold ounces.

The Yamarna Gold Belt lies north of the recently discovered six million gold ounce Tropicana deposit jointly owned by AngloGold-Ashanti (NYSE: AU) and Independence (ASX: IGO).

 

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Tue, 05 Apr 2011 12:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154994/gold-road-resources-targets-more-gold-at-dorothy-hills-in-the-yamarna-gold-belt-15232.html
<![CDATA[News - Gold Road Resources maiden JORC Resource at Central Bore boosts Yamarna to 1m oz ]]> https://www.proactiveinvestors.com.au/companies/news/154993/gold-road-resources-maiden-jorc-resource-at-central-bore-boosts-yamarna-to-1m-oz--14746.html Gold Road Resources (ASX: GOR) (formerly known as Eleckra Mines Limited) has achieved a maiden high-grade JORC gold resource for the Central Bore Deposit, boosting the resource at its 100%-owned Yamarna Gold Project to over 1 million ounces.

The Yamarna project includes the Attila and Central Bore gold deposits. The Yamarna Belt lies north of the recently discovered five million ounce Tropicana deposit owned jointly by AngloGold-Ashanti (NYSE:AU)/ Independence (ASX: IGO).

The combined measured, indicated and inferred resource for the Central Bore Deposit totals 595,000 tonnes at 7.9 g/t gold for a total of 150,300 contained ounces. This includes the high-grade Imperial Shoot containing 77,000 tonnes at 23.1 g/t gold for 57,100 ounces.

Ian Murray, Gold Road's executive chairman, said “with many targets in the vicinity of the Central Bore Project, such as the recently discovered Justinian prospect located 200 metres east of Central Bore and Central Bore North located 500 metres away, we are preparing to fast track a development schedule.”

The resource has gold mineralisation over a strike length of 800 metres and from surface to a depth of 300 metres with assay results of up to 1,000g/t gold.

The auriferous shear zone is known to extend over an 800 metre strike length, is sub-cropping on the northern extent and remains open at depth and down-plunge.

From the modelling and structural studies of the diamond core, a steep sub-vertical high-grade shoot plunge has been confirmed at the Imperial Shoot.

Further closed-spaced and deep drilling at and along strike from Central Bore is expected to lead to the discovery of additional high-grade shoots as well as an increase of the current resource.

The Central Bore maiden resource has been achieved within 15 months of its discovery and Gold Road expects that the Yamarna Greenstone Belt will develop as a new gold region.

The project is located  150km east of Laverton in the eastern Goldfields of Western Australia and it remains open to the north, south and depth.



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Fri, 18 Mar 2011 10:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154993/gold-road-resources-maiden-jorc-resource-at-central-bore-boosts-yamarna-to-1m-oz--14746.html
<![CDATA[News - Gold Road Resources drilling reveals abundant visible gold at Central Bore prospect ]]> https://www.proactiveinvestors.com.au/companies/news/154992/gold-road-resources-drilling-reveals-abundant-visible-gold-at-central-bore-prospect-14126.html Gold Road Resources (ASX: GOR) (formerly known as Eleckra Mines Limited) has intersected abundant visible gold at the Central Bore Prospect after completing seven diamond drill holes.

Cental Bore is within the greater Yamarna Project in Western Australia where there is gold mineralisation over a strike length of 800 metres and from surface to a depth of 300 metres, with assay results of up to 845g/t gold.

The prospect remains open to the north, south and depth. The Yamarna Belt lies north of the recently discovered five million ounce Tropicana deposit owned jointly by AngloGold-Ashanti (NYSE:AU)/ Independence (ASX: IGO).

The seven holes at Central Bore provide core to assist in defining the width of gold mineralisation and to provide information for structural and lithological studies.

Cutting of the core has revealed abundant coarse and fine gold in hole 11GYD0005 from an approximate depth of 197 metres.

Gold Road previously announced visible specks of very fine gold have been identified in hole 11GYD0001 at an approximate depth of 200 metres. Cutting that core revealed even more visible fine gold.

Very fine gold was also identified in core from hole 11GYD0006 at an approximate depth of 145 metres and from hole 11GYD0007 at an approximate depth of 280 metres consistent with the interpreted Imperial Shoot ore geometry.

The maiden resource for the Central Bore deposit is expected to be completed by the end of March 2011. Drilling is planned to continue throughout 2011 at several targets at and around Central Bore.

In additon, one diamond hole was completed at the Justinian Project. The drill rig is being moved to the Hann Prospect where approximately 10,000 metres of RC drilling will be undertaken to test the 4.3 kilometre-long gold anomaly.

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Tue, 22 Feb 2011 16:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154992/gold-road-resources-drilling-reveals-abundant-visible-gold-at-central-bore-prospect-14126.html