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.
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.
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.