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

The company is earning into four projects covering more than 5,000 square kilometres in WA’s Wheatbelt region.

Aircore drilling at Wadderin
Aircore core drilling underway at the Wadderin project

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

Quick facts: Gold Road Resources Ltd

Price: 1.145 AUD

ASX:GOR
Market: ASX
Market Cap: $1.01 billion
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