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Gold Road Resources produces first gold bar from Gruyere

The company expects Gruyere to produce 75,000 to 100,000 ounces in calendar 2019.

gold being poured
Gold Road has also earned a 51% interest in the Lake Grace Project from Cygnus Gold

Gold Road Resources Ltd (ASX:GOR) has achieved a major milestone and produced its first gold bar from its flagship Gruyere Gold Project in Western Australia.

Gruyere is a tier one gold operation owned in a 50:50 joint venture with Gold Fields Limited (JSE:GFI).

The three gold bars totalling an estimated 1139 ounces were produced from the carbon‐in‐leach (CIL) and elution circuits.

Commissioning of the less complex gravity circuit is in progress.

READ: Gold Road Resources set to be promoted to S&P/ASX 200 Index

Gold Road’s managing director and CEO, Duncan Gibbs, said: “This weekend’s gold pour is a tremendous milestone given that the Gold Road team discovered the world‐class Gruyere orebody less than six years ago.

“Importantly, Gold Road joins the ranks of ASX‐listed gold producers as owner of a 50% stake in the world‐class Gruyere gold mine.

“Our work is far from done – we remain committed to exploring the highly prospective Yamarna Greenstone Belt to  unlock the potential through the discovery of more resource ounces for Gruyere and new discoveries that could be developed as stand‐alone gold mines.”

Gold Road earns into 51% of Lake Grace Project

Gold Road has also earned a 51% interest in the Lake Grace Project in Western Australia from Cygnus Gold Ltd (ASX:CY5).

Having spent an initial earn-in amount of $700,000 to earn 51%, Gold Road has elected to earn a further 24% interest  by spending a further $500,000 within 18 months.

Cygnus is managing exploration at Lake Grace and is awaiting 12 aircore holes from the Hammerhead Prospect targeting gold anomalies.

Quick facts: Gold Road Resources Ltd

Price: 1.0825 AUD

ASX:GOR
Market: ASX
Market Cap: $949.2 m
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