The 77-hole, 3,000-metre aircore drilling program is underway at the Hammerhead prospect and follows up recent positive early results at the prospect.
Prior drilling provided confidence to expand the program along this portion of the highly prospective Yandina Shear.
The program is expected to take up to three weeks to complete with final results expected in August.
The 800-square-kilometre Lake Grace Project is one of several prospective joint venture/earn-in projects with Cygnus located in the southwest of the Yilgarn Craton of Western Australia.
Gold Road recently earned a 51% interest in the Lake Grace Project from Cygnus Gold, who manages exploration at the project.
Having spent an initial earn-in amount of $700,000 to earn 51%, Gold Road then elected to earn a further 24% interest by spending an additional $500,000 within 18 months.
Gold Road recently became Australia’s newest gold producer through its Gruyere tier one gold operation within the Yamarna project in Western Australia.
This milestone was recently followed by the company reaching the billion dollar market capitalisation status, achieved once shares hit $1.14.