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Gold Road Resources and partner begin drilling at Lake Grace

Gold Road owns 51% of the Lake Grace Project and is earning an additional 24%.

joint venture concept illustrated by two puzzle pieces
Gold Road recently produced its first gold bar from its flagship Gruyere Gold Mine

Gold Road Resources Ltd (ASX:GOR) and its joint venture partner Cygnus Gold Ltd (ASX:CY5) have recommenced drilling at the Lake Grace Project in Western Australia.

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.

READ: Gold Road Resources produces first gold bar from Gruyere

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.

READ: Gold Road Resources is ASX's newest $1 billion market cap company

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.

Quick facts: Gold Road Resources Ltd

Price: 1.47 AUD

ASX:GOR
Market: ASX
Market Cap: $1.29 billion
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