Gold Road Resources Ltd (ASX:GOR) has recorded a combined mineral resource of 297,600 ounces for the Gilmour and Renegade gold deposits, marking the first company-own\ed resource addition since the Gruyere Joint Venture.
The resource of 3.5 million tonnes at 2.62 g/t was estimated using an A$1,850 per ounce gold price assumption.
Gilmour'' resource totals 258,400 ounces in the inferred and indicated categories while the Renegade inferred resource stands at 39,200 ounces.
“The first gold deposit identified at Yamarna”
Executive director Justin Osborne said: “The maiden mineral resource for Gilmour represents the first gold deposit identified at Yamarna outside of the original discoveries on the Golden Highway, and our Gruyere discovery, which is now being mined in joint venture with Gold Fields.
“The significance of being the third largest, and second-highest grade deposit so far discovered at Yamarna is considerable.
“The relatively high-grade demonstrates a diverse endowment consistent with our belief in the belt having the potential to host multiple deposits varying in style, size and grade.
“We are now applying the improved understanding from our Gilmour exploration program to assist our ongoing targeting of more than 1 million ounce deposits on the Yamarna tenement holding."
The Gilmour resource of 2.6 million tonnes at 3.09 g/t includes:
- Open-pit – 1.8 million tonnes at 2.21 g/t for 129,100 ounces;
- Underground – 0.8 million tonnes at 5.13 g/t for 129,300 ounces;
- 120,000 ounces at 5.2 g/t of the mineral resource categorised as indicated;
- Mineralisation is dominated by a continuous laminated vein with coarse gold drilled to 400 metres below the surface; and
- Initial metallurgical test work indicates potential recoveries ranging from 89% to 99% with 28% to 82% of the gold recovered by gravity separation.
The Renegade deposit, previously reported as Khan North, has been re-estimated as an open-pit inferred mineral resource of 900,000 million tonnes at 1.3 g/t.
The new estimate follows detailed geological interpretation and optimisation for open pit extraction, applying appropriate modifying factors and a price assumption of A$1,850 per ounce.
Renegade is 35 kilometres by road from the Gruyere Mill and adjacent to the Gruyere main road.
The Gilmour and Renegade resources provide potential development flexibility, subject to further studies.
This is either as part of future stand-alone operations, contingent on further discoveries or they could be developed and processed at Gruyere through toll treatment provisions under the Gruyere JV agreement.