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Gold Road Resources provides 2020 production guidance and resource upgrade

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Notably, the resource upgrade provides the basis for an updated evaluation of open pit reserves during 2020.

Gold Road Resources Ltd - Gold Road Resources provides 2020 production guidance and resource upgrade

Quick facts: Gold Road Resources Ltd

Price: 1.3 AUD

ASX:GOR
Market: ASX
Market Cap: $1.14 billion
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Gold Road Resources Ltd (ASX:GOR) has provided gold production guidance from its Gruyere gold mine of 250,000 to 285,000 ounces in 2020.

It aims to achieve this production at an all-in sustaining cost (AISC) of A$1,100-1,200 per ounce of gold produced.

Furthermore, drilling completed in 2019 resulted in a 1.23 million ounce or 29% increase in Gruyere’s measured and indicated (M&I) JORC resource categories to 6.1 million ounces.

The JORC resource is derived from the Gruyere deposit, the Golden Highway deposits, YAM14 and Central Bore underground.

2019 drilling adds meaningful increase to Gruyere deposits

Gold Road’s managing director and CEO Duncan Gibbs said: “The purpose of our 2019 drilling program beneath the Gruyere pit shell was to convert inferred resources into indicated resources. 

“The increase in M&I resources by 1.2 million ounces is meaningful and very encouraging.

"The Gruyere JV focus will now move to reviewing reserves with the goal of growing mine life whilst maintaining a low AISC.

“2020 production and cost guidance affirms Gruyere’s position as a Tier 1 operation with significant cash generation.

“Our exploration team is well supported as we look to make meaningful discoveries in a surprisingly underexplored part of Western Australia.”

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