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Gold Road Resources drill results from Yamarna support standalone strategy

The Australian gold producer is executing an industry-leading exploration strategy in a bid to discover the next multi-million-ounce gold deposits at Yamarna, in Western Australia’s north-eastern Goldfields.

Gold Road Resources Ltd - Gold Road Resources drilling results from Yamarna Gold Project supports standalone strategy
The company expects to generate targets for follow-up testing

Gold Road Resources Ltd (ASX:GOR) is confident it can delineate a large reserve base to support a standalone operation at its Yamarna Gold Project in Western Australia.

Follow-up diamond drilling to test high-grade shoot controls in the hangingwall to the Gilmour Main Lode has recently been completed, confirming the potential for high-grade mineralisation, which requires further interpretation and drilling.

Best intercepts are:

  • 5.62 metres at 36.64 g/t from 203.80 metres,
  • 4.64 metres at 43.78 g/t from 266.46 metres, and
  • 4.34 metres at 13.04 g/t from 191.66 metres.

Gold Road executive director discovery and growth Justin Osborne said: “Exciting new results at Gilmour have identified scope to expand this high-grade resource.

“Drilling completed so far this year has focused on initial regional assessment of our highest-ranking early-stage targets in the Southern Projects area, with good progress made in completing the 18,000 metre Hirono program.

“With results still coming through, we expect to have new more detailed targets generated in coming months for follow-up testing.”

$26 million exploration budget

The company’s 2020 exploration budget of $26 million (100%-basis) is prioritised towards discoveries on the Yamarna belt, with the increase in investment from prior years reflecting an expanded drilling component and addition of key technical skills.

Extensive regional datasets are now available and include existing tenure-wide airborne magnetics along with detailed gravity data collected in 2019.

These datasets complement available drilling data and have enabled Gold Road to construct detailed geological maps and the stratigraphy of the entire greenstone belt.

A multi-disciplinary technical team now supplements the Discovery team, with the goal of maximising the integration and interpretation of extensive datasets to enhance the effectiveness of the exploration investment.

Location and geology of the Yamarna tenements.

Southern Project focus

Outcomes from the targeting review in late 2019 led to the shift of exploration focus from the high-strained Yamarna Shear Zone and Dorothy Hills Shear Zone into less well explored, structurally complex thicker portions of the greenstone belt, centred on the Southern Project area.

Early-stage regional infill and first pass aircore drilling of 26,661 metres focused on the high-priority Hirono and Bluebell targets in the area.

In the near term, the company will be completing a higher proportion of early-stage aircore drilling, testing new target areas while continuing to work on the belt-scale geological understanding and mineralisation controls.

Target generation drilling

The Discovery team has two aircore rigs working continuously testing bedrock for geochemical anomalism and to provide greater detail on the basement geology and structure.

This information will complement the company’s growing geological and geophysical dataset to optimally target follow-up infill aircore and bedrock drilling (RC and diamond) scheduled for the second half of 2020.

During the March quarter, a total of 26,661 metres of aircore and 1,214 metres of stratigraphic diamond drilling was completed across priority targets Hirono, Bluebell, Tamerlane, Stock Route, Goat-Redback and Fortuna.

Full assays are either pending or results being compiled to be reported in the current quarter.

Cygnus Joint Venture

Gold Road continues its earn‐in to secure a 75% interest in the Lake Grace JV.

An infill and extensional aircore drilling program was completed at the Hammerhead prospect on the Lake Grace JV tenements.

A total of 404 aircore holes for 15,737 metres at 800 to 1,600-metre line spacing were completed over a 15-kilometre strike length of interpreted greenstone stratigraphy.

Full assay results from the drilling program will be evaluated in the June 2020 quarter with a reinterpretation of the geology to determine follow-up drill targets.

Further drilling planned to continue into the June 2020 quarter on the Lake Grace and Yandina JV tenements has been postponed due to the impact of COVID-19.

Quick facts: Gold Road Resources Ltd

Price: 1.73 AUD

ASX:GOR
Market: ASX
Market Cap: $1.52 billion
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