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Gold Road Resources keeps an eye on Wheatbelt JVs as partner Cygnus Gold starts drilling

Gold Road is funding exploration by Cygnus at the Lake Grace and Yandina joint venture projects.

Gold Road Resources Ltd - Gold Road Resources commences drilling on Wheatbelt JV with Cygnus Gold
Drilling is underway on the Lake Grace JV

Gold Road Resources Ltd (ASX:GOR) (OTCMKTS:ELKMF) is keeping an eagle eye on the Lake Grace and Yandina joint venture (JV) projects in WA's Wheatbelt with partner Cygnus Gold Ltd (ASX:CY5) having started drilling.

This drilling program will comprise around 7,320 metres of aircore drilling, 950 metres of reverse circulation (RC) drilling and 400 metres of diamond core drilling targeting gold mineralisation on three prospects identified within the Hammerhead project.

Cygnus is managing exploration programs being funded by JV partner Gold Road Resources Ltd with the drilling expected to be completed in July.

Hammerhead project

Hammerhead is part of an around 20-kilometre-long, prospective greenstone rock package where the JV is targeting gold mineralisation associated with the Yandina Shear, a large-scale structure, interpreted to control the distribution of gold mineralisation regionally.

Drilling at Hammerhead by the JV to date has identified more than eight discrete prospects, with the current program designed to test for depth and areal extensions of the highest priority Gunsmoke, Lakeside and Hammerhead prospects.

Aircore drilling with significant intervals on background ground gravity geophysical image at the Hammerhead project.

Hideaway prospect

The program also includes up to 1,900 metres of aircore drilling at the Hideaway prospect on the Lake Grace JV around 50 kilometres to the northwest of Hammerhead.

Hideaway is a large historical gold-in-soil anomaly coincident with a 1.1 kilometre-long mafic-felsic granulite contact.

Limited, shallow drilling at Hideaway by previous explorers included 11 metres at 1.3 g/t from 7 metres, 1-metre at 1 g/t from 31 metres and 1-metre at 0.83 g/t from 37 metres.

Quick facts: Gold Road Resources Ltd

Price: 1.385 AUD

Market: ASX
Market Cap: $1.22 billion

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