Gold Road Resources (ASX: GOR) has announced the doubling of the Alaric Open Pit Mineral Resource. The 2017 Mineral Resource is 1.9 million tonnes at 1.51 g/t Au for 93,500 ounces of gold. This represents an addition of 47,200 ounces, or 102% increase, compared to the 2015 Mineral Resource. The Alaric deposit is located on the Gruyere Joint Venture tenements, a 50:50 Joint Venture with Gold Fields Limited, and located about 25km west of the Gruyere Gold Project.
- Alaric Open Pit Mineral Resource increased by 102% to 93,500 ounces of gold
- Mineral Resource of 1.9 million tonnes at 1.51 g/t Au for 93,500 ounces of gold
- 2016 and 2017 drilling, incorporated into update
- Updated modifying factors used 0.45 g/t Au cut‐off and A$1,850 per ounce (previously 0.7 g/t Au cut‐off and A$1,600 per ounce)
- Maiden Reserve evaluation planned for completion H2 2017
Gold Road Resources Limited (Gold Road or the Company) is pleased to announce the completion of the updated Alaric Open Pit Mineral Resource (2017 Mineral Resource) estimate in compliance with the 2012 JORC Code. The Alaric Deposit is located on the Gruyere Joint Venture (Gruyere JV or Joint Venture) tenements, a 50:50 Joint Venture with Gold Fields Limited (Gold Fields), and situated approximately 25 kilometres west of the Gruyere Gold Project (Figure 1).
The 2017 Mineral Resource now totals 1,920,900 tonnes at 1.51 g/t Au for 93,500 ounces of gold (Table 1). This represents an addition of 47,200 ounces (+102%) compared to the 2015 Mineral Resource, with 72% of the 2017 Mineral Resource being classified in the Indicated category. Material previously classified as Measured in the 2015 Mineral Resource has been re‐assigned to Indicated based on the Company’s understanding of appropriate drill spacing for the style of mineralisation and the observed variability of mineralisation at short range in the drilling data.
The 2017 Mineral Resource includes new information derived from the 2016 and 2017 diamond and Reverse Circulation (RC) drilling programmes which contributed to the update of the geological interpretation and grade estimation. Modifying factors used in reporting the 2017 Mineral Resource include a lower cut‐off grade consistent with mining cost estimates derived from the Gruyere Feasibility Study (Gruyere FS), and an increase in the gold price to reflect the changes in gold price since the 2015 Mineral Resource was declared.
Gold Road Executive Director ‐ Exploration & Growth Justin Osborne said: “The increased Alaric Mineral Resource represents another step forward in our understanding and delineation of the deposits along the 14 kilometre mineralised Attila‐Alaric Trend. Since we announced the Gruyere JV in late 2016 we have increased the combined Mineral Resource of Attila and Alaric by 150,400 ounces. Building on our knowledge gained from rigorous interrogation of the Alaric and Attila deposits we can now apply this improved understanding to our exploration programme to build additional resources along the entirety of this prospective and well‐endowed trend. This includes extending our exploration efforts and methods along this system onto our 100% tenement holding on the North Yamarna Project, where we believe the same lithologies and structures extend all the way to our Pacific Dunes‐Corkwood Camp Target over 50 kilometres to the north.”
 Reported on a 100% basis
 ASX announcement dated 27 June 2017
 ASX announcement dated 17 October 2016
 ASX announcement dated 16 September 2015
 ASX announcement dated 19 October 2016