Mid-tier gold production and exploration company Gold Road Resources (ASX: GOR) has updated the market on exploration results and the ongoing strategy to make a meaningful gold discovery that supports a standalone operation at its Yamnara tenement.
HIGHLIGHTS:
New targets emerge from a disciplined exploration strategy
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Gold Road’s strategy is to discover a significant gold deposit to support a standalone operation.
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A multi-disciplinary discovery team is now fully functional, with the integration of our extensive data sets improving both our geological understanding and enhancing the quality and effectiveness of our exploration targeting.
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2020 drilling to date totals 77,264 metres of aircore, 11,575 metres of RC and 6,985 metres of diamond drilling.
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2020 exploration activity has advanced several high-quality targets through our Project Pipeline in the Southern Project Area including:
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Kingston: The first diamond hole drilled on the prospect intersected 1 metre at 10.39 g/t Au from 181.1 metres (20LSDD0001) associated with high-grade quartz veining in the hanging wall of a highly favourable structural contact;
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Hirono: Results from reconnaissance aircore drilling has defined multiple gold anomalies associated with prospective geology and structures to be followed up in the December 2020 quarter;
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Savoie and Beefwood: An initial aircore programme has defined strong gold anomalism across this large area associated with an interpreted regional scale shear zone; and
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Gilmour South: Access to high priority tenements immediately to the South of the 268,000 ounce Gilmour Resource, expected late in the December 2020 quarter, has opened up a further 15 kilometres of prospective strike to be tested.
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The ongoing exploration programme includes follow-up drilling with initial bedrock testing at these priority targets, continued aircore drilling in areas yet to receive any modern exploration, and additional geophysics and soils programmes over the Gold Road tenure.
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70% of forecast expenditure for the remainder of 2020 will be focused on the prospective Southern Project Area, 20% planned for priority drill targets on the Gruyere Mining Lease south of the Gruyere Mine.
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Further drilling north of the current Gilmour Resource has demonstrated potential to extend the existing Mineral Resource limits. Latest results include 4 metres at 16.58 g/t Au from 244.0 metres (19WDRC0242) and 6.78 metres at 5.33 g/t Au from 229.15 metres (19WDRC0242).
Gold Road Executive Director – Discovery & Growth Justin Osborne commented: “We have long believed that the Southern Project Area in our Yamarna tenement holds the most favourable geological components for hosting large-scale mineral systems. After almost two years of early stage exploration activity in this virtually unexplored area, we have identified significant scale gold anomalies, highly prospective geology and favourable structural zones. This provides us with the confidence to focus our exploration efforts over the next 12 months on what we consider a very prospective geological system”
