Gold Road Resources (ASX: GOR) has underlined the acceleration of its planned $30 million greenfields exploration program with five drilling rigs on site and initial results supporting the highly prospective nature of the Company’s tenement holding across the Yamarna Greenstone Belt. Gold Road’s activity report for the June quarter also reflects the continued development of the Gruyere Gold Project, a 50:50 Joint Venture with Gold Fields Ltd, and the significant contracts finalised.
- North Yamarna (100%):
- High priority Ibanez Target: Significant bedrock mineralisation intersected, with best hits of 10 metres at 28.67 g/t Au from 240 metres, including 2 metres at 136.57 g/t Au from 240 metres (17CWRC0037) from RC drilling
- Gruyere Joint Venture (50%):
- Attila Open Pit Mineral Resource increased by 46% to 6.6 Mt at 1.55 g/t Au for 327,300 ounces of gold
- Alaric Open Pit Mineral Resource increased by 102% to 1.9 Mt at 1.51 g/t Au for 93,500 ounces of gold
- RC drilling intersected thick high-grade mineralisation with a best intercept of 64 metres at 3.73 g/t Au from 79 metres, including 28 metres at 6.50 g/t Au from 79 metres, with 18 metres at 9.78 g/t Au from 87 metres, or 8 metres at 19.16 g/t Au from 90 metres (16DHRC0060)
- Diamond drilling following up the RC programme returned a best intersection of 49.7 metres at 1.06 g/t Au from 87.5 metres, including 13.0 metres at 2.12 g/t Au from 116.7 metres (17DHDD0012)
- South Yamarna Joint Venture (50%):
- Yaffler South: RC drilling returned a best intersection of 10 metres at 1.06 g/t Au from 92 metres, including 6 metres at 1.53 g/t Au from 92 metres (17SYRC0105)
Gruyere Gold Project
- Execution of A$298 million EPC agreement with ACJV clears the way for work to commence on process plant and associated infrastructure
- A$585 million Power Supply contract signed with APA Group to construct a gas pipeline and power station
- Installation of the 648 rooms at the Gruyere Village has been completed, full commissioning of all facilities expected in July 2017
- Gold Fields increases its holding in Gold Road to 10% at a share price premium of 27%
- Retirement of Mr Martin Pyle as Non-executive Director and resignation of Mr Kevin Hart as Company Secretary
- Appointment of Mr Brian Levet as Non-executive Director, and Ms Carol Marinkovich and Mr Hayden Bartrop as Joint Company Secretaries
Well-funded mid-tier gold development and exploration company, Gold Road Resources Limited (Gold Road or the Company), is pleased to release its activity report for the quarter ending 30 June 2017.
The June 2017 quarter saw Gold Road accelerate its planned A$30 million greenfields exploration programme with five drilling rigs on site, with first results further demonstrating the highly prospective nature of the Company’s tenement holding across the Yamarna Greenstone Belt.
Drilling in the quarter delivered significant bedrock assay results from its prioritised early and advanced staged projects, with results reported from 340 diamond, Reverse Circulation (RC) and aircore (AC) drill holes for a total of 18,169 metres completed over a 100 kilometre strike length of the 200 kilometre long Yamarna Shear Zone, and over a nine kilometre strike length of the 100 kilometre long Dorothy Hills Shear Zone.
The development of the Gruyere Gold Project, a 50:50 Joint Venture with Gold Fields Ltd (Gold Fields), proceeded throughout the quarter, with significant contracts finalised for the Bulk Earthworks, Engineering Procurement and Construction (EPC), and Power Supply.
North Yamarna (100%) Pacific Dunes-Corkwood Camp:
Ibanez and Mesaboogie The exploration highlights in the quarter from the 100% North Yamarna Project included the high-grade bedrock intersections from RC drilling targeting the high priority Ibanez Target – at the northern end of the Yamarna Belt approximately 65 kilometres north of the Attila Mineral Resource – where mineralisation in the northern part of the prospect area included:
- 10 metres at 28.67 g/t Au from 240 metres, including 2 metres at 136.57 g/t Au from 240 metres and 1 metre at 238.03 g/t Au from 240 metres (17CWRC0037), with coarse gold visible in RC chips, and
- 9 metres at 4.56 g/t Au from 111 metres, including 4 metres at 7.31 g/t Au from 111 metres and 1 metre at 21.99 g/t Au from 113 metres (17CWRC0034).
This first-pass bedrock RC and diamond drill testing was conducted over a 2.1 kilometre strike length within the 2.5 kilometre Ibanez Target. Drilling confirmed the continuity and width of the approximately 100 metre wide mineralised corridor that contains the Ibanez gold mineralisation, including localised high-grade mineralisation which will be followed up.
A 92 hole programme of follow-up anomaly definition AC drilling was completed at the Mesaboogie Target which is located 8 kilometres south of the Ibanez Target on the southern strike extension of the same mineralised trend. Best intersections included:
- 12 metres at 0.17 g/t Au from 64 metres and 8 metres at 0.20 g/t Au from 84 metres (17CWAC0256)
- 4 metres at 0.30 g/t Au from 52 metres (17CWAC0233)
- 4 metres at 0.20 g/t Au from 32 metres (17CWAC0207)
- 3 metres at 0.21 g/t Au from 68 metres (17CWAC0258).