Gold Road Resources (ASX:GOR) has released its Quarterly Activities Report for the period ended June 30 2016, detailing work completed on the Feasibility Study on the Gruyere Gold Project and regional exploration carried out on the Company’s vast tenement holding in Western Australia’s Yamarna Belt. Gold Road finished the quarter with $90.5 million in cash after completing a $74 million capital raising in May.
Highlights
Gruyere Gold Project Feasibility Study and approvals process on schedule
- Feasibility Study remains on schedule for completion in December 2016 quarter
- Historic native title agreement signed with Yilka People
- Mining leases granted for Gruyere, Central Bore and Attila deposits
- Environmental Protection Authority of Western Australia environmental
- assessmentcommenced
Encouraging results continue from Regional Exploration Program
- Initial diamond drilling programme at YAM14 prospect intersects high‐grade primarygold mineralisation
- InitialdiamonddrillingprogrammeatPacificDunes‐Corkwood(Corkwood) CampScale Target confirms gold mineralisation at two prospects
- InitialbedrockdrillingatSunRiver‐Wanderrie(Wanderrie) CampScaleTargetconfirms gold mineralisation in at least four prospects
- Aircore drilling extends Supergroup Anomaly at Wanderrie a further six kilometres
- tothe south
- RC drilling at Toppin Hill and Yaffler prospects on South Yamarna Joint Venture (SYJV) intersects gold mineralisation over widespread areas
A$74 million capital raising successfully completed
- Institutional share placement and entitlement offer undertaken at a price of A$0.44 per share
- ThreeadditionalrespectedNorthAmericaninstitutionsjoinshareregisteraftercornerstoningtheplacement
- Useofproceedstoincludedepositstosecurethepurchaseoflonglead‐time capital items for the Gruyere Gold Project and commencement of early works and FEED
Board and management changes reflect Company transition from explorer to
developer
- Tim Netscher appointed Non‐Executive Chairman
- Incumbent Chairman Ian Murray appointed Managing Director and Chief Executive Officer
- Tim Manners appointed General Manager – Finance
- Justin Osborne Executive Director – Exploration & Growth
