Mid‐tier gold producer and exploration company Gold Road Resources (ASX: GOR) reports the first 100% company‐owned resource addition since the Gruyere Joint Venture (Gruyere JV). The Mineral Resource of 3.5 million tonnes at 2.62 g/t Au for 297,600 ounces was estimated using an A$1,850 per ounce gold price assumption.
· New 297,600 ounce Mineral Resources at Gilmour and Renegade 100% owned by Gold Road
· Gilmour Maiden Mineral Resource of 2.6 Mt at 3.09 g/t Au for 258,400 ounces:
· Open pit: 1.8 Mt at 2.21 g/t Au for 129,100 ounces
· Underground: 0.8 Mt at 5.13 g/t Au for 129,300 ounces
· 120,000 ounces at 5.2 g/t Au (46%) of the Mineral Resource categorised as Indicated
· Mineralisation is dominated by a continuous laminated vein with coarse gold drilled to 400 metres below surface
· Initial metallurgical test‐work indicates potential recoveries ranging from 89% to 99% with 28% to 82% of the gold recovered by gravity separation
· Renegade open pit Inferred Mineral Resource of 0.9 Mt at 1.3 g/t Au for 39,200 ounces
· Total attributable Mineral Resource now 3.6 Million ounces (100% Gold Road and 50% Gruyere JV)
· Gilmour and Renegade Mineral Resources have, subject to further studies, potential development flexibility, either as part of future standalone operations, contingent on further discoveries, or they could be developed and processed at Gruyere via toll treatment provisions under the Gruyere JV agreement
Gold Road Executive Director ‐ Exploration & Growth Justin Osborne commented: “The Maiden Mineral Resource for Gilmour represents the first gold deposit identified at Yamarna outside of the original discoveries on the Golden Highway, and our Gruyere discovery which is now being mined in Joint Venture with Gold Fields.
“The significance in being the third largest, and second highest grade deposit so far discovered at Yamarna is considerable. The relatively high‐grade demonstrates a diverse endowment consistent with our belief in the Belt having potential to host multiple deposits varying in style, size and grade as seen in other major Greenstone Belts in Western Australia ‐ the main difference at Yamarna is it remains significantly underexplored.
“We are now applying the improved understanding from our Gilmour exploration programme to assist our ongoing targeting of >1 million ounce deposits on the considerable Yamarna tenement holding.”