Gold Road Resources (ASX: GOR) has reported a 6% rise in Yamarna ore reserves to 3.74 million ounces after including maiden reserves for the Attila and Alaric deposits – 3.59 million tonnes at 1.55gpt for 179,000oz – and increasing Gruyere’s reserve by 44,000oz. The annual Yamaran Mineral Resources and Ore Reserve statement comes as Gold Road prepares final targets for the 2018 Yamarna exploration campaign, which has a budget of about $23 million.
- Yamarna Ore Reserve increased by 6% to 3.74 million ounces1 (+223,000 ounces)
- Attila and Alaric Maiden Ore Reserves: 3.59 million tonnes at 1.55 g/t Au for 179,000 ounces
- Gruyere Ore Reserve increases by 44,000 ounces
- Yamarna Mineral Resource decreased by 4% to 6.51 million ounces(-256,000 ounces)
- YAM14 Maiden Mineral Resource: 0.87 million tonnes at 1.21 g/t Au for 34,000 ounces
- Attila-Alaric Trend Mineral Resource: 12.32 million tonnes at 1.50 g/t Au for 596,000 ounces, including 207,000 ounces from the Montagne and Argos deposits
- Gruyere Mineral Resource decreases by 4.6% (-282,000 ounces)
- Central Bore removed from Mineral Resource (-183,000 ounces)
Well‐funded mid‐tier gold development and exploration company, Gold Road Resources Limited (Gold Road or the Company) presents this update to the Yamarna Mineral Resource and Ore Reserve statement as at December 2017.
The Yamarna tenements comprise Yamarna (100% Gold Road) and the Gruyere Project Joint Venture (Gruyere JV) a 50:50 joint venture with Gold Fields Limited (Gold Fields). Gold Road, on behalf of the Gruyere JV, manages the exploration activities. Through 2017, exploration programmes targeted additional high margin deposits to supplement the Gruyere Project. All Mineral Resources and Ore Reserves are currently located within the Gruyere JV.
Gold Road is focussed on discovering multi-million ounce gold deposits capable of supporting the development of stand-alone mining operations within its 100% owned Yamarna tenements. The 2018 exploration campaign will focus on the best quality targets giving Gold Road the highest probability to make the next significant discovery.
Commenting on the increase to the Ore Reserves, Ian Murray, Managing Director and CEO said “Good technical work completed by the combined Gold Road exploration and Gruyere JV teams has increased the Yamarna Ore Reserve by 6%, providing further growth and value from the Yamarna Belt.
“Work on the Attila-Alaric Trend has resulted in two Maiden Ore Reserve additions (179,000 ounces) and two Mineral Resource updates, increasing the total Mineral Resource base of the Trend to 596,000 ounces.
“Extensional exploration planned for 2018 will focus on further development of this Trend with the potential to increase the Gruyere mine life.”