Gold Road Resources Limited continued the acceleration of its greenfields exploration programme in the September quarter, with seven drill rigs in operation across the Company’s 5,500 square kilometre tenement holding in WA’s underexplored Yamarna Greenstone Belt. A total of 331 diamond, reverse circulation and aircore drill holes were drilled for a total of 38,502 metres on prioritised early and advanced stage targets. Results again demonstrated the exceptional geological potential of the landholding.
HIGHLIGHTS
Yamarna Exploration
North Yamarna (100%):
- High priority Ibanez target: Diamond drilling following up RC programme returned a best intercept of 8 metres at 11.60 g/t Au from 229.67 metres, including 3.33 metres at 27.48 g/t Au from 232.66 metres (17CWDD0015)
- Drilling along Wanderrie Supergroup Trend defined advanced anomalous drill targets over an 11 kilometre strike length.
Gruyere JV (Gold Road 50%):
- RC and diamond drilling intersected high‐grade gold mineralisation along the strike length of both the Attila‐Alaric and Gruyere‐YAM14 Trends
- Best intersections included 8 metres at 4.95 g/t Au from 205 metres (17ALRC00194) from the Argos Prospect and 11 metres at 2.46 g/t Au from 85 metres (17DHDD0014) from the YAM14 Prospect
- Diamond drilling testing Gruyere underground potential extended the >2.0 g/t Au northern high‐grade zone to over 200 metres below current pit design
South Yamarna JV (Gold Road 50%):
- Yaffler South: RC drilling extended the strike length of gold mineralisation to 1.4 kilometres, best intersection of 2 metres at 4.34 g/t Au from 142 metres (17SYRC00113)
- Kingston North: New anomalies delineated in aircore drilling, best intersection of 12 metres at 0.38 g/t Au from 72 metres including 4 metres at 1.00 g/t Au from 80 metres (17SYAC0961)
Gruyere Gold Project
- ACJV commenced process plant construction, undertaking concrete works on site and steel fabrication in Perth
- MACA earthworks, including airstrip upgrade, clearing for Stage 1 Pit and Tailings Storage Facility and borefield development, progressing well
- Three tenderers shortlisted for mining contract, with contract award expected in December 2017 quarter
- Gruyere Village commissioning completed and officially opened
Corporate
- Gold Road received Dealer award at the Diggers & Dealers Mining Forum in Kalgoorlie
- The Company had cash and term deposits of A$240.1 million, and current receivables of A$47.3 million at 30 September 2017
Well‐funded mid‐tier gold development and exploration company, Gold Road Resources Limited (Gold Road or the Company), presents its activity report for the quarter ending 30 September 2017.
The September 2017 quarter saw Gold Road continue the acceleration of its planned A$30 million greenfields exploration programme, with seven drilling rigs in operation across the Company’s ~5,500 square kilometre tenement holding in Western Australia’s underexplored Yamarna Greenstone Belt. The forecast for the annual exploration spend is in the range of A$24 to A$26 million, lower than budgeted due to suspension of the second phase of the Gruyere Deep Drilling programme and a slower than planned ramp up of aircore drilling.
During the period, a total of 331 diamond, reverse circulation (RC) and aircore drill holes for 38,502 metres were completed on prioritised early and advanced stage projects within the tenements. Results returned from drilling again demonstrated the exceptional geological potential of the landholding. of the landholding.