Well-funded mid-tier gold development and exploration company Gold Road Resources (ASX: GOR) says first gold production from its world-class Gruyere mine development is on track for the June 2019 quarter. Gold Road released its September quarter report today, confirming Gruyere (a 50-50JV with Gold Fields) is on track. At September 30, Gold Road had $114.3 million in cash and undrawn debt facilities of $150 million.
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 2018.
HIGHLIGHTS
Gruyere Gold Project
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First gold production remains on target for June 2019 quarter
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As at 30 September 2018, overall Project engineering and construction was 96% and 71% complete respectively; EPC construction (process plant and associated infrastructure) was 57% complete
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Gruyere powerhouse commissioning under way, with first electricity supply scheduled from November 2018
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Mining fleet and operations team mobilisation in progress for commencement of mining operations from November 2018
Exploration
Focussed exploration throughout the Yamarna Greenstone Belt continued, with emphasis on the discovery of stand‐alone economic gold deposits. Promising high‐grade bedrock intersections from the quarter’s drilling programme included:
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Southern Project area
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Tamerlane aircore ‐ 3 metres at 34.07 g/t Au from 111 metres, including 1 metre at 98.56 g/t Au from 111 metres (18TARC0039)
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Toppin Hill diamond ‐ 2 metres at 12.04 g/t Au from 124 metres (18BRDD0001)
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Northern Project area
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Ibanez diamond ‐ 1.5 metres at 18.32 g/t Au from 134.08 metres and 2 metres at 10.89 g/t Au from 181 metres (18CWDD0025)
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Bloodwood aircore ‐ 4 metres at 9.53 g/t Au from 20 metres (18CWAC0920) within 5 kilometre long anomaly
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Gruyere JV – Golden Highway
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Argos RC ‐ 3 metres at 18.05 g/t Au from 137 metres (18ALRC0285)
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Montagne diamond ‐ 9.16 metres at 2.89 g/t Au from 77 metres (18ALDD0030)
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Corporate
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Duncan Gibbs appointed Managing Director and Chief Executive Officer, with effect from 17 September, succeeding Ian Murray who remains an Executive Director to year end
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Cash and term deposits of $114.3 million at 30 September 2018, with undrawn debt facilities of $150 million
