Well‐funded mid-tier gold development and exploration company, Gold Road Resources has intersected significant mineralisation in YAM14 RC drilling including 64m at 3.73 g/t Au from 79 metres, including 28 metres at 6.50 g/t Au from 79m, with 18m at 9.78 g/t Au from 87m or 8m at 19.16 g/t Au from 90 metres. YAM14 is located eight kilometres south of the Gruyere Mill, currently under construction, and has potential to improve Gruyere economics as an additional source of mill feed. Further drilling is planned in late May, with a Maiden Resource evaluation likely in second half of 2017.
HIGHLIGHTS
- Significant mineralisation intersected in YAM14 RC drilling including:
- 64 metres at 3.73 g/t Au from 79 metres, including 28 metres at 6.50 g/t Au from 79 metres, with 18 metres at 9.78 g/t Au from 87 metres, or 8 metres at 19.16 g/t Au from 90 metres (16DHRC0060)
- 39 metres at 1.52 g/t Au from 119 metres, including 13 metres at 2.24 g/t Au from 119 metres, with 7 metres at 3.55 g/t Au from 123 metres (16DHRC0061)
- 22 metres at 1.81 g/t Au from 57 metres, including 14 metres at 2.63 g/t Au from 57 metres (16DHRC0059)
- YAM14 is located eight kilometres south of the Gruyere Mill currently under construction
- Potential to improve Gruyere economics as additional source of mill feed
- Strike length extended to one kilometre and open to north and down dip
- Further infill and extensional drilling planned to commence in late May
- Maiden Resource evaluation planned for second half 2017
Well‐funded mid‐tier gold development and exploration company, Gold Road Resources Limited (Gold Road or the Company) is pleased to announce the results of Reverse Circulation (RC) drilling designed to test the source of high‐grade mineralisation intersected in aircore drilling reported in January 2017(1) . The YAM14 Prospect is located on the Gruyere Joint Venture (Gruyere JV or Joint Venture) tenements, a 50:50 Joint Venture with Gold Fields Limited (Gold Fields), and situated approximately eight kilometres south of the Gruyere Gold Project (Figure 1). The new results highlight the great potential to improve the economics and mine life of the Gruyere Gold Project through the addition of higher grade satellite mill feed.
Gold Road Executive Director ‐ Exploration & Growth Justin Osborne said: “These results confirm a significant zone of mineralisation at the YAM14 Prospect, with one of the best RC drill intersections we have ever had at Yamarna. Following this drilling we now have over one kilometre of gold mineralisation at shallow depths in very close trucking distance to the Gruyere Mill site. We are now planning both infill and extensional drilling targeting the depth and strike extents which remain open, and to provide resource level drill densities. This is a very exciting set of drill results which potentially offers great upside to the Gruyere Joint Venture Project, and a better understanding of what to look for in our target areas on the Dorothy Hills Shear Zone to the south on our 100% North Yamarna tenements.”
Drilling Programme, Geology and Intersection Details
The 1,020 metre six hole RC programme was designed to test and extend existing significant aircore results(2) located approximately 500 metres north (section 6,895,800, Figure 2) of the known 500 metre long mineralised zone defined by RC and diamond drilling(3) at YAM14. Results from the new drilling has successfully extended the strike length to over one kilometre of shallow gold mineralisation which remains open to the north and down dip.
The existing geological interpretation has been confirmed by this latest drilling programme, with mineralisation occurring in the immediate hanging wall of a sheared rhyolitic tuff (see Table 1, Appendix 2 for more detailed geological interpretation commentary). Logging of the RC chips confirms elevated gold grades associated with shearing, increased quartz veining and albite‐chlorite‐pyrite‐arsenopyrite alteration. The stratigraphic units and mineralised units were intersected deeper than initially interpreted resulting in several holes ending in mineralisation (Figure 2). These holes will be re‐entered with planned diamond drilling to determine the full width of the mineralised package. Best intercepts are illustrated below in Table 1 and Figure 2.
High‐grade mineralisation is intimately associated with the most intense zone of shearing and alteration, with thickening associated with a major jog in the shear zone resulting in a potential significant shoot (Figure 2). A shallow northerly plunge to this high‐grade shoot (Figure 3) is interpreted based on relationships observed in diamond drilling to the south, and an interpreted strong reverse‐sinistral control to mineralisation intersected on section 6,895,800. Diamond drilling has been planned to define the detailed structural controls on both localised high‐grade zones and the larger scale shoot development, and additional RC drilling will test the northern and southern extensions to the interpreted plunge.
Future Work
Further RC and diamond drilling is planned this quarter to extend and infill the mineralisation, and to define the plunge orientation of interpreted high‐grade shoots. The results from this program will add to the existing drilling to allow evaluation of a Maiden Mineral Resource planned for completion in the second half of 2017. Drilling at depth and along strike into the Toto area to the north of YAM14 (between YAM14 and Gruyere) will be evaluated once a better understanding of the mineralisation controls and economics have been developed, and new geophysical analysis is completed by Gold Fields, whose technical expertise the Company now has access to under the Gruyere Joint Venture.
(1) ASX announcement dated 17 January 2017
(2) ASX announcement dated 17 January 2017
(3) ASX announcement dated 10 October 2016
