Gold Road Resources (ASX: GOR) has updated the Mineral Resource Estimate and Ore Reserve Statement post completion of the sale and joint venture arrangements for the Gruyere Gold Project with Gold Fields Ltd. The Company retains 50% of all assets, including previously declared resources and reserves. The updated Mineral Resource Estimate (100% basis) is 147.71Mt @ 1.3 g/t Au for 6.16Moz Au; and the updated Ore Reserve Statement (100% basis) is 91.57Mt @ 1.2 g/t Au for 3.52Moz Au.
Gold Road Resources Limited (Gold Road or the Company) is pleased to present its updated Mineral Resource Estimate and Ore Reserve Statement post completion of the sale and joint venture arrangements for the Gruyere Gold Project with Gold Fields Ltd (ASX announcement dated 13 December 2016). The Company retains 50% of all assets in the Gruyere Project Joint Venture, including all previously declared Mineral Resources and Ore Reserves. The updated figures are presented in the tables below.
Notes:
- Mineral Resources are completed in accordance with the 2012 JORC Code
- The Gruyere Project Joint Venture is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Limited, a wholly owned Australian subsidiary of Gold Fields Ltd.
- Gruyere Mineral Resource reported at 0.5 g/t Au cut‐off, constrained within an A$1,700/oz Au optimised pit shell based on mining and processing parameters from the PFS and geotechnical parameters from the previous Mineral Resource estimate (ASX announcement dated 22 April 2016)
- Central Bore Mineral Resource reported at 1.0 g/t Au cut‐off (2014 Annual Report)
- Attila Trend (Attila and Alaric) Mineral Resource reported at 0.7 g/t Au cut‐off, constrained within an A$1,600/oz Au optimised pit shell (ASX announcement dated 16 September 2015)
- All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
- Mineral Resources are inclusive of Ore Reserves
Notes:
- The Ore Reserve is completed in accordance with the 2012 JORC Code
- The Gruyere Project Joint Venture is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Limited, a wholly owned Australian subsidiary of Gold Fields Ltd
- Gold Road holds an uncapped 1.5% net smelter return royalty on Gold Fields Ltd’s share of production from the Gruyere Project Joint Venture once total gold production exceeds 2 million ounces
- The Ore Reserve is evaluated using a gold price of A$1,500/oz (ASX announcement dated 19 October 2016)
- The Ore Reserve is evaluated using variable cut off grades: Oxide 0.35 g/t Au, Transitional 0.39 g/t Au and Fresh 0.43 g/t Au
- Ore block tonnage dilution averages 3.2%; Ore block gold loss is estimated at 1.4%
- All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
Ian Murray
Managing Director and CEO