Mid-tier gold production and exploration company Gold Road Resources (ASX: GOR) has released its annual Mineral Resource and Ore Reserve statement as at 31 December 2024 for the Gruyere Joint Venture and for its 100%-owned Mineral Resources at Yamarna.
Gold Road’s principal asset is a half-share in the Gruyere gold mine, in Western Australia’s north-eastern Goldfields. The Gruyere JV is a 50:50 joint venture with Gold Fields (JSE: GFI), which manages and operates the Gruyere gold mine. Gold Road also has a significant investment and exploration portfolio.
Highlights
Gold Road’s attributable Mineral Resources have increased by 0.3 million ounces (+6%) to 4.81 million ounces and Gold Road’s attributable Ore Reserves have increased to 43 million tonnes at 1.39 g/t Au for 1.92 million ounces (+5%), as detailed below:
- On a 100% basis, the Gruyere JV open pit Mineral Resource has increased by 1.1 million ounces (+18%) to 157 million tonnes at 1.42 g/t for 7.14 million ounces after mining depletion. The Mineral Resource includes:
- Updated Gruyere open pit Mineral Resource of 137 million tonnes at 1.37 g/t for 6.05 million ounces, an increase of 0.83 million ounces. The increased ounces and grade are both largely the result of a 90m deeper pit shell, which is driven by improvements to the geology model, incorporation of new drilling and updated economic assumptions.
- Updated Golden Highway Mineral Resource of 19 million tonnes at 1.57 g/t for 0.96 million ounces, an increase of 0.30 million ounces and largely the result of a larger pit shell at Attila driven on new extensional drilling and updated economic assumptions.
- On a 100% basis, the Gruyere JV open pit Ore Reserve totals 83 million tonnes at 1.29 g/t for 3.45 million ounces, a decrease of 0.21 million ounces (-6%) mostly due to mining depletion at Gruyere during 2024 and some minor changes at the Golden Highway.
- Gold Road’s attributable Mineral Resources have increased by 0.3 million ounces (+6%) to 4.81 million ounces, largely the result of increases to the Gruyere JV open pit Mineral Resource balanced against decreases to Gold Road’s Gruyere underground Mineral Resource, which is now incorporated within the deeper Gruyere open pit resource shell.
- Gold Road’s attributable Ore Reserve has increased to 43 million tonnes at 1.39 g/t for 1.92 million ounces (+5%), largely as a result of the addition of the 100%-owned Gilmour Ore Reserve offsetting mining depletion at Gruyere. The average reserve grade increased by 11% primarily due to the high-grade nature of the Gilmour reserve.
- Underground exploration has commenced beneath the Gruyere Ore Reserve. A major exploration drilling campaign by the Gruyere JV commencing in 2025 is designed to convert existing Inferred resources into Indicated resources as well as extend the existing resource base to support the assessment of potential future underground mining at Gruyere.