THE DRILL SERGEANT: Gold Road Resources (ASX: GOR) reported the first 100 per cent company‐owned resource addition since it entered the Gruyere Joint Venture.
The Mineral Resource of 3.5 million tonnes at 2.62 grams per tonne gold for 297,600 ounces was estimated at the Gilmour and Renegade deposits, both 100 per cent-owned by Gold Road.
The Gilmour Maiden Mineral Resource totals 2.6 million tonnes at 3.09g/t gold for 258,400 ounces, with 0.8 million tonnes at 5.2g/t gold for 120,000 ounces, or 46 per cent of contained ounces, classified as an Indicated Resource.
This makes Gilmour the third largest and second highest grade deposit so far discovered on the Yamarna Belt.
The Gilmour Maiden Mineral Resource is located 55 kilometres, by road, south of the Gruyere Mine, which means the open pit and underground Mineral Resources could be developed by Gold Road and processed at Gruyere via toll treatment provisions under the Gruyere JV agreement.
The Gruyere development option provides a pathway to monetise the discovery and realise value from Gold Road’s exploration program.
The Renegade deposit, previously reported as Khan North, has been re‐estimated as an Inferred Mineral Resource of 0.9 million tonnes at 1.3g/t gold for 39,200 ounces.
The new resource estimate follows detailed geological interpretation and optimisation for open pit extraction, applying appropriate modifying factors and a gold price assumption of $1,850 per ounce.
Renegade is located just 35 kilometres by road from the Gruyere Mill, and is adjacent to the Gruyere Main Access Road.
Like Gilmour, Renegade could also potentially add value to Gold Road through toll treatment in accordance with the terms of the Gruyere JV agreement.
“The Maiden Mineral Resource for Gilmour represents the first gold deposit identified at Yamarna outside of the original discoveries on the Golden Highway, and our Gruyere discovery which is now being mined in Joint Venture with Gold Fields,” Gold Road executive director ‐ exploration & growth Justin Osborne said in the company’s announcement to the Australian Securities Exchange.
“The significance in being the third largest, and second highest grade deposit so far discovered at Yamarna is considerable.
“The relatively high‐grade demonstrates a diverse endowment consistent with our belief in the Belt having potential to host multiple deposits varying in style, size and grade as seen in other major Greenstone Belts in Western Australia ‐ the main difference at Yamarna is it remains significantly underexplored.
“We are now applying the improved understanding from our Gilmour exploration programme to assist our ongoing targeting of greater than one million ounce deposits on the considerable Yamarna tenement holding.”