Gold Road is pioneering development of Australia’s newest goldfield, the Yamarna Belt, 200 kilometres east of Laverton in Western Australia. The Company holds interests in tenements covering ~6,000 km² in the region, which is historically underexplored and highly prospective for gold mineralisation. In November 2016, Gold Road entered into a 50:50 joint venture with Gold Fields Ltd for the Gruyere Joint Venture covering 144 km².
The Yamarna leases contain a gold resource of 6.5 million ounces, including 5.9 million ounces at the Gruyere Deposit. All current Mineral Resources and Ore Reserves are contained within the Gruyere JV project areas, of which the Company owns 50%.
Construction of the Project commenced at the beginning of 2017 and since then the project team has achieved a number of significant milestones and on schedule to deliver first gold in the June 2019 quarter.
Gruyere is expected to produce between 85,000 and 120,000 ounces of gold in calendar year 2019. Once steady state production is achieved the average annual production is forecast at 300,000 ounces.
The primary focus of Gold Road’s exploration activities continues to be the discovery of multi-million ounce deposits or clusters of deposits that can underpin a new stand-alone gold mine development.
Detailed analysis and interpretation of exploration data collected through 2018, combined with the existing database, increased our understanding of the geology and mineralising controls across the Yamarna Terrane. Analysis of all available data allowed for improved ranking and targeting of projects, and replenishment of the Project Pipeline (see model below) with new targets based on both empirical data and conceptual ideas.