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%.
In the June quarter of 2019 construction of the Gruyere Gold Mine was completed with the delivery of the first gold bars marking the commencement of production. Ramp-up to nameplate production is anticipated over a six to seven month period.
Gruyere is expected to produce between 75,000 to 100,000 ounces of gold in calendar year 2019. Once steady state production is achieved the average annual production is forecast at 300,000 ounces.