Gold Road Progresses Over Gruyere Gold Project And Moves To Near Completion

Gold Road Progresses Over Gruyere Gold Project And Moves To Near Completion

Gold Road Resources Limited (ASX: GOR) and Gruyere Mining Company, jointly provided an update on construction and commissioning progress for the Gruyere Gold project on 17th April 2019. Gold Road mentioned that the project which is a 50:50 Joint Venture (JV) in the east of Laverton, Western Australia, is progressing to near completion. As per the company, the Gruyere process plant is almost 97% complete with finishing work in progress across the site and progressive handover to commissioning.

As per the company, it made the primary Crushing system ore enabled in January, which is delivering material to the coarse ore stockpile and is in the process of being handed over to the operations team. Gold Road also mentioned that the Power station and high voltage sub-stations are fully installed and operational across the Gruyere Project site. As per the company, the installation enables the power supply to start the operational activities.

The company installed the water systems around the process plant at Yeo Borefield in the southern section of the project site; the water system initially supplied water to the main transfer station ahead of the process plant. Gold Road mentioned that the dry commissioning activities are in progress across various areas.

As per the company, the project remains targeted for the second half of June 2019 quarter, for the first gold production. The Final Forecast Capital Cost estimate for the Gruyere project is of $621 million, out of which, $284 million is attributable to the company.

Gold Road mentioned that the mining activities scaled up to double shift operation and from the beginning of the construction to the end of March 2019 quarter, the project mined 4.9 million BCM of material from the open pit.  In order to prepare the process plant, the company mined approx. 800,000 tonnes of ore and stored them.

As per the company, it intends to process the low-grade stockpiled ore during the initial stage of plant commission to lower the gold losses related to lower recoveries estimation by the company in the initial stage till the processing at the plant gets stabilised. Gold road mentioned that the forecasted production of 100,000 to 120,000 ounces of gold for the year 2019, remains in line with the company’s production guidance.

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In a different update made public by Cygnus Gold (ASX: CY5) on 17th April, Cygnus mentioned that the company commenced aircore (AC) drilling at the Wadderin and Stanley projects in Western Australia’s Wheatbelt region over the weekend in collaboration with JV partner Gold Road Resource Limited.

Cygnus manages exploration, and four JV and earn-in-projects with Gold Road Resources in the Wheatbelt region and the company mentioned that the AC rig would test targets identified previously by the company through surface sampling. As per the company, after drilling the identified targets, it will move to Lake Grace Project, which is also a JV of Cygnus with Gold Road Resources.

Cygnus also commenced drilling on its 100% owned Stanley project, where the company previously identified new target Kepler Zone.

The share of Gold Road Resources Limited was trading at A$0.902 (as on 17th April 2019, 3:50 PM), down by 0.879% as compared to its previous close.


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