PERTH (miningweekly.com) – Junior gold developer Gold Road Resources has reported a 44% increase in mineral resources at its Gruyera mineral deposit, in Western Australia.
The deposit was estimated to host 137.81-million tonnes, grading 1.24 g/t gold for 5.51-million ounces of gold. This was a 1.67-million ounce increase compared with the maiden mineral resource estimated in 2014.
“Gruyera now has a scale of real significance. This substantial 44% increase in the Gruyera mineral resource to 5.51-million ounces reflects the quality of the deposit and the exceptional exploration and geological work our team has undertaken,” said Gold Road executive chairperson Ian Murray.
He pointed out that since Gruyera’s discovery in October 2013, Gold Road has spent about A$10.9-million on the project, which equated to A$1.98/oz of mineral resource.
The latest resource upgrade was derived from 66 000 m of diamond and reverse circulation drilling, including 28 000 m drilled since the 2014 maiden mineral resource estimate.
“This updated mineral resource will feed into the ongoing prefeasibility study. We look forward to settling on the scale and power source at the end of Phase 1 next quarter,” said Murray, adding that the entire prefeasibility study would be completed by the end of the calendar year, and would be reported to market in early 2016.