The simplicity and low cost of the mine means the company can allocate all A$26 million budget this year to greenfields exploration.
Osborne said: “There’s $26 million going into the ground.“We’re building on our ability to target and generate new projects in Western Australia and beyond.“We’re putting $18 million into the Yamarna discovery looking for new projects that we can build on and a further $2.4 million into the JV itself, testing new targets around 10 kilometres to the south of Gruyere.
”The Yamarna discovery consists of more than 4,500 square kilometres in and around the Gruyere project and includes the southern project area with a resource of 2.6 million tonnes at 3.09 g/t for 258,000 ounces.“
Targeting 1 million-ounce deposits
”The company considers the southern area full of potential to develop a 100%-owned stand-alone operation or toll treat 55 kilometres from Gruyere.Osborne said: “Our discovery focus is on targeting 1 million-ounce deposits – that’s what we’re looking for, that’s the size of deposit that we need to develop Yamarna to add a gold mine and processing plant that we would own 100%.
”Gold Road has commenced a 20,000 metre aircore drilling program with prioritised greenfields targets including Hirono, Savoi and Redback
GOR Price at posting:
$1.71 Sentiment: Buy Disclosure: Held
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