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Gold Road Resources Ltd (ASX:GOR) has bumped up its mineral resources in Western Australia by 0.3 million ounces – or 6% – to 4.81 million ounces (Moz). At the same time, it’s increased its attributable ore reserves to 43 million tonnes (Mt) at 1.39 grams per tonne for 1.92Moz; a 5% hike.
A significant chunk came from the deposits from the Gruyere joint venture between Golden Road and Gold Fields, comprising a rise of 1.1Moz (or 18%) to 157Mt at 1.42 g/t for 7.14Moz.
This included the Gruyere open pit mineral resource, which has grown to 137Mt at 1.37 g/t for 6.05Moz – up 0.83Moz – based on a 90-metre deeper pit shell which was enabled by improvements to the geology model, incorporation of new drilling and updated economic assumptions.
The Golden Highway mineral resource was also included in the improved JV parameters, comprising 19Mt at 1.57g/t for 0.96Moz – an increase of 0.30Moz – which was also due to a larger pit shell at Attila, achieved through extensional drilling and updated economic assumptions.
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In terms of reserves, the Gruyere JV totalled 83Mt at 1.29g/t for 3.45Moz – a fall of 0.21Moz (or 6%), due to mining depletion during 2024 and minor changes at Golden Highway.
The Gilmour acquisition also pushed up Golden Road’s overall ore reserves to 43Mt at 1.39 g/t for 1.92Moz (an increase of 5%). This offset resource depletion at Gruyere.
The high-grade Gilmour also lifted the company’s average reserve grade by 11%.
Golden Road has been trading at $2.52 through Thursday morning.
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