Gold Road's Yamarna Belt is a major new gold region
Gold Road Resources is exploring and developing its wholly-owned Yamarna Belt, a newly discovered gold region covering ~5,000 square kilometres on the Yilgarn Craton, 150 kilometres east of Laverton in Western Australia.
In May 2013 Gold Road announced an exploration joint venture with Sumitomo Metal Mining Oceania Pty Ltd (a subsidiary of Sumitomo Metal Mining Co. Limited) for Sumitomo Metal Mining to earn up to 50% interest in Gold Road’s South Yamarna tenements, an area covering ~2,900 square kilometres. In March 2015, Sumitomo achieved the first expenditure milestone, giving them a 30% interest in the South Yamarna Joint Venture.
The Yamarna Belt is historically under-explored and highly prospective for gold mineralisation. Geologically similar to the prolific Kalgoorlie Gold Belt and lying north of the 7.9 million ounce Tropicana deposit, the Yamarna Belt has a Mineral Resource of 6.8 million ounces of gold, hosted within a number of deposits including Gold Road's recently announced 5.51 million ounce discovery at Gruyere. Gold Road believes the Yamarna Greenstone Belt has potential to host a significantly larger gold endowment which will be realised over coming years with a well-planned exploration strategy.
Gold Road prioritises exploration on its tenement holding into six of ten Gold Camp Targets on the Yamarna Belt. Identified in 2012/2013 through interpretation of various geological and geophysical data sets, each Target has a 15-25 kilometre strike length, approximate area of 80-120 square kilometres, and contains numerous prospects. Initial exploration of these Targets has been very encouraging. High grade mineralisation has been discovered in reconnaissance level programmes on all five Gold Camp Targets tested to date, and Gold Road plans to spend in excess of $10 million on regional exploration on the Gold Camp Targets during the 2015/2016 Financial Year.
The first Gold Camp Target tested was the South Dorothy Hills Camp in July 2013. Initial RAB and RC drilling made the discovery of the Gruyere Deposit, first announced in October 2013, only 3 months after first activity, after which the deposit grew into a 5.51 million ounce Mineral Resource less than two years from discovery. Reconnaissance drilling is now ongoing along the Dorothy Hills trend to the south, with regional scale Aircore programmes targeting new discoveries along this already well-endowed shear trend.
High grade gold mineralisation has also been identified on the Riveiera-Smokebush and Breelya-Toppin Hill Gold Camp Targets located within the Sumitomo South Yamarna Joint Venture Project area. Sumitomo, a major Japanese resource company, have already earned a 30% interest in the project area, and have capacity to earn a total of 50% with an in-ground exploration spend of $8 million. It is expected they will achieve this interest in 2016, after which Gold Road will contribute 50:50 to the project.