After the Gruyere joint venture (JV) in Western Australia was impacted by heavy rainfall earlier this year, Gold Road Resources has reported an increase in gold production for the September 2024 quarter.
Gruyere produced 68,781 ounces (oz) at an all-in sustaining cost (AISC) of $2551 per attributable ounce, with Gold Road maintaining its 2024 annual guidance of 290,000–305,000oz at an attributable AISC guidance of $2050–$2200/oz.
Total material movement at Gruyere increased quarter on quarter to a record 14.2 million tonnes following continued improvement in mining productivity.
The uplift in output comes as Gruyere JV partner Gold Fields ramps up operations at the Stage 4 pit to provide full access to ore during the December 2024 quarter.
“Gold recovered for the quarter totalled 72,080 ounces with the timing of gold shipments and gold sales resulting in a higher than usual 7599 ounces reported as unsold bullion and doré at the end of the quarter,” Gold Road said.
Gold sales were also on the up for Gold Road, increasing to 32,507oz at an average sales price of $3719/oz. As of September 30 2024, the company’s on hand gold doré and bullion equalled 3799oz and its attributable operating cash flow sat at $88.7 million, a notable increase from the previous quarter’s $74.2 million.
Outside Gruyere, Gold Road commenced drilling at the Mallina West project in WA and the Greenvale project in Queensland.
The company is targeting “Hemi-style gold mineralisation” at Mallina and “intrusion related gold mineralisation with similarities to … (the) Kidston (gold mine)” at Greenvale.
Gold Road plans to commence drilling at the Balter project in Queensland and recommence drilling at the Yamarna project in WA in the December 2024 quarter.
“The (Balter) project is hosted by high metamorphic grade rocks with analogies to the world-class Tropicana gold deposit,” Gold Road said.
“The Yamarna Mine Readiness project is progressing to plan and is on track for a resource and reserve update and permit applications in 2025.”
Gold Road ended the September quarter with $109.2 million in cash and equivalents with no debt drawn.
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