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Mid-tier gold production and exploration company Gold Road Resources has delivered record quarterly production of 85,676 ounces from the Gruyere mine in Western Australia.
The site is run in a 50:50 joint venture with Gruyere Mining Company, a member of the Gold Fields Group, which operates Gruyere.
The increased quarter-on-quarter production was the result of record high head grades, as well as record high quarterly processing throughput. Record free cashflow of $43.6 million took the company's cash holdings to $161.3m.
Production was delivered at an All-in-Sustaining Cost of $1250 per attributable ounce to Gold Road. AISC per ounce was lower quarter-on-quarter largely due to the increase in gold production.
Total material movement at Gruyere was 9.4mt, with mining and waste movement continuing from the Stage 2, Stage 3 and Stage 4 pits. Ore mining totalled 2.7mt during the quarter.
At the end of the quarter, ore stockpiles increased to 5.9mt at 0.74g/t gold. Mining continued at a rate higher than required to deliver ore to the process plant to mitigate ore supply risks in 2022 associated with the current tight labour market and COVID-related impacts on the workforce.
Total ore processed during the quarter was a high of 2.4mt at a record head grade of 1.22 g/t gold, and a gold recovery of 91.3 per cent for a peak of 85,676oz of gold produced.
Managing director Brian Levet said the record quarterly production performance was as expected and was largely due to improving head grades and a quarter-on-quarter improvement in plant utilisation owing to reduced scheduled and unscheduled maintenance downtime.
"Total mining costs (waste stripping and operational mining) were higher, reflecting ongoing inflationary factors including higher diesel costs. Processing costs reduced quarter on quarter due to lower maintenance costs associated with one, rather than two, major shutdowns during the quarter," he said.
Annual production guidance for 2022 remains unchanged at 300,000—340,000oz at an attributable AISC of between $1270–$1470 per ounce.
Gold Road's exploration strategy remains directed at delivering economic gold deposits that can be developed as standalone mining operations, creating shareholder value through organic growth.
Following the acquisition of DGO and its diverse exploration portfolio, Gold Road now holds a total of about 21,500 square kilometres of exploration tenure across Western Australia, South Australia, and Queensland.
"The integration of these projects provides Gold Road with additional optionality on discovery success across several highly prospective terranes, in alignment with the exploration strategy and exploration budget," Levet said.
