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Gold Road Resources is ASX's newest $1 billion market cap company - Proactive Investors Australia

Friday, 5 July 2019

The company produced more than 1,1000 ounces of gold worth more than $2 million in its first gold pour earlier this week.

Gold Road Resources Ltd (ASX:GOR) reached a new golden milestone today, becoming the Australian Securities Exchange's newest $1 billion company.

Shares needed to reach $1.14 in order for Gold Road to reach a $1 billion market capitalisation and the shares have risen beyond that amount, trading at up to $1.18, a new high for the company.

This comes just days after Gold Road and joint venture parter Gold Fields Limited (NYSE:GFI) poured the first gold bars at the Gruyere Gold Project, about 200 kilometres east of Laverton in WA.

The three gold bars totalling an estimated 1,139 ounces were produced from the carbon-in-leach (CIL) and elution circuits.

Gold Road's managing director Duncan Gibbs said: "This is a tremendous milestone given that the Gold Road team discovered the world-class ore body less than six years ago.

"Our work is far from done – we remain committed to exploring the highly prospective Yamarna greenstone belt to unlock the potential through the discovery of more resource ounces for Gruyere and new discoveries that could be developed as stand-alone gold mines."

The company has also earned a 51% interest in the Lake Grace Project in Western Australia from Cygnus Gold Ltd (ASX:CY5).

Having spent an initial earn-in amount of $700,000 to earn 51%, Gold Road elected to earn a further 24% interest by spending an additional $500,000 within 18 months.

Cygnus is managing exploration at Lake Grace and is awaiting 12 aircore holes from the Hammerhead prospect targeting gold anomalies.

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