Gold Road Resources has released its latest financial report for the six months ending June 30. Despite posting a net loss for the period, the company was positive regarding the progress of its flagship projects.
In the past half year, the company posted a net loss before tax of $3 million, $400,000 less than the previous half-year period ending December 31 2017. Net loss after tax, meanwhile, stood at $2.3 million, $200,000 less than the previous half-year period.
Despite this, the company has posted positive news from its 100 per cent-owned South Yamarna gold project and Gruyere joint venture (50 per cent with Gold Fields Ltd). The project overcame inclement weather throughout the first quarter of 2018 to achieve 95 per cent and 68 per cent completion of project engineering and construction respectively at the end of the period, up from 84 per cent and 44 per cent in April.
Originally, first gold from Gruyere was scheduled for the March 2019 quarter, but delays related primarily to these weather issues resulted in a revised estimate of the June 2019 quarter.
“Despite disruptive above-average rainfall in February 2018, there was significant progress in construction at the Gruyere Project,” read the report.
Regarding the Yamarna project, the Gold Road team has completed its annual exploration targeting across three hubs, returning highly prospective results.
In the project’s southern exploration hub, a 1.3km strike length returned intersections of 1.91 g/t at 56.25m (containing 5.45 g/t for 7.73m), and 4.19 g/t from 10.53m.
In May this year, the company reported its highest return when 2m along a 14km strike returned 17.45g/t from 80m at the project’s Wanderrie deposit.
Gold Road was formerly in an evenly split joint venture with Sumitomo Metal Mining at South Yamarna before purchasing Sumitomo’s half of the project in February 2018 for $7 million.
“The 100 per cent-owned Northern and Southern Exploration Hubs define clusters of highly prospective targets that Gold Road envisages could conceptually support future stand-alone production centres that remain the focus of greenfields exploration,” the report said.
The full report can be read here.