The discovery of WA’s biggest gold deposit in the last decade has put Gold Road Resources in the spotlight.
The company’s Yamarna Belt has a current reported Mineral Resource of 5.1 million ounces of gold, hosts a number of significant new discoveries and lies immediately north of the 7.9 million ounce Tropicana Gold Deposit.
Gold Road Resources managing director Ian Murray said the deposit is world-class.
“A discovery like this is a world class discovery, it happens maybe once every ten years or maybe even longer than that. So any of the majors who aren’t looking at exploration any more would be looking at us,” Murray said.
Murray said the mine, which would have a life of 13 years, should be operational by 2017.
He said the mine would target an all-in cash cost of between $1,000 and $1,100 an ounce.
Visiting the Gruyere project, WA Mines and Petroleum Minister Bill Marmion said the discovery was helped along by the State Government's Exploration Incentive Scheme (EIS).
"This exciting new EIS deep stratigraphic hole is going down 2,000 metres and could more than double the depth of known mineralisation,” Marmion said.
"Co-funding for this drilling program was allocated in Round 10 of the EIS in December and is a prime example of how the scheme is helping drive discoveries and promote mining industry employment.
"The Gruyere deposit is particularly important because it is the first major gold find in what industry and EIS research indicates is a promising new mineral province, the Yamarna greenstone belt."