- Write by:
-
Tuesday, September 11, 2018 - 12:09:48 PM
-
3046 Visit
-
Print
Mining News Pro - 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.
According to Mining News Pro -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.
Short Link:
https://www.miningnews.ir/En/News/258140
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
The Senate voted Tuesday evening to approve legislation banning the import of enriched uranium from Russia, sending the ...
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
No comments have been posted yet ...