Mineral resource companies Gold Road Resources and Red 5 have revealed major production results at their respective mines.
Gold Road Resources
Gold Road’s Gruyere mine, a joint venture with Gold Fields, has produced its first one million ounces of gold, less than four years after production commenced in June 2019, and seven years after signing the first mining agreement with the Traditional Owners.
Gold Road said that since June 2019, the Gruyere mine has produced gold at an average attributable all-in sustaining cost of $1399 per ounce as of 31 December 2022. Gruyere’s ore reserves added to 4.1 million ounces as of the same date.
“With the strong production outlook, the operation is set to deliver two million ounces in 2025,” the company said.
“Once Gruyere has produced two million ounces, Gold Road will receive an uncapped 1.5 per cent net smelter return royalty from Gold Fields on its 50 per cent share of production.
“This is in addition to Gold Road’s 50 per cent share of ongoing gold production.”
Red 5
Red 5 has seen record gold production on its King of the Hills (KOTH) gold mine, located in the eastern Goldsfield region of Western Australia.
The KOTH mine was revealed to have produced 17,550 ounces of gold for the month of March from 0.40 mega tonnes (Mt) of ore processed at an average head grade of
1.49 grams per tonne (g/t).
Total production for the March 2023 quarter was 40,867 ounces, compared to 36,260 ounces in the December 2022 quarter, based on 1.04Mt of ore processed at an average head grade of 1.32g/t and gold recovery of 92 per cent.
“The KOTH underground mine had its strongest month to date in March, with a significant lift in productivity,” Red 5 said in its operational update.