Gold production and exploration company Gold Road Resources Limited (ASX:GOR) sold 41,818 ounces of gold at a record average price of $2,764 an ounce in the March 2023 quarter, from its Gruyere gold mine in Western Australia.
Quarterly gold production from Gruyere, a 50:50 joint venture with Gold Fields Ltd which operates the mine, was 82,604 ounces at an all-in-sustaining cost (AISC) of $1,399 per ounce, compared to 74,201 ounces at an AISC of $1,622 an ounce in the December 2022 quarter.
Gold production increased quarter on quarter due to higher process plant availability and throughput rate, resulting in an increase in ore tonnes milled.
Gold Road’s 2023 annual production guidance remains unchanged at between 340,000 and 370,000 ounces at an AISC between $1,540 and $1,660.
Grades are anticipated to lift through 2023 as mining progress through higher-grade fresh ore.
On 3 April 2023, the Gruyere JV celebrated the first 1 million ounces of production.
This achievement comes less than four years since Gruyere poured first gold in June 2019 and seven years since signing the first mining agreement with the Yilka People.
On 5 April 2023, Gold Road provided Gruyere’s three-year production outlook, which ranges between 335,000 and 375,000 ounces per annum.
Gold Road also re-affirmed sustainable production at about 350,000 ounces per annum rate from Gruyere to 2032 through a seven-stage mine plan.
Feasibility level studies for the Golden Highway resources are scheduled for 2023 in preparation for mining, which is anticipated to commence in early 2026 and will form part of the Gruyere life-of-mine plan.
