GWR hits high grade gold at Golden Monarch; shares fly
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Junior explorer GWR Group has hit high grade, shallow gold at its advanced Wiluna West project in Western Australia, sending its share price up almost 23 per cent.
Recent drilling at its Golden Monarch, Emu and Eagle deposits at its 254,000 ounce Wiluna West project has returned shallow, very high grades of up to 72 grams per tonne of gold.
“GWR Group is in the process of transitioning from an explorer to a gold producer and the results of this recent drilling adds more support to GWR’s strategy of moving the company into production,” new GWR general manager Adrian Costello said.
GWR recently inked a joint venture deal with neighbour and established gold producer Blackham Resources (ASX:BLK) over the development, mining and processing of gold from Wiluna West.
Under the JV, GWR is in charge of drilling deposits up to JORC (2012) Indicated standard, which it can then nominate as a ‘Proposed Qualifying Deposit’.
The most recent drilling has targeted Golden Monarch, Eagle and Emu as ‘Proposed Qualifying Deposits’.
Mineral resources are categorised in order of increasing geological confidence from inferred to indicated to measured.
Blackham then takes care of the feasibility studies on these deposits and, if positive, will use its established infrastructure for mining and processing.