Gold Road (GOR) released its September Quarterly report with updates on the Gruyere Gold Project. Construction has commenced on the 50:50 Gruyere JV with mining set to commence within 12 months and first gold production in Q1 2019. Running in parallel GOR, is conducting an aggressive $24-26mpa exploration program on the Yamarna projects with the focus on additional mill feed for the JV or a potential new stand-alone project owned 100% by GOR. The majority of this expenditure is focussing on the North Yamarna tenements. We argue the market is not adequately valuing the exploration portfolio and that the geological understanding is now at a point that successes in regional exploration could translate to meaningful development plays either for mill feed for the JV or as standalone operations.
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