Gold Road Resources : Yamarna Exploration Update – More Visible Gold at Gilmour

YAMARNA EXPLORATION UPDATE: MORE

VISIBLE GOLD AT GILMOUR

ASX Code GOR

ABN 13 109 289 527

Well‐funded mid‐tier gold development and exploration company Gold Road Resources Limited (Gold Road) reports receipt of positive assay results (Figure 1 and Table 1) from diamond, reverse circulation (RC) and regional aircore drilling from the 2018 exploration programmes on Gold Road's 100% owned Yamarna Project and the 50% owned Gruyere Joint Venture (Gruyere JV).

COMPANY DIRECTORS

Tim Netscher

Chairman

Duncan Gibbs

Managing Director & CEO

Ian Murray

Highlights

Executive Director

Justin Osborne Executive Director, Exploration & Growth

Brian Levet Non-Executive Director

Sharon Warburton Non-Executive Director

Carol Marinkovich Company Secretary

CONTACT DETAILS Principal & Registered Office Level 2, 26 Colin St

West Perth WA [e-mail]

T [phone]

F [phone]

PROJECT DEFINITION - YAMARNA PROJECT (100% GOLD ROAD)

Gilmour: Infill and extensional drilling in progress designed to support estimation of a Maiden Mineral Resource. Coarse visible gold observed in diamond core and panned from RC samples.

Smokebush: Best results from infill drilling include: 22.24 metres at 1.40 g/t Au from 82.17 metres (18SMDD0013), 11 metres at 2.27 g/t Au from 47 metres (18SMRC0022), and 7 metres at 2.92 g/t Au from 165 metres (18SMRC0016)1.

Yaffler South: Bedrock gold mineralisation confirmed, with visible gold in diamond drilling returning 3.6 metres at 3.68 g/t Au from 281 metres (17SYRC0107).

TARGET GENERATION - YAMARNA PROJECT (100% GOLD ROAD)

Early stage aircore drilling results extended and refined existing gold anomalies2 at the Hirono and Cronos targets.

ORE RESERVE DEVELOPMENT - GRUYERE JV (50% GOLD ROAD)

Golden Highway: Drilling as part of Pre‐feasibility Studies returned high‐grade results including 3 metres at 32.06 g/t Au from 84 metres (18ALRC0325) at Montagne and 12 metres at 3.54 g/t Au from 15 metres (18ALRC0376) at Argos.

1 Diamond and RC intersections reported at 0.5 g/t cut‐off including up to 2 metres of samples below that cut‐off, aircore intersections reported at 0.1 g/t cut‐off including up to 4 metres of samples below that cut‐off, unless otherwise stated. Refer Tables in Appendices for individual grades >10 g/t Au. All intersections reported uncut. 2 Aircore anomaly defined by 10 to 20 ppb Au contour and geological continuity.

Gold Road Executive Director ‐ Exploration & Growth Justin Osborne commented: "At the close of 2018, we look back with satisfaction on a successful year of exploration. As planned, we drill tested our 10 highest ranked bedrock targets across Yamarna which led to the discovery of the exciting Gilmour deposit which quickly advanced to the resource assessment stage. With visible gold consistently intersected at Gilmour, this project is proving to be predictable and a relatively simple deposit, showing upside both along strike and at depth.

As we move into 2019, the exploration team is fully occupied with data review and target assessment. We will shortly commence refining our 2019 exploration program, to deliver our primary strategic goal of discovering and developing gold mines on our 100% owned Yamarna Project."

Figure 1: Map showing selected diamond, RC and aircore drill intersections from across the Yamarna tenements. Refer to "About Gold Road" section for explanation of the Project Pipeline and Milestones used by Gold Road for managing exploration success

Table 1: Selected diamond, RC and aircore drilling results by Project and/or Prospect and ranked by gram x metres.

Selected Project Definition Intersections - Ranked by gram x metres
Project / Camp	Prospect	Length (m)	Au (g/t)	Gram x metre	From (m)	Exploration Milestone	Context	Strike Length
Southern Yamarna
Smokebush	Smokebush	22.24	1.40	31	82.17	M3 ‐ Target Definition	Bedrock infill to determine mineralisation continuity and orientation (50 by 100 m)	>1.3 km
		11	2.27	25	47
		7	2.92	20	165
Yaffler	Yaffler South	3.60	3.68	13	281.00	M3 ‐ Target Definition	Second round of bedrock tests to confirm mineralisation at broad spacing (50 to 100 by 800 m)	> 1.5 km
		1.12	4.53	5	244.78
Gruyere Joint Venture
Golden Highway	Montagne	3	32.06	96	84	M4 to M5 ‐ Conversion Process	Mineral Resource and Ore Reserve Development for the Gruyere Project (25 to 50 by 50 m)	> 2.0 km
	Argos	12	3.54	43	15
Selected Target Generation Intersections - Ranked by gram x metres
Project / Camp	Prospect	Length (m)	Au (g/t)	Gram x metre	From (m)	Exploration Milestone	Context	Strike Length
Southern Yamarna
Toppin Hill	Cronos	8	0.44	4	4	M2 ‐ Anomaly	Refinement of existing anomaly	> 1.0 km
Smokebush	Hirono	4	0.29	1	56	M2 ‐ Anomaly	NE striking anomaly > 0.25 g/t Au	> 3.0 km

PROJECT DEFINITION

Gilmour - Milestone 3 to 4

Visible gold was observed in diamond core and panned from RC samples from the recently completed drilling programme3. The programme was designed to support a potential maiden Mineral Resource estimate, with assays pending (Figure 2). On receipt of the full complement of assay results the RC drill spacing will be approximately 50 metres by 50 metres to a depth of 150 metres below surface. Below this depth, the target diamond drill spacing will be at 100 metre centres to approximately 300 metres depth. The geology is proving to be both predictable and relatively continuous, with coarse visible gold intersected in most drill holes.

3 Refer ASX announcement dated 19 November 2018

Figure 2: South to north longitudinal projection of the Gilmour deposit showing geologically selected intersections on the Main Shear

Smokebush - Milestone 3

The latest programme of drilling, including eight diamond holes (2,410 metres) and 13 RC holes (2,244 metres) at Smokebush infills the 1.3 kilometre strike length to 50 metre by 100 metre spacing (Figure 3 and Appendix 1 Figure 1). This programme included new diamond holes twinned with existing holes to test short scale grade variability. Best intersections returned included:

•  22.24 metres at 1.40 g/t Au from 82.17 metres (18SMDD0013)

•  11 metres at 2.27 g/t Au from 47 metres (18SMRC0022)

•  7 metres at 2.92 g/t Au from 165 metres (18SMRC0016)

The geological and drilling data is encouraging with at least one +10 gram.metre intersection reported approximately every 100 metres, and five intersections greater than 25 gram.metres over the strike length of the deposit. A recent detailed structural study of diamond core has added support to a geological model that interprets gently north plunging shoots of high‐grade mineralisation associated with zones of complex veining.

Figure 3: Simplified geological plan of the Smokebush prospect area showing selected intersections