COLORADO SPRINGS, Colo., Dec. 03, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced the continued expansion of the Arista Mine’s Switchback vein system with intercepts including 16.95 meters of 6.21 grams per tonne (g/t) gold, 80 g/t silver and 4.50% zinc. These new results extend the strike length by approximately 100 meters to the northwest while expanding the Switchback vein system’s vertical extent in depth and height in this area. In addition, newly discovered mineralized veins were intercepted in two drill holes testing an exploration target called “Andesite Hill”, located southwest of the Arista Mine’s Arista vein system. Both holes intercepted mineralized veins, including 2.29 meters of 4.01 g/t gold, 580 g/t silver and 5.07% zinc. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, U.S.A. The Company has returned $111 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
From an underground exploration drill pad located on level 10 of the Arista Mine’s Arista vein system, drill holes 518010 and 518011 tested the “Andesite Hill” exploration target southwest of the Arista vein system. Two individual mineralized veins were discovered in both drill holes located approximately 200 to 400 meters from the Arista vein system’s Splay 5 (see map). These newly discovered veins represent an expansion to the Arista Vein System, or the discovery of a third vein system to the southwest of both the Switchback and Arista vein systems.
“Andesite Hill” target drill highlights include (m=meters, g/t=gram per tonne; full drill table below):
- 1.13m of 0.46 g/t gold, 77 g/t silver, 0.35% copper, 2.16% lead, 4.11% zinc
- 0.48m of 1.42 g/t gold, 342 g/t silver, 0.11% copper, 0.29% lead, 0.27% zinc
- 0.30m of 5.47 g/t gold, 2,510 g/t silver, 0.58% copper, 0.76% lead, 1.55% zinc
- 2.29m of 4.01 g/t gold, 580 g/t silver, 0.36% copper, 3.84% lead, 5.07% zinc
incl. 0.72m of 5.89 g/t gold, 739 g/t silver, 0.32% copper, 1.72% lead, 7.07% zinc
Five holes were drilled from an exploration drill pad located east of the Switchback vein system on level 24. These five drill holes confirmed up-dip and down-dip continuity of known veins and extended the vertical mineralization within the Switchback vein system.
Switchback vein system up-dip and down-dip drill highlights include (full drill table below):
- 4.17m of 4.17 g/t gold, 63 g/t silver, 0.68% copper, 0.81% lead, 1.55% zinc
incl. 1.25m of 7.45 g/t gold, 102 g/t silver, 0.63% copper , 1.12% lead, 1.87% zinc
- 16.95m of 6.21 g/t gold, 80 g/t silver, 0.52% copper, 1.76% lead, 4.50% zinc
incl. 2.20m of 9.28 g/t gold, 81 g/t silver, 0.87% copper, 2.00% lead, 8.93% zinc
incl. 1.30m of 25.10 g/t gold, 244 g/t silver, 0.91% copper, 2.41% lead, 5.10% zinc
Hole 518024 was drilled from an underground drill station constructed at the end of a 200-meter long decline ramp driven from level 3 of the Arista Mine’s Arista vein system, to test the northwest extension of the Switchback mineralization by approximately 100 meters.
Northwest Switchback vein system 100-meter step-out:
- 1.33m of 1.33 g/t gold, 190 g/t silver, 0.09% copper, 0.48% lead, 0.80% zinc
incl. 0.82m of 1.03 g/t gold, 312 g/t silver, 0.03% copper, 0.06% lead, 0.16% zinc
“We are very excited with the exploration drilling at the Arista Mine’s Switchback vein system as it continues to deliver impressive results,” stated Mr. Barry Devlin, Vice President of Exploration for Gold Resource Corporation. “Our exploration efforts extended the strike length and vertical extent of Switchback. In addition, the discovery of new, mineralized veins to the southwest of the Arista vein system speak to the expansion potential of this large epithermal vein system. It is too early to tell if these newly discovered veins are an extension of the Arista Vein system or if this a new parallel system to the southwest mirroring the Switchback and Arista Vein system. Either way this deposit continues to grow.”
“Our Oaxaca Mining Unit’s exploration team has again done an excellent job expanding the Arista Mine during 2018,” stated Mr. Jason Reid, President and CEO of Gold Resource Corporation. “It is also very positive that we are seeing higher grade gold such as the 6.21 grams per tonne over 16 meters in an up-dip drill hole into higher Switchback elevations. Unlike the Arista Vein system where we mined down over time, at the Switchback Vein system we are mining up and expect to see increased grades over the long run in this area of the Arista Mine. We also look forward to the completion of the annual reserve update reflecting the totality of this year’s exploration drill programs.”
|ARISTA MINE DRILL RESULTS
|“ANDESITE HILL” TARGET - NEWLY DISCOVERED VEINS|
|Assays by ALS, Vancouver, BC Canada. Meters Down Hole, Not true width. “HW” = Hanging Wall.|
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $111 million back to its shareholders since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/66a748ea-dcd0-43b3-b2f7-53f34fc60a32