COLORADO SPRINGS, Dec. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced the expansion of its Mirador Mine with fifteen (15) exploration drill hole results from its 2019 Alta Gracia projects drill program located at its Oaxaca Mining Unit, Mexico. Highlights include 3.72 meters grading 1.44 grams per tonne (g/t) gold and 990 g/t silver, including 1.00 meter grading 2.84 g/t gold and 2,610 g/t silver in a step down hole to known mineralization. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $112 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.
The Alta Gracia Project, which hosts the Mirador Mine, is located approximately sixteen (16) kilometers north west of the Company’s Aguila Project and mineral processing plant. High-grade Mirador ore is trucked to the Aguila mill for processing. The 2019 Alta Gracia drill campaign tested several step-out and in-fill target areas focused primarily on the Mirador mine’s Independencia West vein. In March 2019 the Company announced Mirador mine development crosscut six meters of the Independencia vein which graded 992 g/t silver. The goal of this latest drill campaign was to test the extensions of this high-grade ore shoot (see map below).
Recent highlights from the 2019 Alta Gracia surface drill campaign include the following intercepts (m = meters, g/t = grams per tonne) (see full tables below):
Hole # 419003 – Independencia West Vein (in-fill)
9.21m of 0.24 g/t gold, 260 g/t silver
incl. 3.20m of 0.31 g/t gold, 335 g/t silver
incl. 0.73m of 0.58 g/t gold, 1,085 g/t silver
Hole # 419007 – Unnamed veins & Independencia West Vein (in-fill)
0.30m of 1.21 g/t gold, 181 g/t silver (vein)
1.38m of 4.39 g/t gold, 1,455 g/t silver (vein)
1.08m of 1.81 g/t gold, 2,190 g/t silver (Independencia West vein)
Hole # 419010 – Independencia West Vein (step-out)
5.99m of 1.04 g/t gold, 206 g/t silver
incl. 1.54m of 2.02 g/t gold, 590 g/t silver
Hole # 419012 – Independencia Vein (step-down)
3.72m of 1.44 g/t gold, 910 g/t silver
incl. 1.00m of 2.84 g/t gold, 2,610 g/t silver
Hole # 419015 – Independencia Vein (in-fill)
2.67m of 1.10 g/t gold, 354 g/t silver
incl. 0.78m of 0.72 g/t gold, 879 g/t silver
Seven exploration drill holes targeted the expansion of the Independencia West vein. Three of these drill holes expanded the mineralization laterally, three drill holes expanded the mineralization deeper, and one drill hole extended the mineralization higher. Eight drill holes focused on in-fill drilling within the Independencia West vein ore-shoot with the goal of upgrading mineralized material into the proven and probable category. While the Independencia West vein was the primary target, nearly every drill hole intercepted multiple, parallel veins.
|ALTA GRACIA MIRADOR MINE – INDEPENDENCIA WEST VEIN
2019 DRILL RESULTS SUMMARY
|419003||12.5||San Juan NW2||62.03||0.38||0.43||185||In-fill|
|San Juan NW1||79.52||0.88||0.49||280|
|419004||10||San Juan NW6||2.34||0.62||0.20||71||In-fill|
|419005||10.2||San Juan NW5||26.36||1.13||0.57||287||In-fill|
|San Juan NW2||50.32||0.31||0.17||119|
|419009||-21||San Juan NW1||61.21||0.71||0.99||172||In-fill|
|San Juan NW2||79.49||0.25||0.44||974|
|419013||-23.5||San Juan NW5||44.69||1.01||0.17||115||Step-down|
|San Juan NW1||128.57||0.58||0.21||245|
|419015||-44.5||San Juan NW2||45.84||0.31||0.45||215||In-fill|
|Assays by ALS, Vancouver, BC Canada. Meters downhole, not true width|
Mr. Barry Devlin, Vice President of Exploration, commented, “Our 2019 drill campaign at Alta Gracia was successful in expanding the Independencia West high-grade ore shoot, as well as demonstrating continuity between prior drill holes. These results are expected to replace proven and probable reserves mined at the Mirador Mine during 2019.”
The Alta Gracia Project is one of six potential high-grade gold and silver properties in the Company’s Oaxaca Mining Unit, which includes over 551 square kilometers in southern Mexico. The Mirador Mine is the Company’s second operating underground mine, which began production in mid-2017. The Company has identified and modeled over 50 veins at the Alta Gracia Project at or near its Mirador Mine.
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 $112 million back to its shareholders in consecutive monthly dividends since July 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.