Gold Resource Corporation Expands Switchback Discovery Mineralization
March 04 2014 - 6:35PM
Marketwired
Gold Resource Corporation Expands Switchback Discovery
Mineralization
COLORADO SPRINGS, CO--(Marketwired - Mar 4, 2014) - Gold
Resource Corporation (NYSEMKT: GORO) (the "Company") today provided
an update on the Switchback discovery drill highlights at its El
Aguila Project in Mexico. Gold Resource Corporation is a gold and
silver producer with operations in the southern state of Oaxaca,
Mexico. The Company has returned over $95 million to
shareholders in monthly dividends since declaring production July
1, 2010, and offers shareholders the option to convert their cash
dividends into physical gold and silver and take delivery.
The new "Switchback" discovery, announced in June 2013, is
located on the Company's El Aguila Project approximately 500 meters
northeast of the Company's producing La Arista polymetallic (gold,
silver, and base metals) underground mine (see maps). Step-out
drilling continues to expand the high-grade mineralization, which
is now explored 450 meters along strike by 450 at depth, containing
significant gold, silver, copper, lead and zinc. The Company
continues to drill step-out and infill holes at Switchback with
hopes of further expanding the known mineralized area.
SWITCHBACK DRILL RESULTS |
Hole # |
Angle |
|
From |
|
Interval |
|
Au |
|
Ag |
|
Cu |
|
Pb |
|
Zn |
deg |
|
Meters |
|
Meters |
|
g/t |
|
g/t |
|
% |
|
% |
|
% |
513023 |
-30 |
|
558.15 |
|
2.90 |
|
0.21 |
|
113 |
|
0.05 |
|
1.94 |
|
6.03 |
|
590.25 |
|
2.65 |
|
0.05 |
|
73 |
|
0.56 |
|
2.73 |
|
3.91 |
513024 |
-20 |
|
591.46 |
|
4.19 |
|
1.23 |
|
125 |
|
0.66 |
|
3.44 |
|
4.17 |
513026 |
-45 |
|
745.90 |
|
1.60 |
|
0.01 |
|
575 |
|
0.07 |
|
0.81 |
|
3.40 |
513028 |
-44 |
|
589.10 |
|
15.47 |
|
2.95 |
|
86 |
|
0.44 |
|
0.84 |
|
2.09 |
incl. |
589.10 |
|
1.14 |
|
9.82 |
|
91 |
|
0.64 |
|
0.61 |
|
0.90 |
incl. |
600.10 |
|
2.20 |
|
12.91 |
|
410 |
|
1.20 |
|
2.49 |
|
4.33 |
513031 |
-10 |
|
448.38 |
|
0.39 |
|
0.01 |
|
less than 1 |
|
0.05 |
|
0.67 |
|
1.94 |
513055 |
-30 |
|
617.30 |
|
2.21 |
|
0.10 |
|
112 |
|
0.38 |
|
0.87 |
|
6.83 |
|
639.17 |
|
0.89 |
|
16.95 |
|
101 |
|
1.20 |
|
4.37 |
|
6.15 |
|
657.47 |
|
5.27 |
|
2.93 |
|
72 |
|
0.21 |
|
0.63 |
|
3.38 |
incl. |
659.93 |
|
0.37 |
|
0.24 |
|
459 |
|
0.05 |
|
0.97 |
|
26.20 |
incl. |
661.07 |
|
1.19 |
|
12.20 |
|
100 |
|
0.44 |
|
1.38 |
|
3.20 |
513059 |
-38 |
|
350.77 |
|
1.75 |
|
0.07 |
|
58 |
|
0.24 |
|
1.09 |
|
4.98 |
incl. |
350.77 |
|
0.53 |
|
0.03 |
|
95 |
|
0.37 |
|
0.26 |
|
9.62 |
|
927.70 |
|
3.59 |
|
0.13 |
|
130 |
|
0.52 |
|
3.67 |
|
6.15 |
incl. |
928.36 |
|
0.64 |
|
0.29 |
|
365 |
|
1.14 |
|
9.97 |
|
18.90 |
514002 |
-35 |
|
718.00 |
|
2.48 |
|
0.02 |
|
155 |
|
0.06 |
|
1.63 |
|
8.42 |
|
723.62 |
|
4.66 |
|
0.02 |
|
121 |
|
0.06 |
|
1.34 |
|
6.79 |
Assays by ALS Chemex, Vancouver, BC Canada |
"We are pleased with the continued expansion of the Switchback
mineralization," stated Gold Resource Corporation's CEO and
President, Mr. Jason Reid. "We continue to drill this high
priority target and are optimistic we may make a development
decision for Switchback in the near term. Preliminary mine
planning has begun with conceptual plans to access the Switchback
mineralization from the producing underground Arista mine."
Barry Devlin, Vice President of Exploration for Gold Resource
Corporation commented, "The new gold, silver and base metals
discovery at Switchback was the success story of our 2013 drilling
program at the El Aguila Project. Since the first hole, we
knew the Switchback zone had excellent potential because of its
similarities to our Arista vein system where we are currently
producing. Switchback is a 40 to 100 meter wide alteration
zone containing numerous mineralized veins associated with rhyolite
dikes and hosted in andesite, similar to what we see at
Arista. Switchback is also open in all directions, which
increases the potential for additional high-grade discoveries."
About GRC: Gold Resource Corporation is a mining company focused
on production and pursuing development of gold and silver projects
that feature low operating costs and produce high returns on
capital. The Company has 100% interest in six potential
high-grade gold and silver properties in Mexico's southern state of
Oaxaca. The Company has 53,779,369 shares outstanding, no
warrants and no debt. Gold Resource Corporation offers
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.
Cautionary Statements:
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.
Contacts: Corporate Development Greg Patterson 303-320-7708
www.Goldresourcecorp.com
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