Gold Resource Corporation (NYSE American:GORO) (the “Company”)
today announced phase two drill highlights from its Mina Gold
exploration property located in Mineral County, Nevada. Mina
Gold near surface high-grade gold intercepts include 15.24 meters
of 3.34 grams per tonne (g/t) gold from surface and 12.19 meters of
2.98 g/t gold from 6.10 meters downhole. Gold Resource
Corporation is a gold and silver producer, developer and explorer
with operations in Oaxaca, Mexico and Nevada, USA. 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.
Mina Gold
Gold Resource Corporation’s Mina Gold phase two reverse
circulation drill campaign targeted further delineation of phase
one and historic drill results. Multiple drill holes
encountered surface and near surface high-grade gold
mineralization.
Mina Gold Drill Highlights include (m = meters, g/t = grams per
tonne) (see full table below):
Hole #MGRC-009 |
|
|
|
13.72 m of 1.10 g/t gold |
*from surface |
incl. |
|
6.10 m of 2.16 g/t gold |
|
|
|
|
|
Hole #MGRC-010 |
|
|
|
16.76 m of 1.51 g/t gold |
*from 3.05 m downhole |
incl. |
|
4.57 m of 3.31 g/t gold |
|
incl. |
|
3.05 m of 2.15 g/t gold |
|
|
|
|
|
Hole #MGRC-016 |
|
|
|
36.58 m of 0.47 g/t gold |
|
incl. |
|
3.05 m of 2.12 g/t gold |
|
|
|
|
|
Hole #MGRC-023 |
|
|
|
19.81 m of 0.63 g/t gold |
|
incl. |
|
3.05 m of 1.62 g/t gold |
|
|
Hole #MGRC-025 |
|
|
|
19.81 m of1.47 g/t gold |
*from 3.05 m downhole |
incl. |
|
1.52 m of 6.61 g/t
gold |
|
incl. |
|
1.52 m of 3.05 g/t
gold |
|
|
|
|
|
Hole #MGRC-027 |
|
|
|
4.57 m of 3.03 g/t gold |
|
incl. |
|
1.52 m of 6.61 g/t
gold |
|
|
|
|
|
Hole #MGRC-030 |
|
|
|
12.19 m of 1.14 g/t gold |
|
incl. |
|
6.10 m of 1.72 g/t gold |
|
|
|
|
|
Hole #MGRC-032 |
|
|
|
12.19 m of 2.98 g/t gold |
|
incl. |
|
3.05 m of 5.75 g/t gold |
|
incl. |
|
1.52 m of 7.00 g/t gold |
|
|
|
|
|
Hole #MGRC-034 |
|
|
|
15.24 m of 3.34 g/t gold |
*from surface |
incl. |
|
4.57 m of 8.17 g/t gold |
|
|
|
|
|
Hole MGRC-009 intercepted 13.72 meters grading 1.10 g/t gold
beginning from surface; including 6.10 meters grading 2.16 g/t
gold.
Hole MGRC-010 intercepted 16.76 meters grading 1.51 g/t gold
with mineralization beginning 3.05 meters downhole; including 4.57
meters grading 3.31 g/t gold, and 3.05 meters grading 2.15 g/t
gold.
Hole MGRC-016 intercepted 36.58 meters grading 0.47 g/t gold;
including 3.05 meters grading 2.12 g/t gold.
Hole MGRC-023 intercepted 19.81 meters grading 0.63 g/t gold;
including 3.05 meters grading 1.62 g/t gold.
Hole MGRC-025 intercepted 19.81 meters grading 1.47 g/t gold
with mineralization beginning 3.05 meters downhole; including 1.52
meters of 6.61 g/t gold, and 1.52 meters of 3.05 g/t gold.
Hole MGRC-027 intercepted 4.57 meters grading 3.03 g/t gold;
including 1.52 meters of 6.61 g/t gold.
Hole MGRC-030 intercepted 12.19 meters grading 1.14 g/t gold;
including 6.10 meters of 1.72 g/t gold.
Hole MGRC-032 intercepted 12.19 meters grading 2.98 g/t gold
with mineralization beginning 6.10 meters downhole; including 3.05
meters grading 5.75 g/t gold, and 1.52 meters grading 7.00 g/t
gold.
Hole MGRC-034 intercepted 15.24 meters grading 3.34 g/t gold;
including 4.57 meters of 8.17 g/t gold.
MINA GOLD DRILL RESULTSJuly
2018 |
Hole # |
Angle |
|
From |
Interval |
Au |
|
Hole # |
Angle |
|
From |
Interval |
Au |
deg |
|
Meters |
Meters |
g/t |
deg |
|
Meters |
Meters |
g/t |
MGRC-008 |
-70 |
|
0 |
1.52 |
0.40 |
MGRC-023 |
-48 |
|
22.86 |
3.05 |
1.49 |
MGRC-009 |
-64 |
|
0 |
13.72 |
1.10 |
Incl. |
22.86 |
1.52 |
2.83 |
Incl. |
0 |
6.10 |
2.16 |
|
48.77 |
19.81 |
0.63 |
MGRC-010 |
-66 |
|
3.05 |
16.76 |
1.51 |
Incl. |
48.77 |
1.52 |
1.08 |
Incl. |
7.62 |
4.57 |
3.31 |
Incl. |
59.44 |
3.05 |
1.62 |
Incl. |
15.24 |
3.05 |
2.15 |
|
131.06 |
9.14 |
0.52 |
|
25.91 |
4.57 |
0.38 |
Incl. |
135.64 |
1.52 |
1.05 |
|
36.58 |
3.05 |
0.38 |
MGRC-024 |
-56 |
|
4.57 |
6.10 |
1.09 |
MGRC-013 |
-64 |
|
57.91 |
10.67 |
0.46 |
|
|
Incl. |
6.10 |
3.05 |
1.88 |
MGRC-014 |
-64 |
|
18.29 |
10.67 |
0.44 |
|
|
|
68.58 |
1.52 |
0.34 |
Incl. |
18.29 |
1.52 |
1.04 |
|
|
|
86.87 |
9.14 |
0.43 |
|
41.15 |
10.67 |
0.24 |
MGRC-025 |
-46 |
|
3.05 |
19.81 |
1.47 |
|
57.91 |
16.76 |
0.40 |
|
|
Incl. |
6.10 |
1.52 |
6.61 |
Incl. |
70.10 |
1.52 |
1.07 |
|
|
Incl. |
18.29 |
1.52 |
3.05 |
MGRC-015 |
-53 |
|
39.62 |
4.57 |
0.23 |
|
|
|
59.44 |
3.05 |
0.35 |
MGRC-016 |
-47 |
|
38.10 |
7.62 |
0.29 |
MGRC-026 |
-49 |
|
4.57 |
3.05 |
0.38 |
|
76.20 |
4.57 |
1.18 |
|
|
|
60.96 |
3.05 |
0.69 |
|
100.58 |
4.57 |
0.35 |
|
|
Incl. |
62.48 |
1.52 |
1.17 |
|
120.40 |
36.58 |
0.47 |
MGRC-027 |
-54 |
|
0.00 |
1.52 |
1.82 |
Incl. |
121.92 |
3.05 |
2.12 |
|
|
|
38.10 |
9.14 |
0.48 |
|
161.54 |
7.62 |
0.21 |
|
|
Incl. |
38.10 |
1.52 |
1.04 |
MGRC-017 |
-63 |
|
64.01 |
3.05 |
0.29 |
|
|
|
64.01 |
4.57 |
3.03 |
|
94.49 |
3.05 |
0.29 |
|
|
Incl. |
65.53 |
1.52 |
6.61 |
|
117.35 |
4.57 |
0.47 |
MGRC-029 |
-90 |
|
0.00 |
13.72 |
0.94 |
MGRC-018 |
-65 |
|
28.96 |
1.52 |
0.31 |
|
|
Incl. |
0.00 |
1.52 |
1.29 |
|
48.77 |
3.05 |
0.52 |
|
|
Incl. |
9.14 |
3.05 |
2.08 |
|
74.68 |
1.52 |
0.46 |
|
|
|
41.15 |
1.52 |
0.32 |
MGRC-019 |
-54 |
|
16.76 |
4.57 |
0.25 |
MGRC-030 |
-90 |
|
21.34 |
12.19 |
1.14 |
|
47.24 |
1.52 |
0.65 |
|
|
Incl. |
24.38 |
6.10 |
1.72 |
|
57.91 |
6.10 |
0.29 |
|
|
|
41.15 |
1.52 |
0.92 |
|
91.44 |
1.52 |
0.30 |
MGRC-032 |
-90 |
|
6.10 |
12.19 |
2.98 |
|
102.11 |
9.14 |
0.31 |
|
|
Incl. |
7.62 |
3.05 |
5.75 |
|
115.82 |
1.52 |
0.33 |
|
|
Incl. |
15.24 |
1.52 |
7.00 |
MGRC-020 |
-50 |
|
4.57 |
1.52 |
0.43 |
MGRC-034 |
-90 |
|
0.00 |
15.24 |
3.34 |
|
19.81 |
3.05 |
0.41 |
|
|
Incl. |
4.57 |
4.57 |
8.17 |
|
36.58 |
6.10 |
1.62 |
MGRC-035 |
-50 |
|
35.05 |
1.52 |
0.37 |
Incl. |
39.62 |
3.05 |
2.53 |
MGRC-036 |
-50 |
|
65.53 |
1.52 |
1.46 |
|
48.77 |
4.57 |
0.38 |
MGRC-037 |
-90 |
|
10.67 |
6.10 |
0.84 |
MGRC-021 |
-64 |
|
10.67 |
3.05 |
0.76 |
|
|
Incl. |
10.67 |
1.52 |
2.62 |
Incl. |
10.67 |
1.52 |
1.32 |
|
|
|
25.91 |
7.62 |
0.37 |
|
28.96 |
3.05 |
0.64 |
MGRC-038 |
-45 |
|
0.00 |
1.52 |
0.37 |
Incl. |
28.96 |
1.52 |
1.11 |
|
|
|
4.57 |
9.14 |
1.04 |
|
41.15 |
6.10 |
1.60 |
|
|
Incl. |
9.14 |
3.05 |
2.15 |
Incl. |
42.67 |
3.05 |
2.77 |
|
|
|
16.76 |
1.52 |
0.31 |
MGRC-022 |
-45 |
|
48.77 |
3.05 |
0.49 |
|
|
|
22.86 |
6.10 |
0.25 |
|
132.59 |
1.52 |
0.63 |
MGRC-039 |
-45 |
|
16.76 |
4.57 |
0.31 |
Assays by Inspectorate America Corp., Sparks,
Nevada, USA. Meters Down Hole, Not true
width.Reverse circulation drilling. |
The Mina Gold property covers an area of approximately 825 acres
consisting of 43 unpatented claims and 5 patented claims in central
Nevada’s Walker Lane Mineral Belt in Mineral County, Nevada.
Multiple mineralized structures have now been defined at Mina Gold.
Management’s goal is to delineate a high-grade gold open pit,
or multiple gold open pits, with surface and near surface
mineralization (see map).
Mr. Barry Devlin, Vice President of Exploration, stated, “Phase
two drill results from the Mina Gold property continue to validate
the Company’s phase one and historic near surface, high-grade gold
results. It is encouraging to see the continued definition of
high-grade gold associated with thicker zones at Mina. The
Company is currently developing a phase three drill campaign to
target and expand known mineralized zones at Mina Gold.”
“We have purposefully and exclusively focused exploration
drilling to date on Mina Gold’s patented mining claims,” stated
Gold Resource Corporation’s CEO and President, Mr. Jason
Reid. “It’s exciting to see additional surface and near
surface high-grade intercepts and numerous mineralized structures,
including 15.24 meters of 3.34 grams per tonne gold starting just
six meters downhole, underscoring the property’s potential.
The Mina Gold property continues to conform to our goal of
identifying near surface open pit deposits with gold grades
averaging above one gram per tonne. Our ultimate goal is to
find, delineate and place into production numerous open pit heap
leach operations from our Nevada Mining Unit’s property portfolio
in the Walker Lane Mining District. If we could keep future
Mina Gold operations on the patented claims, it could potentially
shorten the overall permit timing for this property.”
A map accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/cd4755ea-7b81-486e-8636-cc3bb63e6ad6
Gold Mesa
Following up on the Company’s 2017 drill programs, which
targeted broad areas of potential economic mineralization,
subsequent drilling tested the identified mineralized zones for
continuity, depth extension and economic mineral expansion
potential. Based on these latest drill results, Company
management has decided to terminate its option to purchase the Gold
Mesa property and focus its capital resources on its four Nevada
Mining Unit properties that are 100% Company owned.
Mr. Jason Reid stated, “It is often difficult to walk away from
a property with high-grade gold, but our analysis of the expansion
potential of the known mineralization at Gold Mesa makes the
decision for us. In addition, we are in construction of our
Isabella Pearl Project and feel we have far more prospective
properties in our portfolio to allocate capital
towards.”
The Company’s Nevada Mining Unit consists of its flagship
Isabella Pearl Project which is currently in construction with
first gold production targeted by the second quarter of 2019, while
the Mina Gold, East Camp Douglas and County Line properties are in
various stages of exploration. All four Nevada properties
have surface and/or near surface high-grade gold drill intercepts
and potential for future high-grade open pit heap leach
operations. The Company’s Nevada Mining Unit covers more than
10,120 hectares (25,000 acres) in south central Nevada’s Walker
Lane Mineral Belt.
About GRC:
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.
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 DevelopmentGreg Patterson
303-320-7708 www.goldresourcecorp.com
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