Gold Resource Corporation Expands Arista Mine Drilling 16.95 Meters of 6.21 g/t Gold and Discovers New Mineralized Southwest ...
December 03 2018 - 7:30AM
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):
Hole# 518010:
- 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
Hole# 518011:
- 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):
Hole# 518013:
- 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
Hole# 518020:
- 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%
zincincl.
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:
Hole# 518024:
- 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
RESULTSDecember 2018 |
Hole # |
Angle |
Vein |
|
From |
Interval |
Au |
Ag |
Cu |
Pb |
Zn |
deg |
|
Meters |
Meters |
g/t |
g/t |
% |
% |
% |
“ANDESITE HILL” TARGET - NEWLY
DISCOVERED VEINS |
518010 |
-11 |
Vein |
|
321.69 |
1.13 |
0.46 |
77 |
0.35 |
2.16 |
4.11 |
Vein |
|
373.07 |
0.48 |
1.42 |
342 |
0.11 |
0.29 |
0.27 |
518011 |
-1.5 |
Vein |
|
150.22 |
0.30 |
5.47 |
2,510 |
0.58 |
0.76 |
1.55 |
Vein |
|
355.88 |
2.29 |
4.01 |
580 |
0.36 |
3.84 |
5.07 |
Incl. |
355.88 |
0.72 |
5.89 |
739 |
0.32 |
1.72 |
7.07 |
SWITCHBACK |
518012 |
21.5 |
Susana N |
|
149.15 |
0.75 |
3.16 |
29 |
0.20 |
1.15 |
3.07 |
518013 |
-40.5 |
Soledad HW |
|
101.90 |
3.58 |
1.77 |
29 |
0.63 |
1.62 |
5.96 |
Incl. |
104.46 |
1.02 |
4.73 |
21 |
0.45 |
0.76 |
4.82 |
Soledad |
|
115.97 |
4.17 |
4.17 |
63 |
0.68 |
0.81 |
1.55 |
Incl. |
117.00 |
1.25 |
7.45 |
102 |
0.63 |
1.12 |
1.87 |
518014 |
-51.5 |
Soledad HW2 |
|
118.52 |
3.78 |
0.69 |
102 |
0.44 |
2.94 |
5.63 |
Incl. |
120.80 |
1.50 |
1.56 |
83 |
0.94 |
4.18 |
9.18 |
Soledad |
|
133.62 |
3.70 |
0.05 |
177 |
0.82 |
1.08 |
5.21 |
Incl. |
135.00 |
1.20 |
0.10 |
329 |
0.97 |
1.91 |
10.60 |
518017 |
29 |
Soledad HW2 |
|
134.85 |
0.53 |
2.58 |
43 |
1.09 |
0.75 |
3.71 |
Soledad HW1 |
|
138.93 |
1.89 |
3.09 |
23 |
0.42 |
0.65 |
2.84 |
Soledad |
|
144.57 |
6.60 |
2.87 |
16 |
0.25 |
0.23 |
1.43 |
Incl. |
145.76 |
0.54 |
4.71 |
14 |
0.22 |
0.19 |
3.17 |
Incl. |
150.07 |
1.10 |
4.42 |
36 |
0.29 |
0.39 |
2.18 |
518020 |
20.5 |
Soledad |
|
143.65 |
16.95 |
6.21 |
80 |
0.52 |
1.76 |
4.50 |
Incl. |
145.00 |
2.20 |
9.28 |
81 |
0.87 |
2.00 |
8.93 |
Incl. |
147.20 |
1.30 |
25.10 |
244 |
0.91 |
2.41 |
5.10 |
518024 |
-8 |
SB North |
|
209.88 |
1.46 |
1.33 |
190 |
0.09 |
0.48 |
0.80 |
Incl. |
210.52 |
0.82 |
1.03 |
312 |
0.03 |
0.06 |
0.16 |
Assays by ALS, Vancouver, BC
Canada. Meters Down Hole, Not true width. “HW” =
Hanging Wall. |
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
Patterson303-320-7708www.goldresourcecorp.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/66a748ea-dcd0-43b3-b2f7-53f34fc60a32
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