Gold Resource Corporation Expands Nevada “Scarlet” Target Drilling 12.19 Meters Grading 1.43 Grams Gold, Including 3.05 M...
May 11 2020 - 8:00AM
via NEWMEDIAWIRE ‒ Gold Resource Corporation (NYSE American: GORO)
(the “Company”) today announced multiple ore grade intercepts from
its phase two drill program at the “Scarlet” target located 400
meters northwest of its operating Isabella Pearl mine in Mineral
County, Nevada (see map). Near surface ore grade gold intercepts
included 12.19 meters grading 1.43 grams per tonne (g/t) gold,
including 3.05 meters grading 4.02 g/t gold, expanding on phase one
drill results reported earlier in January 2020 which included 24.38
meters grading 1.03 g/t gold. Gold Resource Corporation is a gold
and silver producer, developer and explorer with operations in
Oaxaca, Mexico and Nevada, USA. The Company has returned $114
million 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.
The Company previously collected numerous high-grade gold
surface samples at Scarlet, mapped several structural trends
coincident with existing structures in the Isabella Pearl Mine’s
open pit, and reported on a successful phase one drill program in
January 2020. Scarlet is the first of many mineralized targets to
the northwest of the Company’s operating mine. Gold Resource
Corporation’s Isabella Pearl property controls 10-kilometers of
mineralized trend in this area along the Walker Lane Mineral
Belt.
This phase two drill program focused primarily on the southeast
portion of the Scarlet target, with all drill holes, as the first
phase, positioned within the current permitted Isabella Pearl mine
plan development area. These phase two Scarlet drill results
confirm that gold grades and mineralization thickness is increasing
in this northwest area. Having been granted the Notice of
Intent from the BLM to drill the northwest Scarlet target outside
of the current mine plan boundary, a phase three drill program is
scheduled to begin in the coming weeks.
Scarlet drill highlights from the phase two 2020 drill campaign
include the following intercepts (m = meters, g/t = grams per
tonne) (see full tables below):
Hole # IPRC-153 – Scarlet
9.14m of 1.05 g/t gold
incl. 1.52m
of 1.52 g/t gold
Hole # IPRC-154 - Scarlet
9.14m of 0.76 g/t gold
incl. 3.05m
of 1.50 g/t gold
Hole # IPRC-155 – Scarlet
12.19m of 1.43 g/t gold
3.05m of 4.02 g/t gold
“Phase two drill results from Scarlet continue to demonstrate an
increase in mineralized gold grades and wide intervals to the
northwest near the current mine plan boundary,” stated Mr. Barry
Devlin, Vice President of Exploration. “The recent twelve meters of
1.4 grams per tonne gold near the previous drill program’s 24
meters of over 1 gram per tonne gold, both of which are near
surface, is very positive. We are mobilizing a drill for the
third campaign and are excited to continue to test the extent of
this mineralization. Our near-term goal at Scarlet is to define the
next source of ore for the Isabella Pearl project, while we
continue to evaluate and prioritize additional drill targets along
our 10-kilometer property trend at the project.”
Mr. Jason Reid, President and CEO of Gold Resource Corporation,
stated, “The additional gold ounces recently announced in the
Proven and Probable Isabella Pearl Reserve, coupled with these
successful first two Scarlet drill campaigns which both intercepted
high-grade gold near surface, speak to the growth potential of our
Isabella Pearl project and this mineralized trend. We have
completed preliminary engineering of and are working towards
permitting a larger heap leach pad for the additional ounces from
the Isabella Pearl mine and are optimistic the mineralization
discovered at Scarlet will continue to grow and warrant pad space
for longer life production.”
ISABELLA PEARL “SCARLET” PHASE 2 2020 DRILL SUMMARY
HIGHLIGHTS |
Hole # |
Angle |
Target |
|
From |
Interval |
Au |
deg |
|
Meters |
Meters |
g/t |
IPRC-153 |
-45 |
Scarlet |
|
12.19 |
9.14 |
1.05 |
incl. |
12.19 |
1.52 |
1.52 |
IPRC-154 |
-45 |
Scarlet |
|
24.38 |
9.14 |
0.76 |
incl. |
24.38 |
3.05 |
1.50 |
IPRC-155 |
-45 |
Scarlet |
|
19.81 |
12.19 |
1.43 |
incl. |
19.81 |
3.05 |
4.02 |
IPRC-156 |
-45 |
Scarlet |
|
27.43 |
9.14 |
0.46 |
incl. |
27.43 |
1.52 |
1.04 |
IPRC-163 |
-45 |
Scarlet |
|
7.62 |
7.62 |
0.54 |
|
32.00 |
6.10 |
0.61 |
|
50.29 |
1.52 |
0.49 |
|
56.39 |
3.05 |
0.7 |
incl. |
57.91 |
1.52 |
1.05 |
IPRC-164 |
-45 |
Scarlet |
|
109.73 |
6.10 |
0.39 |
IPRC-166 |
-45 |
Scarlet |
|
19.81 |
6.10 |
0.66 |
incl. |
21.34 |
1.52 |
1.20 |
|
30.48 |
3.05 |
0.31 |
|
38.10 |
6.10 |
0.36 |
IPRC-187 |
-45 |
Scarlet |
|
38.10 |
9.14 |
0.43 |
IPRC-188 |
-45 |
Isabella |
|
41.15 |
19.81 |
0.63 |
incl. |
48.77 |
1.52 |
1.54 |
incl. |
59.44 |
1.52 |
1.03 |
ISABELLA PEARL “SCARLET” PHASE 1 2019 DRILL SUMMARY
HIGHLIGHTS (Previously Released) |
IPRC-110 |
-50 |
Scarlet |
|
27.43 |
10.67 |
0.67 |
incl. |
27.43 |
1.52 |
1.32 |
incl. |
32.00 |
1.52 |
1.21 |
IPRC-113 |
-45 |
Scarlet |
|
15.24 |
1.52 |
0.36 |
|
21.34 |
6.10 |
1.39 |
incl. |
21.34 |
3.05 |
2.27 |
|
32.00 |
3.05 |
0.39 |
|
38.10 |
22.86 |
0.76 |
incl. |
38.10 |
4.57 |
1.65 |
incl. |
56.39 |
1.52 |
1.16 |
IPRC-116 |
-45 |
Scarlet |
|
15.24 |
4.57 |
0.63 |
|
28.96 |
33.53 |
0.44 |
IPRC-117 |
-45 |
Scarlet |
|
22.86 |
12.19 |
0.76 |
incl. |
27.43 |
3.05 |
1.72 |
IPRC-118 |
-70 |
Scarlet |
|
1.52 |
24.38 |
1.03 |
incl. |
15.24 |
4.57 |
4.10 |
IPRC-119 |
-45 |
Scarlet |
|
0.00 |
9.14 |
0.83 |
incl. |
3.05 |
3.05 |
1.47 |
IPRC-147 |
-50 |
Isabella Pearl West |
|
25.91 |
19.81 |
1.19 |
incl. |
36.58 |
4.57 |
3.61 |
|
48.77 |
3.05 |
0.24 |
Assays by Inspectorate America Corp., Sparks, Nevada, USA.
Meters downhole, not true width |
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 $114 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.
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, the scope,
duration, and impact of the COVID-19 pandemic on mining operations,
Company employees, and supply chains, as well as the scope,
duration, and impact of government action aimed at mitigating the
pandemic, may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
information. Also, 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 303-320-7708www.goldresourcecorp.com
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