GORO Gold Resource Corporation

Gold Resource Corporation (NYSE American: GORO) (the “Company”, “We”, “Our” or “GRC”) confirms the potential to add higher grade resources from the Three Sisters and Marena vein systems, as well as from the south-eastern deep extension of the Soledad and Sagrario vein systems where recent drill intercepts have identified precious and base metal mineralization within 100 to 120 meters from existing workings.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230228006440/en/

Exhibit 1: View of the Arista, Three Sisters and Switchback Deposits (looking north-west) (Graphic: Business Wire)

“The results of the Q4 2022 drilling are very promising and have confirmed the ongoing 2023 drill program is on the right track to potentially deliver higher grade resources into the near- and mid-term mine plan,” stated Allen Palmier, President and CEO for the Corporation. “With improved access and ventilation our team can now aggressively continue with the underground infill and expansion drilling to follow-up these positive results.”

Our 2023 exploration objectives are to identify and define mineral resources from the Three Sisters, South Soledad and Sagrario and Marena vein systems. We will also work to upgrade inferred resources by continuing to conduct infill drilling.

See Exhibit 1: View of the Arista, Three Sisters and Switchback Deposits (looking north-west).

Three Sisters Vein System

The Three Sisters vein system is located between the Arista and Switchback vein systems. Drilling is currently underway, in the upper parts of Three Sisters, from recently built drill stations on Level 3 in the north-west Switchback system. The Three Sisters vein system continues to remain open to the north-west up-dip as well as at depth. Most notably, intercepts in Hole No. 522055 are significantly outside the current resource shell and were key in confirming the direction of the 2023 drill program. The 2023 drilling program will progress from Level 3 while 200 meters of additional drift development continues to the north-west where phase 2 drilling will take place in the second half of the year. Highlights from holes drilled in 2022 at Three Sisters are as follow:

• Hole No. 522004 (Sandy 2):
  • 3.33 m @ 2.20 g/t Au, 874 g/t Ag, 0.65% Cu, 1.85% Pb, 2.99% Zn
    • Includes: 1.41 m @ 4.60 g/t Au, 1820 g/t Ag, 1.32% Cu, 4.21% Pb, 6.79% Zn
• Hole No. 522053 (Sandy 1):
  • 3.30 m @ 0.25 g/t Au, 41 g/t Ag, 0.07% Cu, 0.60% Pb, 3.59% Zn
    • Includes: 1.07 m @ 0.75 g/t Au, 20 g/t Ag, 0.18% Cu, 0.94% Pb, 4.29% Zn
• Hole No. 522055 (Sandy 2):
  • 7.13 m @ 1.54 g/t Au, 175 g/t Ag, 0.21% Cu, 1.12% Pb, 2.17 %Zn
    • Includes: 1.30 m @ 2.88 g/t Au, 484 g/t Ag, 0.51 % Cu, 3.02% Pb, 5.82% Zn

See Exhibit 2: Plan View of Three Sisters Vein System showing holes referenced above.

Marena Vein System

Exploration drilling during the fourth quarter of 2022, from drill stations at Level 20 located in the footwall of the Switchback vein system, successfully intercepted the Marena vein system along strike to the north-west, approximately 100 meters below the existing Arista mine workings. Infill drilling in the growing Marena vein system continues to show strength, structure and economic potential depth beyond areas previously modelled and outside the current resource shell. During 2023, exploration drilling will continue testing the down-dip and north-western extensions of mineralization of the Marena system (Arista mine) in conjunction with the necessary exploration development. Highlights from Marena drill results include:

• Hole No. 522008 (Marena):
  • 5.42 m @ 0.15 g/t Au, 117 g/t Ag, 0.04% Cu, 3.06% Pb, 8.78% Zn (Marena HW split)
  • 4.98 m @ 0.02 g/t Au, 177 g/t Ag, 0.02% Cu, 3.05% Pb, 9.10% Zn (Marena)
    • Includes: 1.22 m @ 0.03 g/t Au, 488 g/t Ag, 0.04% Cu, 9.70% Pb, 18.45% Zn
• Hole No. 522051 (Marena)
  • 3.43 m @ 0.04 g/t Au, 37 g/t Ag, 0.01% Cu, 0.27% Pb, 5.8% Zn
    • Includes: 1.40 m @ 0.01 g/t Au, 77 g/t Ag, 0.02% Cu, 0.48% Pb, 12.25% Zn

See Exhibit 3: Plan View of Marena Vein System showing holes referenced above.

South Soledad & Sagrario Vein Systems

Infill drilling during the fourth quarter of 2022 successfully confirmed the continuity and strength of the South Soledad and Sagrario vein systems along strike to the south-east and down-dip from the current Switchback deposit resource shell, giving strong indications there is potential to discover and expand additional polymetallic mineralization plunging steeply in a south-easterly direction. Infill drilling is currently ongoing in this zone which is pending incorporation into the 2023 resource estimate. During the second quarter of 2023, exploration drill plans include step-out holes at 100-meter increments along the South Soledad and Sagrario veins with expectations to add resources. Highlights of fourth quarter 2022 infill drill results for the South Soledad and Sagrario veins are as follows:

• Hole No. 522040 (Sagrario & South Soledad):
  • 4.27 m @ 7.93 g/t Au, 111 g/t Ag, 1.25% Cu, 3.85% Pb, 15.19% Zn (Sagrario)
    • Includes: 1.47 m @ 20.90 g/t Au, 173 g/t Ag, 2.10% Cu, 8.15% Pb, 24.50% Zn
  • 1.92 m @ 1.81 g/t Au, 40 g/t Ag, 1.09% Cu, 5.50% Pb, 12.31% Zn (Soledad)
    • Includes: 1.29 m @ 2.65 g/t Au, 47 g/t Ag, 1.24% Cu, 7.41% Pb, 17.20% Zn
• Hole No. 522043 (Sagrario & South Soledad):
  • 5.50 m @ 2.10 g/t Au, 121 g/t Ag, 0.43% Cu, 1.63% Pb, 7.21% Zn (Sagrario)
    • Includes: 0.90 m @ 12.25 g/t Au, 148 g/t Ag, 0.92% Cu, 5.74% Pb, 13.50% Zn
  • 3.99 m @ 1.83 g/t Au, 19 g/t Ag, 0.69% Cu, 0.46% Pb, 1.79% Zn (Soledad)
    • Includes: 2.14 m @ 2.35g/t Au, 24 g/t Ag, 0.86% Cu, 0.67% Pb, 2.45% Zn

See Exhibit 4: Plan View of South Soledad & Sagrario Vein System showing holes referenced above.

Summary Table of Select Drill Results:

HOLE ID

VEIN

FROM (m)

TO (m)

INTERVAL (m)

ETW (m)

AU ( g/t )

AG ( g/t )

CU ( % )

PB ( % )

ZN ( % )

522004

Sandy 2

355.77

359.10

3.33

1.67

2.20

874

0.65

1.85

2.99

 

Incl.

355.77

357.18

1.41

0.71

4.60

1,820

1.32

4.21

6.79

522053

Sandy 1

317.19

320.49

3.30

3.19

0.25

41

0.07

0.60

3.59

 

Incl.

317.19

318.26

1.07

1.03

0.75

20

0.18

0.94

4.29

522055

Sandy 2

515.32

522.45

7.13

7.13

1.54

175

0.21

1.12

2.17

 

Incl.

515.32

516.29

0.97

0.97

2.76

367

0.13

0.49

1.36

 

Incl.

521.15

522.45

1.30

1.30

2.88

484

0.51

3.02

5.82

522008

Marena – HW split

448.35

453.77

5.42

5.09

0.15

117

0.04

3.06

8.78

 

Marena

465.62

470.60

4.98

3.52

0.02

177

0.02

3.05

9.10

 

Incl.

465.62

466.84

1.22

0.86

0.03

488

0.04

9.70

18.45

522051

Marena

469.51

472.94

3.43

3.22

0.04

37

0.01

0.27

5.8

 

Incl.

471.54

472.94

1.40

1.32

0.01

77

0.02

0.48

12.25

522040

Sagrario

77.98

82.25

4.27

4.21

7.93

111

1.25

3.85

15.19

 

Incl.

79.83

81.30

1.47

1.45

20.90

173

2.10

8.15

24.50

 

South Soledad

88.64

90.56

1.92

1.80

1.81

40

1.09

5.50

12.31

 

Incl.

89.27

90.56

1.29

1.21

2.65

47

1.24

7.41

17.20

522043

Sagrario

95.20

100.70

5.50

4.21

2.10

121

0.43

1.63

7.21

 

Incl.

98.76

99.66

0.90

0.69

12.25

148

0.92

5.74

13.50

 

South Soledad

125.42

129.41

3.99

3.06

1.83

19

0.69

0.46

1.79

 

Incl.

127.27

129.41

2.14

1.64

2.35

24

0.86

0.67

2.45

Notes: Assays by ALS, Vancouver, BC Canada. Meters down hole. ETW = Estimated True Width.

Technical Information and Quality Control Notes

Mr. Alberto Reyes, P. Eng., Chief Operating Officer of Gold Resource Corporation, is a “qualified person” as defined under SEC SK1300 instructions and for the purposes of National Instrument 43-101. Mr. Reyes has prepared or supervised the preparation of, or approved, the technical information contained in this press release, and has verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained herein.

Year-End Conference Call:

We would like to remind readers that we plan to host a conference call on Friday, March 3, 2023 at 10:00 a.m. Eastern Time. We will release our unaudited 2022 results and file our updated Technical Summary Report on Form 8-K on March 2, 2023. Our 2022 Form 10-K will be filed at a future date, no later than March 15, 2023, once our External Audit Firm, BDO USA, LLP, completes their audit procedures.

The conference call will be recorded and posted to the Company’s website later in the day following the conclusion of the call. Following prepared remarks, Allen Palmiere, President and Chief Executive Officer, Alberto Reyes, Chief Operating Officer and Kim Perry, Chief Financial Officer will host a live question and answer (Q&A) session. There are two ways to join the conference call.

To join the conference via webcast, please click on the following link: Click to Join Conference Call

To join the call via telephone, please use the following dial-in details: Participant Toll Free: +1 (888) 886-7786 International: +1 (416) 764-8658 Conference ID: 38298670

Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above.

About GRC:

Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the company’s Form 10-K for an understanding of the risk factors associated with its business.

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 the potential for additional mineral resources in future mine plans and plans for further exploration drilling in 2023. 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. Also, there can be no assurance that production will continue at any specific rate. Forward-looking statements are subject to risks and uncertainties, including the possibility of lower than anticipated revenue or higher than anticipated costs at the Don David Gold Mine; volatility in commodity prices; and declines in general economic conditions. Additional risks related to the Company may be found in the periodic and current reports filed with the SEC by the Company, including the Company’s annual report on Form 10-K for the year ended December 31, 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006440/en/

Kim Perry Chief Financial Officer Kim.Perry@GRC-USA.com www.goldresourcecorp.com