Gold Resource Corporation (NYSE American: GORO) (the
“Company”, “we”, “our” or “GRC”) is
pleased to provide an update on its ongoing 5 drill, 2023 expansion
and infill diamond drill programs at the Don David Gold Mine
(“DDGM”) which continues to return positive results that indicate
the potential for easily accessed resources in three different
areas of the underground mine: 1) the step-out drilling north-west
of the Arista deposit and 2) the infill drilling in the
central-north Switchback deposit, and 3) the definition drilling of
new resources in the recently discovered Three Sisters and Gloria
vein systems that is situated between Arista and Switchback.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230912182348/en/
View of the Arista, Gloria, Three Sisters
and Switchback Vein Systems (looking north-west). (Graphic:
Business Wire)
“We are more encouraged each quarter, with this year’s drilling
campaign at DDGM that continues to yield positive results and
supports our long-term exploration investment strategy to increase
the mine life by identifying resources that have the potential to
be converted into reserves for our near- and mid-term mine plan,”
stated Allen Palmiere, President and CEO for the Company.
Following are highlighted year-to-date Q3 2023 drill results,
including Net Smelter Return1 (“NSR”) values and down-hole core
lengths2. Additional favorable results are available in the body
and tables of this release:
Hole No. 523035: Switchback Vein System
- 8.01 m with NSR value of $223/t Includes: 1.11 m
with NSR value of $662/t
Hole No. 523037: Switchback Vein System
- 7.57 m with NSR value of $153/t Includes: 1.05 m with
NSR value of $570/t
- 3.87 m with NSR value of $231/t Includes: 0.93 m
with NSR value of $381/t
Hole No. 523042: Gloria/Three Sisters Vein Systems
- 6.21 m with NSR value of $223/t Includes: 0.76 m with
NSR value of $486/t
Hole No. 523046: Switchback Vein System
- 4.08 m with NSR value of $290/t Includes: 1.23 m
with NSR value of $473/t
Five underground diamond drill rigs are currently operating at
DDGM where more than 100 drill holes and 25,000 meters of core has
been drilled year-to-date in 2023. The program continues to advance
our 2023 exploration objectives of identifying new mineralization
and defining and upgrading additional mineral resources that were
identified during the previous drilling campaign. These drill
results will be incorporated into a 2023 resource estimate update.
Preliminary calculations show a positive increase in tonnage with
higher grades in both the Arista and Switchback vein deposits along
with an increase to the inferred resources of the Gloria and Three
Sisters vein systems.
Three Sisters and Gloria Vein
Systems
Step-out expansion drilling with two rigs continues to explore
and expand recently identified new veins immediately north of the
Arista and Switchback deposits. Current expansion drill targets
include the Three Sisters and Gloria vein systems as well as
previously unrecognized north-west extensions of veins originating
from the Arista vein system (i.e. Splay 31, Santa Cecilia, Marena
North).
As a result of the ongoing expansion drilling program,
significant mineralized intercepts continue to be drilled at Three
Sisters and Gloria (north-west of current resource shells) where
recent results and geologic interpretation have defined a robust
mineralized horizon between approximately 650 and 750 mASL, where
the Three Sisters and Gloria vein structures merge at depth. The
Three Sisters vein system may be interpreted as a north-west
trending negative flower structure sharing a basal terminus with
the Gloria vein at depth.
Structurally, the Gloria vein is currently interpreted as an
en-echelon, generally east-west trending, mineralized structure
bridging the north-west trending, sub-parallel Switchback and
Arista vein deposits. The Gloria vein may be an example of a
mineralized en-echelon structure forming part of a regional relay
ramp structural model.
The projected intersection of the western terminus of the Gloria
vein with the north-west trending Arista vein system is also
turning into an exciting future exploration target at DDGM. Both
the Gloria and Three Sisters systems remain open to the north-west,
up-dip and at depth and the positive results continue to guide the
direction of the ongoing expansion drill program.
As part of the ongoing program, historic drill results continue
to be re-evaluated and also leading to the definition of new
targets and opportunities not previously recognized. This
interpretive work continues to bear fruit with the recognition of
several north-west vein extensions, close to surface (near Level 4;
840 mASL) and over 150 meters north-west along strike from the
previous mined limits of the Arista system. Expansion drilling will
continue to focus on this emerging north-west extension of Arista
for the remainder of the 2023 program.
Highlights from Q3 2023 drill holes to date in the Three Sisters
/ Gloria vein systems are as follows:
- Hole No. 523042
- 6.21 m with NSR value of $223/t – Sandy 1 vein
- Includes: 0.76 m with NSR value of $486/t
- 2.97 m with NSR value of $115/t – Sandy 2 vein
- Includes: 0.69 m with NSR value of $377/t
- Hole No. 523049
- 2.32 m with NSR value of $82/t – Sandy HW vein
- Includes: 0.35 m with NSR value of $405/t
- Hole No. 523051:
- 3.12 m with NSR value of $131/t – Sandy 1 vein
- Includes: 0.96 m with NSR value of $233/t
- Hole No. 523058:
- 6.59 m with NSR value of $95/t – Gloria vein
- Includes: 0.85 m with NSR value of $172/t
Arista Vein System
Infill and step-out drilling from drill stations on Level 21
during Q1 and Q2 2023 in the Arista vein system successfully
intercepted a series of closely spaced veins extending down-dip
below and along strike to the north-west of the existing Arista
mine workings demonstrating the presence of accessible high-grade
gold mineralization immediately below and along strike from the
lowest current productive level of Arista (Level 21).
Arista expansion drilling is also in progress from a drill
station located approximately 150 meters north-west of the current
mined limits of the Arista vein system. To date in Q3, four
expansion holes (523056, 523065, 523074 and 523080) have been
completed with down-hole vein intercepts ranging from 2.81 meters
(523056) to 13.61 meters (523080) in length. Intercepts show visual
mineralized continuity (along strike and at depth) in the
projections of the north-west trending Arista veins (i.e. Splay 31,
Santa Cecilia, Marena North) well north of areas previously
modelled and outside the current resource shell. Assay results for
three of the four holes are pending.
Highlights from Hole No. 523056 are as follows:
- Hole No. 523056:
- 2.81 m with NSR value of $70/t – Marena North
vein
- Includes: 0.73 m with NSR value of $202/t
Switchback Vein System
Infill and step-out drilling in Q3 2023 on Levels 27 and 28 in
the central and north Switchback vein system continues to
successfully confirm continuity and economic viability of the
Susana North, Soledad North, Salamanca, and Sagrario veins along
strike to the north-west and down-dip from the current Switchback
deposit resource shell. This continued evidence of vein continuity
down dip and along strike will provide for efficient and quick
access to near-term mine production opportunities.
Veins drilled during the 2023 exploration program in the central
and north Switchback vein system continue to show structural
integrity at depth along with the continued presence of high-grade
precious metals. Drilling during Q3 has shown the Susana North vein
in particular to be strengthening with average true widths greater
than 4 meters (up to 6.5 meters) as it begins to rotate, in plan
view, from a north-west trend to a more east-west direction.
Preliminary interpretations also suggest that the Susana North vein
may be acting similarly to and traveling sub-parallel near the
footwall of the Gloria vein.
Select highlights from the most recent drilling at the
Switchback vein system are as follows:
- Hole No. 523035:
- 8.01 m with NSR value of $223/t – Susana North
vein
- Includes: 1.11 m with NSR value of $662/t
- Hole No. 523037:
- 7.57 m with NSR value of $153/t – Sagrario vein
- Includes: 1.05 m with NSR value of $570/t
- 3.87 m with NSR value of $231/t – Soledad South
vein
- Includes: 0.93 m with NSR value of $381/t
- Hole No. 523040:
- 4.52 m with NSR value of $199/t – Susana North
vein
- Includes: 1.34 m with NSR value of $255/t
- Hole No. 523045:
- 5.14 m with NSR value of $141/ – Susana North
vein
- Includes: 0.68 m with NSR value of $239/t
- Hole No. 523046:
- 6.02 m with NSR value of $84/t – Susana North
vein
- Includes: 1.06 m with NSR value of $144/t
- 4.08 m with NSR value of $290/t – Soledad North
vein
- Includes: 1.23 m with NSR value of $473/t
- Hole No. 523052:
- 7.49 m with NSR value of $121/t – Susana North
vein
- Includes: 2.10 m with NSR value of $228/t
- 6.18 m with NSR value of $162/t – Salamanca vein
- Includes: 1.23 m with NSR value of $319/t
- Hole No. 523060:
- 5.70 m with NSR value of $102/t – Susana North
vein
- Includes: 1.04 m with NSR value of $130/t
- Hole No. 523114:
- 5.22 m with NSR value of $97/t – Susana North HW
vein
- Includes: 1.19 m with NSR value of $130/t
- 3.39 m with NSR value of $191/t – Susana North
vein
- Includes: 1.16 m with NSR value of $263/t
Summary Tables of Select Q3 2023 Drill Results3:
Select Expansion Drill Results – Arista, Three
Sisters and Gloria Vein Systems 4, 5
HOLE VEIN FROM TO LENGTH
ETW AU AG AuEq CU PB
ZN NSR ID (m) (m) (m)
(m) ( g/t ) ( g/t ) (g/t) ( % )
( % ) ( % ) ($)
523042
Sandy 1
468.28
474.49
6.21
5.63
1.87
279
5.25
0.20
0.90
1.57
223
incl.
472.76
473.52
0.76
0.69
3.55
722
12.30
0.45
0.60
2.14
486
Sandy 2
486.82
489.79
2.97
2.57
1.07
139
2.75
0.20
0.29
0.55
115
incl.
487.84
488.53
0.69
0.60
4.05
497
10.07
0.27
0.32
0.78
377
523049
Sandy HW
430.86
433.18
2.32
2.05
1.23
85
2.26
0.03
0.05
0.13
82
incl.
431.74
432.09
0.35
0.31
6.28
408
11.23
0.13
0.20
0.64
405
523051
Sandy 1
492.38
495.50
3.12
2.71
0.90
180
3.08
0.21
0.35
0.74
131
incl.
494.54
495.50
0.96
0.83
1.85
295
5.43
0.30
0.82
1.61
233
523056
Marena North
304.30
307.11
2.81
2.45
0.60
27
0.93
0.12
0.71
1.87
70
incl.
306.38
307.11
0.73
0.64
1.79
25
2.09
0.28
2.60
6.69
202
523058
Gloria
458.30
464.89
6.59
6.49
1.33
21
1.59
0.17
0.43
2.15
95
incl.
460.45
461.30
0.85
0.84
2.83
21
3.08
0.17
0.78
3.79
172
Select Infill Drill Results – Switchback Vein
System
HOLE VEIN FROM TO LENGTH
ETW AU AG AuEq CU PB
ZN NSR ID (m) (m) (m)
(m) ( g/t ) ( g/t ) (g/t) ( % )
( % ) ( % ) ($)
523035
Susana North
52.16
60.17
8.01
6.13
0.32
214
2.92
0.76
4.28
2.97
223
incl.
56.84
57.95
1.11
0.85
1.12
748
10.19
0.51
21.49
3.21
662
523037
Sagrario
105.13
112.70
7.57
4.87
0.09
47
0.66
0.47
1.07
7.25
153
incl.
109.48
110.53
1.05
0.68
0.06
221
2.74
1.41
3.58
27.60
570
Soledad South
117.84
121.71
3.87
2.49
0.96
27
1.29
1.01
1.06
9.69
231
incl.
119.89
120.82
0.93
0.60
0.54
37
0.99
1.26
2.14
19.90
381
523040
Susana North
91.97
96.49
4.52
3.46
0.24
198
2.64
0.74
0.58
4.95
199
incl.
91.97
93.31
1.34
0.86
0.38
285
3.83
0.92
0.77
5.24
255
523043
Susana North
26.34
32.77
6.43
6.33
0.14
60
0.87
0.62
0.13
2.21
89
incl.
26.34
27.70
1.36
0.87
0.15
113
1.52
1.03
0.34
4.31
160
523045
Susana North
50.07
55.21
5.14
3.30
0.12
94
1.26
0.43
1.30
4.72
141
incl.
53.40
54.08
0.68
0.44
0.19
225
2.92
0.82
0.79
6.76
239
523046
Susana North
112.11
118.13
6.02
3.87
0.09
101
1.32
0.45
0.57
0.82
84
incl.
113.87
114.93
1.06
0.68
0.19
158
2.11
1.03
1.00
1.00
144
Soledad North
156.96
161.04
4.08
2.62
1.93
73
2.81
0.81
1.58
10.41
290
incl.
159.81
161.04
1.23
0.79
4.01
119
5.45
1.25
2.59
15.05
473
523047
Susana North
34.70
38.54
3.84
3.33
0.19
127
1.73
0.64
0.92
3.19
142
incl.
36.30
37.60
1.30
1.13
0.37
268
3.62
0.23
2.06
6.92
254
523050
Soledad North FW
104.75
109.68
4.93
4.46
0.31
38
0.78
0.45
0.76
2.34
87
incl.
106.02
106.95
0.93
0.60
0.34
110
1.67
0.69
1.59
6.86
199
Soledad North
119.33
122.65
3.32
3.01
1.60
21
1.86
0.27
0.40
1.79
104
incl.
119.85
121.22
1.37
0.88
3.69
33
4.09
0.41
0.80
3.21
209
Salamanca
125.08
127.45
2.37
2.15
0.99
46
1.55
0.25
1.68
4.17
139
incl.
126.03
127.09
1.06
0.96
0.70
80
1.67
0.24
3.17
6.79
195
523052
Susana North
48.37
55.86
7.49
6.49
0.11
78
1.05
0.64
1.50
2.92
121
incl.
49.70
51.80
2.10
1.35
0.19
164
2.18
1.06
2.20
5.98
228
Salamanca
129.90
136.08
6.18
2.07
0.68
106
1.96
0.21
1.97
4.66
162
incl.
131.37
132.60
1.23
0.41
0.29
171
2.36
0.15
4.61
13.18
319
523053
Soledad North
119.40
122.28
2.88
2.71
0.02
62
0.78
0.58
0.49
1.53
79
incl.
120.91
122.28
1.37
0.88
0.01
100
1.23
0.63
0.78
1.89
105
523057
Soledad North
144.00
145.57
1.57
1.20
0.49
57
1.19
0.19
1.22
2.26
93
incl.
145.11
145.57
0.46
0.35
0.39
150
2.20
0.20
3.95
6.64
219
523060
Susana North
137.65
143.35
5.70
5.61
0.20
90
1.29
0.55
0.76
1.78
102
incl.
140.04
141.08
1.04
0.67
0.25
105
1.52
0.45
1.28
3.19
130
523063
Sagrario RM1
69.25
71.39
2.14
1.63
0.32
27
0.65
0.60
0.30
2.34
84
incl.
70.68
71.39
0.71
0.54
0.82
70
1.67
1.63
0.73
6.00
218
523113
Susana North
109.20
111.07
1.87
1.43
0.05
44
0.59
1.01
0.80
2.42
106
incl.
110.36
110.79
0.43
0.33
0.10
69
0.94
2.11
1.43
3.39
186
523114
Susana North HW
61.69
66.91
5.22
2.99
0.68
21
0.94
0.20
1.91
2.61
97
incl.
65.72
66.91
1.19
0.68
0.72
42
1.23
0.17
4.83
1.98
130
Susana North
104.51
107.90
3.39
2.59
0.66
57
1.35
0.86
1.48
6.67
191
incl.
104.51
105.67
1.16
0.89
0.93
90
2.02
1.27
2.83
7.90
263
About GRC:
Gold Resource Corporation is a gold and silver producer with its
operations centered on the Don David Gold Mine in Oaxaca, Mexico
its Back Forty gold-copper development Project in Michigan, USA.
Under the direction of an experienced board and senior leadership
team, the Company’s focus is to unlock the significant exploration
upside of its mine and surrounding large land package to the
benefit of its existing infrastructure. For more information,
please visit GRC’s website, located at www.goldresourcecorp.com and
read the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 for an understanding of the risk factors
associated with its business.
Forward-Looking 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
of 1933, as amended, and Section 21E of the Exchange Act of 1934,
as amended. 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 as of 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, 2022, which are
available on the SEC’s website at www.sec.gov.
_______________________________ 1 Net Smelter Return (“NSR”) is
a calculated value of the estimated net revenues per tonne less
transportation and refining costs and other miscellaneous payables.
Revenue is calculated utilizing metal price estimates of $1,650/oz
gold (“Au”), $20/oz silver (“Ag”), $3.40/pound copper (“Cu”),
$0.90/pound lead (“Pb”) and $1.35/pound zinc (“Zn”). For more
details on the approach utilized to calculate NSR and the metal
prices utilized, please refer the Exhibit 96.1, Technical Report
Summary for Don David Gold Mine dated December 31, 2022) to the
Company’s Quarterly Report on Form 8-K filed with the Securities
and Exchange Commission (“SEC”) on March 2, 2023. 2 All listed
drill intervals are down-hole core lengths. Holes are drilled at
angles and azimuths to intersect targeted structures as nearly
perpendicular as possible. Some drill holes and intercepts reported
here did not cross mineralization perpendicularly and do not
represent exact true widths. The ‘Summary Tables of Select Q3 2023
Drill Results’ presented at the end of this release have listed the
Estimated True Widths (“ETW”) of each intercept. Refer to Footnote
3 for details on the ETW determination process. 3 Estimated True
Width (ETW) for reported vein intercepts are based on 3D models of
the individual veins. Estimates are determined in cross-section by
measuring the modelled vein thickness perpendicular to the vein
margins and through the midpoint of the drill hole intercept.
Percentage based differences between individual ETW’s and downhole
interval lengths will vary between drill holes depending on drill
hole inclination, variations in vein strike and dip, and overall
geometries of the different vein systems. 4 Gold equivalent (AuEq)
g/t is calculated based on the gold grade plus silver grade
converted to gold grade using an 82.5 ratio (determined by
$1,650/ounce gold and $20/ounce silver metal prices). 5 Assays by
ALS, Vancouver, BC Canada. The Company conducts a significant QA/QC
program which includes the insertion of assay standards, blanks,
and duplicates in the sample stream to ensure the assay lab results
are within specified performance levels.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230912182348/en/
Allen Palmiere Chief Executive Officer
Allen.Palmiere@GRC-USA.com www.goldresourcecorp.com
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