-- Posted Thursday, 21 May 2009 | Digg This Article
| | Source: GoldSeek.com
DENVER, CO--(MARKET WIRE)--May 21, 2009 -- Gold Resource Corporation (GRC) (OTC BB:GORO.OB - News) (Frankfurt:GIH.F - News) is pleased to report that its first drill hole from its new drilling campaign continues to intercept high-grade gold and silver mineralization including 1 meter of 37.2 g/t (1.2 ounce/tonne) gold and 1.8 meters of 15.71 g/t (0.51 ounce/tonne) gold. These new intercepts expand the La Arista deposit vein system. La Arista is one of GRC's three high-grade deposits discovered to date at its El Aguila project in the state of Oaxaca, Mexico. GRC targets production at its El Aguila Project in mid-2009, subject to obtaining the remaining permits, regulatory approvals, equipment deliveries and construction schedules.
The La Arista deposit vein system appears to be a series of parallel, in echelon veins, including the La Arista vein, the Baja vein and additional parallel veins. This high-grade system now extends over 500 meters of strike length and 400 meters of vertical extent. This first drill hole of the new 5000 meter drill program, #109001, has expanded the La Arista vein system with several intercepts and continued high-grade gold values (37.2 g/t Au over 1 meter, 15.7 g/t Au over 1.8 meters and 12.19 g/t Au over 2 meters). These intercepts are approximately 75 meters below the previously drilled high-grade intercepts in Hole #108042 (see longitudinal section below).
Recent Arista Deposit drill highlights in include:
Hole # 109001
-- 1.0 meters of 37.20 g/t gold, 118 g/t silver, 1.05% copper, 1.29%
lead, 1.56% zinc, (or a gold equivalent* value of 41.48 g/t (1.33
oz/tonne)) and
-- 1.8 meters of 15.71g/t gold, 94.7 g/t silver, 0.50% copper, 1.49%
lead, 1.64% zinc, (or a gold equivalent* value of 19.08 g/t (0.61
oz/tonne)) and
-- 2.3 meters of 12.67 g/t gold, 493 g/t silver, 0.77% copper, 6.58%
lead, 4.82% zinc, (or a gold equivalent* value of 25.67 g/t (0.83
oz/tonne)) and
-- .75 meters of 1.49 g/t gold, 1080 g/t silver, 0.13% copper, 0.06%
lead, 0.05% zinc, (or a gold equivalent* value of 16.96 g/t (0.55
oz/tonne))
Recent drill hole #109001 results include:
Hole Angle From Length Au Ag Cu Pb Zn AuEq* AuEq_Oz*
# (deg) Meters Meters g/t g/t % % % g/t oz/tonne
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
109001 -67 316.3 0.75 1.49 1080 0.13 0.06 0.05 16.96 0.55
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
109001 317.1 1.05 6.63 836.0 0.65 0.72 0.92 19.99 0.64
109001 318.1 1.25 17.75 204.0 0.88 11.50 8.09 30.44 0.98
Avg. 317.1 2.30 12.67 493.0 0.77 6.58 4.82 25.67 0.83
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
109001 414.2 0.80 5.72 84.4 0.06 2.02 2.03 8.79 0.28
109001 415.0 1.00 23.70 103.0 0.86 1.06 1.33 27.32 0.88
Avg. 414.2 1.80 15.71 94.7 0.50 1.49 1.64 19.08 0.61
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
109001 445.0 1.00 37.20 118.0 1.05 1.29 1.56 41.48 1.33
----- ---- ----- ------ ----- ----- ---- ----- ---- ----- ----
Assays by ALS Chemex, Vancouver, BC Canada Gold Equivalent (AuEq*)
calculated at: Au $850/oz, Ag $12.00/oz, Cu $1.60/lb, Pb $0.55/lb,
Zn $0.55/lb
Previously announced Arista deposit vein system drill hole highlights include:
Hole # 108042
-- 1.4 meters of 47.40 g/t gold, 1030 g/t silver, 2.35% copper, 9.86%
lead, 23.0% zinc, (or a gold equivalent* value of 79.52 g/t (2.56oz/tonne))
and
-- 0.6 meters of 31.90g/t gold, 2160g/t silver, 2.31% copper, 28.92%
lead, 23.2% zinc, (or a gold equivalent* value of 88.45 g/t (2.84oz/tonne))
and
-- 1.0 meter of 12.15 g/t gold, 1180 g/t silver, 1.47% copper, 2.83%
lead, 17.10% zinc, (or a gold equivalent* value of 39.53 g/t
(1.27oz/tonne)) and
-- 0.8 meter of 9.90 g/t gold, 2260 g/t silver, 3.39% copper, 20.00%
lead, 21.90% zinc, (or a gold equivalent* value of 64.72 g/t
(2.08oz/tonne)) within
-- 8.6 meters of 13.40g/t gold, 882 g/t silver, 1.53% copper, 9.77% lead,
23.01% zinc, (or a gold equivalent* value of 42.34 g/t (1.36oz/tonne))
-- 1.1 meters of 10.50g/t gold, 117 g/t silver, 0.10% copper, 0.14% lead,
0.19% zinc, (or a gold equivalent* value of 12.43 g/t (0.40oz/tonne))
Hole # 108040
-- 0.7 meter of 16.60 g/t gold, 169 g/t silver, 0.94% copper, 8.09% lead,
18.95% zinc, (or a gold equivalent* value of 32.17 g/t (1.03oz/tonne))
within
-- 6.4 meters of 2.03 g/t gold, 345.7 g/t silver, 0.57% copper, 3.02%
lead, 10.76% zinc, (or a gold equivalent* value of 13.75 g/t
(0.44oz/tonne))
Hole # 108034
-- 1.2 meters of 83.10 g/t gold, 2340 g/t silver, 4.49% copper, 8.96%
lead, 6.97% zinc, (or a gold equivalent* value of 128.97 g/t
(4.15oz/tonne)) and
-- 1.1 meters of 27.10 g/t gold, 415 g/t silver, 1.15% copper, 2.63%
lead, 3.40% zinc, (or a gold equivalent* value of 37.11 g/t (1.19
oz/tonne)) and
-- 1.3 meters of 10.85 g/t gold, 364 g/t silver, 2.55% copper, 6.78%
lead, 12.25% zinc, (or a gold equivalent* value of 27.70 g/t (0.89
oz/tonne)) within
-- 4.5 meters of 33.27 g/t gold, 1105 g/t silver, 2.53% copper, 5.88%
lead, 7.53% zinc, (or a gold equivalent* value of 58.06 g/t (1.87
oz/tonne))
-- 1.0 meter of 7.60 g/t gold, 1450 g/t silver, 1.71% copper, 1.47%
lead, 2.92% zinc, (or a gold equivalent* value of 32.22 g/t (1.04
oz/tonne))
-- 1.0 meter of 12.15 g/t gold, 342 g/t silver, 0.90% copper, 2.23% lead,
4.48% zinc, (or a gold equivalent* value of 21.11 g/t (0.68 oz/tonne)) and
-- 1.0 meter of 10.55 g/t gold,1160g/t silver, 1.32% copper, 7.12% lead,
13.05% zinc, (or a gold equivalent* value of 37.56 g/t (1.21 oz/tonne))
within
-- 5.0 meters of 6.16 g/t gold, 643 g/t silver, 0.90% copper, 4.35% lead,
12.39% zinc, (or a gold equivalent* value of 23.80 g/t (0.77 oz/tonne))
William W. Reid, President of Gold Resource Corporation, stated, "The series of high-grade holes outside our initial mineralized material envelope appear to be indicating a potential significant expansion and one that might allow Gold Resource, in the near term, to double our previously stated mineralized material estimate of 1.6 million gold equivalent ounces*. We are particularly pleased with the continued high-grade gold intercepts."
*gold equivalent ounce calculations vary depending on market fluctuations of metal prices.
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 41,095,489 shares outstanding and no warrants. 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.
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 commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. 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 Securities and Exchange Commission.
Contact:
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
http://www.goldresourcecorp.com/
-- Posted Thursday, 21 May 2009 | Digg This Article | Source: GoldSeek.com
