-- Posted Tuesday, 29 September 2009 | Digg This Article
| | Source: GoldSeek.com
DENVER, CO--(Marketwire - 09/29/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) reports intercepting 3.28 meters of 2203 grams (70 ounces) silver per tonne and 2.07 grams gold per tonne in its La Arista polymetallic vein system. GRC also reports intercepting a high-grade mineralized area while mining its El Aguila open pit that has yielded the highest values encountered to date at the property, 2.5 meters of 904 grams (29 ounces) gold per tonne and 9720 grams (312 ounces) silver per tonne. This rock chip sample was taken over 2.5 meters for grade control purposes but for an area that was previously outside the mineralized open pit model. This area of silicified breccia may correlate with a possible feeder vein for this deposit. Stockpiling of the Aguila open pit ore continues in preparation for the commencement of production at GRC's El Aguila Project in the southern state of Oaxaca, Mexico. The Aguila mill is in the final phase of construction and is targeting gold production in 2009 subject to equipment delivery and construction schedules.
Continued exploration drilling at GRC's La Arista polymetallic vein system returned high-grade with infill and stepout holes.
La Arista vein deposit highlights include:
Hole # 109006 (infill)
-- 3.28 meters of 2.07 g/t gold, 2203 g/t silver, 0.47% copper, 0.50% lead, 1.32% zinc, (or a gold equivalent* value of 34.56 g/t (1.11oz/tonne))
Hole # 109005 (stepout, second deepest intercept extending mineralized vein)
-- 1.80 meters of 0.15 g/t gold, 1057 g/t silver, 0.02% copper, 0.71% lead, 2.35% zinc, (or a gold equivalent* value of 16.45g/t (0.53oz/tonne))
Arista vein system intercepts include:
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
Gold Resource Corporation's open pit geologists collected a 2.5 meter rock chip sample from an area of silicified breccia during the removal of open pit waste rock. The sample returned 904 grams gold per tonne and 9720 grams silver per tonne. Other samples included 174 grams gold per tonne and 3090 grams silver per tonne. Based on the previous widely spaced exploration drill holes, this area was considered waste material located outside the mineralized open pit model. Air track holes were drilled for grade control into the silicified zone.
Open pit silicified zone intercepts include:
All assays performed by ALS Chemex.
Mr. Reid stated, "These exceptional high-grade samples won't lead us to change any of our production targets but 904 grams gold (29 ounces) per tonne and 9720 grams silver (312 ounces) per tonne does speak to the exciting character of this high-grade mineralized system."
Mr. Reid continued, "However, this high-grade area may be part of the potential feeder vein for this deposit. In an early round of exploration drilling at this deposit we intercepted 4 meters of 55 grams gold per tonne and 701 grams silver per tonne which may correlate to the potential feeder as well."
Mr. Reid continued, "We are pleased that we continue to encounter such high-grade gold and silver values in both our open pit and in extending the depth of the Arista vein system. Couple this with the fact we are closing in on production and you can readily see this is an exciting time for Gold Resource Corporation."
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 46,095,489 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:
Jason Reid
VP / Corporate Development
303-320-7708
-- Posted Tuesday, 29 September 2009 | Digg This Article | Source: GoldSeek.com
