-- Posted Wednesday, 2 June 2010 | Digg This Article
| | Source: GoldSeek.com
DENVER, CO--(Marketwire - 06/02/10) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) is pleased to announce a new high-grade gold and silver discovery with intercepts including 9.9 g/t (0.32 oz/t) gold and 598 g/t (19.23 oz/t) silver over 0.73 meters within GRC's El Aguila Project. GRC's El Aguila Project is located in Oaxaca, Mexico.
Gold Resource Corporation accelerated its drill program in February of this year to test new target areas on its El Aguila Project. This new discovery of significant mineralization is encouraging as it may represent a new vein system over 150 meters NW of the Arista deposit (see map). This mineralization is located along the main San Jose structural corridor between the Arista vein system on the SE and the El Aguila open pit mine, 2 kilometers along trend to the NW.
The regional San Jose structural corridor runs North 70 West and is host to the Company's current three deposits; the Aguila open pit deposit, El Aire vein deposit and the Arista underground vein deposit. This same corridor has returned high-grade rock chip surface samples for the 8 kilometers that it has been sampled. The highest 115 rock chip surface samples taken over these 8 kilometers of the San Jose structural corridor ran "ore grade" at 0.38 ounce/tonne gold equivalent (Au and Ag). Gold Resource Corporation has 100% interest along a total of 16 continuous kilometers of this structural corridor spanning three historic mining districts (San Jose de Gracia, Las Margaritas and Alta Gracia mining districts). This new discovery confirms high-grade mineralization trending North 70 West, in addition to the Mirador vein and the Nariz vein, along this important structural corridor.
Mr. Reid stated, "This new discovery suggests that potential exists for multiple discoveries of mineralized veins along the two kilometers between the high-grade open pit deposit and the high-grade Arista vein deposits. Previous indications of a possible feeder vein in the Aguila open pit have returned intercepts from early drilling of 55 grams gold and 701 grams silver over 4 meters and recent sampling for grade control in the mining of this open pit returned our highest sample yet of 904 grams gold per tonne and 9720 grams silver per tonne over 2.5 meters. We believe these high-grade values in the open pit are part of a possible feeder vein, that is also trending North 70 West, and is part of this important structural corridor which includes our high-grade La Arista vein system and now our new discovery."
"We believe this new area's intercepts are higher up in the system, similar to higher elevations of the Arista deposit, and expect the veins to widen at depth. The Arista vein deposits mineralization averages 3.64 meters in width and extends over 500 vertical meters of continuous mineralization. The most important aspect is that we have significant high-grade mineralization in a new area along this important structural corridor. The location of our underground development is well situated to take advantage of this new mineralized system. Additional drilling is planned to further extend this new mineralization both laterally and at depth," continued Mr. Reid.
Recent drill highlights include:
Hole # 109011
•0.73 meters of 9.9 g/t gold, 598 g/t silver, 1.56% copper, 2.13%lead, 2.29% zinc, (or a gold equivalent* value of 22.27 g/t (0.72 oz/tonne))
Hole # 110003
•0.64 meters of 14.2 g/t gold, 80 g/t silver, 0.67% copper, 5.59%lead, 13.95% zinc, (or a gold equivalent* value of 25.01 g/t (0.80 oz/tonne))
Recent drill hole results include:
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 five potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 49,380,404 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 Wednesday, 2 June 2010 | Digg This Article | Source: GoldSeek.com
