Confirmation Drilling for Resource Technical Report Includes 5 Meters of 20.28 g/t Gold and 559 g/t Silver
COLORADO SPRINGS, CO--(Marketwire -09/13/11)- Gold Resource Corporation (AMEX: GORO) extends high-grade Arista deposit mineralization outside of the deposit's previously drilled mineralized envelope including 7.6 meters of 9.92 grams per tonne (0.32 oz/tonne) gold and 129 grams per tonne (4.15 oz/tonne) silver. In addition, confirmation drill returns include 5 meters of 20.28 grams per tonne (.65 oz/tonne) gold and 559 grams per tonne (17 oz/tonne) silver. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico. The Company has returned over $24.6 million to shareholders in monthly dividends since declaring commercial production July 1, 2010.
Denver, Colorado-based engineering firm of Pincock Allen & Holt (PAH) is engaged to prepare Gold Resource Corporation's industry standard formal resource report. This resource report is being done to the Canadian NI 43-101 standards as such a report is required if the Company elects in the future to apply for a secondary listing in Canada.
The Company has three surface drill rigs and one underground drill rig at the Arista deposit dedicated to ongoing mine development and resource definition drilling. The drill program is focused on tightening in-fill drill hole spacing as well as step-out drilling to expand the deposit to be used in the NI 43-101Technical Report.
Hole# 111717 is a step-out hole at approximately 520 meter elevation (~ 650 meters from the surface) and approximately 50 meters outside the previously drilled envelope of mineralized material intercepting* (intercepts down hole, not true width):
7.65 meters of 9.92 g/t gold, 129 g/t silver, 0.86% copper, 2.68% lead, 7.86% zinc and
Drill holes 111712 and 111713 intersected the Baja and Arista veins at approximately 700 meters elevation (~ 300 from surface) corresponding to the Arista mine's future development levels 10 and 11 (see map). Mining is currently taking place on levels 7 and above. Holes 111715 and 111716 tighten drill hole spacing to approximately 50 meters between two holes that were previously drilled 150 meters apart further demonstrating continuity of mineralization.
*Assays completed by ALS Chemex
"A step-out hole intersecting seven and one half meters of over nine grams gold confirms the continuation of mineralization outside our previously drilled envelope," stated Gold Resource Corporation's President, Mr. Jason Reid. "This gold intercept and other confirmation intercepts, including five meters of over twenty grams per tonne gold and one of over two kilograms per tonne silver, demonstrate and underscore the Arista vein system's high-grade gold and silver values. We are pleased with the continued high-grade gold intercepts that show this is a significant gold mine and that we are fortunate we also have high-grade silver and base metals. We expect the base metal by-product credits of copper, lead and zinc to ultimately generate enough revenue to pay for all precious metal production costs."
About Pincock Allen & Holt (PAH): Since its inception some 42 years ago, Pincock Allen & Holt (PAH), part of Runge Limited, has earned a reputation as a premier international consulting and engineering firm. One of the oldest and most respected organizations within the mining and energy consulting community PAH has an unparalleled reputation for integrity and for technical, commercial, and engineering excellence. Its corporate resume includes over 3,900 successfully completed assignments for many of the world's foremost precious metal, base metal, industrial mineral, coal, and energy operations.
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 six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The Company has 52,998,303 shares outstanding, no warrants and no debt and has returned over $24.6 million to shareholders in monthly dividends since declaring commercial production July 2010. 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 production will continue at any specific rate. 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:
Greg Patterson Corporate Development 303-320-7708
-- Posted Tuesday, 13 September 2011 | Digg This Article | Source: GoldSeek.com
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