Gold Resource Corporation Intercepts 2.67 Meters of 13.90 G/T Gold, 3,228 G/T Silver in New Vein at Arista
-- Published: Wednesday, 12 March 2014 | Print | Disqus
COLORADO SPRINGS, CO--(Marketwired - Mar 12, 2014) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") announces an Arista deposit exploration update at its El Aguila Project in Mexico. Drill results included 2.67 meters of 13.90 grams per tonne gold and 3,228 grams per tonne silver in one of the Arista deposit's newest vein discoveries. Gold Resource Corporation is a gold and silver producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $95 million to shareholders in monthly dividends since declaring production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Company continues to drill both infill and step-out holes testing the mineralized vein extensions at its producing Arista mine. The Arista is a high-grade polymetallic (gold, silver and base metal) epithermal vein deposit with multiple parallel en echelon veins. Drilling at a recently discovered vein, referred to as the "Santa Lucia" vein (see map), intercepted high-grade mineralization including 2.67 meters grading 13.90 grams per tonne (g/t) gold, 3,228 g/t silver, 1.32% copper, 0.95% lead and 1.61% zinc, including 0.46 meters grading 65.20 g/t gold, 18,232 g/t silver, 6.52% copper, 4.59% lead and 6.75% zinc. The Santa Lucia vein is a parallel vein structure located approximately 60 meters northeast of the Arista vein on level 14. Santa Lucia remains open on strike and at depth.
Additional drill highlights include the Candelaria and Luz veins, located southwest of the Baja vein. The Luz vein returned results as high as 1.87 meters grading 6.16 g/t gold, 321 g/t silver, 0.97% copper, 2.12% lead and 4.35% zinc. Candelaria returned 3.02 meters grading 9.51 g/t gold, 2,702 g/t silver, 0.35% copper, 0.75% lead and 1.31% zinc, including 0.77 meters grading 25.50 g/t gold, 5,310 g/t silver, 0.77% copper, 0.75% lead and 2.47% zinc. These veins also remain open along strike and at depth.
New drilling at the Baja vein, one of two original veins in production since 2011, returned results as high as 0.92 meters of 28.10 g/t gold, 116 g/t silver, 0.77% copper, 7.55% lead and 9.85% zinc. This vein continues to deliver notable grades and production tonnes and is still open along strike and at depth.
RECENT ARISTA DEPOSIT DRILL HIGHLIGHTS INCLUDE
Assays by ALS Chemex, Vancouver, BC Canada
"The Arista system continues to deliver impressive grades and expansion potential," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "Our original deposit model projected two primary veins, the Baja and Arista. Drilling continues to expand the deposit at depth, along strike as well as parallel to the main structure. With the deposit expanding south towards the Splay 5 and Socorro veins, along with our discovery at Switchback, 500 meters to the northeast of the Arista deposit, we are very impressed with the system's continued expansion potential. We believe we are in a strong position to continue adding ounces to this high-grade polymetallic deposit, with the goal of having three to four years production drilled out in front of us at any point in time."
Gold Resource Corporation Vice President of Exploration, Mr. Barry Devlin added, "When we first started production in the Arista underground mine, we were mining the Arista and Baja veins together with just a few minor veins and splays. Now we have modeled 20 different mineralized primary veins, minor veins and splays. The Arista deposit appears to be a very robust epithermal vein system like those found in the famous Zacatecas and Fresnillo districts of Mexico."
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 54,179,369 shares outstanding, no warrants and no debt. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery. 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.
Cautionary 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 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 SEC.
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