COLORADO SPRINGS, CO--(Marketwired - Jun 14, 2016) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") today announced drill highlights from its first drill campaign at the Gold Mesa exploration property located in Mineral County, Nevada. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Gold Resource Corporation acquired an option on the Gold Mesa, Nevada property in December 2015. The Gold Mesa property covers an area of approximately 4,580 acres in south central Nevada's Walker Lane Mineral Belt in Mineral County, Nevada. A small portion of Gold Mesa property claims were mined historically as an underground mine in the early 1900's and as a small open pit mine in the late 1980's. Historic drill results from Gold Mesa include 2.42 g/t gold and 94 g/t silver over 9.1 meters starting 7.6 meters downhole, 1.72 g/t gold over 18.3 meters starting 36.6 meters downhole, and 2.34 g/t gold over 6.1 meters starting 3.0 meters downhole (see Gold Resource Corporation's news release dated December 1, 2015 for additional details on historic drilling). The Company commenced phase one of its drill campaign in April 2016 and a portion of the initial drill results are discussed below.
Gold Mesa Reverse Circulation (RC) Drill Highlights include (m=meters, g/t = grams per tonne) See full table below.
|Hole #GMR-014 || || |
| ||33.54 m of||1.89 g/t gold,||16 g/t silver|
|incl.||3.05 m of|| 5.07 g/t gold,||40 g/t silver|
|incl.||9.15 m of|| 1.83 g/t gold,||18 g/t silver|
|incl.||3.05 m of|| 2.27 g/t gold,||25 g/t silver|
|incl.||4.57 m of|| 3.97 g/t gold,||19 g/t silver|
| || || || |
|Hole #GMR-024 || || |
| ||15.24 m of|| 6.27 g/t gold,|| 68 g/t silver|
|incl.|| 4.57 m of || 19.92 g/t gold,|| 72 g/t silver|
| || || || |
Hole GMR-014 intercepted 33.54 meters grading 1.89 g/t gold and 16 g/t silver, with mineralization beginning 62.50 meters downhole; including 3.05 meters grading 5.07 g/t gold and 40 g/t silver, and 9.15 meters grading 1.83 g/t gold and 18 g/t silver.
Hole GMR-016 intercepted 4.57 meters grading 2.02 g/t gold and 8 g/t silver, with mineralization beginning just 7.62 meters downhole.
Hole GMR-022 intercepted 6.10 meters grading 1.10 g/t gold and 119 g/t silver, with mineralization beginning just 7.62 meters downhole.
Hole GMR-023 intercepted 10.67 meters grading 1.17 g/t gold and 72 g/t silver, with mineralization beginning just 9.15 meters downhole.
Hole GMR-024 intercepted 15.24 meters grading 6.27 g/t gold and 68 g/t silver, with mineralization beginning just 9.15 meters downhole; including 4.57 meters grading 19.92 g/t gold and 72 g/t silver.
Hole GMR-030 intercepted 7.62 meters grading 1.23 g/t gold and 20 g/t silver, with mineralization beginning just 18.29 meters downhole.
Hole GMR-032 intercepted 7.62 meters grading 1.23 g/t gold and 6 g/t silver, with mineralization beginning just 7.62 meters downhole.
|GOLD MESA DRILL HIGHLIGHTS - JUNE 2016|
|Hole #|| ||Angle|| || || ||From|| ||Interval|| ||Au|| ||Ag|
| ||deg|| || || ||Meters|| ||Meters|| ||g/t|| ||g/t|
|GMR-014|| ||-60|| || || ||62.50|| ||33.54|| ||1.89|| ||16|
| ||Incl.|| ||62.50|| ||3.05|| ||5.07|| ||40|
| ||Incl.|| ||65.55|| ||9.15|| ||1.83|| ||18|
| ||Incl.|| ||85.37|| ||3.05|| ||2.27|| ||25|
| ||Incl.|| ||88.41|| ||4.57|| ||3.97|| ||19|
| ||Incl.|| ||92.99|| ||1.52|| ||1.07|| ||7|
|GMR-016|| ||-90|| || || ||7.62|| ||4.57|| ||2.02|| ||8|
| ||Incl.|| ||9.15|| ||1.52|| ||3.25|| ||15|
| ||Incl.|| ||10.67|| ||1.52|| ||1.95|| ||1|
|GMR-022|| ||-90|| || || ||7.62|| ||6.10|| ||1.10|| ||119|
| ||Incl.|| ||9.15|| ||3.05|| ||1.67|| ||203|
|GMR-023|| ||-45|| || || ||9.15|| ||10.67|| ||1.17|| ||72|
| ||Incl.|| ||9.15|| ||3.05|| ||2.59|| ||122|
|GMR-024|| ||-70|| || || ||9.15|| ||15.24|| ||6.27|| ||68|
| ||Incl.|| ||9.15|| ||4.57|| ||19.92|| ||72|
|GMR-030|| ||-45|| || || ||18.29|| ||7.62|| ||1.23|| ||20|
| ||Incl.|| ||19.82|| ||1.52|| ||3.65|| ||79|
| ||Incl.|| ||21.34|| ||1.52|| ||1.02|| ||7|
|GMR-032|| ||-65|| || || ||7.62|| ||7.62|| ||1.23|| ||6|
| ||Incl.|| ||7.62|| ||1.52|| ||2.84|| ||13|
| ||Incl.|| ||9.15|| ||1.52|| ||2.10|| ||10|
|GMR-034|| ||-60|| || || ||7.62|| ||7.62|| ||0.70|| ||6|
| ||Incl.|| ||9.15|| ||3.05|| ||1.33|| ||11|
|Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not true width.|
The phase one drill results reported in this press release confirm the high-grade nature of the Gold Mesa property. The property has potential for a high grade gold open pit, or multiple gold open pits, with mineralization at shallow depths below surface. A phase two drill program is currently being evaluated for the second half of 2016, with a goal of expanding the high-grade gold zones reported in this press release and testing new areas of the property.
Mr. Barry Devlin, Vice President of Exploration, stated, "We are quite pleased with the results of our first round of drilling at Gold Mesa. We were drawn to this property because of the historic high-grade gold drill intercepts, and this first round of drilling has confirmed significant intervals of high-grade gold occur at shallow depths at Gold Mesa. A second phase of drilling is currently being evaluated to follow-up on four high-grade gold zones established during this first round of drilling, as well as to test new areas of the property that have seen little or no previous drilling."
"Fifteen meters of over six grams per tonne gold, starting just nine meters down hole delivered the high-grade gold open pit potential we were looking for," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "We look forward to building on these initial drill results with the goal to delineate enough mineralization to ultimately make a future production decision."
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 at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,266,706 shares outstanding, no warrants, no long term debt and has returned $108 million back to shareholders since commercial production commenced July 1, 2010. 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.
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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