COLORADO SPRINGS, CO--(Marketwired - Oct 13, 2016) - Gold Resource Corporation (
Gold Resource Corporation's phase two reverse circulation drill campaign tested six targets at its Gold Mesa property, with multiple drill holes encountering surface and near surface high-grade gold mineralization.
Gold Mesa Drill Highlights include (m=meters, g/t = grams per tonne) (see full table below):
|9.14 m of||1.16 g/t gold,||74 g/t silver|
|incl.||3.05 m of||2.41 g/t gold,||207 g/t silver|
|9.14 m of||1.14 g/t gold,|
|incl.||4.57 m of||1.73 g/t gold,|
|12.19 m of||3.34 g/t gold,|
|incl.||3.05 m of||12.78 g/t gold,|
|3.05 m of||2.64 g/t gold,|
|incl.||1.52 m of||5.12 g/t gold,|
|3.05 m of||4.86 g/t gold,|
|incl.||1.52 m of||6.39 g/t gold,|
Hole GMA-065 intercepted 9.14 meters grading 1.16 g/t gold with mineralization beginning 9.14 and 74 g/t silver meters downhole; including 3.05 meters grading 2.41 g/t gold and 207 g/t silver.
Hole GMR-067 intercepted 9.14 meters grading 1.14 g/t gold with mineralization beginning just 3.05 meters downhole; including 4.57 meters grading 1.73 g/t gold.
Hole GMA-079 intercepted 12.19 meters grading 3.34 g/t gold with mineralization beginning from the surface; including 3.05 meters grading 12.78 g/t gold.
Hole GMA-081 intercepted 3.05 meters grading 2.64 g/t gold with mineralization beginning from the surface; including 1.52 meters of 5.12 g/t gold.
Hole GMA-083 intercepted 3.05 meters grading 4.86 g/t gold with mineralization beginning from surface; including 1.52 meters of 6.39 g/t gold.
|GOLD MESA PHASE TWO (2) DRILL HIGHLIGHTS|
|Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not true width. Reverse circulation drilling.|
Gold Mesa phase two drill results reported in this press release add to previously reported high-grade drill results, which include 33.54 meters grading 1.89 g/t gold, 15.24 meters grading 6.27 g/t gold, and 9.1 meters grading 2.42 g/t gold (see press release dated June 14, 2016). The Gold Mesa property has potential for a high-grade gold open pit, or multiple gold open pits, with surface and near surface mineralization. A phase three drill program is currently underway, with a goal of expanding known high-grade gold zones and testing new targets.
Mr. Barry Devlin, Vice President of Exploration, stated, "Phase two drill results at Gold Mesa did not disappoint, as we continue to encounter significant gold values at shallow depths. A third drill campaign has already begun and our geologic team will incorporate the newest round of drill data into our geologic model."
"Continued intercepts of high-grade gold at and near the surface could potentially expedite a future Gold Mesa production decision," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "The potential of minimal overburden to move, lower capital expenditures required to access gold mineralization and potentially attractive return on capital metrics has us eyeing a production decision if we continue to intercept similar results in future drill campaigns as we have achieved in our first two."
The Gold Mesa property is part of the Company's Nevada Mining Unit, which also includes the development stage Isabella Pearl Project and the Mina Gold exploration property. All three properties have potential for high-grade open pit heap leach operations, and are located in south central Nevada's historic Walker Lane mineral belt.
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. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has 56,556,874 shares outstanding, zero warrants, zero 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.