COLORADO SPRINGS, CO--(Marketwired - Mar 21, 2017) - Gold Resource Corporation (
Gold Resource Corporation's phase three reverse circulation drill campaign tested five targets at its Gold Mesa property, with multiple drill holes encountering surface and near surface high-grade gold mineralization. The Company has now tested a total of eight exploration targets at Gold Mesa.
Gold Mesa Drill Highlights include (m = meters, g/t = grams per tonne) (see full table below):
Hole #GMA-084
12.19m of 2.42 g/t gold, 9.14m downhole
incl. 6.10m of 4.37 g/t gold, 12.19m downhole
Hole #GMA-088
13.72m of 1.31 g/t gold, 6.10m downhole
incl. 3.05m of 2.58 g/t gold, 7.62m downhole
Hole #GMA-096
3.05m of 6.25 g/t gold, 7.62m downhole
incl. 1.52m of 12.15 g/t gold, 7.62m downhole
Hole #GMA-102
7.62m of 2.26 g/t gold, 9.14m downhole
incl. 1.52m of 8.40 g/t gold, 9.14m downhole
Hole GMA-084 was drilled vertical intercepting 12.19 meters grading 2.42 g/t gold with mineralization beginning 9.14 meters downhole; including 6.10 meters grading 4.37 g/t gold.
Hole GMR-088 was drilled vertical intercepting 13.72 meters grading 1.31 g/t gold and 63 g/t silver with mineralization beginning just 6.10 meters downhole; including 3.05 meters grading 2.58 g/t gold and 159 g/t silver.
Hole GMA-096 was drilled vertical intercepting 3.05 meters grading 6.25 g/t gold with mineralization beginning 7.62 meters downhole; including 1.52 meters grading 12.15 g/t gold.
Hole GMA-102 was drilled vertical intercepting 7.62 meters grading 2.26 g/t gold with mineralization beginning 9.14 meters downhole; including 1.52 meters of 8.40 g/t gold and 3.05 meters of 1.11 g/t gold.
| GOLD MESA PHASE THREE DRILL HIGHLIGHTS | ||||||||||||
| Mar-17 | ||||||||||||
| Hole # | Angle | From | Interval | Au | Ag | |||||||
| deg | Meters | Meters | g/t | g/t | ||||||||
| GMA-084 | -90 | 9.14 | 12.19 | 2.42 | 51 | |||||||
| Incl. | 12.19 | 6.1 | 4.37 | 89 | ||||||||
| GMA-087 | -90 | 3.05 | 3.05 | 0.34 | 1 | |||||||
| 12.19 | 9.14 | 0.36 | 39 | |||||||||
| Incl. | 12.19 | 3.05 | 0.97 | 102 | ||||||||
| GMA-088 | -90 | 6.1 | 13.72 | 1.31 | 63 | |||||||
| Incl. | 7.62 | 3.05 | 2.58 | 159 | ||||||||
| GMA-089 | -90 | 10.67 | 7.62 | 0.77 | 7 | |||||||
| Incl. | 12.19 | 4.57 | 0.98 | 8 | ||||||||
| GMA-090 | -90 | 28.96 | 1.22 | 2.07 | 4 | |||||||
| GMA-091 | -90 | 1.52 | 1.52 | 0.86 | 9 | |||||||
| 18.29 | 7.62 | 0.45 | 4 | |||||||||
| GMA-092 | -90 | 0 | 12.19 | 0.31 | 4 | |||||||
| Incl. | 1.52 | 1.52 | 1.08 | 17 | ||||||||
| 19.81 | 3.05 | 0.58 | 3 | |||||||||
| Incl. | 19.81 | 1.52 | 0.96 | 5 | ||||||||
| GMA- | -90 | 1.52 | 22.86 | 0.36 | 3 | |||||||
| 93 | Incl. | 9.14 | 3.05 | 1.06 | 11 | |||||||
| Incl. | 15.24 | 1.52 | 1.1 | 5 | ||||||||
| GMA-094 | -90 | 0 | 7.62 | 0.6 | 2 | |||||||
| Incl. | 1.52 | 1.52 | 0.99 | 3 | ||||||||
| GMA- | -90 | 7.62 | 3.05 | 6.25 | 2 | |||||||
| 96 | Incl. | 7.62 | 1.52 | 12.15 | 4 | |||||||
| GMA-100 | -90 | 0 | 3.05 | 0.91 | 0 | |||||||
| Incl. | 0 | 1.52 | 1.54 | 0 | ||||||||
| GMA-102 | -90 | 9.14 | 7.62 | 2.26 | 3 | |||||||
| Incl. | 9.14 | 1.52 | 8.4 | 8 | ||||||||
| Incl. | 10.67 | 3.05 | 1.11 | 3 | ||||||||
| GMA-116 | -90 | 4.57 | 22.86 | 0.3 | 13 | |||||||
| Incl. | 4.57 | 3.05 | 0.97 | 71 | ||||||||
| GMA-118 | -90 | 15.24 | 14.94 | 0.25 | 6 | |||||||
| GMA-119 | -90 | 0 | 7.62 | 0.27 | 2 | |||||||
| GMA-120 | -90 | 9.14 | 16.76 | 0.31 | 4 | |||||||
| Incl. | 13.72 | 1.52 | 1.78 | 11 | ||||||||
| Assays by ALS, Vancouver, BC Canada. Meters Down Hole, Not true width. Reverse circulation drilling. | ||||||||||||
Gold Mesa phase three drill results reported in this press release add to previously reported high-grade drill results, which included 33.54 meters grading 1.89 g/t gold, 15.24 meters grading 6.27 g/t gold, 9.1 meters grading 2.42 g/t gold, and 12.19 meters grading 3.34 g/t gold (see press releases dated June 14, 2016 and October 13, 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 four drill program is currently planned for the spring, with a goal of expanding known high-grade gold zones and testing new targets.
Mr. Barry Devlin, Vice President of Exploration, stated, "We have now completed three successful phases of drilling at Gold Mesa, where each phase encountered significant gold values at shallow depths, typically less than 35 meters. We are excited to resume drilling the Gold Mesa property this spring, with a goal to begin building a first resource estimate on this prospective high-grade gold property."
"The past fifteen months have been tremendously successful for our exploration team with three impressive Gold Mesa drill campaigns," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "Surface and near surface high-grade gold drill results should help us delineate an economic resource much sooner and with less estimated associated mining costs as a potential open pit heap leach operation. As we look to delineate a deposit or deposits and move toward a production decision at Gold Mesa, we have begun the process of environmental base line studies for future mine permitting. With continued drill success like we have had in our first three drill campaigns, we look forward to a future production decision at Gold Mesa."
The Gold Mesa property is part of the Company's Nevada Mining Unit, which also includes the development stage Isabella Pearl Project, the Mina Gold exploration property, and the East Camp Douglas exploration property. All four Nevada properties have surface and / or near surface high-grade gold drill intercepts and potential for future high-grade open pit heap leach operations. The Isabella Pearl Project is in advanced stage design, engineering and permitting with the goal of production at the earliest possible point in time. The Company's Nevada Mining Unit covers more than 27,000 acres in south central Nevada's historic Walker Lane Mineral Belt.
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. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has 56,839,823 shares outstanding, zero warrants, zero debt and has returned $109 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.
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.
