-- Published: Tuesday, 18 September 2018 | Print | Disqus
COLORADO SPRINGS, Colo., Sept. 18, 2018 (GLOBE NEWSWIRE) -- – via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced drill highlights from its 2018 Alta Gracia drill program located at its Oaxaca Mining Unit, Mexico. Drill highlights include 10.30 meters grading 0.85 grams per tonne (g/t) gold and 1,052 g/t silver, and 9.59 meters grading 0.36 g/t gold and 430 g/t silver. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $111 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Alta Gracia Project, which hosts the Mirador Mine, is located approximately 16 kilometers north west of the Company’s Aguila Project and mineral processing plant. The 2018 Alta Gracia surface drill campaign tested several target areas focusing primarily on the Independencia and Victoria veins, located south west of the Mirador Mine, both of which we categorized as potential expansion areas for the Company’s producing Mirador Mine (see map below).
Highlights from the 2018 Alta Gracia surface drill campaign include the following intercepts (m = meters, g/t = grams per tonne) (see full tables below):
Hole # 418001 – Independencia Vein 10.30m of 0.85 g/t gold, 1,052 g/t silver incl. 1.10m of 1.71 g/t gold, 3,620 g/t silver incl. 1.90m of 1.60 g/t gold, 1,700 g/t silver
Hole # 418014 – Victoria Vein 5.18m of 0.55 g/t gold, 241 g/t silver incl. 0.46m of 1.77 g/t gold, 373 g/t silver incl. 0.82m of 0.83 g/t gold, 710 g/t silver
Hole # 418018 – Independencia Vein 9.59m of 0.36 g/t gold, 430 g/t silver incl. 1.97m of 0.46 g/t gold, 568 g/t silver incl. 1.60m of 0.57 g/t gold, 909 g/t silver
Hole # 418020 – Independencia Vein 2.70m of 1.67 g/t gold, 901 g/t silver incl. 1.70m of 2.54 g/t gold, 1,405 g/t silver
Nine exploration drill holes targeted the Independencia vein, located approximately 500 meters south west along strike from the Company’s Mirador mine. The Company believes it has discovered a wide, high-grade silver ore shoot within the Independencia vein, and a significant potential expansion to the Mirador Mine. The Company is evaluating whether to develop this portion of the Independencia vein for mineral exploitation by improving and extending historic mine workings in this area.
Three exploration drill holes targeted the Victoria vein system, all which intercepted high-grade silver. In addition, four exploration drill holes targeted the Mirador vein system, which included the Mirador, Jarillas and Pitayos veins. Each drill hole intercepted multiple parallel veins, returning high-grade silver.
ALTA GRACIA – INDEPENDENCIA VEIN 2018 DRILL RESULTS SUMMARY
Hole #
Angle
Vein
From
Interval
Au
Ag
deg
Meters
Meters
g/t
g/t
418001
-6.5
San Juan NW1
196.43
0.27
0.63
124
Vein
230.00
0.30
1.52
334
Frijolar
232.05
2.50
0.20
83
incl.
232.05
1.05
0.33
142
Independencia W
243.55
10.30
0.85
1,052
incl.
247.10
1.10
1.71
3,620
incl.
250.10
1.90
1.60
1,700
418002
-25.5
Vein
81.21
0.39
0.23
173
Vein
114.64
0.41
0.16
239
Independencia W
117.98
4.64
0.15
188
incl.
120.47
0.88
0.15
256
incl.
122.06
0.56
0.41
375
San Juan NW1
182.65
1.46
0.21
161
incl.
183.39
0.72
0.26
255
Vein
194.87
0.68
0.66
137
Vein
261.60
0.28
0.35
164
418003
-29
Independencia SW
91.77
2.49
0.06
97
incl.
93.57
0.69
0.10
260
San Juan NW1
214.78
2.15
0.13
171
incl.
215.10
0.50
0.22
345
418004
-29.5
Independencia W
83.78
1.47
0.15
158
incl.
84.12
0.40
0.19
317
San Juan NW
185.76
1.30
0.47
89
incl.
186.35
0.71
0.79
130
Vein
224.65
0.77
0.48
381
Vein
240.02
0.32
0.18
155
418016
-8
San Juan NW2
65.02
0.24
0.23
224
San Juan NW1
73.33
0.24
0.48
306
Independencia W
234.73
3.10
0.41
252
incl.
236.00
1.00
0.55
288
418017
-37
Independencia W
152.06
4.92
0.17
137
incl.
154.70
0.70
0.22
235
Vein
192.18
1.13
0.22
141
418018
-27
Vein
112.05
5.16
0.13
167
incl.
115.64
1.57
0.23
359
Independencia W
126.43
9.59
0.36
430
incl.
128.45
1.97
0.46
568
incl.
134.42
1.60
0.57
909
Vein
160.68
1.30
0.19
146
418019
-18
Vein
105.65
0.32
1.66
210
Independencia W
237.92
2.19
0.12
92
418020
-27
Vein
110.60
0.35
0.18
146
Vein
118.05
0.75
0.19
155
Vein
145.80
1.10
0.24
285
Independencia W
227.30
2.70
1.67
901
incl.
227.30
1.70
2.54
1,405
Assays by ALS, Vancouver, BC Canada. Meters downhole, not true width
ALTA GRACIA – VICTORIA VEIN 2018 DRILL RESULTS SUMMARY
Hole #
Angle
Vein
From
Interval
Au
Ag
deg
Meters
Meters
g/t
g/t
418013
-16.5
Victoria NE
175.43
1.77
1.26
337
incl.
75.43
0.57
3.01
578
Victoria NE4
152.39
0.41
0.58
206
418014
-71.5
Victoria 3_2
32.27
5.18
0.55
241
incl.
32.64
0.46
1.77
373
incl.
33.55
0.82
0.83
710
Victoria NE
99.85
1.00
0.75
277
incl.
99.85
0.37
0.90
329
418015
-15
Vein
32.58
1.36
0.26
187
incl.
32.58
0.42
0.63
420
Victoria 3_2
44.00
1.09
0.59
111
Victoria NE
106.07
0.93
0.41
195
Victoria NE4
185.20
1.50
0.28
270
incl.
186.33
0.37
0.62
868
Assays by ALS, Vancouver, BC Canada. Meters downhole, not true width
Assays by ALS, Vancouver, BC Canada. Meters downhole, not true width
Mr. Barry Devlin, Vice President of Exploration, commented, “Our 2018 drill campaign at Alta Gracia was a success on many fronts, particularly the discovery of a wide, high-grade zone within the Independencia vein system and the potential expansion to the Mirador Mine. We also continue to see elevated levels of silver in the Mirador vein, as well as high-grade gold and silver within the Victoria vein system. We look forward to returning to Alta Gracia in 2019 with another drill program to continue expanding on these positive drill results.”
The Alta Gracia Project is one of six potential high-grade gold and silver properties in the Company’s Oaxaca Mining Unit, which includes over 684 square kilometers in southern Mexico. The Mirador Mine is the Company’s second operating mine, which began production in mid-2017.
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $111 million back to its shareholders since commercial production commenced July 1, 2010 and offers its 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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