DENVER, CO / ACCESSWIRE / August 9, 2021 / Gold Resource Corporation (NYSE American:GORO) (the "Company", "We", "Our" or "GRC") has confirmed the up-dip extension of the Switchback vein system, approximately 30 meters (two mine levels) above the existing mine workings and has intersected additional mineralization outside of current mining areas which provides the Company with the opportunity to potentially develop a new mineralized zone.
Mr. Allen Palmiere, President and CEO of Gold Resource Corporation. "The results of drilling completed in the first half of 2021 have confirmed the potential for identifying new resources at the Don David Gold Mine. The focus of our geologists, has been to explore new areas and to continue identifying additional mineralization along strike and up-dip at shallower elevations above the current mine workings."
Mr. Nick Suter, Interim Vice President, Exploration commented, "Confirmation of the continuity of the robust Sandy vein at higher levels presents an opportunity to develop a new mineralized zone in the more easily accessible northern part of the Arista mine. Our objectives going forward continue to be to test these zones and extensions in order to expand resources of this growing system, as well as continue infill drilling to upgrade mineralized material to measured and indicated mineral resources."
Switchback drill highlights include:
Hole # 521013:
- 5.37 m grading 1.51 g/t gold, 95 g/t silver, 0.21% copper, 1.22% lead, 1.84% zinc
incl. 2.90 m grading 2.61 g/t gold, 155 g/t silver, 0.25% copper, 2.07% lead, 3.00% zinc
- 0.78 m grading 0.82 g/t gold, 640 g/t silver, 0.24% copper, 0.24% lead, 0.84% zinc
- 1.55m grading 0.01 g/t gold, 2,610 g/t silver, 0.31% copper, 0% lead, 0% zinc
Hole # 521018:
- 0.36 m grading 4.45 g/t gold, 4,460 g/t silver, 0.03% copper, 1.05% lead, 2.36% zinc
The first two holes drilled from an underground exploration drill station located in a development ramp of the mine's Switchback vein system, confirmed the up-dip extension of the Switchback vein system, approximately 30 meters (two mine levels) above the existing mine workings. These intersections extend near mine up-dip continuity further to the west-northwest, with both the Soledad and Selene veins intersected. The latter two drill holes, drilled from a drill station located in a dedicated exploration development drift in the hanging-wall of the Switchback system, have identified narrow structures that have been correlated to veins in the Switchback system; these structures are approximately 80 to 100 meters above the previously identified upper limit of the Switchback vein system and extend the known mineralization to shallower depths.
Assays by ALS, Vancouver, BC Canada. Meters down hole, Not true width.
Plan View of Switchback mining Area for Reference Showing holes referenced in above table
Cross Section view (A-AA), looking west-northwest, of Switchback mine area to provide context for elevation of holes relative to mine workings.
Sandy vein system drill highlights include:
Hole # 521021:
- 8.67 m grading 1.61 g/t gold, 33 g/t silver, 0.48% copper, 2.40% lead, 2.13% zinc
incl. 2.77 m grading 4.88 g/t gold, 75 g/t silver, 0.93% copper, 6.40% lead, 3.96% zinc
Hole # 521022:
- 1.18 m grading 2.32 g/t gold, 19 g/t silver, 0.21% copper, 1.38% lead, 6.79% zinc
(m=meters, g/t=gram per tonne; full drill table below)
In addition, five (5) drill holes confirmed the continuity of the mineralized Sandy 1 vein which is sub-parallel to the Switchback vein system and between the Arista and Switchback vein systems. In addition to the three holes reported below, one hole hit the vein system, but it was not significantly mineralized in the area of intersection and the results from the final hole are pending. The Sandy vein system is believed to be a feeder to the higher elevation Sasha and Sadie veins drilled from the same drill station located approximately 500 meters to the northeast of the mine's Arista vein system. The Sandy 1 vein is open on dip and along strike to the northwest, whilst southeastern potential, including linkage to the Switchback system, is being evaluated.
Drill highlights in this area include:
Assays by ALS, Vancouver, BC Canada. Metres down hole, Not true width.
Plan View of dedicated exploration Drill Development North for Reference Showing holes referenced in above table (highlighted drill stations have drilling planned for Q3 and q4)
Cross Section view (B-BB), looking northwest, of Sandy 1 vein area to provide context of holes relative to mine workings.
Gold Resource Corporation is a gold and silver producer, developer, and explorer with operations in Oaxaca, Mexico. Under the direction of a new board and senior leadership, the focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine. 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, the scope, duration, and impact of the COVID-19 pandemic on mining operations,Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Also, 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-Q filed with the SEC.
SOURCE: Gold Resource Corporation