COLORADO SPRINGS, CO--(Marketwired - Jun 20, 2013) - Gold Resource Corporation (
Discovery hole number 513024 was drilled from the Arista deposit's level 10 underground drill station. The hole was drilled to the northeast at a relatively shallow angle of -20 degrees. The Company targeted a parallel structure to the Arista deposit it calls the "Switchback" which had previously been mapped at the surface. At approximately 500 meters northeast (see map) a 14 meter wide (meters down hole, not true width) strongly mineralized vein was intercepted including 4.2 meters of 1.23 g/t Au, 125 g/t Ag, 0.66% Cu, 3.44% Pb 4.17% Zn (see table below).
A follow-up hole, number 513028, was drilled from the same underground drill station and in the same direction but at a steeper angle of -44 degrees. This hole intercepted the vein approximately 30 meters below the previous intercept in hole 513024. This intercept was also strongly mineralized measuring 15.5 meters wide (meters down hole, not true width) and averaging 2.95 g/t Au, 86 g/t Ag, 0.44% Cu, 0.84% Pb, 2.09% Zn, including 1.14 meters of 9.82 g/t Au, 91 g/t Ag, 0.64% Cu, 0.61% Pb, 0.90% Zn and 2.20 meters of 12.91 g/t Au, 410 g/t Ag, 1.20% Cu, 2.49% Pb, 4.33% Zn.
|Assays by Gold Resource Corporation, Oaxaca, Mexico.|
The "Switchback" is one of numerous parallel structures to the Arista deposit the Company is targeting with its ongoing drill program.
"It is exciting to see the potential of the Arista vein system continue to grow," stated Gold Resource Corporation's President, Mr. Jason Reid. "As we continue to add to the various vein splays, such as splay #5 and splay #3 (now named the Santiago vein) on strike or parallel to the Arista deposit, we also target various parallel vein structures hundreds of meters from the deposit that could significantly extend the Arista system. This new mineralized vein discovery at Switchback, approximately 500 meters to the northeast, dramatically expands the Arista system's potential. We would not expect to intercept high-grade ore shoots on a new vein with the first initial drill holes, so to intercept a strong wide vein with excellent mineralization in the first few holes cutting the vein is very positive. We are excited to continue exploring this new mineralized vein discovery, as it continues to bolster our belief we have a very powerful epithermal system."
Mr. Barry Devlin, Gold Resource Corporation's Vice President of Exploration, commented, "It is very exciting to discover a new vein system so close to our existing Arista deposit. We are just beginning to understand these deposits, and our properties still have so much untested exploration potential."
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 in Mexico's southern state of Oaxaca. The Company has 53,279,369 shares outstanding, no warrants and no debt. 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.