Gold Resource Corporation Mirador Mine Development Crosscuts 6 Meters of 992 Grams Per Tonne Silver
COLORADO SPRINGS, March 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced ongoing Mirador Mine development crosscut six (6) meters of the Independencia vein which assayed 992 grams per tonne (g/t) silver. Mineral from this new area is now being processed at the Company’s milling facility. Earlier drill results from this area included 13.3 meters of 1,055 g/t silver and 2.70 meters of 1.67 g/t gold and 901 g/t silver. The Mirador Mine is located on the Company’s Alta Gracia Project within its Oaxaca Mining Unit. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, U.S.A. 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.
To date, the Company has identified and modelled over 49 veins at the Alta Gracia Project at or near its Mirador Mine. The Company commenced initial mine operations at Mirador in mid-2017 by enlarging and improving historic mine workings to access the primary Mirador vein structure and further develop the mine. In September 2018, the Company began improving old workings to create a second access to the vein system called Independencia Portal. This new portal is located approximately 500 meters southwest of the Mirador Portal. Development has now allowed access to the high-grade mineralization discovered within the Mirador’s Independencia vein during a 2018 drill campaign (see September 18, 2018 Company Press Release).
The Mirador Mine has been developed entirely using cash from operations. The Company spent over 5 months developing this Independencia Portal and recently crosscut this vein system for the first time. Channel samples taken of the Independencia vein sampled 6 meters of 992 g/t silver, while the opposite side of the crosscut sampled 5 meters of 572 g/t silver. The Company is mining, trucking and processing this ore at the Aguila mill.
“We are very excited to have a second access at the Mirador and that mine development finally intercepted this wide, high-grade vein,” stated Mr. Jason Reid, President and CEO of Gold Resource Corporation. “To cut a face with ruby silver grading close to a kilo over six meters is exciting. Feeding that ore now to the mill is even better. A small portion of our Oaxaca Mining Unit’s 2019 silver production is targeted from the Mirador Mine; however, if these grades and vein widths remain for an extended period of time, the Mirador Mine could play a larger role in our 2019 production results.”
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.
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.