Press Release Source: Gold Resource Corporation
Drill Results Continue With High-Grade Intercepts, El Aguila Project, Mexico; Second Drill Rig Contracted to Accelerate Program
Wednesday January 3, 9:00 am ET
DENVER, Jan. 3 /PRNewswire-FirstCall/ -- Gold Resource Corporation (GRC) (OTC Bulletin Board: GORO - News) announced today the first results from its recently commenced drilling program at its El Aguila gold and silver project in the state of Oaxaca, Mexico. Assays for the first four drill holes have been received where the best intercepts include:
* Hole 603, (60deg, at 47 meters), 3 meters of 5.54 g/t gold and 404 g/t
silver (or a gold equivalent value of 0.436 oz/ton)
* Hole 604, (60deg, at 29 meters), 2 meters of 5.49 g/t gold and 180 g/t
silver (or a gold equivalent value of 0.283 oz/ton)
William W. Reid, president of Gold Resource Corporation stated, "We are excited that our drilling continues to define high-grade gold and silver even though we are testing the outer limits of our previously discovered mineralization. This initial drilling is centered on expanding and defining the boundaries of our first potential open-pitable deposit. Previous drilling of that mineralized material averaged 7.45 g/t gold and 63 g/t silver (or a gold equivalent value of 0.26 oz/ton). We are expecting multiple, shallow open-pitable deposits that are silicified mantos in rhyolite of which this is the first. Each of these mantos may overlie higher-grade feeder veins such as the 4 meters of 54.7 g/t gold and 701 g/t silver (or a gold equivalent value of 2.1 oz/ton gold) that we previously intersected under this first manto."
Approximately 20 additional holes are scheduled to delineate this first mineralization after which the data will be submitted to an independent engineering firm for the purpose of designing the Project's first open pit. The drill will continue testing the additional targeted mantos.
"We are also pleased to have contracted a second drill rig that will arrive at the El Aguila Project during the first week of January. That rig will begin testing for additional high-grade vein mineralization at the El Aire mine area where we have already encountered a 4 meter vein intercept that assayed 1.9 g/t gold and 755 g/t silver (or a gold equivalent value of 0.57 oz/ton gold). The arrival of a second drill will accelerate our exploration program of our numerous exciting targets. Drilling over the next three months is intended to delineate sufficient mineralization to make a production decision," said Mr. Reid.
Assays are performed by ALS Chemex.
About GRC
GRC is a production-oriented mining company pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company is specifically focused on three potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. For more information, please visit GRC's website, located at www.Goldresourcecorp.com.
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 "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 GRC's strategy, future production, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to GRC on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's Form SB-2 filed with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Gold Resource Corporation
