COLORADO SPRINGS, CO -- (Marketwire) -- 01/08/13 -- Gold Resource Corporation (NYSE MKT: GORO) (the Company) today announced high-grade mineralization at its Las Margaritas property with drill intercepts including 2.85 meters of 27.90 grams (0.89 ounces) per tonne gold and 2600 grams (84 ounces) per tonne silver. Gold Resource Corporation is a low-cost gold and silver producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $69 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.
Las Margaritas drill highlights include (meters down hole, not true width):
Hole # 312011 (-45 deg)
•2.85 meters of 27.90 g/t gold, 2600 g/t silver •0.69 meters of 1.76 g/t gold, 1100 g/t silver
The Company's drill program at Las Margaritas intends to test various structural and mineralized exploration targets. Mapping, stream sediment geochemical sampling and outcrop rock chip surface samples generated targets and returned rock chip samples as high as 6.29 grams per tonne gold and 4150 grams per tonne silver. Hole #312011 is one of several reconnaissance drill holes from the ongoing Las Margaritas drill program.
------------------------------------------------------------------Hole # Angle From Interval Au Ag------------------------------------------------------------------ (deg) Meters Meters g/t g/t------------------------------------------------------------------312011 -45 49.32 2.85 27.90 2600 124.72 0.85 0.40 451 125.57 0.69 1.76 1100------------------------------------------------------------------312012 -67 82.79 1.61 0.24 871------------------------------------------------------------------ Assays by ALS Chemex, Vancouver, BC Canada------------------------------------------------------------------
The Company's Las Margaritas property is mentioned in the well-known 1905 Mexican government publication by J.R. Southworth entitled The Mines of Mexico as "...the place in which has been found some of the richest ores in Mexico, some of the ores having reached the value of 18,000 ounces (silver) to the ton, and ores are frequently found which assay 4,000 and 5,000 ounces (silver) to the ton."
The Company believes it may be the first to ever drill this prospective high-grade property. Historically, Las Margaritas was mined on a small scale artisanal basis prior to the 1910 Mexican Revolution and has remained dormant for the most part since. The Company added the property to its portfolio as it consolidated land along the north 70 west geologically significant structural corridor in this region.
As with all six of its Oaxaca, Mexico properties, the Company targets additional deposit discoveries at Las Margaritas where high-grade ore could be trucked to its strategically located mill at its El Aguila Project. The existing El Aguila mill complex has both a flotation and agitated leach circuit, so the Company is well positioned to process any type of ore it may discover. The Company's strategy is to bring multiple properties within trucking distance online to feed ore to the mill. This will keep capital costs to a minimum on additional project development and maximize head grades processed through the mill, while bringing additional projects on line in an expedited manner.
