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Tuesday, 12 March 2013
Gold Resource Corp. hits new high-grade gold and silver zone at Arista vein system
Gold Resource Corp (NYSE MKT: GORO) on Monday said it has discovered a new high-grade gold and silver zone at its Arista vein system in Oaxaca, Mexico, with intercepts as high as 9.23 grams per tonne (g/t) gold and 1,039 g/t silver over 2.9 metres.
The low-cost gold and silver producer said that the new mineralized zone, currently referred to as "Splay 5," is about 200 metres south of the Baja vein of the Arista deposit, and is “one of several” epithermal parallel and offset veins that have been discovered around the Arista deposit with step-out drilling.
Other notable results released today include 1.84 g/t gold and 814 g/t silver in hole 112722, 3.83 g/t gold and 985 g/t silver in hole 112723 and 1.82 g/t gold and 642 g/t silver in hole 112726.
"We are thrilled to receive such positive drill results from the Aguila Project drilling program,” said VP of exploration Barry Devlin.
“This discovery of the Splay 5 mineralized zone clearly demonstrates the excellent exploration potential of the company's properties."
Gold Resources president Jason Reid added that the step-out drilling that discovered and continues to define Splay 5 speaks to the growth potential of the Arista deposit and epithermal vein system.
"Continued drilling is defining more vein swarms and as we connect the intercepts we are optimistic many of these splays, like splay 5, will grow and become viable ore shoots from which to mine from,” he noted.
“Splay 5 is one of several new splays discovered at the Arista deposit which are expected to add substantial ounces to our El Aguila Project's production and mine life. We have always felt there were significant additional ounces yet to be discovered at Arista and we believe these splays move us in that direction."
Gold Resource Corp. has a 100-per-cent interest in six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca.
The miner has returned over $75 million to shareholders in monthly dividends since declaring commercial production in 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.
In January, Gold Resource posted its preliminary production results for last year, achieving record full year output for 2012. It produced 90,432 ounces of gold equivalent, up 37 per cent from 2011.
The company set its production range for 2013 between 80,000 and 100,000 ounces of gold equivalent, which at the high end would be an increase of around 11 per cent over 2012 figures.
Also in January, the company revealed high gold and silver grades at its Las Margaritas property in Mexico, saying the results confirmed mineralization at depth and bolstered the company's confidence in the mineralized trend.
Gold Resource Corp added the property to its portfolio as it consolidated land along the structural corridor in this region. As with all six of its Oaxaca, Mexico properties, the company is targeting additional deposit discoveries at Las Margaritas, where high-grade ore could be trucked to its strategically located mill at its El Aguila project.