COLORADO SPRINGS, CO - (NewMediaWire) - September 14, 2015 - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") today announced new Switchback drill highlights from its El Aguila Project including 15.22 meters of 3.18 grams per tonne (g/t) gold and 292 g/t silver. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned over $105 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Infill Switchback Hole 515047 intercepted the Soledad vein returning 15.22 meters grading 3.18 g/t gold, 292 g/t silver, 0.87% copper, 1.56% lead and 4.26% zinc; including 1.15 meters grading 12.65 g/t gold, 822 g/t silver, 0.75% copper, 0.93% lead and 1.59% zinc (see table below). Additional higher-grade precious metals within the 15 meters of high-grade section included 1.91 meters of 5.06 g/t gold and 388 g/t silver and 2.03 meters of 7.62 g/t gold and 1,132 g/t silver.
Hole 515051 stepped out along the northerly boundary of known mineralization by approximately 25 meters and intercepted multiple parallel Switchback veins with the Susana vein returning 4.43 meters grading 2.95 g/t gold, 68 g/t silver, 0.31% copper, 6.53% lead and 7.53% zinc; including 1.07 meters grading 9.21 g/t gold, 104 g/t silver, 0.24% copper, 6.44% lead and 6.35% zinc (see table below). The Soledad vein returned 7.63 meters grading 2.11 g/t gold, 137 g/t silver, 0.42% copper, 1.50% lead and 7.25% zinc; including 1.02 meters grading 2.68 g/t gold, 354 g/t silver, 0.82% copper, 1.19% lead and 5.45% zinc. Four additional parallel epithermal veins were intercepted in Hole 515051, all of which confirmed polymetallic mineralization containing gold, silver, copper, lead and zinc.
The Switchback area, located on the Company's El Aguila Project, expands the Arista Mine's potential with additional high-grade mineralized veins (see maps below). The mineralized horizon at Switchback has grown to 450 meter strike by 450 meter depth and remains open in all directions. The Company continues to expand the Arista mine's underground infrastructure by drifting towards Switchback with a target of reaching the mineralized veins by the end of 2015.
Mine development plans are in place with a goal of drawing mineral from Switchback the first half of 2016. As ongoing ramp development advances towards Switchback, a third closer drill station is planned for construction which should allow for more advantageous distance and drill angles to efficiently continue Switchback exploration. The Company plans to commence another round of drilling once the new drill pad is in place, targeted for early 2016. This program targets further exploration and delineation of the multiple high-grade parallel veins at Switchback, while continuing to optimize the initial mine plan. These recent Switchback results expand the Arista Mine's vein systems.
Mr. Barry Devlin, Vice President of Exploration, stated, "This latest round of drill results from Switchback has now defined seven robust, parallel, high-grade, polymetallic veins. We expect to move into a third underground drill station located closer to the Switchback mineralization by the first quarter of 2016, which should allow us to more effectively test the extensions of the Switchback mineralization early next year."
"Our Oaxaca exploration team continues to deliver exciting Switchback drill results underscoring the expansion potential of our Arista Mine," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "Switchback Hole 515047, which intercepted over 15 meters of high-grade polymetallic mineralization in the Soledad vein, is possibly the best Switchback intercept to date and very reminiscent of the early drill holes that discovered the Arista mine. These high-grade drill intercepts speak to the expanding large system we are exploring and mining at Arista."
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 at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,179,369 shares outstanding, no warrants, no long term debt and has returned over $105 million back to shareholders since commercial production commenced July 1, 2010. 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.