• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Gold Resource Corporation Drills Deepest La Arista Gold to Date

Posted on: Thursday, 24 January 2008, 06:00 CST

Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to announce continuing high grade gold values in the deepest mineralization drilled to date at its La Arista deposit. The La Arista deposit is part of GRC's El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project is targeting gold production the second half of 2008 subject to timely obtaining required permits, regulatory approvals and equipment delivery schedules.

Recent drill highlights include:

Hole # 7093 (-65 deg)

-- 2 meters of 5.65 g/t gold, 353.8 g/t silver, 0.33% copper, 0.39% lead, 0.73% zinc, (or a gold equivalent* value of 15.84 g/t (0.51 oz/tonne)) -- 2 meters of 10.18 g/t gold, 282.5 g/t silver, 0.63% copper, 1.31% lead, 2.63% zinc, (or a gold equivalent* value of 23.55 g/t (0.76 oz/tonne)) within, -- 8 meters of 4.35 g/t gold, 224.1 g/t silver, 0.37% copper, 1.65% lead, 5.28% zinc, (or a gold equivalent* value of 19.50 g/t (0.63 oz/tonne)) -- 2 meters of 5.14 g/t gold, 78.7 g/t silver, 0.83% copper, 0.88% lead, 20.72% zinc, (or a gold equivalent* value of 37.01 g/t (1.19 oz/tonne)) within, -- 5 meters of 2.48 g/t gold, 69.2 g/t silver, 0.49% copper, 1.00% lead, 13.10% zinc, (or a gold equivalent* value of 23.59 g/t (0.76 oz/tonne))

Hole #7093 intersected mineralization an additional 50 meters below the previously deepest La Arista intercept in Hole #7088 (announced 1/14/08). La Arista mineralization now exists from the 900 meter surface elevation down to the 600 meter elevation. All assays for this hole have not yet been received but those assays reported show excellent mineralization including near the bottom of the hole. Indications of strong gold mineralization, a pickup in copper, and our highest zinc intercept to date of 32% zinc over 1 meter, all point to continuing strength of mineralization with depth. As reported earlier, this La Arista high-grade mineralization is concurrent with a geomagnetic anomaly which could mean an association with an intrusive and suggest even deeper mineralization.

Gold Resource Corporation's president, William W. Reid, stated, "We are pleased to see this La Arista mineralization continuing strong at depth, especially the vein widths of 5 meters and 8 meters. These are excellent underground mining widths."

Hole # 7093 drill results include: Hole Angle From Interval Au Ag Cu Pb Zn AuEq AuEq # (deg) Meters Meters g/t g/t % % % g/t oz/tonne 7093 -65 236 1 8.94 31.6 0.04 0.02 0.07 9.87 0.32 7093 -65 237 1 2.35 676.0 0.61 0.77 1.40 21.80 0.70 Average 236-238 2 5.65 353.8 0.33 0.39 0.73 15.84 0.51 7093 -65 280 1 0.30 82.9 0.11 1.98 4.65 11.23 0.36 7093 -65 281 1 1.07 173.0 0.14 3.53 13.40 27.38 0.88 7093 -65 282 1 2.36 223.0 0.33 2.61 13.15 28.71 0.92 7093 -65 283 1 11.50 418.0 0.60 1.44 2.61 27.89 0.90 7093 -65 284 1 8.86 147.0 0.65 1.17 2.64 19.20 0.62 7093 -65 285 1 1.90 122.0 0.23 0.68 1.29 7.93 0.25 7093 -65 286 1 5.21 516.0 0.36 0.77 1.55 20.61 0.66 7093 -65 287 1 3.63 111.0 0.55 0.99 2.98 13.03 0.42 Average 280-288 8 4.35 224.1 0.37 1.65 5.28 19.50 0.63 7093 -65 342 1 1.58 40.7 0.33 1.76 4.08 11.27 0.36 7093 -65 343 1 0.38 97.4 0.18 0.93 6.34 12.44 0.40 7093 -65 344 1 0.18 50.6 0.28 0.54 13.65 20.23 0.65 7093 -65 345 1 4.99 98.3 0.89 1.12 32.00 52.10 1.67 7093 -65 346 1 5.28 59.0 0.77 0.64 9.43 21.91 0.70 Average 342-347 5 2.48 69.2 0.49 1.00 13.10 23.59 0.76 *(Gold Equivalent (AuEq) using gold at $650/oz, silver at $14/oz, copper at $3.10/lb, lead at $1.40/lb, zinc at $1.20/lb) Assays by ALS Chemex, Vancouver, BC Canada

Gold Resource Corporation's current drill program is focusing on the La Arista high-grade veins in order to define and extend this mineralization. The La Arista veins are open both laterally and vertically.

About GRC

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 four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 34,156,952 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-KSB 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 commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-KSB and Form SB-2 filed with the Securities and Exchange Commission.

Contact: Jason Reid VP / Corporate Development 303-320-7708

SOURCE: Gold Resource Corporation

Source: MARKET WIRE

More News in this Category