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Gold Resource eyeing production decision at Gold Mesa

Thursday, October 13, 2016 8:01
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(Before It's News)

Gold Resource Corporation’s (NYSEMKT:GORO) phase two reverse circulation drill campaign tested six targets at its Gold Mesa property, and the results did not disappoint.

The gold and silver producer said multiple drill holes encountered surface and near surface high-grade gold mineralization.

Highlights included:

  • Hole GMA-065 intercepted 9.14 metres grading 1.16 grams per tonne (g/t) gold, including 3.05 metres grading 2.41 g/t gold and 207 g/t silver.
  • Hole GMR-067 intercepted 9.14 metres grading 1.14 g/t gold, including 4.57 metres grading 1.73 g/t gold.
  • Hole GMA-079 intercepted 12.19 metres grading 3.34 g/t gold, including 3.05 metres grading 12.78 g/t gold.
  • Hole GMA-081 intercepted 3.05 metres grading 2.64 g/t gold, including 1.52 metres of 5.12 g/t gold.
  • Hole GMA-083 intercepted 3.05 metres grading 4.86 g/t gold, including 1.52 metres of 6.39 g/t gold.

“Phase two drill results at Gold Mesa did not disappoint, as we continue to encounter significant gold values at shallow depths. A third drill campaign has already begun and our geologic team will incorporate the newest round of drill data into our geologic model,” said Barry Devlin, vice president of exploration at GORO.

The company’s chief executive officer and president, Jason Reid, said continued intercepts of high-grade gold at and near the surface could potentially speed up a future Gold Mesa production decision.

“The potential of minimal overburden to move, lower capital expenditures required to access gold mineralization and potentially attractive return on capital metrics has us eyeing a production decision if we continue to intercept similar results in future drill campaigns as we have achieved in our first two,” he said.

Shares in Gold Resource were up 2.8% at US$5.56 in mid-morning trading.

Story by ProactiveInvestors

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