Gold Resource Corp reports finding high-grade deposits and possible expansion of Mirador mine

Gold Resource Corporation (NYSEMKT-GORO) announced Tuesday the drill highlights from its 2018 Alta Gracia drill program at its Oaxaca mine in Mexico, which may lead to an expansion of its mining operations.

“Our 2018 drill campaign at Alta Gracia was a success on many fronts, particularly the discovery of a wide, high-grade zone within the Independencia vein system and the potential expansion to the Mirador mine,” said Barry Devlin, the company’s vice-president of exploration.

“We also continue to see elevated levels of silver in the Mirador vein, as well as high-grade gold and silver within the Victoria vein system. We look forward to returning to Alta Gracia in 2019 with another drill program to continue expanding on these positive drill results.”

The highlights of the program are a grading of 10.3 meters which revealed 0.85 grams per tonne (g/t) of gold and 1,052 g/t of silver, and 9.59 meters grading that showed 0.36 g/t gold and 430 g/t silver. 

The Alta Gracia Project, which hosts the Mirador mine, is located approximately 16 kilometers northwest of the company’s Aguila Project and mineral processing plant.

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The 2018 Alta Gracia surface drill campaign tested several target areas focusing primarily on the Independencia and Victoria veins, both of which were categorized as potential expansion areas for the actively producing Mirador Mine.

“The company believes it has discovered a wide, high-grade silver ore shoot within the Independencia vein, and a significant potential expansion to the Mirador mine. The company is evaluating whether to develop this portion of the Independencia vein for mineral exploitation by improving and extending historic mine workings in this area,” Goro said in a statement.

Nine exploration drill holes targeted the Independencia vein, located approximately 500 meters southwest along strike from the Mirador mine. 

Three exploration drill holes targeted the Victoria vein system, all which intercepted high-grade silver. In addition, four exploration drill holes targeted the Mirador vein system, which included the Mirador, Jarillas and Pitayos veins. Each drill hole intercepted multiple parallel veins returning high-grade silver.

The Alta Gracia Project is one of six potential high-grade gold and silver properties in the Oaxaca Mining Unit, which includes over 684 square kilometers in southern Mexico. The Mirador mine is the company’s second operating mine, which began production in mid-2017.

Gold Resource Corp is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada.

The company targets low capital expenditure projects with potential for generating high returns on capital. Gold Resource is based in Colorado Springs, Colorado. 

Story by ProactiveInvestors