Gold Resource climbs after reporting progress at Mirador Mine in Mexico

Gold Resource Corporation (NYSEAMERICAN:GORO) edged up Friday after reporting progress at its Mirador Mine development in Mexico.

The gold and silver producer said it crosscut six meters of the Independencia vein and assayed 992 grams of silver per tonne. The output from this new area is being processed at the company’s milling facility, according to Gold Resource.

Shares of Gold Resource advanced 0.3% to $3.96 in Friday’s pre-market trading.

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Earlier drill results from this area included 13.3 meters of 1,055 grams of silver per tonne as well as 2.70 meters of 1.67 grams of gold per tonne and 901 grams of silver per tonne.

The Mirador Mine is part of the Alta Gracia Project in Oaxaca, Mexico.

Based in Colorado Springs, Colorado, Gold Resource is a producer, developer and explorer with operations in Nevada as well as Oaxaca.

Monthly dividends

The company said it has returned $111 million to shareholders in monthly dividends since commercial production started in July 2010. Shareholders are offered the option to convert their cash dividends into physical gold and silver and take delivery.

To date, the company said it has identified and modeled 50 veins at the Alta Gracia Project at or near its Mirador mine. Initial mine operations began at Mirador in mid-2017.

In September 2018, the company said it began improving old workings to create a second access to the vein system known as the Independencia portal.

Output sampling

Channel output taken from the Independencia vein sampled six meters of 992 grams of silver per tonne, while the opposite side of the crosscut sampled five meters of 572 grams of silver per tonne.

“We are very excited to have a second access at the Mirador and that mine development finally intercepted this wide, high-grade vein,” CEO Jason Reid said in a statement.

Earlier this week, the company reported that its El Aguila Project in Oaxaca had connected successfully to a key power grid.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors