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Gold Resource Corp announces boost for Mexico unit as it expands Mirador mine

The main target of drilling was the Independencia West vein, the firm said

Gold Resource Corporation -
The drill results are expected to replace proven and probable reserves mined at the Mirador nine during 2019

Gold Resource Corporation's (NYSEAMERICAN:GORO) Mexico operations have been boosted as it expanded mineralization at its Mirador mine with this year's drilling. 

Fifteen holes were sunk in the Alta Gracia project (which hosts the mine) drill program. 

The main target was the Independencia West vein and nearly every hole hit multiple, parallel veins, the silver and gold producer said. 

Seven targeted the expansion of the vein and three holes expanded the mineralization laterally, while another three drill holes expanded the mineralization deeper, and one extended it higher.

READ: Gold Resource Corp on track to double gold output across its mines as it posts third-quarter numbers

"Our 2019 drill campaign at Alta Gracia was successful in expanding the Independencia West high-grade ore shoot, as well as demonstrating continuity between prior drill holes," noted Barry Devlin, GORO's vice-president of exploration.

"These results are expected to replace proven and probable reserves mined at the Mirador nine during 2019," he added.

Highlights assays from the drilling included 3.72 meters (m) grading 1.44 grams per tonne (g/t) gold and 990 g/t silver in a step down hole to known mineralization.

There was also 1 m grading 2.84 g/t gold and 2,610 g/t silver in the same hole.

The Alta Gracia project, which hosts Mirador, lies around 16 km north-west of the firm's Aguila project and mineral processing plant. 

High-grade Mirador ore is trucked to the Aguila mill for processing.

Gold Resource Corporation has operations in Oaxaca, Mexico and Nevada, USA and has returned $112 million to its shareholders in monthly dividends since commercial production started on July 1, 2010.

It also offers shareholders the option to convert their cash dividends into physical gold and silver.

Shares in New York perked up 1.42% to $4.99 each.

Contact the author at [email protected]

Quick facts: Gold Resource Corporation

Price: 5.31 USD

NYSEMKT:GORO
Market: NYSEMKT
Market Cap: $348.82 m
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