Gold Resource Corporation Drill Results Confirm Down-Dip Extension of Switchback Vein System

DENVER, CO / ACCESSWIRE / September 7, 2021 / Gold Resource Corporation (NYSE American:GORO) (the “Company“, “We“, “Our” or “GRC“) confirms the down-dip extension of the Switchback vein system, with interceptions identifying precious and base metal mineralization approximately 80 meters below existing workings.

Mr. Allen Palmiere, President and CEO of Gold Resource Corporation. “The results of drilling completed during the second and third quarters of 2021 have confirmed the potential for adding precious metal bearing mineralization, that is amenable to mining in the short term. Our geologists continue to focus on exploring new areas and identifying additional mineralization along strike as well as up- and down-dip of the current mine workings.”

Mr. Nick Suter, Interim Vice President, Exploration commented, “Confirmation of mineralization below current mining levels in the southeastern Switchback zone, particularly the presence of high-grade gold, silver and zinc values, will enable the mine to advance development planning below current mine limits. Our objectives going forward are to upgrade mineralized material to reserves and optimize mine planning by continuing to test extensions to this zone and to the northwest of the Switchback system, including the Sandy vein as well as to conduct additional infill drilling.”

Switchback drill result highlights include:

Hole # 521115:

  • 10.11 m grading 14.95 g/t gold, 194 g/t silver, 0.35% copper, 0.96% lead, 2.24% zinc

incl. 4.19 m grading 35.98 g/t gold, 438 g/t silver, 0.81% copper, 2.16% lead, 3.65% zinc

Hole# 521116:

  • 1.57 m grading 10.99 g/t gold, 30 g/t silver, 1.05% copper, 2.79% lead, 6.69% zinc

Hole# 521118:

  • 17.92m grading 0.09 g/t gold, 151 g/t silver, 0.16% copper, 0.73% lead, 6.16% zinc

incl. 3.00 m grading 0.13 g/t gold, 147 g/t silver, 0.10% copper, 1.59% lead, 9.02% zinc

incl. 2.99 m grading 0.02 g/t gold, 132 g/t silver, 0.57% copper, 0.51% lead, 15.94% zinc

incl. 2.29 m grading 0.05 g/t gold, 477 g/t silver, 0.15% copper, 1.18% lead, 6.10% zinc

Hole # 521120:

  • 15.26 m grading 2.98 g/t gold, 218 g/t silver, 1.33% copper, 2.20% lead, 4.02% zinc

incl. 2.65 m grading 5.06 g/t gold, 302 g/t silver, 0.24% copper, 2.93% lead, 4.04% zinc

incl. 1.09 m grading 4.57 g/t gold, 365 g/t silver, 3.81% copper, 4.66% lead, 8.36% zinc

Hole # 521126:

  • 2.19 m grading 0.18 g/t gold, 45 g/t silver, 0.94% copper, 2.49% lead, 15.60% zinc

Hole # 521129:

  • 2.32 m grading 6.48 g/t gold, 114 g/t silver, 0.75% copper, 2.62% lead, 3.96% zinc

incl. 0.30 m grading 45.50 g/t gold, 180 g/t silver, 2.24% copper, 7.63% lead, 13.80% zinc

Hole # 521135:

  • 2.29 m grading 0.05 g/t gold, 103 g/t silver, 0.66% copper, 2.82% lead, 2.36% zinc
  • 4.49 m grading 0.08 g/t gold, 60 g/t silver, 0.53% copper, 5.21% lead, 8.72% zinc

Holes were drilled from two exploration drill stations located in the footwall development of the Switchback vein system near the southeastern limits of mining. Three holes have shown strong mineralization beyond areas previously modelled (521132, 521134 and 521135). Two deep definition drill holes (521120 and 521129) intercepted significant gold and silver mineralization approximately 80 meters (four mine levels) below the existing mine limits and outside existing reserves; these are noteworthy as the deeper intersections of the Switchback system had previously only identified base metal mineralization. These intersections extend near mine, down-dip continuity further to the southeast, with the sub-parallel Soledad and Sagrario, as well as other veins intersected. Infill drill holes 521115, 521116, 521118, 521126, 521127 and 521133 were drilled within existing Soledad reserves. Two of these holes (521115 and 521116) intercepted higher gold grades than modeled.

Hole #

Vein

 

From To Interval

Au

Ag

Cu

Pb

Zn

Meters Meters Meters

g/t

g/t

%

%

%

521115

Vein

 

56.53 57.96   1.43

4.04

87

1.20

3.18

1.95

Soledad

 

59.97 70.08  10.11

14.94

194

0.35

0.96

2.24

Incl.

59.97 64.16  4.19

35.98

438

0.81

2.16

3.65

521116

Soledad

 

75.98 82.00   6.02

1.96

45

1.21

0.91

3.23

Incl.

78.02 80.84  2.82

4.08

82

2.02

1.69

6.02

Vein

 

84.27 89.29  5.02

1.29

76

1.59

2.78

9.69

Incl.

84.27 87.50  3.23

1.95

103

2.44

4.24

14.63

Vein

 

97.16 98.73  1.57

10.99

30

1.05

2.79

6.69

Incl.

97.16 97.74  0.58

28.00

58

2.03

7.19

14.00

521118

Soledad

 

95.7 113.62  17.92

0.09

151

0.16

0.73

6.16

Incl.

97.4 100.40  3.00

0.13

147

0.10

1.59

9.02

Incl.

106.31 109.30  2.99

0.02

132

0.57

0.51

15.94

Incl.

111.33 113.62  2.29

0.05

477

0.15

1.18

6.10

521120

Vein

 

107.12 110.80   3.68

0.07

111

0.02

1.27

6.38

Soledad

 

115.18 130.44   15.26

2.98

218

1.33

2.20

4.02

Incl.

117.11 119.76  2.65

5.06

302

0.24

2.93

4.04

Incl.

120.88 124.68  3.80

2.90

278

1.41

2.28

5.86

Incl.

125.4 126.49  1.09

4.57

365

3.81

4.66

8.36

Incl.

127.05 130.44  3.39

4.30

129

2.85

2.90

3.49

521121

Soledad

 

127.05 131.72   4.67

0.02

25

0.20

1.21

1.35

Incl.

130.89 131.72  0.83

0.03

106

0.75

5.87

6.37

Vein

 

147.68 148.69   1.01

0.04

175

0.67

2.99

3.97

521126

Soledad

 

56.94 59.13  2.19

0.18

45

0.94

2.49

15.60

Incl.

57.87 59.13  1.26

0.27

44

1.33

3.57

23.78

521127

Soledad

 

60.63 63.90   3.27

0.06

106

0.25

0.35

1.63

521129

Sagrario

 

156.9 159.22  2.32

6.48

114

0.75

2.62

3.96

Incl.

158.92 159.22  0.30

45.50

180

2.24

7.63

13.80

521132

Soledad

 

96.93 99.65   2.72

0.05

33

0.51

0.12

0.44

Sagrario

 

126.73 139.65   12.92

0.90

60

0.78

1.94

3.38

Incl.

130.18 134.18  4.00

2.75

135

1.78

5.57

8.54

521133

Soledad

 

63.92 64.89 0.97

0.04

41

0.78

0.15

2.69

Sagrario

 

78.74 80.55 1.81

0.07

50

0.42

1.54

3.63

Incl.

80.23 80.55  0.32

0.31

141

1.98

6.64

9.96

521134

Sagrario

 

63.92 64.89 0.97

0.04

41

0.78

0.15

2.69

521135

Soledad

 

75.6 77.89  2.29

0.05

103

0.66

2.82

12.73

Sagrario

 

92.1 96.59  4.49

0.08

60

0.53

5.21

8.72

Incl.

92.1 92.67  0.57

0.10

117

1.10

9.46

18.75

Assays by ALS, Vancouver, BC Canada. Meters down hole, Not true width.

Plan View of Switchback mining Area for Reference Showing holes referenced in above table

Cross Section view (A-AA), looking west-northwest, of Switchback mine area to provide context for elevation of holes relative to mine workings.

About GRC:

Gold Resource Corporation is a gold and silver producer, developer, and explorer with operations in Oaxaca, Mexico. Under the direction of a new board and senior leadership, the focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.

Cautionary Statements:

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, the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Also, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-Q filed with the SEC.

For further information please contact:

Ann Wilkinson
Vice President, Investor Relations and Corporate Affairs
[email protected]
www.goldresourcecorp.com

COURSE: Gold Resource Corporation

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