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Gold Resource shares higher as it expands Arista mineralisation; meets 2017 production targets

GORO said it saw output of around 28,117 gold ounces and 1,773,263 silver ounces in 2017
Gold Resource shares higher as it expands Arista mineralisation; meets 2017 production targets
The firm met its annual gold and silver production target ranges for 2017.

Gold miner Gold Resource Corporation (NYSE:GORO) says latest drill assays have expanded its Arista mine’s Switchback vein system in Mexico to a total strike of over 900 metres (m).

That's an increase of 600m since the beginning of 2017.

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Thirteen step-out holes were sunk and highlights included 11.35 meters of 4.19 grams per tonne (g/t) gold and 114 g/t silver and 5.53% zinc.

There was also 3.16 meters of 4.43 g/t gold, 184 g/t silver and 3.48% zinc.

"It is very encouraging to see the continued expansion of this system through multiple mineralized veins, as our drill program extends multiple mineralized veins to the north-west under Switchback ridge, where the surface expression of these vein structures was first observed," said Barry Devlin, vice-president of exploration at GORO.

"Our future exploration programs will continue to target the expansion and infill drilling of this growing epithermal vein system that remains open in all directions.”

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Jason Reid, the president and chief executive of GORO, added: "At the beginning of 2017, this vein system had a defined strike length of just 300 meters. In just 12 months, this growing system’s strike length now extends to over 900 meters, an increase of 600 meters or 200%."

He said: "It is exciting to watch the Arista mine continue to grow and expand.”

On Monday this week, GORO said it saw output of around 28,117 gold ounces and 1,773,263 silver ounces for the 2017 year, which met its annual gold and silver production target ranges (with gold at the upper end).

“Our Oaxaca mining unit’s operations team delivered another year of solid production results for 2017,” Reid had said.

"In addition to achieving annual precious metal production targets, the team successfully targeted and mined base metal rich areas of the Arista mine to take advantage of multi-year high base metal prices which generated substantial additional revenue for the year. 

"The team also executed on the development of the Arista Mine’s Switchback vein system, delivering on our goal to achieve over one year of Switchback mine development prior to commissioning bulk tonnage mining techniques. With five levels now developed at Switchback, the company expects to begin first stoping operations during the first quarter of 2018.”

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Reid also noted that in 2017, in Nevada, the firm acquired the highly prospective 5,500 acre East Camp Douglas exploration property, and added a significant number of additional claims to the Isabella pearl project, which now encompasses more than 9,000 acres. 

"Our Nevada team continues to work hard pushing the Isabella Pearl Project’s permitting forward, with a goal of pouring first gold by the end of 2018 subject to receiving the requisite permits in the near future," he said.

GORO shares added 1.41% to US$5.04 after hours in New York.

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