Gold Resource Corporation (NYSEAMERICAN:GORO) is excited about a new set of drill results from the Scarlet target that could indicate a new deposit on the Isabella Pearl project’s mineralized trend.
Drilling on the Scarlet target returned intercepts, including 24.4 meters (m) just over 1 gram per ton (g/t) gold only 1.5 m from surface.
Scarlet, which is located around 400 m northwest of Isabella Pearl in Nevada, is the first of what GORO says is “many” mineralized targets on the site.
GORO has collected numerous high-grade gold surface samples and mapped a handful of structural trends on the target that are reminiscent of Isabella Pearl’s open pit, the firm told investors in a Wednesday statement.
“We are excited to see the first drill program at Scarlet return very encouraging results including 24 meters of over one-gram per tonne gold starting just one and a half meters from the surface,” Barry Devlin, GORO’s vice president of exploration said.
According to Devlin, the elevation of this Scarlet mineralization is closer in elevation to the deep high-grade in the nearby Isabella Pearl deposit, which could lead to less overburden removal than at Isabella Pearl.
In 2020, the firm plans to conduct additional drilling at the Isabella Pearl project, specifically focused on Scarlet, as well as a maiden drill program at our East Camp Douglas property, Devlin said.
Jason Reid, GORO’s CEO, called the initial results from Scarlet “very exciting” and may represent another deposit on the project’s substantial mineralized trend.
“There are numerous additional targets on this trend increasing our chances of finding several more open pit heap leach deposits like our Isabella Pearl mine,” Reid said. “We plan to be a long-term gold producer from this unique portion of the Walker Lane Mineral Belt and believe we have secured the best land packages to succeed in finding additional gold deposits at all four of our Nevada Mining Unit properties.”
Positive results from Isabella Pearl
The Colorado Springs-based firm also drilled holes within the Isabella Pearl deposit’s open pit mine to get a better sense of the oxide-sulfide boundary, which the company said returned “positive results.”
Intercepts included approximately 25 m of 18 g/t gold and 84 m of 8 g/t gold underscore the higher-grade gold GORO expects to mine and process at Isabella Pearl in the coming years, Reid told shareholders.
GORO plans to test the northwest extensions of Scarlet’s mineralization during 2020.
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