DENVER – June 14, 2023 – Gold Resource Corporation (NYSE American: GORO) (the “Company”, “we”, “our” or “GRC”) is pleased to provide an update on results for the ongoing expansion and infill drill programs at the Don David Gold Mine (“DDGM”) which continue to provide evidence of adding additional higher grade resources from the north-west Arista, south-central Switchback, the Three Sisters and newly discovered Gloria vein systems.

“The 2023 drilling campaign is returning positive results and has further confirmed that the program is on the right track to deliver higher grade resources into the near- and mid-term mine plan,” stated Allen Palmiere, President and CEO for the Company.  

Listed below are highlighted drill results, including Net Smelter Return¹ (“NSR”) values; additional favorable results are available in the body and tables of this release:

Hole No. 523009: Switchback Vein System:

• 2.56 m with NSR value of $303/t @ 0.67 g/t Au, 503.59 g/t Ag, 0.71% Cu, 0.9% Pb, 1.7% Zn
  Includes:  0.71 m with NSR value of $1,078/t @ 2.41 g/t Au, 1,810 g/t Ag, 2.31% Cu, 3.24% Pb, 6.08% Zn

Hole No. 523015: Arista Vein System

• 2.95 m with NSR value of $173/t @ 1.53 g/t Au, 105.76 g/t Ag, 0.08% Cu, 0.54% Pb, 4.96% Zn
  Includes:  0.53 m with NSR value of $838/t @ 8.31 g/t Au, 498 g/t Ag, 0.02% Cu, 2.32% Pb, 23.4% Zn
• 1.73 m with NSR value of $563/t @ 16.03 g/t Au, 7.28 g/t Ag, 0% Cu, 0.09% Pb, 1.13% Zn
  Includes:  0.93 m with NSR value of $1,045/t @ 29.8 g/t Au, 12 g/t Ag, 0% Cu, 0.16% Pb, 2.09% Zn

Hole No. 523017: Switchback Vein System

• 2.18 m with NSR value of $217/t @ 4.91 g/t Au, 8.51 g/t Ag, 0.2% Cu, 0.09% Pb, 2.75% Zn
  Includes:  0.57 m with NSR value of $738/t @ 16.95 g/t Au, 25.7 g/t Ag, 0.56% Cu, 0.29% Pb, 9.3% Zn

Hole No. 523021: Switchback Vein System

• 5.85 m with NSR value of $131/t @ 0.05 g/t Au, 99.16 g/t Ag, 0.38% Cu, 1.07% Pb, 4.35% Zn
  Includes:  0.64 m with NSR value of $757/t @ 0.11 g/t Au, 539 g/t Ag, 1.75% Cu, 7.6% Pb, 26.8% Zn

¹ Net Smelter Return is a calculated value of the estimated net revenues less transportation and refining costs and other miscellaneous payables. Revenue is calculated utilizing metal price estimates of $1,650/oz gold (“Au”), $20/oz Silver (“Ag”), $3.40/pound Copper (“Cu”), $0.90/pound Lead (“Pb”) and $1.35/pound Zinc (“Zn”). For more details on the approach utilized to calculate NSR and the metal prices utilized, please refer the Exhibit 96.1, Technical Report Summary for Don David Gold Mine dated December 31, 2022) to the Company’s Quarterly Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on March 2, 2023.

Currently five underground diamond drill rigs are in operation at DDGM where a total of 61 drill holes for over 14,200 meters have been completed year-to-date in 2023.  The program continues to advance our 2023 exploration objectives of identifying and defining additional mineral resources and upgrading current inferred resources.  Results from the 2023 drilling program are pending incorporation into the upcoming 2023 resource estimate.

View of the Arista, Gloria, Three Sisters and Switchback Vein Systems (looking north-west).

Note: horizontal and vertical scales are approximations due to the perspective.

Three Sisters and Gloria Vein Systems

Expansion drilling is ongoing underground from Level 3 targeting the Three Sisters vein system, located north of and between the Arista and Switchback vein systems.  Significant mineralized intercepts continue to be drilled at Three Sisters and the system remains open to the north-west, up-dip and at depth.  Notably, several drill hole intercepts are well north of the current resource shells and the successful results here are key in continuing to guide the direction of the 2023 expansion drill program in this zone.

After detailed reinterpretation of 2022 drill data, a new vein system was discovered via the continuation of drill holes to the west beyond the Three Sisters vein system to where a new, previously unrecognized vein system, with significant base metal mineralization was intersected.  This new system (Gloria) is located west of Three Sisters and north and east of the Arista vein system.  Located along a structural weakness at the lithological contact between Tertiary volcanics and Cretaceous basement sediments, initial drill results show good potential to add new additional base metal resources from this zone.  The interplay of the Gloria vein system with the Three Sisters vein system is now a primary focus of the 2023 expansion drilling program with two diamond drill rigs on Level 3 continuing to focus on step-out and infill holes on both vein systems.

Highlights from Hole No. 523016 which intersected both the Three Sisters and Gloria vein systems are as follow:

• Hole No. 523016:
  • 3.24 m @ 3.22 g/t Au, 77.47 g/t Ag, 0.09% Cu, 0.69% Pb, 1.42% Zn (Sandy 2)
  • 2.25 m @ 0.07 g/t Au, 32.24 g/t Ag, 0.32% Cu, 0.33% Pb, 5.69% Zn (Gloria HW split)
    • Includes:  1.05 m @ 0.1 g/t Au, 47.6 g/t Ag, 0.39 % Cu, 0.48% Pb, 11.5% Zn
  • 2.44 m @ 0.07 g/t Au, 17.98 g/t Ag, 0.03% Cu, 1.84% Pb, 6.44% Zn (Gloria FW split)
    • Includes :  0.6 m @ 0.1 g/t Au, 34.3 g/t Ag, 0.04 % Cu, 2.03% Pb, 14.95% Zn

Cross Section View of the Three Sisters and Gloria Vein Systems (looking SE).

Arista Vein System

Infill and step-out drilling from Level 21 drill stations in the Arista vein system successfully intercepted a series of closely spaced veins down-dip below and along strike to the north-west of the existing Arista mine workings.  Infill drilling results during this period along the north-west extension of the Arista vein system continues to show structural continuity (along strike and at depth) and economic potential within these veins beyond areas previously modelled and outside the current resource shell.  Of important note, 1) the presence of accessible high-grade gold mineralization immediately below the current productive Level 21 of the Arista mine, and 2) evidence of the robust vertical nature of the Arista epithermal vein system with the continuation of high-grade precious metals at depth.  Select highlights from year-to-date 2023 holes in the north-west Arista vein system include:

• Hole No. 523015:
  • 2.95 m @ 1.53 g/t Au, 105.76 g/t Ag, 0.08% Cu, 0.54% Pb, 4.96% Zn (Daira)
    • Includes:  0.53 m @ 8.31 g/t Au, 498 g/t Ag, 0.02% Cu, 2.32% Pb, 23.4% Zn
  • 1.73 m @ 16.03 g/t Au, 7.28 g/t Ag, 0% Cu, 0.09% Pb, 1.13% Zn (Marena)
    • Includes:  0.93 m @ 29.8 g/t Au, 12 g/t Ag, 0% Cu, 0.16% Pb, 2.09% Zn
• Hole No. 523018:
  • 2.96 m @ 0.18 g/t Au, 109.2 g/t Ag, 0.07% Cu, 1.97% Pb, 12.28% Zn (Veta 3)
    • Includes:  0.99 m @ 0.43 g/t Au, 264 g/t Ag, 0.05% Cu, 3.14% Pb, 17.45% Zn
  • 3.41 m @ 0.03 g/t Au, 86.44 g/t Ag, 0.03% Cu, 0.33% Pb, 4.82% Zn (Chuy 2)
    • Includes:  1.14 m @ 0.05 g/t Au, 194 g/t Ag, 0.05% Cu, 0.66% Pb, 5.03% Zn
  • 5.02 m @ 0.04 g/t Au, 123.58 g/t Ag, 0.05% Cu, 0.82% Pb, 9.49% Zn (Viridiana)
    • Includes:  1.08 m @ 0.03 g/t Au, 207 g/t Ag, 0.02% Cu, 0.46% Pb, 23.00% Zn
• Hole No. 523020:
  • 5.01 m @ 0.05 g/t Au, 48.2 g/t Ag, 0.01% Cu, 0.99% Pb, 4.23% Zn (Veta 3)
    • Includes:  0.82 m @ 0.03 g/t Au, 110 g/t Ag, 0.02% Cu, 1.67% Pb, 11.65% Zn
• Hole No. 523030 :
  • 5.76 m @ 0.13 g/t Au, 170.59 g/t Ag, 0.03% Cu, 3.88% Pb, 15.88% Zn (Veta 3)
    • Includes:  1.05 m @ 0.2 g/t Au, 181 g/t Ag, 0.07% Cu, 9.2% Pb, 36.2% Zn

Plan View of the North-West Arista Vein System Including Holes Referenced Above.

Switchback Vein System

Infill and step-out drilling from Level 28 in the Switchback vein system continues to successfully confirm the continuity and strength of the South Soledad and Sagrario veins along strike to the south-east and down-dip from the current Switchback deposit resource shell.  Recent drilling continues to give strong indications there is potential to discover and expand additional polymetallic mineralization plunging steeply in a south-easterly direction on these veins.  The Sagrario and Soledad vein systems continue to show structural integrity at depth along with the continued presence of high-grade precious metals. Drilling during 2023 has also shown the continuity of mineralization in other sub-parallel veins of the central Switchback system. Select highlights from year-to-date 2023 holes from the Switchback vein system are as follows:

• Hole No. 523004:
  • 2.37 m @ 0.02 g/t Au, 233 g/t Ag, 0.06% Cu, 0.16% Pb, 0.09% Zn (Sagrario)
    • Includes:  0.66 m @ 0.05 g/t Au, 825 g/t Ag, 0.06% Cu, 0.55% Pb, 0.25% Zn
• Hole No. 523009:
  • 2.56 m @ 0.67 g/t Au, 503.59 g/t Ag, 0.71% Cu, 0.9% Pb, 1.7% Zn (Sam 2)
    • Includes:  0.71 m @ 2.41 g/t Au, 1,810 g/t Ag, 2.31% Cu, 3.24% Pb, 6.08% Zn
• Hole No. 523017:
  • 2.18 m @ 4.91 g/t Au, 8.51 g/t Ag, 0.2% Cu, 0.09% Pb, 2.75% Zn (South Soledad)
    • Includes:  0.57 m @ 16.95 g/t Au, 25.7 g/t Ag, 0.56% Cu, 0.29% Pb, 9.3% Zn
• Hole No. 523019:
  • 2.52 m @ 3.63 g/t Au, 102.7 g/t Ag, 1.3% Cu, 2.82% Pb, 7.15% Zn (Sagrario)
    • Includes:  1.26 m @ 6.99 g/t Au, 108 g/t Ag, 2.02% Cu, 5.34% Pb, 12.7% Zn
• Hole No. 523021:
  • 5.85 m @ 0.05 g/t Au, 99.16 g/t Ag, 0.38% Cu, 1.07% Pb, 4.35% Zn (Sagrario)
    • Includes:  0.64 m @ 0.11 g/t Au, 539 g/t Ag, 1.75% Cu, 7.6% Pb, 26.8% Zn
• Hole No. 523025:
  • 2.03 m @ 3.08 g/t Au, 14.98 g/t Ag, 0.29% Cu, 1.63% Pb, 4.03% Zn (South Soledad)
    • Includes:  0.76 m @ 6.68 g/t Au, 26.8 g/t Ag, 0.26% Cu, 1.41% Pb, 0.88% Zn
• Hole No. 523027:
  • 4.82 m @ 2.95 g/t Au, 45.95 g/t Ag, 1.13% Cu, 2.79% Pb, 9.28% Zn (Sagrario)
    • Includes:  0.96 m @ 8.82 g/t Au, 56.2 g/t Ag, 2.28% Cu, 7.46% Pb, 17.2% Zn
• Hole No. 523034:
  • 2.58 m @ 4.11 g/t Au, 53.85 g/t Ag, 0.8% Cu, 2.64% Pb, 5.78% Zn (Sagrario)
• Hole No. 523104:
  • 8.46 m @ 2.57 g/t Au, 236.43 g/t Ag, 0.19% Cu, 0.93% Pb, 1.71% Zn (Selene)
    • Includes:  0.98 m @ 5.13 g/t Au, 99.8 g/t Ag, 0.62% Cu, 5.68% Pb, 7.18% Zn

Plan View of South Switchback Vein System Including Holes Referenced Above.

Summary Tables of Select Year-to-Date 2023 Drill Results:

² Estimated True Width (ETW) for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETW’s and downhole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.

³ Gold equivalent (AuEq) g/t is calculated based on the gold grade plus silver grade converted to gold grade using an 82.5 ratio (determined by $1,650/ounce gold and $20/ounce silver metal prices).

About GRC:

Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the Company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for an understanding of the risk factors associated with its business.

Forward-Looking 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 of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. 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 the potential for additional mineral resources in future mine plans and plans for further exploration drilling in 2023.  All forward-looking statements in this press release are based upon information available to Gold Resource Corporation as of 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. Also, there can be no assurance that production will continue at any specific rate. Forward-looking statements are subject to risks and uncertainties, including the possibility of lower than anticipated revenue or higher than anticipated costs at the Don David Gold Mine; volatility in commodity prices; and declines in general economic conditions.  Additional risks related to the Company may be found in the periodic and current reports filed with the SEC by the Company, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which are available on the SEC’s website at www.sec.gov.

Contacts:

Kim Perry
Chief Financial Officer
[email protected]
www.goldresourcecorp.com

Original Article: https://goldresourcecorp.com/news-releases/gold-resource-corporation-provides-an-update-on-positive-year-to-date-2023-drill-results-at-the-don-david-gold-mine/