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Gold Resource Corporation Announces 2024 Drill Results

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Gold Resource Corporation Announces 2024 Drill Results

 

 

 

 

 

New Vein System With Higher Grades Adds to Future Potential

 

Gold Resource Corporation (NYSE American: GORO) is pleased to announce a summary of the 2024 exploration drill results at the Companies Don David Gold Mine in Oaxaca, Mexico.

 

“We are excited to share the positive results of our 2024 exploration drilling program that indicate that the Three Sisters and Gloria vein systems will be significant contributors to our future resource at Don David,” stated Allen Palmiere. “The discovery and definition of the system is exciting and is a testament to our team’s dedication and expertise. These new vein systems have the potential to not only add to our resource potential but to also will enhance our bottom line with improved accessibility and reduced production costs. Underground development has recently intersected the system and the sample results thus far have confirmed the previous drill results. We remain committed to developing this system into the future mine plan and further advancing our exploration efforts with the goal of maximizing shareholder value and organic growth.”

 

2024 EXPLORATION SUMMARY

 

The 2024 exploration drill program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Significant vein widths and grades identified through drilling have reinforced the emergence of the Three Sisters and Gloria systems as a major third vein system at DDGM, located between and north of the Arista and Switchback systems. The program yielded encouraging results, which were included in the updated S-K 1300 Technical Report Summary for DDGM released on March 5, 2025, further demonstrating the potential of these vein systems.

 

The Company believes that the mine has significant potential to generate positive cash flow from the new areas of Three Sisters and Gloria, as well as other areas that have been discovered near the existing mining zones. These new vein systems offer easily accessible resources, situated close to the current mine portal and at significantly higher elevations than current production areas. The location of these vein systems should result in reduced haulage costs and reduced total production costs. In order to develop access and better define these new areas, an investment must be made in additional equipment and development.

 

2024 Drill Results: The exploration program included 23 underground infill and expansion drill holes, totaling 7,671 meters of diamond drilling at DDGM. Notable high-grade intersections were identified, advancing our exploration objectives by confirming the continuity and quality of polymetallic mineralization up-dip and along strike. The program confirmed and upgraded mineral resources from previous drilling campaigns within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. The Company expects to conduct additional exploration development in 2025 to enable further infill and expansion drilling to the northwest of the current defined vein extents in the Three Sisters/Gloria zone.

 

Below are select 2024 exploration infill drill results, including Gold Equivalent1 and Net Smelter Return2 values from the Three Sisters and Gloria vein systems. All drill hole length composites are presented as Estimated True Widths3 in meters.

 

  • Hole No. 524001: Sandy 1 vein
    • 6.85 m with 3.40 g/t AuEq and NSR value of $242/t
      • Includes: 2.07 m with 6.71 g/t AuEq and NSR value of $476/t
  • Hole No. 524005: Sandy 2 vein
    • 4.70 m with 15.53 g/t AuEq and NSR value of $966/t
      • Includes: 2.01 m with 21.08 g/t AuEq and NSR value of $1,298/t
  • Hole No. 524005: Gloria vein
    • 3.00 m with 7.67 g/t AuEq and NSR value of $535/t
      • Includes: 1.22 m with 16.47 g/t AuEq and NSR value of $1,142/t
  • Hole No. 524008: Gloria vein
    • 12.30 m with 4.77 g/t AuEq and NSR value of $348/t
      • Includes: 3.71 m with 6.17 g/t AuEq and NSR value of $487/t
  • Hole No. 524011: Sandy 1 vein
    • 8.03 m with 1.04 g/t AuEq and NSR value of $152/t
      • Includes: 4.58 m with 1.35 g/t AuEq and NSR value of $199/t
  • Hole No. 524011: Sandy 2 vein
    • 3.89 m with 6.22 g/t AuEq and NSR value of $435/t
      • Includes: 3.13 m with 9.20 g/t AuEq and NSR value of $632/t
  • Hole No. 524015: Sadie 2 vein
    • 6.00 m with 5.53 g/t AuEq and NSR value of $405/t
      • Includes: 3.14 m with 9.70 g/t AuEq and NSR value of $691/t
  • Hole No. 524027: Sadie 2 vein
    • 4.48 m with 16.65 g/t AuEq and NSR value of $1,073/t
      • Includes: 1.01 m with 36.10 g/t AuEq and NSR value of $2,314/t
  • Hole No. 524031: Sandy 2 vein
    • 8.72 m with 5.03 g/t AuEq and NSR value of $347/t
      • Includes: 1.39 m with 25.09 g/t AuEq and NSR value of $1,667/t
  • Hole No. 524042: Sadie 2 vein
    • 5.33 m with 10.26 g/t AuEq and NSR value of $666/t
      • Includes: 1.98 m with 13.77 g/t AuEq and NSR value of $893/t
__________________________
1 Gold Equivalent (“AuEq”) g/t is calculated using only gold and silver grades using an Au:Ag ratio of 89:11 and metal prices of y $2,760/oz gold and $31oz silver.
2 Net Smelter Return (“NSR”) is a calculated value of the estimated net revenues per tonne less transportation and refining costs and other miscellaneous payables. The NSR values calculated utilize metal price estimates of $2,760/oz gold, $31/oz silver, $4.15/lb copper, $0.89/lb lead and $1.31/lb zinc.
3 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. 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.

 

 

Three Sisters and Gloria Vein Systems

 

Initial drill intercepts into what is now referred to as the Three Sisters vein system were made in 2017 from underground drill stations in the Arista vein system while targeting northern extensions of veins in the Switchback system. Significant progress in defining this third vein system at DDGM occurred in 2022 and 2023, thanks to targeted underground exploration drilling guided by geologic re-interpretation. In 2024, the geologic model for the Three Sisters and Gloria vein systems was refined and improved using all available underground drill data in preparation for the 2024 year-end resource update.

 

The Three Sisters and Gloria vein systems remain open to the northwest, up-dip and at depth. Positive results to date have guided the direction of both infill and expansion (step-out) drill programs at DDGM.

 

Mine Development – Three Sisters

 

In December 2024, DDGM commenced drift development to access the Three Sisters vein system. The development on Level 4 has successfully intersected the Sandy 1 and Sandy 2 veins, revealing widths of up to 7.5 meters within a complex of colloform banded, hydrothermal breccia quartz veins. Detailed production channel sampling of these veins has confirmed high-grade results, with individual samples returning up to 44.23 AuEq and $2,780/t NSR4.

 

__________________________
4 Individual production channel sample of 0.8 m width. Assays by Corporacion Quimica Platinum S.A. de C.V., Guanajuato, Mexico, an independent laboratory accredited by the Mexican Accreditation Entity, A.C. (Entidad Mexicana de Acreditacion, A.C. (EMA)).

 

 

Life of Mine Plan

 

The 2024 year-end estimates of Mineral Reserves and Mineral Resources included in the report are the base of DDGM’s Life of Mine (“LOM”) plan. Conceptual stopes were created using Deswik Stope Optimizer software, applying a $120/t NSR cut-off grade. These stopes were then integrated into mine designs and schedules within Deswik to obtain the updated LOM plan. All stopes were evaluated for economic viability, with non-viable stopes excluded from the plan.

 

As of year-end 2024, measured and indicated Mineral Resources have a conversion rate of 88% to the LOM plan while inferred Mineral Resources have a conversion rate of 74%, resulting in a total average conversion rate of 80% of estimated Mineral Reserves and Mineral Resources.

 

Compared to the 2023 LOM plan, the 2024 LOM plan reflects a 10% increase in estimated Mineral Resources, primarily driven by a 307% increase of Mineral Resources in the Three Sisters area. Conversely, the Arista and Switchback areas show a decrease in Mineral Resources due to depletion. Additionally, some of the observed increase can be attributed to higher metal prices used in the NSR calculations.

 

 

  Total Resource in LOM  
  Category YE 2024

Tonnes

 Conversion Rate

%

  
  Measured & Indicated 1,322,000 88  
  Inferred 1,838,000 74  
  TOTAL 3,160,000 80  
Measured and Indicated Resource in LOM
Zone YE 2023

Tonnes

 YE 2024

Tonnes

 Difference
Tonnes %
Arista 505,356 421,770 (83,586) -17
Switchback 500,260 218,770 (281,722) -56
Three Sisters 57,890 526,152 468,262 809
TOTAL 1,063,506 1,166,460 102,954 10

 

Inferred Resource in LOM
Zone YE 2023

Tonnes

 YE 2024

Tonnes

 Difference
Tonnes %
Arista 297,180 414,054 116,874 39
Switchback 219,069 285,658 66,589 30
Three Sisters 234,014 662,749 428,735 183
TOTAL 750,263 1,362,461 612,198 82
All Resource in LOM
Zone YE 2023

Tonnes

 YE 2024

Tonnes

 Difference
Tonnes %
Arista 802,536 835,824 33,288 4
Switchback 719,329 504,196 (215,133) -30
Three Sisters 291,904 1,188,901 896,997 307
TOTAL 1,813,769 2,528,921 715,152 39

 

 

NI43-101 Technical Report for Don David Gold Mine filed on SEDAR+

 

As per Canadian securities laws, the Company is pleased to announce that following the release of the Report, the Company has filed a corresponding National Instrument 43-101 Technical Report for DDGM (the “43-101 Report”). The qualified persons for purposes of the 43-101 Report are the same individuals named in the Company’s March 5, 2025 news release who prepared the S-K 1300 Technical Report. The 43-101 Report is available for review on SEDAR+ at www.sedar.com

 

 

Select 2024 Infill and Expansion Drill Results5 – Three Sisters, Goria and North Arista Vein Systems
 
HOLE VEIN FROM TO INTERVAL ETW* AU AG AuEq CU PB ZN NSR
ID (m) (m) (m) (m) ( g/t ) ( g/t ) (g/t) ( % ) ( % ) ( % ) ($/t)
524001 Sadie 2 291.55 294.22 2.67 2.63 1.47 60 2.14 0.06 0.18 0.43 130
  Incl. 293.00 294.22 1.22 1.20 2.68 76 3.53 0.12 0.36 0.86 215
524001 Sandy 1 298.87 305.82 6.95 6.85 1.51 168 3.40 0.17 0.97 2.01 242
  Incl. 303.72 305.82 2.10 2.07 2.41 383 6.71 0.38 1.69 3.39 476
524005 Sandy 2 338.57 343.54 4.97 4.70 14.13 125 15.53 0.32 2.83 7.13 966
  Incl. 338.57 340.69 2.12 2.01 18.55 226 21.08 0.40 3.77 8.15 1,298
524005 Sasha 2 351.61 355.82 4.21 3.65 2.22 31 2.56 0.12 0.98 2.70 187
  Incl. 352.79 355.12 2.33 2.02 3.32 35 3.71 0.15 1.30 3.85 267
524005 Gloria 365.78 369.70 3.92 3.00 0.86 607 7.67 0.38 1.09 2.42 535
  Incl. 365.78 367.37 1.59 1.22 1.79 1309 16.47 0.72 2.30 5.06 1,142
524008 Sandy 2 287.44 295.48 8.04 3.35 1.85 155 3.59 0.03 0.09 0.23 213
  Incl. 292.24 294.75 2.51 1.04 5.14 245 7.89 0.04 0.15 0.31 453
524008 Gloria 317.73 330.07 12.34 12.30 3.97 71 4.77 0.29 2.27 4.15 348
  Incl. 322.47 326.19 3.72 3.71 5.16 90 6.17 0.25 5.09 6.85 487
524008 Splay Gloria 385.65 391.78 6.13 2.59 1.55 30 1.89 0.22 0.83 3.68 166
  Incl. 387.63 389.40 1.77 0.75 3.44 36 3.84 0.24 0.59 2.76 257
524011 Sandy 1 335.62 346.10 10.48 8.03 0.60 40 1.04 0.17 2.35 4.93 152
  Incl. 338.93 344.91 5.98 4.58 0.83 47 1.35 0.19 3.14 6.60 199
524011 Sandy 2 347.16 353.38 6.22 3.89 5.86 33 6.22 0.24 1.62 6.18 435
  Incl. 349.44 353.38 3.94 3.13 8.72 42 9.20 0.32 2.36 8.51 632
524011 Sasha 2 357.83 361.67 3.84 3.24 1.67 32 2.02 0.16 1.34 3.47 174
  Incl. 360.08 361.67 1.59 1.34 2.97 50 3.53 0.19 2.40 6.04 299
524015 Sadie 2 324.72 331.64 6.92 6.00 1.36 372 5.53 0.60 1.06 2.63 405
  Incl. 325.88 329.50 3.62 3.14 2.10 677 9.70 0.87 1.54 3.73 691
524022 Sandy 1 241.28 245.85 4.57 2.94 0.73 257 3.61 0.15 0.44 1.05 245
  Incl. 242.33 243.50 1.17 0.75 0.54 321 4.14 0.17 0.56 1.38 287
524022 Sandy 2 255.72 259.58 3.86 2.48 0.61 233 3.23 0.15 0.51 1.18 224
  Incl. 258.61 259.58 0.97 0.62 1.28 362 5.34 0.13 0.74 1.78 360
524024 Gloria 248.86 254.31 5.45 3.86 1.48 39 1.92 0.44 2.64 9.89 272
  Incl. 250.27 253.00 2.73 1.93 2.10 35 2.49 0.44 3.31 14.66 366
524027 Sadie FW 142.61 146.00 3.39 2.60 0.26 364 4.35 0.01 0.05 0.13 276
  Incl. 145.41 146.00 0.59 0.45 0.21 769 8.84 0.01 0.15 0.27 564
524027 Sadie 2 261.99 267.16 5.17 4.48 2.08 1299 16.65 0.32 0.63 1.53 1,073
  Incl. 266.00 267.16 1.16 1.01 3.01 2950 36.10 0.81 0.44 1.44 2,314
524027 Sandy 1 270.22 272.87 2.65 2.29 0.85 435 5.73 0.23 0.33 0.84 378
  Incl. 271.15 272.25 1.10 0.95 1.34 793 10.24 0.45 0.64 1.69 681
524029 Sadie HW 217.00 219.75 2.75 2.25 0.61 310 4.09 0.04 0.09 0.25 259
  Incl. 218.11 219.75 1.64 1.34 0.89 438 5.80 0.05 0.14 0.36 367
524029 Sadie 2 295.68 297.92 2.24 1.93 0.21 363 4.28 0.01 0.11 0.37 275
  Incl. 297.10 297.92 0.82 0.71 0.56 963 11.36 0.03 0.29 0.92 730
524031 Sandy 2 302.92 315.17 12.25 8.72 1.69 298 5.03 0.24 0.96 2.08 347
  Incl. 302.92 304.73 1.81 1.39 4.80 1809 25.09 0.55 3.32 5.53 1,667
524033 Splay Gloria 295.29 302.06 6.77 4.35 0.45 42 0.91 1.18 1.37 2.97 153
  Incl. 297.90 300.16 2.26 1.45 0.26 50 0.82 1.70 1.81 3.21 178
524034 Splay Gloria FW 459.64 466.03 6.39 5.53 0.19 28 0.50 0.12 0.85 5.65 112
  Incl. 459.64 461.76 2.12 1.83 0.47 37 0.88 0.23 1.63 7.44 168
524037 Sandy 1 334.70 336.93 2.23 1.83 1.07 288 4.29 0.05 0.08 0.12 266
  Incl. 334.70 335.67 0.97 0.80 2.26 504 7.91 0.02 0.07 0.15 481
524037 Sandy 2 339.75 342.91 3.16 2.24 0.57 461 5.74 0.06 0.14 0.30 365
  Incl. 340.96 342.91 1.95 1.38 0.89 733 9.12 0.06 0.19 0.40 578
524042 Sadie HW 296.60 300.42 3.82 2.93 1.30 127 2.72 0.03 0.08 0.14 163
  Incl. 297.24 298.31 1.07 0.82 2.41 144 4.03 0.02 0.09 0.16 234
524042 Sadie 2 301.48 309.06 7.58 5.33 1.89 746 10.26 0.21 0.78 1.46 666
  Incl. 306.25 309.06 2.81 1.98 1.98 1051 13.77 0.26 1.16 1.37 893
524046 Splay 31 253.08 258.40 5.32 2.66 1.54 116 2.84 0.30 11.33 12.69 456
  Incl. 256.19 257.94 1.75 0.88 1.63 225 4.15 0.22 27.84 17.48 780
524048 Marena North 122.71 125.26 2.55 2.51 0.52 56 1.15 0.25 2.45 3.65 149
  Incl. 124.31 125.26 0.95 0.94 1.29 133 2.78 0.30 6.36 9.16 356
524054 Marena North 118.02 120.94 2.92 2.24 0.43 38 0.86 0.21 2.34 2.83 119
  Incl. 118.02 119.21 1.19 0.91 0.99 83 1.92 0.29 5.59 5.80 256
524055 Splay 31 248.06 252.00 3.94 3.02 0.27 52 0.86 0.10 0.78 11.68 203
  Incl. 250.78 252.00 1.22 0.94 0.43 104 1.60 0.09 1.69 17.75 331
___________________________  
5 Assays by ALS, Vancouver, BC Canada. The Company conducts a significant QA/QC program which includes the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels.  

 

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.

 

Cross-section looking northwest at the North Arista, Three Sisters and Switchback vein systems with 2024 drill holes.

 

Plan view of Level 4 development with intersection of Sandy veins, Three Sisters vein system.

 

View of the Arista, Switchback and Three Sisters LOM stopes (blue) – looking northwest.

 

Posted April 4, 2025
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