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Gold Resource Acquires Golden Mile Property in Nevada Walker Lane Mineral Belt
Tuesday 16 June 2020

US-based Gold Resource Corp. (NYSE American: GORO) has acquired the Golden Mile property located in the Bell Mining District, Mineral County, Nevada, the company said.

The 9,334 acre property contains surface and near surface high-grade gold in two established mineralized zones.

Historic third-party drill intercepts from Golden Mile include: 10.70 meters of 8.76 grams per ton gold from surface, 36.60 meters of 10.26 g/t gold from 15.20 meters downhole, and 6.10 meters of 46.53 g/t gold from 18.29 meters downhole.

Golden Mile is an advanced exploration property with district-size potential for expansion of known mineralized zones and new discoveries.

The property also adds considerably to the company's prospective exploration land package by more than 51%.

This fifth high-grade property solidifies the company's Nevada Mining Unit as controlling a dominant land position in this region of the Walker Lane Mineral Belt.

Gold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA.

The company has returned USD 114m to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

The company acquired 100% interest in the Golden Mile property from two separate business entities for total consideration of USD 650,000, consisting of USD 550,000 cash and USD 100,000 of Gold Resource Corp. shares.

The sellers retained a net smelter return royalty of 3% on future production from the property claims.

The company has the right to buy down 1% of the NSR on the claims for USD 1.5m.

The Golden Mile property covers an area of 9,334 acres consisting of 451 unpatented lode mining claims and 5 patented mining claims in central Nevada's Walker Lane Mineral Belt in Mineral county, Nevada.

Two established mineralised zones have been drilled by previous operators on the property with the larger mineralised zone located within the 5 patented claims.

The property is located approximately 23 miles east-southeast of the company's producing Isabella Pearl mine (see map) and becomes the fifth property in the company's Nevada Mining Unit.

Gold Resource Corp.'s Nevada Mining Unit now controls approximately 27,600 acres of highly prospective exploration land in south central Nevada's Walker Lane Mineral Belt.

Mineralization at Golden Mile is intrusion related gold-copper exo- and endoskarn associated with massive replacements of carbonate rocks and shear hosted gold.

Historical 1930's production records show gold along with minor copper and silver being produced from small open pits and shallow underground workings.
Date Published: 16/06/2020