Gold Resource Corporation
NYSE MKT: GORO
Low-Cost Producer
Growth Profile
Dividend: Cash, Gold, Silver
WWW.GOLDRESOURCECORP.COM
May 9, 2017
FORWARD LOOKING STATEMENTS
This presentation is to be read in conjunction with the most current 10K
available at the Securities & Exchange Commission website www.sec.gov. or
www.Goldresourcecorp.com
This brochure contains statements that plan for or anticipate the future.
Forward-looking statements include statements about the Company's ability
to develop and produce gold or other precious metals, statements about our
future business plans and strategies, statements about future revenue and
the receipt of working capital, and most other statements that are not
historical in nature. Forward-looking statements are often identified by
words such as "anticipate," "plan," "believe," "expect," "estimate," and the
like. Because forward-looking statements involve future risks and
uncertainties, there are factors that could cause actual results to differ
materially from those expressed or implied, including those described in our
filings with the SEC. Prospective investors are urged not to put undue
reliance on these forward-looking statements.
2
INDUSTRY TRANSFORMATION
Investor Demands Are Changing the Mining Industry
 Dismissing the Concept of “Growth for Growth’s Sake”
 Changing to a Return on Capital Investment Standard
 Changing allocations of Cash Flow to include Dividends
Gold Resource Corporation
Welcomes The Change
3
M AXIMIZING SHAREHOLDER VALUE
Shareholder Focused Precious Metal Producer
 Delivering a growth profile of low cost, high margin production
 Six consecutive years of profitability (2011-2016)
 Demanding high returns on owner invested capital
 Distributing meaningful monthly dividends to maximize total
return to owners
Aguila mill, Oaxaca Mexico
4
CORPORATE STRUCTURE
Conservative Corporate Structure
 Only 57.1 million shares outstanding as a producer
 Last capital raise August 2010, +6 years organic growth
 Zero debt
“GRC Eagles” 1 oz .999 fine rounds
5
GROWTH & INCOME EQUITY
 Growth Equity
• ~25 million MC to ~$200 million MC growth (since 2006)
 Income Equity
• Consecutive monthly dividends (since July 2010)
• Currently $0.02 per share/year
• 2006 IPO @ $1.00/share
• $109+ million in dividends returned to shareholders
6
COMMITTED TO GOLD & S ILVER
 Diversified treasury with physical gold & silver
• ~$3.7 million of gold and silver bullion
 Providing dividend option: cash, gold, silver
• Cash: Currently $0.02 / share annually
• Gold and Silver option: one ounce .999 fine
“GRC Eagles” rounds (shown below)
“GRC Eagles” 1 oz .999 fine rounds
7
RETURN ON CAPITAL METRIC
Return on Starting Capital (1 year payback target)
 Company operating philosophy established one year return on
capital metric
 Generate Mine Gross Profit in initial 12 months of commercial
production to pay back capital necessary to achieve first production
 El Aguila Project generated $36 million Mine Gross Profit in first 12
months on starting capital of $34 million (see Co’s Q2 10Q 2011 filing for details)
8
T WO MINING UNITS
Nevada Mining Unit
Development & Exploration
Stage
Oaxaca Mining Unit
Production, Development
& Exploration Stage
 Focused on the Americas
 Mining friendly jurisdictions
 High-grade gold & silver potential
9
OAXACA MINING UNIT
 Mining friendly jurisdiction
 6 Potential high-grade Gold &
Silver Properties
• 684 square kilometers
 55 kilometer mineralized
structural corridor
 2 operating mines
• Aguila Project;
Arista underground mine
• Alta Gracia Project;
Mirador underground mine
Property /
Project
Interest
Exploration
Development
Production
El Aguila
100%



Alta Gracia
100%



Las Margaritas
100%

El Chamizo
100%

El Fuego
100%

El Rey
100%

10
OAXACA MINING UNIT
PRODUCTION PROFILE
2017 TARGET: 27,500 Gold (Au) Ounces, 1,850,000 Silver (Ag) Ounces*
Gold oz’s
40000
29.6KozAu
27.6KozAu
27.5KozAu
30000
20000
10000
Q1 6,747 Au ounces
0
Silver oz’s
2015
3000000
2.50MozAg
2016
2017
1.86MozAg
1.85MozAg
2500000
2000000
1500000
1000000
500000
Q1 428K Ag ounces
0
2015
2016
2017
*2017 Annual Production Target Range = +/-5%
Mill capacity as built = ~1,500 T/D or ~525K T/YR. 2016 run rate; 1295 tonnes / day
11
PRODUCTION COSTS
*Precious Metal
(AuEq) Total Cash
Cost /oz
800
600
400
200
0
73:1 Au,Ag
•
$707**
$548*
2016
Industry Avg
Precious metal gold equivalent (AuEq) total cash cost/oz
production including 5% royalties using industry standard
base metal by-product credits of: Cu, Pb, Zn. Total Cash Cost as
defined by The Gold Institute
** Thomson Reuters GFMS’s Gold Survey 2015
All-In Sustaining Cost Per AuEq Oz Sold ***
AISC Per AuEq*
Ounce Sold
Gold Institute Total Cash Cost/Ounce
1200
900
$970
$1,208**
600
300
0
73:1 Au,Ag
2016
Industry Avg
***All-in Sustaining cost is a non-GAAP measure. The Company
calculates all-in sustaining costs as defined by the World Gold Council
guidance - June 2013. This non-GAAP measure is intended to
provide further transparency into the costs associated with producing
gold.
 2016 Total Cash Cost AuEq* $548 per oz
12
BY-PRODUCT CREDITS
tonnes
15000
2016 Base Metal By-Product Credits
10000
5000
0
Base Metal
Zinc
2016 Tonnes
Lead
Copper
By-Product Credit Per Ounce
2016
By-Product credit by $ value
2016
Copper
1,035
$
95
$ 4,619,000
Lead
4,049
$ 151
$ 7,352,000
Zinc
14,302
$ 531
$ 25,856,000
$ 777
$ 37,827,000
Total Credit Per AuEq* Ounce Sold
*AuEq= Precious Metal Gold Equivalent
13
PROFITABILITY
Financial Performance
U.S. $ M
2015
2016
Q1 2017
Sales
93
84
25
Mine Gross Profit
30
22
10
EBITDA
10
9
7
Operating Income
13
9
8
Net Income
3
4
4
EPS (US$/ share)
0.06
0.08
0.08
Dividend
6.5
1.7
0.3
DPS (US$/ share)
0.12
0.02
0.005
Retained Earnings
(1)
2
6
Exploration
7
4
0.8
Cash
13
14
17
Mine Gross Profit: sales – cost of sales
EBITDA: Earnings before income tax, depreciation, amortization
“DPS” = Dividend per share
 6 Consecutive Profitable Years
• 4 of which during progressively
worse bear markets
2016 Revenue Distribution
Gold
Silver
~32%
~29.6%
Copper
Lead
Zinc
~26%
~5%
~7.4%
14
GROWTH; AGUILA MILL
 Flexible mill design
• 2 production circuits
 Flotation Circuit
• Expanded in 2013
• Nominal ~1,500 tonnes /day
• 2016, 1,295 tonnes / day
 Agitated leach circuit
• Nominal ~300 tonnes /day
• First mill feed from Alta Gracia
Q1 2017
15
AGUILA PROJECT; ARISTA DEPOSIT
*Reserve Report Summary in appendix
Santiago Vein
~600 meters
 Epithermal vein system
• Intermediate sulfidation
 High-grade gold, silver deposit
(polymetallic)
• Base metals; Cu, Pb, Zn
 Proven & Probable Reserves*
• 1,891,500 tonnes @
• 2.75 g/t Au, 165 g/t Ag
• 5.07 g/t AuEq
• 308,500 oz AuEq
• 167,300 oz Au
• 10,009,300 oz Ag
 Large system, en echelon veins
Splay 05
Baja Vein
Arista Vein
16
ARISTA MINE; PLAN VIEW
Switchback Vein System
Arista Vein System
Arista Mine
Plan View
-Mineralized
veins
-Past drill holes
-Fault
-Vein
-Mine
development
17
SWITCHBACK VEIN SYSTEM
HIGH-GRADE GOLD
[email protected]/tAu,
462g/tAg
Switchback [email protected]/tAu,
System
191g/tAg
[email protected]/tAu,
669g/tAg
[email protected]/tAu,
71g/tAg
[email protected]/tAu,
212g/tAg
[email protected]/tAu,
114g/tAg
Arista Vein [email protected]/tAu,
[email protected]/tAu,
147g/tAg
Arista Mine
Plan View
618 g/tAg
[email protected]/tAu,
153g/tAg
[email protected]/tAu,
75g/tAg
[email protected]/tAu,
151g/tAg
-Mineralized
veins
-Past drill holes
-Fault
-Vein
-Mine
development
-Meters down m
hole
18
SWITCHBACK VEIN SYSTEM
+275 METER STEPOUT DRILLHOLE
Hole# 516150
[email protected]/tAu
[email protected]/tAu
Hole# 516148
Switchback
Vein System
[email protected]/tAu,
207g/tAg
[email protected]/tAu,
117g/tAg
Arista Vein System
Hole# 516147
+275 meter
Step-out
Arista Mine
Plan View
-Mineralized
veins
-Step-out hole
-Previous holes
-Fault
-Vein
-Vein projection
-Mine
development
-Meters down m
hole
19
L ARGE EPITHERMAL SYSTEM
Back/ceiling view
20
ALTA GRACIA PROJECT;
MIRADOR MINE
 Q2 2017 production
 Access mineral via historic mine workings
 Initial 100-200 tonnes per day targeted
 Truck ore to Aguila mill for processing
Initial mineral access
from existing workings
Alta Gracia
21
OAXACA MINING UNIT;
E XPLORATION
 6 properties
• 684 square kilometers
 55 kilometer mineralized
structural corridor
 High-grade gold and silver
• Epithermal deposits
• Intermediate
polymetallic
• Skarn potential
*1m @
132 g/t Au
*4.01m@
2.52 g/t Au
595 g/t Ag
*2.85m@
27.0 g/t Au
2600 g/t Ag
*15.22m @
3.18 g/t Au
292 g t Ag
0.87 % Cu
1.56 % Pb
4.26 % Zn
+55 km mineralized structural corridor
*Drill results include
22
NEVADA MINING UNIT;
DEVELOPMENT STAGE
 Mining friendly jurisdiction, Nevada USA
 Located in “Walker Lane” historic
gold mining district
 Four high-grade gold properties
 Potential open pit heap leach operations
Property
Interest
Exploration
Development
Production
Isabella Pearl
100%


H1 2018**
Mina Gold
100%

Gold Mesa
Option*

100%

East Camp Douglas
*Option to own 100% of property
**Targeted production by first half 2018 dependent on permit timing, funding and construction
23
23
HISTORIC MINING AREA;
WALKER L ANE MINERAL BELT
NEVADA
Bruner
Rawhide Mine
1.6 Moz.Au
17.5 Moz.Ag
Canamex drill results:
[email protected]/t Au
Mineral
County
Paradise Peak Mine
2.6 Moz.Au
43 Moz.Ag
ISABELLA PEARL
Calvada 2 Mine
0.5 Moz.Au
1 Moz.Ag
Santa Fe Mine
0.35 Moz.Au
Round Mountain Mine
10 Moz.Au
MINA GOLD
GOLD MESA
EAST CAMP DOUGLAS
GRC Property locations
Current/Historic Mines
Other Company Projects
Structural Interpretation 24
24
24
NEVADA MINING UNIT
Isabella Pearl
191,000 oz Au P&P
2.18 g/t Au avg
Hawthorne
Synergistic Mining Unit Approach:
 Close property proximities
 Equipment, facility & management sharing
 Cash flow from Isabella Pearl to finance
additional projects
 Lower CAPEX and operational costs
 Lower future shareholder dilution
 Excellent access to infrastructure:
power, water, roads
P&P = Third party Proven and Probable Reserves
*= Third party mineralized material estimate
g/t = grams per tonne, Au = gold, m = meters
CAPEX = capital expenditure
Mina Gold
+1.6M tonnes @
1.88 g/t Au avg*
N
Gold Mesa
Drill highlights
include; 15.24m @
6.27 g/t Au starting
9m downhole
East Camp Douglas
Drill highlights include;
23.86m @ 1.99 g/t Au from surface
9.10m @ 1.00 g/t Au from surface
GRC Property locations
25
25
NEVADA MINING UNIT;
ISABELLA PEARL PROJECT
 Near term gold production
 Potential 100% increase to Company gold production
Isabella
Pearl
26
NEVADA MINING UNIT;
ISABELLA PEARL PROJECT
 Targeted production decision ASAP*
 Targeted production ranges**
• 20,000 to 30,000 oz Au Yr 1
• 30,000 to 40,000 oz Au Yrs 2-3+
 Low estimated CAPEX**
• Open pit heap leach project
• ~$25-$30M initial estimate
 Advanced stage permits include:
• Environmental Assessment draft,
Plan of Operations, Water
Pollution Control Permit, Water
rights secured
* Subject to final engineering, permits and funding
**initial estimations based on modifications to third party studies
CAPEX = Capital Expenditure, oz = ounce.
Isabella
Pearl
27
27
NEVADA MINING UNIT;
ISABELLA PEARL GOLD PROJECT
1 g/t Au avg, surface outcrop
 Two adjacent high-grade potential pits*
• 2,733,550 tonnes @ 2.18 g/t Au avg Isabella
• 191,400 Au ounces
• Isabella pit avg @ 1 g/t Au
• Pearl pit avg @ 3.7 g/t Au
• Pearl pit core @ ~5 g/t Au
 Open pit heap leach potential
 Metallurgy**
3.7 g/t Au avg, ~5 g/t Au core
• +80% crushed rock recovery
• Conventional heap leaching
Pearl
 Exploration upside
• Expansion of mineralization
• Additional exploration targets
along structural trend
* Third party Proven & Probable Reserve Report
**Testing by McClelland Laboratories Inc., Sparks, Nevada
28
NEVADA MINING UNIT;
MINA GOLD
 High-grade gold*
• 1,606,000 tonnes @ 1.88 g/t Au*
 Open pit heap leach potential
 Metallurgy**
• 70% - 80% recovery
• Particle agglomeration heap leach
 Patented claims
• Covering known mineralization
 Upside potential
• Expansion of mineralization
• Additional exploration targets
*Third party (Glamis Gold Inc. Reno, Nevada) internal estimate, non SEC compliant mineralized material
**Testing by Legend Metallurgical Lab Inc., Reno, Nevada
29
NEVADA MINING UNIT;
GOLD MESA
 High-grade gold open pit potential
 Near surface mineralization includes:
•
•
•
•
•
•
•
•
•
15.2 m @ 6.27 g/t Au 9 meters down hole
33.5 m @ 1.89 g/t Au
12.2 m @ 3.34 g/t Au starting at surface
9.1 m @ 2.42 g/t Au
4.6 m @ 2.02 g/t Au
3.1 m @ 4.86 g/t Au starting at surface
3.1 m @ 2.64 g/t Au
9.1 m @ 1.16 g/t Au
6.1 m @ 1.10 g/t Au starting at surface
 Drill programs underway
 Continued drill success eyes future
production decision
30
NEVADA MINING UNIT;
EAST CAMP DOUGLAS
 High-grade gold open pit potential
 Large district scale property
 Drill highlights* include:
•
•
•
•
•
•
•
•
•
•
•
•
23.86 m @ 1.99 g/t Au starting at surface
9.10 m @ 1.00 g/t Au starting at surface
22.86 m @ 13.55 g/t Au 4.6 meters downhole
18.29 m @ 2.42 g/t Au
13.72 m @ 2.88 g/t Au 13 meters downhole
15.24 m @ 1.25 g/t Au 47 meters downhole
18.80 m @ 1.91 g/t Au
27.40 m @ 1.62 g/t Au
7.62 m @ 2.86 g/t Au 3 meters downhole
6.10 m @ 2.00 g/t Au
4.57 m @ 4.39 g/t Au
4.57 m @ 1.39 g/t Au
*Third party drill results / various exploration companies
31
29
31
NEVADA MINING UNIT;
EAST CAMP DOUGLAS
 3905 surface samples* show widespread gold at surface




5,300 acres
277 unpatented claims
12 patented claims
200 acres of fee land
Rock Samples g/t Au
*Third party results / various exploration companies
29
32
NEVADA MINING UNIT;
EAST CAMP DOUGLAS
 Drill intercepts* (g/t Au) include
33
29
*Third party drill results / various exploration companies
S AFETY & HEALTH FOCUS
Labor Environment
Safety Commissions
First Aid
Protections
Recycle
Fire Brigade
34
OAXACA MINING UNIT;
TRES PALMAS MINE CAMP
Green construction saved over 2 million plastic bottles from
the landfill as recycled plastic “block walls”.
35
CORPORATE CITIZENSHIP
Plant Nursery/Reforestation
Health Clinic
Dental Clinic
Town Infrastructure
Sustainable Development
Commitment to Hire Locally
Student Scholarships
36
2016 SOCIAL / CORPORATE LICENSE
Company awarded Mexico’s “ESR” seal
for 2016 acknowledging:
 Socially responsible company
 Positive social, environmental &
economic impact
 Positive culture and business strategy
 Employees, clients & business
partners know Company has met ESR
standards
37
DIVIDENDS
A S HAREHOLDER FOCUSED PHILOSOPHY
Income Equity
Consecutive Monthly Dividends
 2011 dividends = US$26.5m
+US$109M returned to shareholders
40
 2012 dividends = US$36.5m
 2015 dividends = US$6.5m
 2016 dividends = US$1.7m
 2017 Current US$0.02/share/yr
Our philosophy: return as much in dividends
to the shareholders when possible, while
balancing the growth needs of the Company
MILLIONS USD / YEAR
 2014 dividends = US$6.5m
6 cents/share/month
 2013 dividends = US$25.5m
35
30
25
20
15
10
5
0
2011
2012
2013
2014
2015
2016
Dividends may vary in amount and consistency or be
discontinued at management’s discretion depending on
variables including but not limited to operational cash
flows, Company development requirements, strategies,
construction, spot gold and silver prices, taxation, general
market conditions and other factors described in the
Company’s public filings.
38
DIVIDEND PER OUNCE
PRODUCTION OUNCES TO GENERATE
EACH $0.01 OF ANNUAL DIVIDEND*
690,000
700000
600000
500000
400000
300000
200000
100000
n/a
Dividend suspended
Production Ounces/$0.01 Dividend
800000
392,000
423,000
359,000
52,000
24,362
0
Kinross Newmont Barrick
Yamana Goldcorp Agnico
GORO
Source: Based on each company’s Annual Filings and Bloomberg. GRC targets, performance not guaranteed, see Risk Factors in Company’s 10K.
*Current $0.02/year GORO dividend using all companies 2016 annual production totals
39
A TIGHT CAPITAL STRUCTURE
Shareholders and Analyst Coverage
Present Capitalization
Shares Outstanding
Treasury Shares
Options Outstanding
Restricted Stock Units (RSU’s)
Warrants Outstanding
Shares Fully Diluted
Debt
Hedging
Bullion: (1,643 oz Au; 90,898 oz Ag)
Net Cash (3-31-17)
Market Cap (US$3.50/share)
Average Daily Volume (3m as of 05-8-17)
GORO
57,176,221
(336,398)
6,097,001
162,064
0
63,098,888
0
0
~US$3.7m
US$17m
US$200m
+950,000
Substantial Shareholders
Management
Van Eck (GDXJ)
BlackRock Fund Advisors
Vanguard
Renaissance Technologies
SSqA Funds Management
~ 8%
~13%
~ 5%
~ 4%
~ 3%
~ 1%
Analyst Coverage - none
Company’s limited use of investment bankers is not
conducive for analyst coverage
GLD/GOLD PRICE
40
A COMPREHENSIVE
GOLD INVESTMENT
Cash /
Return on Capital
Growth Curve
Dividends
Gold & Silver
Dividend
Adding
Ounces
Exploration
Upside
Physical
Treasury
Low Cost
Producer
41
(GRC targets, performance not guaranteed, see Risk Factors in Company’s 10K)
CONCLUSION
Shareholder Focused Precious Metal Producer
 Delivering a growth profile of low cost, high margin
production
 Demanding high returns on owner invested capital
 Distributing meaningful monthly dividends to maximize
total return to owners
“GRC Eagles” 1 oz .999 fine rounds
42
CORPORATE HEADQUARTERS
Gold Resource Corporation
2886 Carriage Manor Point
Colorado Springs, CO. 80906 USA
Office: (303) 320-7708
Fax: (303) 320-7835
Email: [email protected]
Website: www.goldresourcecorp.com
43
APPENDIX
 Reserve Summary
45
 Mineralized Material Summary
46
 Switchback Drill Highlights
47
43
OAXACA MINING UNIT
PROVEN & PROBABLE RESERVE SUMMARY
December 31, 2016 Oaxaca Mining Unit Proven & Probable Reserve Summary
Description
Tonnes
Au
g/t
Ag
g/t
AuEq
g/t
Au
oz
Ag
oz
AuEq
oz
Cu
%
Pb
%
Zn
%
7,365,900 223,700 0.3
1.3
3.6
ARISTA MINE
Arista Veins
Proven
1,333,800 2.79
172
5.22
119,700
Probable
310,400 3.23
Switchback Veins
Proven
161,500 2.16
Probable
42,000 1.87
156
5.43
32,300
1,554,500
54,200 0.3
1.1
3.0
95
84
3.51
3.06
11,300
2,500
494,600
112,900
18,200 0.5
4,100 0.4
1.8
1.7
4.1
5.5
1,847,700 2.79
160
5.05
165,800
9,527,900 300,200 0.3
1.3
3.6
32,600 1.12
11,200 0.86
358
295
6.18
5.03
1,200
300
374,800
106,600
6,500
1,800
43,800 1.06
342
5.88
1,500
481,400
8,300
OAXACA MINING UNIT
TOTAL
1,891,500 2.75
165
5.07
167,300
ARISTA MINE
TOTAL
MIRADOR MINE
Proven
Probable
MIRADOR
MINE TOTAL
10,009,300 308,500
Full reserve report available on Company website: http://goldresourcecorp.com/reserve-reports.php
45
OAXACA MINING UNIT
MEASURED & INDICATED MINERALIZED M ATERIAL
December 31, 2016 Oaxaca Mining Unit Mineralized Material Summary
Description
ARISTA MINE
Arista Veins
Measured
Indicated
Switchback Veins
Measured
Indicated
Arista Mine Total
ALTA GRACIA PROJECT
Measured
Indicated
Alta Gracia Total
MARGARITAS PROJECT
Measured
Indicated
Margaritas Total
Oaxaca Mining Unit M&I
Tonnes
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
285,700
488,200
2.11
1.06
173
141
0.2
0.2
1.4
1.4
3.9
3.4
492,100
466,900
1,732,900
1.85
1.36
1.54
100
93
122
0.5
0.4
0.3
1.8
1.9
1.7
5.7
5.8
4.8
145,000
151,900
296,900
0.36
0.36
0.36
242
222
232
19,800
38,100
57,900
0.70
0.73
0.72
280
274
276
TOTAL
2,087,700
Full reserve report available on Company website: http://goldresourcecorp.com/reserve-reports.php
46
ARISTA MINE;
SWITCHBACK DRILL HIGHLIGHTS
NOTABLE SWITCHBACK DRILL RESULTS (cont.)
NOTABLE SWITCHBACK DRILL RESULTS
Hole #
516111
Angle
From
Interval
Au
Ag
Cu
Pb
Zn
deg
Meters
Meters
g/t
g/t
%
%
%
122.18
9.50
8.85
669
0.67
1.86
6.83
Incl.
122.80
0.95
31.40
5,420
1.35
0.93
2.32
Incl.
129.25
2.43
10.36
64
0.90
1.65
3.59
177.33
18.27
2.23
191
0.59
2.64
190.29
3.29
5.92
554
0.53
130.76
12.09
4.07
51
133.18
2.38
6.61
147.84
28.86
152.02
-40
Incl.
Incl.
516101
-30
Incl.
Incl.
514067
-35
Incl.
Incl.
516114
-37
Incl.
516103
-30
Incl.
Incl.
Angle
From
Interval
Au
Ag
Cu
Pb
Zn
deg
Meters
Meters
g/t
g/t
%
%
%
105.28
11.92
4.13
153
0.44
3.97
8.27
Incl.
105.28
2.76
5.19
135
0.66
7.26
12.65
Incl.
109.94
2.58
10.77
420
0.65
7.67
13.40
6.18
357.42
3.30
3.91
188
0.19
2.87
4.89
0.86
3.33
0.69
2.67
7.86
369.80
7.46
1.05
55
0.41
0.72
7.17
80
0.80
10.09
11.57
390.75
15.22
3.18
292
0.87
1.56
4.26
1.87
104
0.44
3.17
13.44
incl.
390.75
1.15
12.65
822
0.75
0.93
1.59
3.07
6.67
58
0.81
2.76
12.29
incl.
392.28
1.91
5.06
388
3.52
3.04
5.70
180.92
24.46
1.38
143
0.64
3.47
11.90
399.57
2.03
7.62
1,132
0.86
1.47
6.89
221.13
8.03
6.85
462
0.54
2.03
5.21
589.10
15.47
2.95
86
0.44
0.84
2.09
223.74
2.32
15.60
1,192
0.60
1.59
5.53
Incl.
589.10
1.14
9.82
91
0.64
0.61
0.90
378.88
6.12
5.53
76
0.15
0.41
4.15
Incl.
600.10
2.20
12.91
410
1.20
2.49
4.33
417.90
19.34
2.56
129
0.62
1.28
3.84
224.69
11.09
2.97
147
0.93
2.67
4.29
428.19
1.71
13.45
860
1.81
3.52
7.18
226.70
2.89
4.62
184
2.08
3.78
4.10
223.00
2.40
12.21
53
0.99
3.74
8.51
657.47
5.27
2.93
72
0.21
0.63
3.38
224.00
0.90
24.30
97
1.11
8.57
14.60
incl.
659.93
0.37
0.24
459
0.05
0.97
26.20
240.43
4.96
4.42
22
0.62
0.60
3.48
Incl.
661.07
1.19
12.20
100
0.44
1.38
3.20
250.00
13.23
4.03
114
0.82
1.60
2.79
359.92
4.43
2.95
68
0.31
6.53
7.53
250.00
3.15
15.79
110
1.53
4.08
7.11
incl.
359.92
1.11
0.17
76
0.52
16.15
15.20
111.12
10.36
4.20
212
0.60
3.33
8.04
incl.
362.52
1.07
9.21
104
0.24
6.44
6.35
113.11
1.31
12.38
263
1.67
2.99
4.89
437.72
7.63
2.11
137
0.42
1.50
7.25
138.64
14.38
3.16
71
0.57
1.45
5.86
528.92
2.68
3.35
28
0.68
2.75
7.86
138.64
2.26
9.61
104
0.41
2.58
6.58
555.96
3.34
4.45
29
0.87
3.14
10.43
Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not True Width.
Hole #
516110
515047
513028
516115
513055
515051
-35
-36
-44
-33
-30
-32
Incl.
Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not True Width.
47