TORONTO, June 11, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM) is
pleased to announce drill results from an initial 12 drill holes from
its exploration and in-fill drilling program at the Company's El
Zancudo Project in Colombia. Drilling to date has returned high-grade
gold and silver mineralization over a strike of some 450 metres and dip
length of 170 metres on the newly discovered Santa Catalina vein, which
is open in all directions. These drill holes are part of a 12,000
metre drilling program, which is focussed on defining new potential
resources by following the strike and shallow dip extensions of the
Santa Catalina vein that occurs to the west of the historical
Independencia Mine.
Maria Consuelo Araujo, Chief Executive Officer of Gran Colombia Gold,
commented: "We are very pleased with the consistently good results from
this drilling program. These results demonstrate high-grade gold and
silver mineralization over a significant strike length of the newly
discovered Santa Catalina Vein and confirm this new discovery as a
potential mineral resource for the El Zancudo Project."
This drilling program commenced in April 2011 and finished in early June
2012. The drilling program includes both surface and underground
drilling and the results will form the basis of an updated Technical
Report for the El Zancudo Project that is expected to be completed by
the end of 2012. The existing NI43-101 Technical Report for the El
Zancudo Project, by Dr. Stewart D Redwood, Consulting Geologist, was
dated 6 April, 2010.
Highlighted intersections include the following holes:
Hole | From (m) | To (m) | Length (m) | Gold Grade (g/t) | Silver Grade (g/t) |
DDH-ZG-11-012*
|
322.5
|
323.3
|
0.8
|
7.14
|
15.7
|
DDH-ZG-11-012
|
425.0
|
425.5
|
0.5
|
9.53
|
118.0
|
DDH-ZG-11-015*
|
180.0
|
182.0
|
2.0
|
40.76
|
241.0
|
DDH-ZG-11-015
|
252.5
|
253.6
|
1.2
|
5.52
|
56.0
|
DDH-ZG-11-015
|
262.8
|
263.6
|
0.7
|
12.97
|
62.2
|
DDH-ZG-11-017*
|
132.1
|
134.2
|
2.1
|
11.10
|
26.4
|
DDH-ZG-11-021
|
87.2
|
88.1
|
0.9
|
6.24
|
8.4
|
DDH-ZG-11-021*
|
171.4
|
172.3
|
0.9
|
41.86
|
138.0
|
DDH-ZG-11-021
|
180.3
|
180.9
|
0.6
|
13.12
|
47.2
|
DDH-ZG-11-021
|
191.8
|
192.2
|
0.5
|
11.42
|
245.0
|
DDH-ZG-11-021
|
195.7
|
196.4
|
0.8
|
10.12
|
238.0
|
DDH-ZG-11-021
|
215.5
|
216.1
|
0.6
|
49.40
|
804.0
|
DDH-ZG-11-021
|
250.4
|
251.9
|
1.5
|
29.98
|
7.0
|
DDH-ZG-11-021
|
252.7
|
253.7
|
1.0
|
8.31
|
0.3
|
DDH-ZG-11-021
|
261.9
|
263.1
|
1.2
|
10.00
|
30.6
|
DDH-ZG-11-022*
|
143.1
|
143.6
|
0.5
|
20.26
|
1796.0
|
DDH-ZG-11-022
|
223.5
|
224.0
|
0.5
|
53.80
|
1298.0
|
DDH-ZG-11-023*
|
206.4
|
207.7
|
1.3
|
13.08
|
99.0
|
DDH-ZG-11-023
|
202.4
|
204.4
|
2.0
|
5.46
|
125.0
|
DDH-ZG-11-024*
|
115.3
|
115.9
|
0.6
|
68.96
|
128.0
|
DDH-ZG-11-025*
|
233.1
|
234.9
|
1.8
|
12.78
|
373.0
|
DDH-ZG-11-025
|
299.4
|
300.6
|
1.3
|
7.12
|
59.4
|
DDH-ZG-11-026
|
154.3
|
156.1
|
1.8
|
24.05
|
28.4
|
DDH-ZG-11-026*
|
238.3
|
238.7
|
0.4
|
24.33
|
431.0
|
DDH-ZG-11-026
|
240.0
|
240.6
|
0.6
|
8.88
|
89.2
|
DZ-0037*
|
16.2
|
16.9
|
0.7
|
60.36
|
908.0
|
DZ-0037
|
16.9
|
17.4
|
0.5
|
8.51
|
229.0
|
DZ-0037
|
26.1
|
27.0
|
0.9
|
8.23
|
17.5
|
Note: *denotes intersections from the Santa Catalina vein. Sample
grades over 5.0 g/t Au reported. Grades are for sulphide vein
intersections and are single samples. The length is the sample length
and is not necessarily the true width of the vein. All gold and silver
grades are uncut and are not diluted to a minimum mining width. Holes
DDH-ZG-11-19 and 28 did not return significant intersections.
The majority of the holes listed above shows multiple high-grade
intersections that have been interpreted as flat-lying or sub-vertical
structures, whose continuity along strike and dip will be proved by the
modelling and interpretation that is being carried out.
All of the above holes were drilled from surface except for drill hole
DZ-0037 that was drilled underground from the Independencia Mine.
The El Zancudo Project is located approximately 70 kilometres southwest
of the city of Medellin, Colombia, on the western side of the Central
Cordillera of the Colombia Andes and lies within the Romeral terrane,
an oceanic terrane comprising metamorphosed mafic to ultramafic
complexes. The Arquia Complex schists, which comprise the Romeral
terrane, are partially covered by continental sediments of the Amaga
Formation, and both are intruded by the Titiribí Porphyry Complex. The
schists and sediments are cut by minor andesite intrusions seen as
dikes. The sediments have been folded into several synclines cut by
high-angle reverse fault trending N-S and dipping to the east. The
Santa Catalina vein is currently interpreted as a cross structure
extending between two of these main faults, Castano and El Zancudo.
Mineralization is mainly concentrated in a narrow fault breccia with a
coarse-grained to fine sulphide-silica rich matrix, and also
disseminated in conglomerates, sandstones or schists at or near the
base of the Amaga Formation at the unconformity with the underlying
Arquia Complex schists. Mineralization also occurs in flat-lying or
steeply dipping structures. The known mineralization is indicative of
the transition from porphyry to epithermal-style conditions.
The gold in the sulfide ore at El Zancudo is refractory mainly due to
the high content in arsenopyrite. The Company has a 120 tonnes per day
plant which has crushing, milling and flotation capability to produce a
sulfide concentrate and is currently investigating various process
options for optimizing gold recovery.
The 12 drill holes referred to in this press release representing a
total of 3,380 metres of drilling. All of the results over 1 grams per
tonne of gold to date, together with a map showing the locations of the
drill holes, are available on the Company's website at www.grancolombiagold.com.
The total number of metres drilled to date is 11,922 metres in 46 holes,
14 holes for which the Company is awaiting assay results and 1 drill
hole which is currently in progress. The remaining 16 holes have not
been logged yet. Holes ZG-11-030, 32 and 33 have not been accounted
for in this press release, as designed for another drilling target.
The drill holes were inclined at 50 to 90 degrees from horizontal,
except drill hole DZ-0037 that is horizontal. Sample lengths are no
longer than 2.0 metres and may be varied for geological and recovery
factors. Gold and silver grades are uncut. Voids from old mine
workings were identified and assigned a zero grade.
Qualified Person
Stewart D. Redwood, Senior Consulting Geologist to the Company is a
qualified person as defined by National Instrument 43-101 - Standards
of Disclosure for Mineral Projects and prepared or reviewed the
preparation of the scientific and technical information in this press
release in respect of the drilling results from the Segovia Project.
Dr. Redwood verified the data disclosed in this news release, including
the sampling, analytical and test data underlying the information
contained in this news release. Verification included a review of the
quality assurance and quality control samples, and review of the
applicable assay databases and assay certificates.
Quality Assurance and Quality Control
In the case of the drilling results referred to herein, the samples were
prepared by SGS Colombia S.A. at their sample preparation facility in
Medellin, Colombia, and were assayed by SGS del Peru S.A.C. at their
laboratory in El Callao, Peru. Both of these companies are part of the
SGS group (ISO 9001:2008 certified). Gold was assayed by fire assay
with atomic absorption spectrophotometer (AAS) finish. Samples over 5
g/t gold were re-assayed by fire assay with gravimetric finish. Silver
was analyzed by aqua regia digestion and inductively coupled plasma
emission spectrophotometer (ICP-ES) finish while samples over 100 g/t
silver were re-assayed by multi-acid digestion and AAS finish. Blank,
standard and duplicate samples were routinely inserted for quality
assurance and quality control.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration,
development and production company with its primary focus in Colombia.
Gran Colombia is currently the largest underground gold and silver
producer in Colombia with several underground mines in operation at its
Segovia and Marmato Operations. In addition, Gran Colombia is advancing
a project to develop a large-scale, gold and silver mine at its Marmato
operations.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gran Colombia to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and Gran
Colombia disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.