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Caldas Gold Corp
Symbol CGC
Shares Issued 99,800,162
Close 2020-11-06 C$ 2.31
Recent Sedar Documents

Caldas Gold drills 63.2 m of 5.73 g/t Au at Marmato

2020-11-09 07:17 ET - News Release

Mr. Serafino Iacono reports

CALDAS GOLD EXTENDS MAIN ZONE MORE THAN 300 METERS ALONG STRIKE; ANNOUNCES RECORD INTERCEPT OF 5.73 G/T AU OVER 63.20 METERS IN NEW ZONE

Caldas Gold Corp. has released additional higher-grade gold intercepts over broad widths from the continuing 2020/2021 drilling program at its Marmato project in Caldas, Colombia. The current drill program is designed to infill higher-grade gold mineralization in the recently discovered New zone (NZ) and expand and infill the strike extension of the Main zone (MZ) to the southeast to be included in an update of the mineral resource and reserve estimates in 2021, with the aim of significantly increasing the life of the mine. New drill results released today are from 10 diamond drill holes (6,067 metres) drilled mainly in the MZ and in the NZ, both part of the Marmato Deeps zone (MDZ). This initial phase of the 2020/2021 drilling program was successful in proving high-grade mineralization over broad widths in the recently discovered NZ, and it has extended the MZ along strike by more than 300 metres, where it remains open. Both zones are anticipated to be accretive to overall global resource growth as this mineralization lies either outside the boundary of the current mineral resource estimate block model for the MZ or in areas that were previously estimated to be below the cut-off grade due to lack of drill hole information. Drill hole MT-IU-076 in the NZ delivered the highest-grade intersection to date with 63.20 metres at 5.73 grams per tonne gold and 5.2 g/t silver.

As part of the continuing drilling program, two wildcat drill holes, MT-IU-068 and MT-IU-071A, were completed to explore the Fortaleza zone north of the MDZ for structural traps interpreted as dilational jogs such as those related to the MZ and NZ. Both were successful in intersecting broad zones of low-grade gold mineralization, which opens a new area that requires additional drilling to fully evaluate its potential.

Serafino Iacono, executive chairman and chief executive officer of Caldas Gold, commented: "Our sense of excitement continues to build as the NZ continues to deliver robust gold grades over significant lengths that start to demonstrate continuity and a developing high-grade zone similar to the adjacent MZ. In addition, the 300 m strike extension for the MZ provides us with another zone ready for infill drilling to continue to grow the underground mining expansion at Marmato. The discovery of the Fortaleza zone opens up a prospective new area to the north. All in all, our Marmato project continues to demonstrate its prowess as a rare world-class system, both in terms of its size and grades."

The 2020/2021 drilling program started in late May, 2020, with three contractor diamond drill rigs operating from three purpose-built underground drill stations on levels 20 and 21 of the mine. It comprises a planned total of 60 drill holes totalling approximately 31,000 metres, of which 20,400 metres are conventional drilling in 40 drill holes, and 10,600 metres are directional drilling in two mother holes and 18 kickoff holes. To date, approximately 9,400 metres or about 30 per cent of the total drilling program has been completed.

Highlights

The highlights of the holes reported from the initial phase of the 2020/2021 drilling program include:

  • Drill hole MT-IU-067 intersected 27.35 m at 2.62 g/t Au and 0.8 g/t Ag from 677.85 m to 705.20 m in the Main zone C and extends this zone 316 m to the southeast from hole MT-IU-060.
  • Drill hole MT-IU-068 intersected 24.00 m at 1.77 g/t Au and 0.7 g/t Ag from 413.95 m to 437.95 m and 34.95 m at 1.60 g/t Au and 0.9 g/t Ag from 650.00 m to 684.95 m in the newly discovered Fortaleza zones A and B.
  • Drill hole MT-IU-069 intersected 23.51 m at 2.47 g/t Au and 6.1 g/t Ag from 368.25 m to 391.76 m in the Main zone A and 41.65 m at 2.37 g/t Au and 1.6 g/t Ag from 626.00 m to 667.65 m in the Main zone C and extends this 168 m to the southeast from hole MT-IU-060.
  • Drill hole MT-IU-070 intersected 48.70 m at 3.00 g/t Au and 1.0 g/t Ag from 472.60 m to 521.30 m and 30.8 m at 2.10 g/t Au and 0.9 g/t Ag from 521.30 m to 552.10 m; both intersections are associated with the NZ.
  • Drill hole MT-IU-071A intersected 305.40 m at 1.10 g/t Au and 1.3 g/t Ag from 353.20 m to 658.60 m in the newly discovered Fortaleza zone, including 24.00 m at 2.27 g/t Au and 7.4 g/t Ag from 353.20 m to 377.20 m and 25.10 m at 2.18 g/t Au and 1.5 g/t Ag from 556.50 m to 581.60 m.
  • Drill hole MT-IU-072 intersected 408.05 m at 1.34 g/t Au and 1.3 g/t Ag from 299.10 m to 707.15 m, including 13.40 m at 2.20 g/t Au and 1.8 g/t Ag from 329.40 m to 342.80 m in the Main zone A and 49.15 m at 2.12 g/t Au and 0.7 g/t Ag from 658.00 to 707.15 m in the Main zone C.
  • Drill hole MT-IU-073 intersected 343.36 m at 2.83 g/t Au and 1.5 g/t Ag from 339.96 m to 683.36 m, including several high-grade intersections with the highest-grade being 33.77 m at 5.10 g/t Au and 2.7 g/t Ag from 367.80 m to 401.57 m, 60.70 m at 4.59 g/t Au and 2.1 g/t Ag from 438.45 m to 499.15 m, and 39.04 m at 3.74 g/t Au and 1.4 g/t Ag from 604.33 m to 643.37, with the first two high-grade intersections associated with the NZ and the third related to the MZ.
  • Drill hole MT-IU-076 intersected 385.70 m at 2.34 g/t Au and 3.5 g/t Ag from 312.40 m to 698.10 m, including 63.20 m at 5.73 g/t Au and 5.2 g/t Ag from 356.40 m to 419.60 m in the NZ, which is the highest-grade intersection to date, and 46.16 m at 2.08 g/t Au and 2.3 g/t Ag from 605.0 m to 651.16 m in the MZ.

The style of mineralization for the intersections associated with the NZ and the two wildcat drill holes is the same as the MZ and is characterized by very narrow veinlets of quartz-pyrrhotite-bismuth-telluride-free-gold with minor amounts of pyrite and chalcopyrite rimmed by a narrow halo of sodic-calcic alteration.

Significance of the results:

  • The continuing drilling confirms that the high-grade mineralization encountered so far, associated with the NZ, is related to a branch of the MZ that merges into the MZ to the northwest and runs subparallel to the MZ toward the southeast and at depth.
  • Current drilling on the NZ confirms the extension of the high-grade mineralization to below the 600-metre level, which is the bottom of the indicated mineral resource for the preliminary feasibility study (see press releases dated July 6, 2020, and Aug. 17, 2020).
  • The NZ extends for more than 400 m along strike and 200 metres vertically and is still open to the southeast and at depth.
  • Current drilling on the MZ has extend the high-grade mineralization down to the 450-metre level, well below the 600-metre level that is the bottom of the indicated mineral resource mentioned above, and remains open at depth.
  • These two scenarios give the MDZ a huge exploration upside that could lead to a large increase in the estimated mineral resources.
  • Current drilling has also extended the MZ along strike by more than 300 metres to the southeast so far, showing a branching of the MZ into three separate bodies (A, B and C) of which the so-called Main zone C (MZC) shows more continuity in size and grade.
  • Most of the drill holes of this phase of drilling reported herein end within the low-grade shell with the result that the MZ is open on the southwest side. This is due to the location of underground drill stations above and close to the steeply plunging low-grade shell. The holes achieved their objective of fully cutting the high-grade MZ.

Intercepts

The associated table is a list of significant intersections from the first 10 drill holes (MT-IU-065 to MT-IU-76) of the continuing drill program, excluding drill holes MT-IU-074 because it is a condemnation hole and MT-IU-075 because the assay results are still pending.


Hole ID            From          To       Width    Au grade    Ag grade    Grade-width
                    (m)         (m)         (m)       (g/t)       (g/t)        (g/t-m)

MT-IU-065         36.50       59.50       23.00        2.15         4.9             49
MT-IU-066         10.90       31.05       20.15        2.78         6.7             56
MT-IU-067        614.12      705.20       91.08        1.76         1.6            160
including        677.85      705.20       27.35        2.62         0.8             72
MT-IU-068        413.95      437.95       24.00        1.77         0.7             42
MT-IU-068        650.00      684.95       34.95        1.60         0.9             56
MT-IU-069        368.25      391.76       23.51        2.47         6.1             58
MT-IU-069        495.10      667.65      172.55        1.34         0.8            231
including        626.00      667.65       41.65        2.37         1.6             99
MT-IU-070         18.70       23.00        4.30        2.78        15.7             12
MT-IU-070         39.40       59.00       19.60        3.67        29.0             72
MT-IU-070        273.80      279.62        5.82        2.78         6.9             16
MT-IU-070        376.00      552.10      176.10        2.18         1.7            384
including        376.00      412.70       36.70        2.31         2.6             85
including        449.88      454.90        5.02        5.92         6.9             30
including        472.60      521.30       48.70        3.00         1.0            146
including        521.30      552.10       30.80        2.10         0.9             65
MT-IU-071A       353.20      658.60      305.40        1.10         1.3            336
including        353.20      377.20       24.00        2.27         7.4             55
including        556.50      581.60       25.10        2.18         1.5             55
MT-IU-072        299.10      707.15      408.05        1.34         1.3            547
including        329.40      342.80       13.40        2.20         1.8             30
including        370.20      386.65       16.45        1.52         3.3             25
including        406.85      427.75       20.90        2.01         2.4             42
including        547.60      592.50       44.90        2.52         1.2            113
including        658.00      707.15       49.15        2.49         0.7            122
MT-IU-073        339.96      683.32      343.36        2.83         1.5            973
including        367.80      401.57       33.77        5.10         2.7            172
including        438.45      499.15       60.70        4.59         2.1            278
including        518.78      557.86       39.08        2.51         1.0             98
including        604.33      643.37       39.04        3.74         1.4            146
including        658.24      683.32       25.08        3.72         2.7             93
MT-IU-076        312.40      698.10      385.70        2.34         3.5            904
including        312.40      341.20       28.80        2.43         6.7             70
including        356.40      419.60       63.20        5.73         5.2            362
including        419.60      476.60       57.00        2.34         1.3            133
including        605.00      651.16       46.16        2.08         2.3             96

* All are underground drill holes. They were drilled at minus 45 to minus 80 degrees 
from the horizontal, and the intersection lengths do not represent true widths. 
Sample lengths are on average 1.50 metres long but may be varied for geological and 
recovery factors. Intersections were calculated using a cut-off grade of 0.5 g/t gold, 
and no more than 5.0 m of continuous internal dilution for intervals up to 50 m, no 
more than 10 m of continuous internal dilution for intervals of 50 to 200 m, and no 
more than 20 m of continuous internal dilution for intervals greater than 201 m. Gold 
grades were capped at 13.0 g/t gold, which affects 26 samples of a total of 3,518 
samples. Intervals greater than or equal to 1.0 g/t are reported. Grade-width is 
calculated as the width of the drill intersection in metres multiplied by the Au grade 
in g/t.

Qualified person

Dr. Stewart D. Redwood, PhD, FIMMM, 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. 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

The Marmato project core samples were prepared by SGS Laboratories Ltd. at its laboratory in Medellin, Colombia, and assayed in its laboratory in Lima, Peru (ISO (International Organization for Standardization) 9001:2008), or were prepared by ALS Colombia Ltda. at its laboratory in Medellin, Colombia, and assayed in its laboratory in Lima, Peru (ISO/IEC ( International Organization for Standardization/International Electrotechnical Commission) 17025:2017 and ISO 9001:2015). In both laboratories, gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (AAS) finish. Samples over 10.0 g/t gold were reassayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Samples over 500 g/t Ag were reassayed by nitric and hydrochloric acid digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Caldas Gold Corp.

Caldas Gold is a Canadian junior mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato project in the department of Caldas, Colombia. Caldas Gold also owns 100 per cent of the Juby project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 kilometres south-southeast of the Timmins gold camp.

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