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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 61,564,794
Close 2021-06-08 C$ 5.15
Recent Sedar Documents

Gran Colombia drills 0.3 m of 8,150 g/t Ag at Segovia

2021-06-09 07:12 ET - News Release

Mr. Mike Davies reports

GRAN COLOMBIA ANNOUNCES MULTIPLE HIGH-GRADE DRILL RESULTS FROM THE 2021 IN-MINE AND BROWNFIELD DRILLING CAMPAIGNS AT ITS SEGOVIA OPERATIONS; SUCCESS CONTINUES AT THE BROWNFIELD VERA PROJECT INCLUDING 31.78 G/T AU AND 8,150.0 G/T AG OVER 0.30 METER

Gran Colombia Gold Corp. has released multiple high-grade intercepts from the latest 62 diamond drill holes, totalling 13,056 metres, from the 2021 in-mine and near-mine drilling programs and a further 11 diamond drill holes, totalling 3,190 metres, from the 2021 brownfield drilling programs at its Segovia operations. The company also released the assay results from four additional kickoff diamond drill holes (2,319 metres) from the continuing directional drilling program at the El Silencio Deep zone.

Significant high-grade intercepts from the latest drill results include:

In mine:

  • Providencia: 211.68 grams per tonne gold and 253.6 g/t silver over 0.33 metre on the Providencia vein (PV-ES-008);
  • Sandra K: 147.91 g/t Au and 194.8 g/t Ag over 0.74 metre on the Sandra K Techo hangingwall vein (SK-IU-175);
  • Sandra K: 85.56 g/t Au and 262.1 g/t Ag over 1.32 metres on the Sandra K Techo vein (SK-IU-169);
  • Chumeca: 187.11 g/t Au and 242.2 g/t Ag over 0.43 metre on the Chumeca hangingwall vein (CH-IU-030);
  • El Silencio: 37.16 g/t Au and 52.5 g/t Ag over 0.55 metre on the 450 vein (ES-MH08-02);
  • El Silencio: 23.25 g/t Au and 117.5 g/t Ag over 1.80 metres on the Manto vein (ES-MH08-02).

Brownfield:

  • Vera: 15.39 g/t Au and 3,496.1 g/t Ag over 0.70 metre on the Lluvias vein (VER-ES-010);
  • Marmajito: 123.65 g/t Au and 172.60 Ag over 0.93 metre on the Marmajito vein (MAR-EU-003).

Serafino Iacono, executive chairman of Gran Colombia, commented: "Our 2021 in-mine and brownfield drilling programs are continuing to provide us with outstanding results, which confirm the prowess of our Segovia operations as a world-class high-grade vein system. The Sandra K and El Silencio results continue to impress both in terms of grades and widths and will undoubtedly lead to an important resource growth coupled with a greater flexibility for mining. In addition, a further high-grade result from Vera and an initial high-grade result from the Marmajito vein are shaping up our ongoing brownfield drilling campaign, focused on the other 24 known veins we are not currently mining, as an exciting opportunity to add resources and consequently mine life."

The continuing 2021 in-mine and near-mine infill and stepout drilling campaigns commenced in early January with four diamond drill rigs operating from purpose-built underground drill stations and comprise a total of approximately 40,000 metres, or about 67 per cent of the total drilling program for this year. In- and near-mine infill and stepout drilling is focused on replacing the 2021 mining production and organic growth through resource and reserve expansion at the company's core operating mines. The other 33 per cent of the planned drilling campaign for 2021 is focused on exploration for new resources in the brownfield exploration targets encompassing the 24 veins within the Segovia mining title that are not currently in production. It commenced in late 2020 at the Vera project with one diamond drill rig operating from purpose-built surface drill stations. Approximately 33 per cent of the total in-mine and near-mine drilling program for 2021 and 16 per cent of the brownfield exploration drilling program was completed by the end of May.

Gran Colombia currently has seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from level 3 of the Sandra K mine targeting the down-plunge extension of the south ore shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the downdip extension of the Marmajito vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

Key highlights

Providencia

Exploration drilling from underground station PV4940 and surface platform PV4675, installed off the eastern end of the mine workings, delimited by a main dextral strike-slip fault, was completed to test the Providencia vein close to the fault. Multiple medium to high gold grades were intersected from 13 drill holes (2,929 metres) on an extensional duplex (horsetail splay) where the main Providencia vein splays into a complex tensional array, with maximum intersection grades of 37.33 g/t Au with 24.2 g/t Ag over 0.55 metre on an interpreted footwall structure of the Providencia vein (PV-EU-019).

Exploration drilling from surface platform PV6545, aimed at testing the Providencia vein west of the F fault, was successfully completed. Multiple high gold grades were intersected in five drill holes (2,364 metres) on the main vein system with maximum intersection grades of 211.68 g/t Au with 253.6 g/t Ag over 0.33 metre on the Providencia vein (PV-ES-008). As a result, Gran Colombia will carry out infill drilling in 2021 from a purpose-built underground drill station to better delineate the sparse high-grade intercepts encountered during this initial phase of drilling.

Sandra K

In-mine infill drilling from underground station SK5290, installed off level 4, has further extended down plunge, to approximately future level 9, an ore shoot outlined by previous drilling, which occurs in a block of the Sandra K vein system delimited by a set of faults striking northeast and steeply dipping to the north. This orebody remains open at depth. Multiple high gold grades were intersected from 12 drill holes (1,905 metres) on the main vein system with maximum intersection grades of 147.91 g/t Au with 194.8 g/t Ag over 0.74 metre on the Sandra K Techo hangingwall vein (SK-IU-175). This new orebody offers the potential for another phase of resource growth and the high-grade gold-mineralized intercepts encountered so far confirm the higher-grade mineralization at depth.

The continuing exploration drilling from surface platform SK5050, located in the south fault block of the vein system, is aimed to extend some narrow ore shoots outlined by previous surface drilling. Drill hole SK-ES-001 returned 8.88 g/t Au with 4.4 g/t Ag over 0.58 metre on the Sandra K Techo vein.

El Silencio Deep zone

The continuing directional drilling program on the El Silencio Deep zone is targeted to better delineate the southern ore shoot down plunge below level 40, the deepest level of historical mining on the Manto vein by Frontino Gold Mines (FGM). Drilling on the southern ore shoot continues to be successful in confirming the high-grade nature of the 450 vein and the down-plunge continuity of the two distinct high-grade domains, previously combined, on the Manto vein. The 450 vein, interpreted as a low-angle vein or manto, occurs in the hangingwall of the Nacional vein, about 40 metres vertically above. Multiple high gold grades were intersected from four kickoff holes (2,319 metres) with maximum intersection grades of 37.16 g/t Au with 52.5 g/t Ag over 0.55 metre on the 450 vein (ES-MH08-02) and 70.56 g/t Au with 289.5 g/t Ag over 0.57 metre on the Manto vein (ES-MH08-03).

Chumeca

In-mine infill drilling from underground station CH5110, installed off level 2, aimed to extend a cluster of potential ore shoots outlined by mining within the upper levels of the past operation, was completed. Multiple medium to high gold grades were intersected from 20 drill holes (2,041 metres) on the main vein system, which identified two distinct structures named as the Chumeca hangingwall and footwall veins interpreted as a split of the main Chumeca vein, with maximum intersection grades of 187.11 g/t Au with 242.2 g/t Ag over 0.43 metre on the hangingwall structure (CH-IU-030) and 15.90 g/t Au with 20.5 g/t Ag over 0.56 metre on the footwall structure (CH-IU-032).

Vera

Exploration drilling from surface station VER5340 confirmed the continuity of the high-grade gold and silver mineralization in the upthrown fault block, below the deepest level of the historical mine. A bonanza silver grade coupled with a high gold grade was intersected in drill hole VER-ES-010, one of the latest seven drill holes (2,140 metres) completed on the main vein system, with maximum intersection grades of 31.78 g/t Au with 8,150.00 g/t Ag over 0.30 metre on the Lluvias vein.

Marmajito

The continuing brownfield exploration drilling program commenced in February, 2021, with one diamond drill rig operating from the underground drill station PV5630, installed off level 16 of the Providencia mine. This drilling program is aimed at exploring the downdip extension of the historical Marmajito vein that was operated by FGM until 2000. FGM developed the mine on 18 levels, the longest (level 4) being approximately 800 metres. Historical records of FGM report reserves of 232,000 tonnes grading 18 g/t Au. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the company is not treating the historical estimate as current mineral resources or mineral reserves. Gold mineralization at Marmajito is contained predominantly within a north-40-to-50-degree-west-trending massive white quartz vein dipping moderately (35 to 45 degrees) to the north, averaging 0.33 m in width, hosted by granodiorite. The Marmajito vein occurs in the hangingwall of the Providencia vein, about 100 to 150 metres vertically above. The style of mineralization is characterized by narrow veins hosting two main stages of mineralization: Stage 1 is represented by milky quartz, disseminated pyrite and sphalerite, while stage 2 is characterized by grey quartz and banded pyrite intergrown with galena. A total of four drill holes totalling 1,050 metres have been completed so far at Marmajito, with maximum intersection grades of 123.65 g/t Au with 172.6 g/t Ag over 0.93 metre on the Marmajito vein.

The associated table lists the key intercepts from the continuing 2021 in-mine, near-mine and brownfield drilling campaigns since the press release issued on Dec. 21, 2021.

                         IN-MINE AND NEAR-MINE DRILL PROGRAM      
                 
Hole                   From            To         Width            Au            Ag
                        (m)           (m)           (m)         (g/t)         (g/t)
Providencia mine
U-G drilling 
station PV4940
PV-EU-017*           102.25        103.00          0.75          7.95           8.3
including            102.61        103.00          0.39         12.00          12.6
PV-EU-019*           145.95        146.50          0.55         37.33          24.2
PV-EU-019*           149.25        151.70          2.45          8.30           4.9
including            149.25        150.25          1.00         12.85           2.4
PV-EU-020*            99.90        100.22          0.32         18.67          15.6
PV-EU-023*            93.23         94.45          1.22          6.42           5.0
including             94.08         94.45          0.37         10.53          15.2
Surface drilling 
station PV4675
PV-ES-001            329.47        330.01          0.54          7.12          35.3
PV-ES-001            336.79        337.33          0.54          6.28          11.3
PV-ES-002A           299.00        299.50          0.50          6.75           5.4
PV-ES-002A           397.31        397.67          0.36          8.06          21.9
Surface drilling 
station PV6545
PV-ES-005              7.70          8.08          0.38          9.54           1.2
PV-ES-005            318.75        319.10          0.35         24.01          29.9
PV-ES-008             42.63         43.04          0.41         24.88           6.6
PV-ES-008            148.97        149.30          0.33          7.88           3.1
PV-ES-008            485.13        485.46          0.33        211.68         253.6
PV-ES-009            402.04        402.48          0.44          7.41          10.5
U-G drilling 
station PV6190
MAR-EU-002*           34.75         35.20          0.45          6.84          14.5
MAR-EU-002*          125.70        126.01          0.31         26.65         139.5
Sandra K mine
Surface drilling 
station SK5050
SK-ES-001            337.09        338.61          1.52          3.57           4.5
including            337.09        337.67          0.58          8.88           4.4
U-G drilling 
station SK5675
SK-IU-163*            60.18         60.55          0.37         10.56         208.4
U-G drilling         
station SK5290
SK-IU-169*           128.11        129.43          1.32         85.55         262.1
SK-IU-170*           131.51        132.89          1.38         17.32          60.6
including            131.51        132.15          0.64         35.27         128.1
SK-IU-171*           178.88        182.53          3.65          7.43          35.0
including            181.05        181.57          0.52         46.65         214.6
SK-IU-172*            93.75         94.61          0.86          8.97          26.1
SK-IU-172*            98.30        100.12          1.82         20.21          77.9
including             98.30         99.30          1.00         35.68         112.0
SK-IU-172*           111.90        112.27          0.37          8.08          42.3
SK-IU-173*           129.70        130.06          0.36         12.93         103.7
SK-IU-173*           138.42        139.46          1.04         23.49         626.2
including            139.00        139.46          0.46         51.64       1,412.0
SK-IU-175*           155.75        157.77          2.02         54.48          99.7
including            155.75        156.49          0.74        147.91         194.8
U-G drilling         
station SK5480
SK-IU-177*           114.63        115.05          0.42          7.59          30.0
SK-IU-178*           112.24        113.19          0.95          9.22          79.1
including            112.81        113.19          0.38         11.70         130.0
Sandra K mine -- 
Chumeca vein
U-G drilling         
station CH5110
CH-IU-027*            65.98         66.37          0.39          8.40         254.5
CH-IU-030*            62.57         63.00          0.43        187.11         242.2
CH-IU-031*            50.21         50.60          0.39          6.74          11.7
CH-IU-032*            92.65         94.89          2.24          7.58          13.7
including             94.33         94.89          0.56         15.90          20.5
El Silencio Deep 
-- directional 
drilling
U-G drilling         
station ES5690
ES-MH07-07**         884.90        885.40          0.50         15.60           9.1
ES-MH07-07**         953.50        954.26          0.76         16.60          29.6
ES-MH08-01**         849.31        849.89          0.58         19.54           8.5
ES-MH08-01**       1,036.55      1,037.35          0.80         15.93           0.2
ES-MH08-02**         864.37        864.92          0.55         37.16          52.5
ES-MH08-02**       1,032.00      1,033.80          1.80         23.25         117.5
including          1,032.76      1,033.28          0.52         40.72         184.7
ES-MH08-03**         881.68        884.03          2.35          5.52           9.6
including            881.68        882.22          0.54         18.53          24.8
ES-MH08-03**       1,025.85      1,027.86          2.01          3.18           5.1
including          1,026.66      1,027.20          0.54          7.03          11.5
ES-MH08-03**       1,048.14      1,051.86          3.72         20.91          71.6
including          1,050.46      1,051.03          0.57         70.56         289.5
Brownfield 
drill program
Marmajito vein
U-G drilling         
station PV5630
MAR-EU-003*          268.87        269.80          0.93        123.65         172.6
Vera vein
Surface drilling 
station VER5000
VER-ES-010           187.90        188.60          0.70         15.39       3,496.1
including            187.90        188.20          0.30         31.78       8,150.0

* This denotes underground drill holes. The underground infill holes were drilled 
at 30 to minus 90 degrees from the horizontal. Sample interval grades over 6.0 
g/t Au are reported. Grades are for quartz vein intersections and are 
length-weighted composites. The width 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.
** This denotes directional drilling mother and kickoff holes. The directional 
drilling kickoff holes were drilled at minus 51 to minus 57 degrees from the 
horizontal. Sample interval grades over 6.0 g/t Au are reported.

Results from in-mine drilling are reported for 46 holes (6,337 m) including: 11 holes (1,957 m) at Providencia (PV-EU-017 to PV-EU-024, MAR-EU-002 and 004 and PV-HYDRO-003), 15 holes (2,339 m) at Sandra K (SK-IU-163 to SK-IU-178), except for hole SK-IU-174, the results of which are still pending, and 20 holes (2,041 m) at Chumeca (CH-IU-015 to CH-IU-033 and CH-IU-028A), of which one was lost. There are no results above cut-off grade for six holes at Providencia, six holes at Sandra K and 16 holes at Chumeca and so these holes are not listed in the table.

Results from near-mine surface exploration drilling are reported for 16 holes (6,719 m) including: 11 holes (4,724 m) at Providencia (PV-ES-001 to PV-ES-010) of which one was lost, and five holes (1,995 m) at Sandra K (SK-ES-001 to SK-ES-005). There are no results above cut-off grade for six holes at Providencia and four holes at Sandra K and these holes are not listed in the table.

Results from brownfield exploration drilling are reported for 11 holes (3,190 m) including: seven holes (2,140 m) at Vera (VER-ES-009 to VER-ES-015) and four holes (1,050 m) at Marmajito (MAR-EU-001, 003, 005 and 006). There are no results above cut-off grade for six holes at Vera and three holes at Marmajito and these are not listed in the table.

Results from directional drilling from one purpose-built station at El Silencio are reported from four kickoff holes (ES-MH07-07 and ES-MH08-01 to ES-MH08-03), totalling 2,319 m, all drilled on the southern ore shoot. In addition, 527 metres were drilled in one mother hole (ES-MH-008).

Qualified person

Stewart D. Redwood, PhD, FIMMM, FGS, 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 Segovia samples were prepared and assayed by SGS Laboratories Ltd. (International Organization for Standardization 9001:2008) at its laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (AAS) finish. Samples above the upper detection limit of 10.0 g/t gold were reassayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS (atomic absorption spectroscopy) finish. Silver samples above 500 g/t were reassayed by nitric and hydrochloric acid digestion with AAS finish for ore grades and the highest in grade double checked by SGS Laboratories in Lima, Peru. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven record of mine building and operating in Latin America. In Colombia, the company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia operations. In Guyana, the company is advancing the Toroparu project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44 per cent of Aris Gold Corp., a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato project in Colombia.

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