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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 98,287,088
Close 2021-07-05 C$ 5.15
Recent Sedar Documents

Gran Colombia drills 0.98 m of 35.8 g/t Au at Toroparu

2021-07-06 09:20 ET - News Release

Mr. Serafino Iacono reports

GRAN COLOMBIA ANNOUNCES RESULTS FROM THE 2021 DRILL PROGRAM AT ITS TOROPARU PROJECT IN GUYANA; CONFIRMS 4-KM STRIKE LENGTH OF STRUCTURALLY CONTROLLED HIGH-GRADE GOLD MINERALIZED STRUCTURES

Gran Colombia Gold Corp. has released results from the recently completed phase 2 diamond drill program at its 100-per-cent-owned Toroparu project in western Guyana. The 10,494 metres phase 2 program was designed to confirm the continuity of both the northwest-oriented high-grade gold structures and the crosscutting east-west high-grade structures that create a repeatable pattern of intersecting zones amenable to underground mining methods over the four-kilometre strike length of the Toroparu project.

Serafino Iacono, executive chairman of Gran Colombia, commented: "The discovery of the structural control of high-grade gold mineralization at Toroparu has reaffirmed our confidence in the potential value of this project as one of our cornerstone assets. The recently completed, two-phase diamond drill program comprised a total of 20,750 metres in 114 drill holes and has confirmed a four-kilometre strike length of high-grade structurally controlled gold mineralization at Toroparu. In addition, the program identified a repeated pattern of intersections of NW-SE- and E-W-oriented subvertical structures containing high-grade zones extending over mineable widths up to 100 m vertically (jewellery boxes) that support our belief that a high-grade resource amenable to underground mining methods lies at the core of this very large, disseminated gold deposit. We are currently working with Nordmin to prepare an updated mineral resource estimate and preliminary economic assessment (PEA) incorporating the high-grade results from this latest drilling program. We expect the PEA will be completed later this summer."

Highlights

  • Assay results from the 2021 phase 2 high-grade definition drill program extend high-grade mineralization to the northwest of historical drilling and confirm a four-kilometre overall strike length of Toroparu deposit area.
  • Drill results identify several additional concentrations of high-grade gold contained in intersecting northwest-southeast and east-west structures (pipes) that occur in a repetitive pattern across the deposit. These structural pipes exhibit continuity over two-metre to 25-metre widths extending over 30 to 100 vertical metres, and confirm the potential for significant volumes of gold mineralization amenable to underground mining methods exists along the four km Toroparu deposit area.
  • The high-grade mineralized pipes, ranging in grade from approximately five grams per tonne gold to greater than 20 g/t Au over potentially mineable widths, are often surrounded by a lower-grade (0.5 to five g/t Au) halo of mineralized material.
  • The high-grade gold grades intersected in structures range from 2.42 g/t Au to 101.7 g/t Au and have a length-weighted average grade of 6.7 g/t Au (uncut) over 113 m and 76 intervals highlighted in this release.
  • Since historical drilling has been limited to the upper 450 m of vertical extension of the deposit, this remains open at depth across the four km of strike length at depths that are relatively shallow for an underground mine. Results from the most northwest set of drill holes, which intersected multiple high-grade intervals indicate that the high-grade structural component of the deposit is still open along strike to the northwest.

2021 phase 2 drill program -- drill result highlights

Significant intercepts were encountered in 27 of the 42 holes drilled. Highlights of best intercepts are presented in the attached table.

High-grade gold-mineralized intercepts within the deposit are associated with the occurrence of native gold, sulphides and quartz-carbonate veins or veinlets that crosscut most lithologies except for late-stage mafic dikes. Additionally, the geologic structural model is validated by structural measurements from 2020 and 2021 oriented core measurements that indicate an orientation of northwest-southeast and an overprinting orientation of east-west in the Toroparu deposit main and Northwest areas.

The 2021 diamond drilling program consisted of 10,494 m of drill core from 42 holes (TPD540 through TPD580) drilled to lengths of up to 640 m. Core samples for the drill program were collected over 0.5 m to one m intervals within the mineralized zone and 1.5 m intervals in the barren intervals. The sampling has been driven by sulphides content, quartz carbonate vein density and lithological discrimination of barren mafic dikes. Half-core was submitted to MS Analytical Labs in Georgetown, Guyana, for analysis. Gold was analyzed by fire assay atomic absorption reading and gravimetric reading greater than 10 parts per million. A standard quality control procedure has been applied, including blanks, standards and duplicates.

The total cumulative diamond drilling on the Upper Puruni concession as of July 6, 2021, is 245,693 m in 1,091 diamond drill holes (DDH), including 600 DDH totalling 199,223 metres drilled at Toroparu and 184 DDH totalling 21,963 m drilled at Sona Hill.

Qualified person review

This release was independently prepared under the supervision of Glen Kuntz, PGeo (Ontario) of Nordmin Engineering Ltd., a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral projects, who consents to the inclusion of his name in this release.

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., an approximately 27-per-cent equity interest in Denarius Silver Corp. and an approximately 26-per-cent equity interest in Western Atlas Resources Inc.

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