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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 98,287,088
Close 2021-07-12 C$ 4.94
Recent Sedar Documents

Gran Colombia drills 0.56 m of 137.44 g/t Au at Segovia

2021-07-12 07:16 ET - News Release

Mr. Serafino Iacono reports

GRAN COLOMBIA GOLD ANNOUNCES THE DISCOVERY OF TWO ADDITIONAL HIGH-GRADE VEINS AT ITS EL SILENCIO MINE AT ITS SEGOVIA OPERATIONS

Gran Colombia Gold Corp. has released high-grade intercepts from the first 59 diamond drill holes totalling 10,229 metres of an infill drilling campaign that is being carried out by the company's mine geology department at the El Silencio mine at its Segovia operations. This 23,000-metre drilling campaign, which commenced in 2020 and will be completed this year, is focused on resource definition within the underground mine developments of the El Silencio mine and complements the previously announced 60,000-metre drilling program being carried out in 2021 by the company's exploration team. High-grade intercepts from two new veins recently discovered by this infill drilling campaign at the El Silencio mine provide and corroborate information of importance for the current and future development of different sectors of this flagship mine.

The best high-grade intercepts from these latest drill results at the El Silencio mine include:

  • 1040 vein, new discovery: 137.44 grams per tonne gold and 10.1 g/t silver over 0.56 metre (ES-GM-U51-20);
  • 1150 vein, new discovery: 93.19 g/t Au and less than 0.3 g/t Ag over 0.54 metre (ES-GM-U59-20);
  • 1180 vein: 73.03 g/t Au and 32.0 g/t Ag over 0.30 metre (ES-GM-U49-20);
  • Manto vein: 44.49 g/t Au and 98.5 g/t Ag over 0.35 metre (ES-GM-U17-21).

Serafino Iacono, executive chairman of Gran Colombia, commented: "Our drilling programs in Segovia are continuing to provide us with outstanding results. With the discovery of two additional high-grade veins at the El Silencio mine, close to the mine workings currently in production, we remain confident that we will continue to expand mineral resources and add to the mine life for this operation. These new discoveries are further evidence that our main mines remain underexplored and have the potential to be larger than what we understand today."

The company's mine geology department currently has three diamond drill rigs in operation at Segovia carrying out resource definition within the underground developments of the El Silencio mine in a program that has another 13,000 metres of drilling to be completed this year. In addition, as outlined in the company's press release dated June 9, 2021, the company has another 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

1040 vein (new discovery)

Exploration and infill drilling on the northern sector of the Manto vein system, from underground stations ES900N-A, ES710N-A, ES810N-A and ES610N-A, installed on levels 22, 25 (ES710N-A/ES810N-A) and 26, respectively, led to the discovery of a new high-grade vein called the 1040 vein, which is an east-west-trending structure, shallow dipping to the northeast, located in the footwall of the 1180 vein and interpreted to merge into the manto vein system downdip. Multiple high gold grades were intersected from 32 multitarget drill holes (6,900 metres) on the main vein system with maximum intersection grades of 137.44 g/t Au and 10.1 g/t Ag over 0.56 metre on the 1040 vein (ES-GM-U51-20). The footprint of the orebody outlined on the 1040 vein so far is over 500 metres downdip by 200 metres wide, and it remains open up and downdip. The 1040 vein will be incorporated into the El Silencio mine plan through the ramp RP1130N from level 31 to 38.

The discovery of this new orebody offers the potential for additional mineral resource growth and extension of the mine life.

1150 vein (new discovery)

Exploration and infill drilling on the northern sector of the manto vein system, from underground stations ES710N-A and ES810N-A, installed on level 25, led to the discovery of another new high-grade vein called the 1150 vein, which occurs in the hangingwall of the manto vein system and is interpreted as a splay off the manto vein. Multiple high gold grades were intersected from 21 multitarget drill holes (5,228 metres) on the main vein system with maximum intersection grades of 93.19 g/t Au and less than 0.3 g/t Ag over 0.54 metre on the 1150 vein (ES-GM-U59-20).

Manto and 1180 veins

Infill exploration drilling on the northern block of the manto vein system, from underground stations ES900N-A, ES810N-A, ES872N-B and ES615N-A, installed on levels 22, 25 (ES810N-A/ES872N-B) and 26, respectively, was targeted to extend and better delineate the known ore shoots on the manto vein, which is the master structure; and the 1180 vein, which is a footwall splay off the manto vein. Drilling was successful in extending the manto vein's ore shoot from level 25 to 28, and better delineated the ore shoot on the 1180 vein down plunge. Multiple high gold grades were intersected from 45 multitarget drill holes (8,047 metres) on the main vein system with maximum intersection grades of 44.49 g/t Au and 98.5 g/t Ag over 0.35 metre on the manto vein (ES-GM-U17-21) and 73.03 g/t Au and 32.0 g/t Ag over 0.30 metre on the 1180 vein (ES-GM-U17-21). High-grade mineralization associated with both ore shoots remains open down plunge and will be targeted by infill drilling in 2021.

The associated table lists the key intercepts from the continuing drilling campaign carried out in 2020/2021 by the company's mine geology department.


Hole                    From            To         Width            Au            Ag
                         (m)           (m)           (m)         (g/t)         (g/t)

El Silencio mine
U-G drilling 
station ES-NV40-A
ES-GM-U03-20*          49.80         50.20          0.40         11.52            **
U-G drilling 
station ES900N-A
ES-GM-U09-21*         133.08        133.70          0.62         12.07          14.2
ES-GM-U12-21*         106.81        107.85          1.04         40.63          60.7
ES-GM-U17-21*          90.80         91.15          0.35         44.49          98.5
U-G drilling 
station ES710N-A
ES-GM-U02-21*          93.59         93.95          0.36         28.02          68.5
ES-GM-U05-21*         109.44        109.80          0.36          6.57           9.6
U-G drilling 
station ES610N-A
ES-GM-U01-21*         112.10        112.80          0.70         74.39         154.5
ES-GM-U04-21*         128.45        130.18          1.73         35.18          30.8
ES-GM-U06-21*         116.64        116.95          0.31         14.88          27.3
ES-GM-U63-20*         145.22        145.76          0.54         31.29          38.0
ES-GM-U64-20*         123.78        124.48          0.70         13.74          10.5
U-G drilling 
station ES615-A
ES-GM-U07-20*          79.70         80.00          0.30         18.24            **
ES-GM-U11-20*          93.55         94.60          1.05         48.47            **
ES-GM-U12-20*          92.00         92.95          0.95          7.74            **
ES-GM-U13-20*           9.30          9.76          0.46          7.70            **
ES-GM-U14-20*           8.15          8.45          0.30          6.02            **
ES-GM-U16-20*           7.84          8.20          0.36         14.32            **
U-G drilling 
station ES810N-A
ES-GM-U36-20*         103.90        104.46          0.56         44.28            **
ES-GM-U37-20*          86.56         86.90          0.34         18.34           8.4
ES-GM-U37-20*         195.80        196.22          0.42         10.84           5.5
ES-GM-U44-20*         190.15        191.39          1.24         18.80          25.9
ES-GM-U49-20*          96.65         97.59          0.94          7.71          30.5
ES-GM-U49-20*         197.24        197.54          0.30         73.03          32.0
ES-GM-U51-20*          68.70         69.56          0.86          6.21           8.3
ES-GM-U51-20*         163.51        164.07          0.56        137.44          10.1
ES-GM-U51-20*         179.13        179.97          0.84         12.02          29.3
                                                                           less than
ES-GM-U59-20*          61.20         61.74          0.54         93.19           0.3
U-G drilling 
station ES872-B
ES-GM-U52-20*          40.03         40.33          0.30          8.37           1.9
ES-GM-U52-20*         185.52        185.90          0.38         12.22          32.2
U-G drilling 
station ES872-A
ES-GM-U21-20*          37.00         37.40          0.40         11.95          13.4

* Denotes underground drill holes. Underground drill holes coded as GM were drilled 
by the company's mine geology department. The underground infill holes were drilled 
at minus 0 to minus 79 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.
** Silver was not assayed for these drill holes.

Results from in-mine exploration and infill drilling are reported for 59 holes (10,229 m) including: three holes (341 m) from station ES-NV40-A, one hole (103 m) from station ES230N, three holes (435 m) from station ES900N-A, three holes (600 m) from station ES710N-A, eight holes (1,238 m) from station ES610N-A, 12 holes (918 m) from station ES615-A, 12 holes (2,682 m) from station ES810N-A, 13 holes (2,882 m) from station ES872-A and four holes (1,030 m) from station ES872N-B. There are no results above cut-off grade for 35 holes, and these holes are not listed in the table.

Qualified person

Dr. 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 finish. Some of the samples were prepared and assayed by the Gran Colombia mine laboratory at Segovia (not certified). Gold was assayed by 30 g fire assay with 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 not assayed in these samples. Standard, blank 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., 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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