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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 53,669,773
Close 2020-01-31 C$ 5.50
Recent Sedar Documents

Gran Colombia drills 54.42 m of 3.65 g/t Au at Marmato

2020-02-03 07:10 ET - News Release

Mr. Serafino Iacono reports

GRAN COLOMBIA GOLD ANNOUNCES THE DISCOVERY OF A POTENTIAL NEW HIGH-GRADE ZONE AT ITS MARMATO PROJECT OUTSIDE THE DEEPS ZONE; REPORTS ADDITIONAL HIGHER-GRADE GOLD INTERCEPTS COMPLETING 2019 PHASE 2 DRILLING IN THE DEEPS ZONE INCLUDING 75.83 METERS

Gran Colombia Gold Corp. has released additional higher-grade gold intercepts over broad widths from the final eight diamond drill holes (3,744 metres) drilled in the Marmato Deeps zone (MDZ), completing the 2019 phase 2 infill drilling program at its Marmato project in Caldas, Colombia. The 2019 drilling campaign was split into two phases, of which the results of the phase 1 drilling campaign were included in the updated mineral resource estimate with an effective date of July 31, 2019, and the preliminary economic assessment (PEA) for Marmato, both of which were included in a technical report filed on SEDAR on Nov. 28, 2019. The subsequent phase 2 infill drilling, above the 600-metre level, was designed to provide enough tonnes and grade in the measured and indicated mineral resource categories within the Main zone (MZ) to support the prefeasibility study (PFS), which is currently being carried out and is expected to be finalized by mid-2020.

High-grade mineralization was also encountered in a new zone (NZ) in the footwall of the MDZ in hole MT-IU-050 and is 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 information.

Serafino Iacono, executive chairman of Gran Colombia, commented: "Our 2019 phase 2 drilling campaign has generated additional exciting results, which have further increased our confidence in the geological model and continues to demonstrate an improvement of grades in the MZ below the 900-metre level versus the mineral resource block model associated with the PEA. In addition, the discovery of a potential new high-grade zone opens a new scenario for potential resource growth. All in all, we remain very encouraged by the progress we are making in the evaluation of the underground mining expansion opportunity at our Marmato project."

The 2019 drilling campaign started in March and was completed in late November with three contractor diamond drill rigs, one of which was added to the phase 2 drilling campaign in early September, operating from four purpose-built underground drill stations. The two drilling campaigns comprise a total of 30 drill holes totalling approximately 16,299 metres, of which 4,600 metres were completed in seven drill holes in phase 1 and 11,699 metres were completed in 23 drill holes in phase 2.

The company plans to drill up to 15,000 metres in 2020 commencing toward the end of February. Approximately 10,000 metres of infill drilling are designed to convert inferred mineral resources to the indicated category and to add additional mineral resources by stepping out along the southeast extension of the MZ. Another approximately 5,000 metres of exploration drilling will focus on broad mineralized zone targets outside the MDZ.

Intersections with high gold grades generated from the last eight drill holes of phase 2 drilling reported herein (MT-IU-046 to MT-IU-052 and MT-IU-054), include:

  • Drill hole MT-IU-050 intersected 54.42 metres at 3.65 grams per tonne gold and 4.3 g/t silver from 246.75 m to 301.17 m, 51.80 m at 3.0 g/t Au and 6.0 g/t Ag from 379.3 m to 431.10 m, and 41.35 m at 4.14 g/t Au and 4.34 g/t Ag from 449.0 m to 490.35 m; all these intersections are associated with the MZ.
  • Drill hole MT-IU-050 also intersected 76.75 m at 3.12 g/t Au and 1.9 g/t Ag from 538.25 m to 615.00 m, which is the intersection associated with the NZ.
  • Drill hole MT-IU-051 intersected 75.83 m at 4.03 g/t Au and 5.5 g/t Ag from 248.00 m to 323.83 m.
  • Drill hole MT-IU-054 intersected 66.35 m at 3.05 g/t Au and 3.9 g/t Ag from 358.00 m to 424.35 m.

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

Key highlights and intercepts from phase 2 drilling:

  • The high-grade mineralization intercepted in drill hole MT-IU-050, outside the boundary of the current mineral resource estimate block model for the MZ, may represent a new zone (NZ) or a branch off the MZ. Further drilling in this area is required and is planned as part of the 2020 drilling program.
  • The drill intercepts (MT-IU-050, MT-IU-051 and MT-IU-054) from phase 2 drilling continue to demonstrate a further improvement of grades in the MZ below the 900 m level versus the mineral resource block model associated with the PEA.
  • The results from phase 2 infill drilling 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.
  • Most of the drill holes of phase 2 reported herein end within the low-grade shell with the result that the MDZ is open on the east 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.

The associated table is a list of significant intersections from the last eight drill holes (MT-IU-046 to MT-IU-054) of phase 2 drilling reported in this release that, combined with the 14 drill holes included in the press release issued on Nov. 15, 2019, will support the PFS-level resources and reserves statement.


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

MT-IU-032          334.46   682.75     348.29          1.53             3.1                  534
including          334.46   391.03      56.57          1.54             4.9                   87
including          391.03   416.08      25.05          2.55             5.9                   64
including          438.32   463.05      24.73          2.03             4.1                   50
including          495.00   524.45      29.45          1.76             5.2                   52
including          566.75   601.40      34.65          2.31             2.1                   80
including          623.40   646.10      22.70          2.21             1.4                   50
including          663.10   682.75      19.65          2.56             1.2                   50
MT-IU-033          287.35   707.25     419.90          1.84             2.4                  774
including          287.35   334.00      46.65          2.31             7.1                  108
including          402.55   447.55      45.00          3.37             2.8                  151
including          456.60   494.00      37.40          2.72             2.2                  102
including          580.80   612.00      31.20          3.16             1.8                   99
including          634.30   652.80      18.50          3.00             2.1                   55
MT-IU-034          314.05   501.00     186.95          1.34             2.3                  251
including          419.65   465.75      46.10          2.58             2.7                  119
MT-IU-035          149.10   305.73     156.63          1.27             3.5                  199
including          177.05   199.95      22.90          2.55             4.2                   58
MT-IU-036          365.25   670.60     305.35          2.74             2.9                  836
including          365.25   429.95      64.70          4.66             6.4                  301
including          469.00   490.60      21.60          3.55             2.4                   77
including          531.10   670.60     139.50          2.48             2.0                  346
MT-IU-037          208.93   326.35     117.42          1.82             2.8                  214
including          208.93   255.85      46.92          2.53             2.1                  119
including          286.90   310.25      23.35          2.16             4.6                   50
MT-IU-038          255.25   501.25     246.00          2.03             3.0                  499
including          280.30   300.15      19.85          3.19             3.5                   63
including          334.70   404.05      69.35          3.16             4.0                  219
MT-IU-039          204.35   356.20     151.85          1.78             3.1                  271
including          218.50   237.00      18.50          2.70             5.5                   50
including          253.05   294.70      41.65          2.50             3.1                  104
including          314.45   332.30      17.85          2.09             4.2                   37
MT-IU-040          186.80   337.65     150.85          2.00             4.4                  302
including          224.60   260.45      35.85          3.40             9.3                  122
including          260.45   295.30      34.85          2.56             2.7                   89
MT-IU-041          189.07   452.70     263.63          2.84             4.9                  748
including          226.94   401.90     174.96          3.86             6.0                  675
including          226.94   300.57      73.63          5.72             8.8                  421
including          300.57   333.25      32.68          1.46             4.5                   48
including          333.25   401.90      68.65          3.00             3.9                  206
MT-IU-042          286.75   379.20      92.45          1.00             1.7                   92
MT-IU-043                                                                                    NSI
MT-IU-044          229.88   501.30     271.42          1.04             1.8                  282
including          421.50   434.70      13.20          2.73             2.0                   36
including          467.20   484.45      17.25          2.80             2.9                   48
MT-IU-045          195.25   607.15     411.90          2.06             4.8                  849
including          230.30   302.00      71.70          3.50             5.3                  251
including          420.10   504.85      84.75          3.21             8.7                  272
including          563.50   607.15      43.65          1.92             2.3                   84
MT-IU-046          150.70   220.15      69.45          1.89             4.5                  131
including          191.25   220.15      28.90          2.81             4.4                   81
MT-IU-047                                                                                    NSI
MT-IU-048          115.90   486.55     370.65          1.35             2.8                  500
including          152.85   206.00      53.15          2.19             6.2                  116
including          288.86   327.70      38.84          1.91             3.3                   74
including          414.00   453.00      39.00          2.39             2.4                   93
MT-IU-049          132.15   324.25     192.10          1.51             4.7                  291
including          162.15   206.10      43.95          2.69             8.3                  118
including          214.41   232.30      17.89          2.76             3.6                   49
including          254.15   276.45      22.30          2.13             6.4                   48
MT-IU-050          226.75   696.25     469.50          2.29             3.2                1,075
including          246.75   301.17      54.42          3.65             4.3                  199
including          379.30   431.10      51.80          3.00             6.0                  155
including          449.00   490.35      41.35          4.14             4.3                  171
including          538.25   615.00      76.75          3.12             1.9                  239
MT-IU-051          188.40   351.70     163.30          2.81             5.2                  459
including          205.50   233.05      27.55          2.63             7.0                   72
including          248.00   323.83      75.83          4.03             5.5                  306
including          333.15   351.70      18.55          2.53             3.3                   47
MT-IU-052          271.60   429.37     157.77          2.14             3.3                  337
including          271.60   297.40      25.80          2.57             5.5                   66
including          310.30   375.20      64.90          2.76             3.9                  179
MT-IU-053A                                                                       results pending
MT-IU-054          260.10   424.35     164.25          2.58             2.9                  424
including          260.10   322.75      62.65          2.91             2.0                  182
including          358.00   424.35      66.35          3.05             3.9                  202

All are underground drill holes. They were drilled at minus 45 to minus 75 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 16 samples out of a total of 1,653 samples. Intervals greater than or equal to 1.0 g/t Au 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 or 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 and assayed by SGS Laboratories Ltd. (ISO 9001:2008) at its laboratory in Medellin, Colombia. 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. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia Gold is a Canada-based, mid-tier gold producer with its primary focus in Colombia, where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia operations, and, through a spinout transaction with Bluenose Gold announced on Oct. 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato project.

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