Gran Colombia Gold Announces 40 Meters at 4.00 Grams Gold Per Tonne Intersected in the Latest Drill Hole at Its Marmato Proje...
October 17 2017 - 7:38AM
Gran Colombia Gold Corp. (TSX:GCM) announced results today from an
ongoing underground exploration drilling program at its Marmato
Project. Hole MND_282_03_17, drilled from Level 20, has intercepted
an interval of “Deeps style” of mineralization at a vertical depth
of about 1,000 meters below surface and about 25 meters vertically
below Level 21, which returned an overall grade of 3.09 g/t Au over
a core length of 59.18 meters, including a higher-grade sub section
of 4.00 g/t Au over 40.40 meters.
Serafino Iacono, Executive Co-Chairman of Gran
Colombia, commented: “We continue to be encouraged by the
exploration results we are seeing at Marmato ahead of a more
substantial drilling program that we have planned for next year to
continue expanding our understanding of the total mineral resource
potential of the deposit. Following on our recent announcement of
an underground Mineral Resource estimate for Marmato, this latest
intersection corroborates our confidence in the presence of a
high-grade core within a wider halo with a lower grade in the
“Deeps” zone below the current operating mine. The deep
mineralization remains open for continued expansion along strike
and at depth and has the potential to expand the mine life at our
Marmato operations.”
Hole MND_282_03_17 belongs to an underground
drilling campaign targeted to explore the down-dip extension of the
typical vein mineralization between Level 21, the deepest level of
the existing operating mine, and Level 24. The objective of this
drilling campaign is also to test the up-dip projection of the body
that hosts the “Deeps style” of mineralization. Another hole,
MND_282_01_17, was previously drilled from the same drilling
station at a steeper angle. The style of mineralization shown by
both holes resembles the mineralization that was intersected in
earlier holes drilled from Level 20 that characterize the deep body
(refer to the Company’s press release dated March 13, 2017).
- The intersections in these drill holes are interpreted to form
the top of the deep zone of veinlet-hosted mineralization, which
was initially interpreted to start about 100 metres below the
current mine workings, and forms a deep body that could be suitable
for underground bulk mining.
- The deep gold mineralization is related to narrow veinlets of
quartz-pyrrhotite with minor amounts of pyrite and chalcopyrite and
a narrow halo of intermediate argillic alteration. These change
upwards to pyrite veinlets with pervasive intermediate argillic
alteration. They overprint earlier potassic alteration with
porphyry-style quartz veinlets, overlain by propylitic alteration.
The porphyry style alteration and veining does not carry
mineralization.
- This drill program continues to increase the confidence in the
geological model through increased drill density, and also has the
potential to significantly increase our Mineral Resources and
expected mine life at the Marmato Operations.
- Drilling focused on providing increased definition and
confidence in the near-term mine operation within the Indicated
Mineral Resources, and includes the following key intercepts:
|
|
|
|
|
|
|
Hole |
From(m) |
To (m) |
Width(m) |
Au (g/t)(uncut) |
Au (g/t)(cut) |
Ag (g/t) |
MND_282_01_17* |
206.0 |
261.88 |
55.88 |
2.80 |
2.75 |
4.72 |
and |
286.0 |
290.5 |
4.45 |
17.60 |
7.71 |
8.47 |
MND_282_03_17* |
137.26 |
196.44 |
59.18 |
3.09 |
3.09 |
3.62 |
including |
137.26 |
177.66 |
40.40 |
4.00 |
4.00 |
3.72 |
* Denotes underground drill holes. The two
underground holes were drilled at -45° and -30° from the
horizontal, respectively, and the intersection lengths do not
represent true widths. Intersections were calculated using a
cut-off grade of 1.0 g/t gold and no more than 6.0 metres of
internal dilution. Gold grades are reported uncut and cut to
20.0 g/t (which affects two samples in MND_282_01_17). Silver
grades are reported uncut.
Refer to Figure 1 for a geological cross section
of the Marmato Project and location of both drill holes.
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 in
respect of the drilling results from the Marmato Project. Dr.
Redwood verified the data disclosed in this news release, including
the sampling, analytical and test data underlying the information
contained in this news 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 samples were prepared and assayed by SGS
Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin,
Colombia. Gold was assayed by fire assay with atomic absorption
spectrophotometer (“AAS”) finish. Samples over 10 g/t gold were
re-assayed by 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 is a Canadian-based gold and
silver exploration, development and production company with its
primary focus in Colombia. Gran Colombia is currently the largest
underground gold and silver producer in Colombia with several
underground mines in operation at its Segovia Operations and
Marmato Project. Gran Colombia is continuing its expansion and
modernization activities at its high-grade Segovia Operations.
Additional information on Gran Colombia can be
found on its website at www.grancolombiagold.com and by reviewing
the Company’s page on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking
Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and future plans for its operations. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Gran Colombia to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause actual results to differ
materially from those anticipated in these forward-looking
statements are described under the caption "Risk Factors" in the
Company's Annual Information Form dated as of March 30, 2017, which
is available for view on SEDAR at www.sedar.com. Forward-looking
statements contained herein are made as of the date of this press
release and Gran Colombia disclaims, other than as required by law,
any obligation to update any forward-looking statements whether as
a result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/57a347dc-0a76-4f2b-8bc4-3b25f2228cc5
The photo is also available via AP PhotoExpress.
For Further Information, Please Contact:Mike
DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
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