GCM Mining Files Amended National Instrument 43-101 Technical Report for its Toroparu Project; Does Not Materially Amend Disclosures Regarding Updated Mineral Resource Estimate and Preliminary Economic Assessment
February 07 2022 - 5:00PM
GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX:
TPRFF) announced today that, as a result of a review by the staff
of the Ontario Securities Commission, it is issuing the following
news release related to its recent disclosure for its Toroparu
Project.
Specifically, the Company announced that it has
filed an amended version of its technical report and preliminary
economic assessment (“PEA”) for its Toroparu Project (the “Amended
Technical Report”) prepared by Nordmin Engineering Ltd. (“Nordmin”)
pursuant to National Instrument 43‐101 - Standards of Disclosure
for Mineral Projects (“NI 43‐101"). The Amended Technical Report
does not materially change any of the Company’s previous
disclosures regarding the updated Mineral Resource estimate and PEA
for the Toroparu Project as outlined in the initial technical
report (effective date of December 1, 2021) filed on SEDAR on
January 13, 2022 (the “Technical Report”). In compliance with NI
43-101, the Company has rounded certain Mineral Resource and pit
optimization tables to fewer significant figures and has eliminated
certain immaterial or excessive supplementary information contained
within the appendices of the Technical Report. Certain information
related to an “estimate of potential mineable resources” has been
moved within sections of the Amended Technical Report and has been
renamed “mineral resources within the PEA mine plan”. The Company
has also corrected a previously illegible table and a typographical
error within the Technical Report.
A summary of the updated Mineral Resource
estimate in the Amended Technical Report is as follows:
Table 1: Mineral Resource Statement for the Toroparu
Project
Deposit |
Area |
Resource Category |
Type |
Tonnes(‘000s) |
Au (g/t) |
Au oz(‘000s) |
Cu (%) |
Cu lb(‘000s) |
Ag (g/t) |
Ag oz(‘000s) |
Toroparu |
Main/NW |
Measured |
Open pit |
98,070 |
1.21 |
3,809 |
0.110 |
238,112 |
1.19 |
3,743 |
Indicated |
62,531 |
1.56 |
3,133 |
0.100 |
137,557 |
0.91 |
1,828 |
Toroparu |
SE |
Measured |
Open pit |
5,121 |
1.16 |
190 |
0.043 |
4,826 |
n/a |
n/a |
Indicated |
2,403 |
1.14 |
88 |
0.052 |
2,763 |
n/a |
n/a |
Sona Hill |
Sona Hill |
Measured |
Open pit |
6,958 |
1.85 |
413 |
0.008 |
1,241 |
1.07 |
239 |
Indicated |
4,180 |
1.66 |
223 |
0.008 |
700 |
0.85 |
115 |
Toroparu |
Main/NW |
Measured |
Underground |
727 |
2.84 |
66 |
0.072 |
1,151 |
0.47 |
11 |
Indicated |
4,978 |
3.21 |
514 |
0.091 |
9,937 |
0.41 |
66 |
Total Measured |
110,877 |
1.26 |
4,479 |
0.100 |
245,330 |
1.12 |
3,993 |
Total Indicated |
74,092 |
1.66 |
3,958 |
0.092 |
150,957 |
0.84 |
2,009 |
Total Measured & Indicated |
184,969 |
1.42 |
8,437 |
0.097 |
396,286 |
1.01 |
6,002 |
Toroparu |
Main/NW |
Inferred |
Open Pit |
4,018 |
1.58 |
204 |
0.080 |
7,118 |
0.66 |
85 |
Toroparu |
SE |
Inferred |
Open Pit |
9 |
1.67 |
1 |
0.040 |
8 |
n/a |
n/a |
Sona Hill |
Sona Hill |
Inferred |
Open Pit |
1,365 |
1.28 |
56 |
0.006 |
179 |
0.54 |
24 |
Toroparu |
Main/NW/SE |
Inferred |
Underground |
8,403 |
3.53 |
953 |
0.091 |
16,884 |
0.25 |
68 |
Total Inferred |
13,796 |
2.74 |
1,213 |
0.08 |
24,189 |
0.40 |
177 |
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Table 2: Mineral Resource Estimate Summary
|
Tonnes (‘000s) |
Au (g/t) |
Au oz (‘000s) |
Cu (%) |
Cu lb (‘000s) |
Ag(g/t) |
Ag oz (‘000s) |
Open Pit |
Measured and Indicated |
179,264 |
1.36 |
7,857 |
0.097 |
385,198 |
1.03 |
5,924 |
Inferred |
5,393 |
1.50 |
260 |
0.061 |
7,305 |
0.63 |
109 |
Underground |
Measured and Indicated |
5,705 |
3.16 |
580 |
0.088 |
11,088 |
0.42 |
77 |
Inferred |
8,403 |
3.53 |
953 |
0.091 |
16,884 |
0.25 |
68 |
Total |
Measured and Indicated |
184,969 |
1.42 |
8,437 |
0.097 |
396,286 |
1.01 |
6,002 |
Inferred |
13,796 |
2.74 |
1,213 |
0.080 |
24,189 |
0.40 |
177 |
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Mineral Resource Estimate Notes:
- Combined Open Pit and Underground
Mineral Resources were prepared in accordance with NI 43-101 and
the CIM Definition Standards for Mineral Resources and Mineral
Reserves (2014) and the CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines (2019). Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. This estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
- Underground and Open Pit Mineral
Resources are based on a gold price of $1,630/oz. This gold price
is the three-year tailing average as of September 30,
2021.
- Open Pit Mineral Resources comprise
the material contained within various Lerchs-Grossmann pit shells
at various revenue factors. These revenue factors are as follows:
Main/Southeast/NW Zone @ 0.75 revenue factor and Sona Hill @ 1.00
revenue factor. The gold cut-off applied to Open Pit Mineral
Resources within the selected pit shells was 0.40 g/t.
- Underground Mineral Resources
comprise all material found within Mineable Shape Optimizer (MSO)
wireframes generated at a cut-off of 1.8 g/t gold including
material below cut-off.
- Silver values are not reported for
the SE Open Pit. Ag contained metal values reported will not equal
A tonnes X grade conversion calculation.
- Assays were variably capped on a
wireframe-by-wireframe basis.
- Specific Gravity was applied using
weighted averages to each individual lithology type.
- Mineral Resource effective date
November 1, 2021.
- All figures are rounded to reflect
the relative accuracy of the estimates and totals may not add
correctly.
- Excludes unclassified
mineralization located within mined out areas.
- Reported from within a
mineralization envelope accounting for mineral continuity.
The Amended Technical Report, with a report date
of February 4, 2022 and an effective date of December 1, 2022, was
prepared by Nordmin and is entitled “Revised NI 43-101 Technical
Report and Preliminary Economic Assessment, Toroparu Gold Project,
Upper Puruni River Region of Western Guyana”. The “qualified
persons” for the purposes of NI 43-101 include Glen Kuntz, P.Geo.,
Consulting Specialist – Geology/Mining; Brian Wissent, P.Eng.,
Senior Mine Engineer – Underground Mining; Kurt Boyko, P.Eng.,
Consulting Specialist – Mechanical; David Willms, P.Eng., Senior
Reviewer; Ben Peacock, P. Eng., Senior Engineer; Daniel Yang, P.
Eng., Specialist Geotechnical Engineer; and, Fernando Rodrigues,
MMSAQP, Practice Leader/Principal Consultant – Mining.
The Amended Technical Report is available on the
Company’s website at www.gcm-mining.com and under the Company’s
profile on SEDAR at www.sedar.com.
About GCM Mining Corp.
GCM Mining Corp. is a mid-tier gold producer
with a proven track record of mine building and operating in Latin
America. In Colombia, the Company is the leading high-grade
underground gold and silver producer with several mines in
operation at Segovia Operations. In Guyana, the Company is
advancing the Toroparu Project, one of the largest undeveloped
gold/copper projects in the Americas. The Company also owns an
approximately 44% equity interest in Aris Gold Corporation (TSX:
ARIS) (Colombia – Marmato), an approximately 27% equity interest in
Denarius Metals Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos;
Colombia – Guia Antigua and Zancudo) and an approximately 26%
equity interest in Western Atlas Resources Inc. (TSX-V: WA)
(Nunavut – Meadowbank).
Additional information on GCM Mining can be
found on its website at www.gcm-mining.com and by reviewing its
profile 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 its anticipated business plans or strategies.
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
GCM Mining 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
31, 2021 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 GCM Mining 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.
For Further Information,
Contact:Mike DaviesChief Financial Officer(416)
360-4653investorrelations@gcm-mining.com
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