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Gran Colombia Gold Corp.
Summary
| Project: | Marmato | |
|---|---|---|
| Deposit: | Marmato | |
| Location: | Colombia | |
| Commodities: | Gold-Silver | |
| Date: | 11/5/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-11-2019: Gran Colombia Gold Corp. announces an Exploration/Drilling Update report for its Marmato deposit at the Marmato project. Drilling results incl. 411.90m @ 2.15g/t Au, 4.7g/t Ag from 195.25m. TORONTO, Nov. 05, 2019 -- Gran Colombia Gold Corp. (TS | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Stewart D. Redwood (Internal) | |
| ABSTRACT: | TORONTO, Nov. 05, 2019 -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today multiple additional higher-grade gold intercepts over broad widths from 21 diamond drill holes (11,600 meters) drilled into the Marmato Deeps Zone (“MDZ”) as part of the ongoing 2019 Phase 1 and Phase 2 infill drilling program (the “2019 drilling campaign”) at its 100%- owned Marmato Project in Caldas, Colombia. The 2019 drilling campaign was split into two phases, of which Phase 1 was targeted to further delineate and extend down-plunge the higher-grade core, with a cut-off grade of 1.7 g/t Au, referred to as the Main Zone (“MZ”), outlined by the 2018 drilling campaign within the MDZ envelope at a cut-off grade of 0.7 g/t Au. It was also aimed to convert the Inferred Resources within the MZ, above the 900 meters level, to Indicated Resources. The results from both the 2018 and 2019 Phase 1 drilling campaigns were included in the updated Mineral Resource Estimate and Preliminary Economic Assessment (“PEA”) for Marmato which was recently announced in the press release of October 15, 2019. Phase 2 infill drilling, above the 600 meters level, is still in progress and is designed to provide sufficient tonnes and grade in the measured and indicated mineral resource categories, within the MZ, to support the prefeasibility study (“PFS”) which is currently being carried out and expected to be finalized by mid-2020. Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our 2019 drilling campaign has generated some exciting results which have increased our confidence in the geological model, extending the MZ to approximately 500 meters along strike, with true widths varying between 35 meters and 150 meters and remaining open at depth and to the east. Drilling has also confirmed the strong vertical continuity of the MZ for more than 700 vertical meters that shows an average grade of 4.3 g/t Au, which is the primary target zone for expansion of underground mining operations in the Deeps Zone in the PFS. Recent Phase 2 drilling continues to demonstrate an improvement of grades in the MZ below the 900 meters level versus the mineral resource block model associated with the PEA. In addition, separate underground drilling and channel sampling programs undertaken since the latter part of 2018 on level 21 at Marmato have tested a block within the higher-grade zone that is being developed and will be placed into full production from the existing mining operation starting next year. 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." | |
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