Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) (“Gran Colombia”
or the “Company”) is pleased to announce results from the recently
completed Phase 2 diamond drill program at its 100%-owned Toroparu
Project in Western Guyana. The 10,494 meters Phase 2 program was
designed to confirm the continuity of both the northwest oriented
high-grade gold structures and the cross cutting east-west
high-grade structures that create a repeatable pattern of
intersecting zones amenable to underground mining methods over the
4 kilometer strike length of the Toroparu Project1.
Serafino Iacono, Executive Chairman of Gran
Colombia, commented, “The discovery of the structural control of
high-grade gold mineralization at Toroparu has reaffirmed our
confidence in the potential value of this project as one of our
cornerstone assets. The recently completed, two-phase diamond drill
program comprised a total of 20,750 meters in 114 drill holes and
has confirmed a 4-kilometer ("km") strike length of high-grade
structurally controlled gold mineralization at Toroparu. In
addition, the program identified a repeated pattern of
intersections of NW-SE and E-W oriented sub-vertical structures
containing high-grade zones extending over mineable widths up to
100 m vertically (“jewelry boxes”)2 that support our belief that a
high-grade resource amenable to underground mining methods lies at
the core of this very large, disseminated gold deposit. We are
currently working with Nordmin to prepare an updated mineral
resource estimate and preliminary economic assessment (“PEA”)
incorporating the high-grade results from this latest drilling
program. We expect the PEA will be completed later this
summer.”
Highlights
- Assay results from the 2021 Phase 2
High-Grade Definition Drill Program extend high-grade
mineralization to the northwest of historical drilling and confirm
a 4-km overall strike length of Toroparu Deposit Area (Figures 1
and 2).
- Drill results identify several
additional concentrations of high-grade gold contained in
intersecting NW-SE and E-W structures (“pipes”) that occur in a
repetitive pattern across the deposit (Figure 2). These structural
pipes exhibit continuity over 2 metre ("m") to 25 m widths
extending over 30 to 100 vertical metres and confirm the potential
for significant volumes of gold mineralization amenable to
underground mining methods exists along the 4 km Toroparu Deposit
Area.
- The high-grade mineralized pipes,
ranging in grade from approximately 5 g/t gold ("Au") to greater
than 20 g/t Au over potentially mineable widths, are often
surrounded by a lower grade (0.5 - 5.0 g/t Au) halo of mineralized
material. (Figure 5).
- The high-grade gold grades
intersected in structures range from 2.42 g/t Au to 101.7 g/t Au
and have a length-weighted average grade of 6.7 g/t Au (uncut) over
113 m and 76 intervals highlighted in this release (Table 1).
- Since historical drilling has been
limited to the upper 450 m of vertical extension of the deposit,
this remains open at depth across the 4-km of strike length at
depths that are relatively shallow for an underground mine. Results
from the most northwest set of drill holes, which intersected
multiple high-grade intervals indicate that the high-grade
structural component of the deposit is still open along strike to
the northwest.
Figure 1: 2020/2021 Drill
Resultshttps://www.globenewswire.com/NewsRoom/AttachmentNg/cafe9a55-43f7-489c-ac04-00017211a672
2021 Phase 2 Drill Program - Drill Result Highlights
(Figures 1 through 8)
Significant intercepts were encountered in 27 of
the 42 holes drilled. Highlights of best intercepts are presented
in table below:
Northwest Area |
Hole |
From (m) |
To (m) |
Width (m) |
Weighted Avg. Au Grade (g/t) |
TDP544 |
10.6 |
19.6 |
9.00 |
4.51 |
including |
10.6 |
12.1 |
1.50 |
37.50 |
TDP549 |
221.9 |
222.8 |
0.98 |
35.80 |
TDP549 |
260.1 |
267.0 |
6.94 |
3.02 |
including |
261.0 |
262.0 |
1.00 |
9.05 |
including |
265.5 |
267.0 |
1.50 |
7.11 |
TDP568 |
27.1 |
40.6 |
13.50 |
2.13 |
including |
33.1 |
34.6 |
1.50 |
12.40 |
TDP572 |
73.1 |
74.1 |
1.00 |
8.12 |
TDP572 |
90.5 |
91.1 |
0.60 |
8.13 |
TDP572 |
327.5 |
329.0 |
1.50 |
3.45 |
TDP572 |
339.0 |
348.5 |
9.50 |
2.02 |
including |
340.0 |
341.0 |
1.00 |
3.89 |
including |
342.5 |
343.0 |
0.50 |
9.41 |
including |
345.5 |
346.0 |
0.50 |
10.70 |
TDP574 |
319.5 |
337.5 |
18.00 |
1.17 |
including |
319.5 |
321.0 |
1.50 |
3.15 |
including |
331.0 |
332.3 |
1.30 |
4.48 |
TDP574 |
361.5 |
363.1 |
1.55 |
6.58 |
TDP574 |
382.5 |
384.0 |
1.50 |
8.01 |
TDP574 |
420.3 |
422.3 |
2.00 |
27.05 |
including |
420.3 |
420.8 |
0.50 |
101.70 |
TDP574 |
478.0 |
480.0 |
2.00 |
4.04 |
Main Area |
TDP551 |
148.5 |
207.0 |
58.50 |
1.77 |
including |
150.5 |
151.5 |
1.00 |
7.20 |
including |
153.5 |
154.0 |
0.50 |
12.70 |
including |
157.9 |
158.4 |
0.54 |
33.80 |
including |
171.5 |
172.0 |
0.50 |
7.56 |
TDP551 |
222.0 |
292.8 |
70.80 |
1.13 |
including |
240.0 |
241.5 |
1.50 |
2.60 |
including |
264.5 |
267.5 |
3.00 |
2.99 |
including |
268.5 |
269.5 |
1.00 |
3.08 |
including |
273.5 |
274.5 |
1.00 |
2.65 |
including |
276.5 |
279.5 |
3.00 |
3.37 |
TDP553 |
205.5 |
227.5 |
22.00 |
1.13 |
including |
214.4 |
214.9 |
0.51 |
4.49 |
including |
226.5 |
227.5 |
1.00 |
6.03 |
TDP553 |
229.1 |
232.1 |
3.00 |
5.21 |
including |
229.1 |
229.6 |
0.52 |
15.70 |
TDP553 |
274.5 |
280.5 |
6.00 |
5.64 |
including |
277.5 |
279.5 |
2.00 |
11.85 |
TDP553 |
292.5 |
297.0 |
4.50 |
13.22 |
including |
294.0 |
295.5 |
1.50 |
38.10 |
TDP553 |
312.9 |
330.0 |
17.13 |
2.27 |
including |
312.9 |
313.4 |
0.53 |
19.40 |
including |
321.0 |
322.5 |
1.50 |
7.38 |
TDP554 |
67.4 |
102.5 |
35.15 |
1.65 |
including |
71.5 |
73.5 |
2.00 |
2.62 |
including |
81.5 |
83.5 |
2.00 |
3.20 |
including |
86.5 |
88.5 |
2.00 |
3.15 |
including |
96.5 |
98.5 |
2.00 |
7.98 |
TDP554 |
151.2 |
156.7 |
5.49 |
10.57 |
including |
151.2 |
152.7 |
1.53 |
24.57 |
TDP554 |
284.5 |
285.5 |
1.00 |
2.21 |
TDP554 |
288.0 |
291.0 |
3.00 |
5.17 |
TDP558 |
64.0 |
65.5 |
1.50 |
4.83 |
TDP558 |
81.2 |
97.6 |
16.37 |
1.69 |
including |
87.7 |
89.2 |
1.50 |
7.70 |
TDP558 |
173.8 |
179.8 |
6.00 |
2.70 |
including |
176.3 |
177.8 |
1.50 |
8.31 |
TDP562 |
183.0 |
216.0 |
33.00 |
1.85 |
including |
187.5 |
188.5 |
1.00 |
4.15 |
including |
190.2 |
193.3 |
3.05 |
7.99 |
including |
204.5 |
205.5 |
0.99 |
3.16 |
TDP562 |
304.5 |
314.0 |
9.50 |
1.57 |
including |
309.0 |
309.5 |
0.50 |
3.13 |
including |
310.5 |
312.0 |
1.50 |
4.30 |
TDP564 |
79.0 |
86.0 |
7.00 |
3.14 |
including |
83.0 |
85.0 |
2.00 |
7.66 |
TDP564 |
107.6 |
163.8 |
56.18 |
1.34 |
including |
125.9 |
127.0 |
1.12 |
2.81 |
including |
130.0 |
131.0 |
1.00 |
4.12 |
including |
147.0 |
150.0 |
3.00 |
4.24 |
including |
161.0 |
163.8 |
2.78 |
5.22 |
Figure 2: Plan View of 2020/2021 Drill program
and Corresponding
Cross-Sectionshttps://www.globenewswire.com/NewsRoom/AttachmentNg/bc54c85c-5127-4ec8-abd6-3784db09fb11
High-grade gold-mineralized intercepts within
the deposit are associated with the occurrence of native gold,
sulfides, and quartz-carbonate veins or veinlets that crosscut most
lithologies except for late-stage mafic dikes. Additionally, the
geologic structural model is validated by structural measurements
from 2020 and 2021 oriented core measurements that indicate an
orientation of NW-SE and an overprinting orientation of E-W in the
Toroparu Deposit Main and Northwest Areas. Figure 3 illustrates
2020 and 2021 drill intersections greater than 5 g/t Au.
Figure 3: 2020/2021 Drilling High-Grade
Intersections > 5 g/t
Auhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5e4dbc64-f82a-4048-9a1a-dcef116853ad
Figures 4 through 8 present the geological model
in cross-section (see Figure 2 for section locations) with results
from the 2021 drill programs highlighting the continuity of gold
mineralization within the high-grade NW-SE and E-W structures.
- Section A–A’ includes four 2021 diamond drill holes: TPD551,
TPD552, TPD562, and TPD564
- Section B–B’ includes one 2021 diamond drill hole: TPD558
- Section C-C’ includes five 2021 diamond drill holes: TPD545,
TPD546, TPD547A, TPD548, and TPD555
- Section D-D’ includes one 2021 diamond drill hole: TPD572
- Section E-E' includes one 2021 diamond drill hole: TPD574
Each of these sections illustrate the high-grade
NW-SE and E-W structural wireframes which are surrounded by a
lower-grade halo (> 0.2 g/t Au) in the block model.
Collectively, these assay results and historically drilled
intercepts confirm the Nordmin/HPX Geological Model and potential
for development of Underground Resources at Toroparu.
Figure 4: High-Grade Drilling Program
Cross-Section, Main Area
(A-A’)https://www.globenewswire.com/NewsRoom/AttachmentNg/1aec386f-3e83-4bdb-9eed-87e12ec50c73
Figure 5: High-Grade Drilling Program
Cross-Section, Main Area
(B-B’)https://www.globenewswire.com/NewsRoom/AttachmentNg/e3bab4c7-3fcf-4a9c-80c4-cb78a42ddbce
Figure 6: High-Grade Drilling Program
Cross-Section, NW Area
(C-C’)https://www.globenewswire.com/NewsRoom/AttachmentNg/2e56f981-a0e8-46b5-a0e0-643690a6986f
Figure 7: High-Grade Drilling Program
Cross-Section, NW Area
(D-D’)https://www.globenewswire.com/NewsRoom/AttachmentNg/dd3b24d2-16b6-4a38-9a5d-4abe501917f7
Figure 8: High-Grade Drilling Program
Cross-Section, NW Area
(E-E')https://www.globenewswire.com/NewsRoom/AttachmentNg/e0152a33-86a2-4fff-af53-b4be3fffce7b
The 2021 diamond drilling program consisted of
10,494 m of drill core from 42 holes (TPD540 through TPD580)
drilled to lengths of up to 640 m. Core samples for the drill
program were collected over 0.5 m to 1.0 m intervals within the
mineralized zone and 1.5 m intervals in the barren intervals. The
sampling has been driven by sulfides content, quartz carbonate vein
density, and lithological discrimination of barren mafic dikes.
Half-core was submitted to MS Analytical Labs in Georgetown, Guyana
for analysis. Gold was analyzed by fire assay atomic absorption
reading and gravimetric reading greater than 10 ppm. A standard
quality control procedure has been applied including blanks,
standards, and duplicates.
The total cumulative diamond drilling on the
Upper Puruni Concession as of July 6, 2021 is 245,693 m in 1,091
diamond drill holes (“DDH”) including 600 DDH totaling 199,223
meters drilled at Toroparu and 184 DDH totaling 21,963 m drilled at
Sona Hill.
Qualified Persons Review
This release was independently prepared under
the supervision of Mr. Glen Kuntz, P.Geo. (Ontario) of Nordmin
Engineering Ltd., a "Qualified Person" under National Instrument
43-101 Standards of Disclosure for Mineral Projects, who consents
to the inclusion of his name in this release.
About Gran Colombia Gold
Corp.
Gran Colombia is a mid-tier gold producer with a
proven track 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% of Aris Gold Corporation (TSX: ARIS) (Colombia –
Marmato), an approximately 27% equity interest in Denarius Silver
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 Gran Colombia can be
found on its website at www.grancolombiagold.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 anticipated business plans or strategies, including
exploration programs and mineral resources and reserves. 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 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 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.
For Further Information,
Contact:Mike DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
1 As described in Gold X February 23, 2021 and March 23, 2021
news releases.2 Gold X March 22, 2021 News Release: Gold X Updates
Toroparu High-Grade Geologic Model
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