GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF) announced 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 for its Toroparu Project prepared by Nordmin Engineering Ltd. pursuant to National Instrument 43‐101 – Standards of Disclosure for Mineral Projects. 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. 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
|Au (g/t)||Au oz
|Cu (%)||Cu lb
|Ag (g/t)||Ag oz
|Sona Hill||Sona Hill||Measured||Open pit||6,958||1.85||413||0.008||1,241||1.07||239|
|Total Measured & Indicated||184,969||1.42||8,437||0.097||396,286||1.01||6,002|
|Sona Hill||Sona Hill||Inferred||Open Pit||1,365||1.28||56||0.006||179||0.54||24|
Table 2: Mineral Resource Estimate Summary
|Measured and Indicated||179,264||1.36||7,857||0.097||385,198||1.03||5,924|
|Measured and Indicated||5,705||3.16||580||0.088||11,088||0.42||77|
|Measured and Indicated||184,969||1.42||8,437||0.097||396,286||1.01||6,002|
Mineral Resource Estimate Notes:
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).
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