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Gran Colombia Announces Results From the 2021 Drill Program at Its Toroparu Project in Guyana; Confirms 4-Km Strike Length of Structurally Controlled High-Grade Gold Mineralized Structures

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Gran Colombia Announces Results From the 2021 Drill Program at Its Toroparu Project in Guyana; Confirms 4-Km Strike Length of Structurally Controlled High-Grade Gold Mineralized Structures

 

 

 

 

 

Gran Colombia Gold Corp. (TSX: GCM) (OTCQX: TPRFF) 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 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 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 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 Results

https://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-Sections

https://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 Au

https://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).

 

Posted July 6, 2021

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