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Gran Colombia Gold Announces High-Grade Drill Results From the Ongoing Drilling Campaign at its Segovia Operations; Discovers New Vein at El Silencio Including Intercept of 162.7 g/t Au and 77.0 g/t Ag Over 0.51 Meters

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Gran Colombia Gold Announces High-Grade Drill Results From the Ongoing Drilling Campaign at its Segovia Operations; Discovers New Vein at El Silencio Including Intercept of 162.7 g/t Au and 77.0 g/t Ag Over 0.51 Meters

 

 

 

 

 

Gran Colombia Gold Corp. (TSX: GCM) (OTCQX: TPRFF) announced today high-grade intercepts from the latest 71 diamond drill holes, totaling 10,634 meters, from the 2020 in-mine and near-mine drilling programs at its Segovia Operations. The Company also announced the assay results from five additional kick-off diamond drill holes (2,208 meters) from the ongoing directional drilling program at the El Silencio Deep Zone, which led to the discovery of a new high-grade vein named the 450 Vein located in the hanging-wall of the Nacional Vein.

 

Significant high-grade intercepts from the latest drill results include:

 

  • Providencia: 51.22 g/t Au and 1.9 g/t Ag over 1.91 meters on the Providencia Vein (PV-IU-276);
  • Sandra K: 63.92 g/t Au and 458.4 g/t Ag over 0.63 meters on the Sandra K Techo Vein (SK-IU-158);
  • El Silencio: 162.70 g/t Au and 77.0 g/t Ag over 0.51 meters on the 450 Vein (ES-MH07-05);
  • El Silencio: 87.40 g/t Au and 13.4 g/t Ag over 0.56 meters on the Manto Vein (ES-MH07-04); and,
  • Carla: 100.30 g/t Au and 59.3 g/t Ag over 1.26 meters on the Gran Colombia Vein-HW1 (CA-ES-019).

 

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our Segovia Operations were recently acknowledged again as one of the top five highest-grade underground gold operations globally. Our 2020 drilling program in Segovia is continuing to provide us with outstanding results, providing further confirmation that the Segovia Operations are a world-class gold system. With the discovery of a third high-grade vein at depth in the El Silencio Mine, we remain confident that we will be able to expand mineral resources and add to the mine life for this operation. At Providencia, drilling has led to the discovery of a new orebody at Level 14 which is now being developed and remains open at depth. Drilling at the northernmost end of the Sandra K mine showed that the mineralization is still open along strike and at depth. At Carla, our fourth mine which recently started production, drilling intercepted additional high-grade mineralization well below the existing underground mine development. These new discoveries continue to confirm that our mines currently in production remain under-explored and have the potential to be larger than what we understand today. In addition, we commenced our regional drilling campaign in October focused on the other 24 known veins we are not currently mining. 2021 is shaping up as an exciting year for our ongoing exploration programs at our Segovia Operations.”

 

The planned 2020 in-mine and near-mine infill drilling campaigns commenced in early January with six diamond drill rigs operating from purpose-built underground and surface drill stations and comprises a total of 159 drill holes totaling approximately 31,400 meters, or about 70% of the total drilling program for this year. The execution of the planned drilling programs was somewhat hampered by the restrictions resulting from the COVID-19 pandemic that resulted in logistical difficulties and schedule disruptions earlier in the year. However, approximately 80% of the total in-mine and near-mine infill drilling program for 2020 was completed by the end of October and the remaining 20%, distributed amongst the three main mines, will be completed by early 2021.

 

The other 30% of the planned drilling campaign for 2020 is focused on the regional exploration targets encompassing the 24 veins within the Segovia mining title that are not currently in production. As a result of COVID-19 limitations to access these areas, this portion of the program only commenced in-mid October and the Company expects to complete approximately 15% of its original plan for these targets in 2020. The regional program will continue in 2021.

 

Key Highlights

 

Providencia

 

In-mine infill drilling from underground stations PV6005-A and PV6005-B, located at the westernmost end of Level 11, with station PV6005-A installed off the same level, was completed to test the extension of the Providencia Vein to the west, up to the F Fault, and in the downthrown block. Multiple high gold grades were intersected from 24 drill holes (2,471 meters) on the main vein system with maximum intersection grades of 111.12 g/t Au with 54.5 g/t Ag over 0.87 meters on the Providencia Vein (PV-IU-276). Drill hole PV-IU-274, drilled from station PV6005-A, intersected 10.30 g/t Au and 7.7 g/t Ag over 0.77 m at depth on the Providencia Vein, which guided the development of Level 14 to the west to intersect a new orebody with 42 meters horizontal width at an average grade of 25.0 g/t Au. The high grade intercept in drill hole PV-IU-276 is below Level 14, so the orebody remains open at depth and offers the potential for additional mineral resource growth and extension of the mine life. As a result, Gran Colombia will carry out in-fill drilling in 2021 from purpose-built drill stations to test the extension of this high grade zone down-plunge and in the downthrown block.

 

Sandra K

 

In-mine infill drilling from underground station SK5675, located at the northernmost end of Level 3, recently completed, has continued to delineate and further extend down-plunge, to approximately future Level 7, one of the main ore-shoots outlined by mining in the upper levels of the existing operation, which is currently taking place primarily in Level 5. This orebody remains open. Multiple high gold grades were intersected from 13 drill holes (1,759 meters) on the main vein system with maximum intersection grades of 63.92 g/t Au with 458.4 g/t Ag over 0.63 meters on the Sandra K Techo Vein (SK-IU-158). As a result, Gran Colombia will carry out additional step-out and in-fill drilling at Sandra K in 2021, to test the extension of the main vein system to the north and the extension of the main ore-shoots further down plunge.

 

El Silencio

 

In-fill exploration drilling from underground station ES5880, installed off Level 38, was completed on the main vein system that comprises three principal structures, namely: the Manto Vein, which is the master structure that dips shallowly to the east; the 1140 Vein that occurs in hanging wall of the Manto Vein, some 80 meters vertically above it, interpreted as a low angle vein or manto; and a tensional structure delimited by the two veins previously mentioned. Multiple high gold grades were intersected from 14 drill holes (1,799 meters) on the main vein system with maximum intersection grades of 78.48 g/t Au with 65.1 g/t Ag over 0.80 meters on the Manto Vein (ES-EU-009) and 9.28 g/t Au with 8.2 g/t Ag over 0.31 meters on the Tensional structure (ES-EU-009). High-grade mineralization associated with the Manto Vein remains open down-plunge and will be targeted by in-fill drilling in 2021.

 

The ongoing directional drilling program on the El Silencio Deep Zone is targeted to better delineate the southern ore-shoots down-plunge below Level 40. Drilling on the southern ore-shoot was successful in discovering a new high-grade vein named the 450 Vein and confirming the continuity and high-grade nature of the Manto vein down-dip below Level 40, the deepest level of historical mining on the Manto Vein by Frontino Gold Mines. The 450 Vein, interpreted as a low angle vein or manto, occurs in the hanging-wall of the Nacional Vein, some 40 meters vertically above. Multiple high gold grades were intersected from 5 kick-off holes (2,208 meters) with maximum intersection grades of 162.70 g/t Au with 77.0 g/t Ag over 0.51 meters on the 450 Vein (ES-MH07-05) and 87.40 g/t Au with 13.4 g/t Ag over 0.56 meters on the Manto Vein (ES-MH07-04).

 

There is still about 3,000 m to be drilled to complete the planned directional drilling program, which is scheduled to be completed in the first quarter of 2021.

 

Carla

 

Four diamond drill holes were completed at Carla from two purpose-built surface drill stations to finish the drilling program targeting the central and southern portions of the Gran Colombia Vein system, with the objective of converting Inferred mineral resources to the Indicated mineral resource category to be able to provide future mining studies with reasonable levels of confidence. The Gran Colombia Vein system interpreted so far comprises: the Gran Colombia Vein, which is a northerly-trending master vein with a continuous strike of more than 700 meters and has been drilled to a vertical depth of about 250 meters, on which a small-scale underground mining operation was developed in the past; an hanging-wall vein (“LGC-HW1”) that strikes and dips sub-parallel and in close proximity to the LGC, which merges into the LGC or dies out at depth; and a possible third high-grade, narrow new structure logged as a breccia (“LGC-FW1”), occurring in the footwall of the LGC, interpreted as a splay-off the LGC gently dipping to the north.

 

Multiple high gold grades were intersected from 4 drill holes (904 meters) with maximum intersection grades of 11.82 g/t Au with 10.3 g/t Ag over 0.66 meters on the LGC Vein (CA-ES-019), 149.08 g/t Au with 88.8 g/t Ag over 0.84 meters on the LGC-HW1 (CA-ES-019) and 24.99 g/t Au with 11.2 g/t Ag over 1.32 meters on the LGC-FW1 (CA-ES-018). Importantly, these intercepts have significantly higher gold grades than the current Indicated and Inferred mineral resource estimates for the Carla Mine. As a result, Gran Colombia will carry out additional step-out and in-fill drilling at Carla in 2021 in order to test the high-grade structures of the main vein system along strike and at depth.

 

The table below lists the key intercepts from the ongoing 2020 drilling campaign since the press release issued on July 20, 2020:

 

 

<td%

Hole From (m) To (m) Width (m) Au (g/t) Ag (g/t) Vein
PROVIDENCIA MINE
U-G Drilling station PV5880
PV-IU-274* 106.98 109.28 2.30 6.59 5.2 PRO
including 107.70 108.47 0.77 10.30 7.7 PRO
PV-IU-276* 133.56 135.47 1.91 51.22 1.9 PRO
including 134.60 135.47 0.87 112.12 54.5 PRO
U-G Drilling station PV6005
PV-IU-283* 96.63 98.50 1.87 7.55 25.9 PRO
Including 97.77 98.50 0.73 10.41 16.5 PRO
PV-IU-285* 85.10 85.58 0.48 19.06 13.0 PRO
SANDRA K MINE
U-G Drilling station SK5675
SK-IU-154* 88.10 90.20 2.10 25.98 48.9 SKT
including
Posted December 21, 2020

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