TORONTO, Sept. 18, 2017 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (GCM.TO) announced today the assay results from the ongoing 2017 Diamond infill drilling program at its Providencia underground gold mine at its Segovia Operations.
Infill drilling at Providencia was aimed to further delineate one of the main high-grade orebodies on which sparse previous surface drilling had intersected high gold grades. Multiple high gold grades generated from 19 drill holes (1,119 metres) drilled from underground in the 2017 drilling program were intersected on the main vein system with maximum grades of 649.1 g/t Au over 0.39 metres and 249.3g/t Ag over 0.95 metres.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented: "We are pleased to report that the assay results returned from the ongoing Providencia infill drilling program represent some of the highest grades seen at Providencia so far, which further increases our confidence in the potential for adding new resources to the mine and extending its mine life. The underground mine at Providencia is one of the highest-grade mines in Colombia and it continues to contribute to our production growth and free cash flow generation from our Segovia Operations."
Segovia Drilling Highlights and Key Intercepts
- Drilling results from the Providencia mine confirm the previously modelled high-grade nature, strong down-plunge continuity of gold mineralization and the thickness of one of the main orebodies currently in production on Level 14.
- This orebody remains open at depth and we believe it offers the potential for additional resource growth.
- The high-grade gold mineralized intercepts associated to this main orebody confirm the higher grade mineralization at depth, which could have a positive impact on the increase of the mining production at Providencia.
- The Providencia drill program continues to increase the confidence in the geological model of the orebodies through increased drill density.
- The drilling program focused on providing increased definition and confidence in the near-term mine operation and includes the following key intercepts:
| | | | | | | |
| Hole | From (m) | To (m) | Width (m) | Vein | Au (g/t) | Ag (g/t) |
| Providencia Mine |
| PV-IU-050* | 40.31 | 41.01 | 0.70 | Providencia | 18.94 | 35.1 |
| PV-IU-053* | 34.72 | 36.42 | 1.70 | Providencia | 62.22 | 63.5 |
| PV-IU-054* | 29.05 | 32.81 | 3.76 | Providencia | 290.50 | 142.0 |
| PV-IU-057* | 65.15 | 67.39 | 2.74 | Providencia | 131.39 | 79.6 |
| PV-IU-058* | 36.10 | 38.60 | 2.50 | Providencia | 248.87 | 166.4 |
| PV-IU-059* | 28.94 | 29.77 | 0.83 | Providencia | 324.15 | 170.3 |
| PV-IU-060* | 30.25 | 30.61 | 0.36 | Providencia | 191.29 | 64.1 |
| PV-IU-062* | 34.81 | 37.04 | 2.56 | Providencia | 210.94 | 75.2 |
| PV-IU-063* | 50.00 | 54.40 | 4.40 | Providencia | 31.36 | 15.5 |
| including | 51.09 | 53.60 | 2.51 | | 51.43 | 25.6 |
| PV-IU-066* | 38.80 | 42.57 | 3.77 | HW Providencia | 9.13 | 13.8 |
| including | 42.20 | 42.57 | 0.37 | | 61.93 | 97.8 |
| PV-IU-066* | 46.64 | 48.05 | 1.41 | Providencia | 40.83 | 16.2 |
| PV-IU-067* | 57.45 | 58.35 | 0.90 | Providencia | 34.10 | 23.5 |
| PV-IU-068* | 48.00 | 53.60 | 5.60 | Providencia | 11.69 | 5.4 |
| including | 48.00 | 50.00 | 2.00 | | 21.72 | 10.4 |
| PV-IU-071* | 42.80 | 45.60 | 2.80 | HW Providencia | 10.96 | 6.5 |
| PV-IU-071* | 52.30 | 52.58 | 0.28 | HW Providencia | 14.22 | 11.4 |
| PV-IU-071* | 54.67 | 57.50 | 2.83 | Providencia | 44.22 | 38.7 |
| including | 56.60 | 57.50 | 0.90 | | 131.30 | 116.6 |
| | | | | | | |
| * Denotes underground drill holes. The underground holes were drilled at –16 to -84 degrees from the horizontal, and the intersection lengths do not represent true widths. Sample grades over 8.0 g/t Au reported. Grades are for quartz vein intersections and are length-weighted composites. The length is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width. Abbreviations: HW: hanging wall vein. |
| | | | | | | |
Please refer to Attachment 1 and 2 to this press release for illustrative maps related to the Providencia in-fill drilling program, copies of which are also available on the Company's website at www.grancolombiagold.com.
Qualified Person
Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood verified the data disclosed in this news release, including the sampling, analytical and test data underlying the information contained in this news release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, Colombia. Gold was assayed by fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples over 10 g/t gold were re-assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is in the midst of an expansion and modernization project at its Segovia Operations.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing the Company’s page 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 the future financial or operating performance of the Company and its projects. 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 30, 2017, 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.