TORONTO, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today the final assay results from 115 diamond drill holes (10,783 meters) included in the 2019 underground infill drilling program at its high-grade Segovia Operations and also the assay results from nine kick-off holes (2,527 meters) in the ongoing directional drilling program in the deep zone at the El Silencio mine.
Serafino Iacono, Executive Chairman of Gran Colombia, commented, “We are excited to see a continuation of the high grade gold and silver intercepts in the assay results from our ongoing drilling campaign at the Segovia Operations in the first half of 2019. In-fill drilling at each of our three core producing mines increases our confidence in the potential to add new mineral reserves and extend mine life at our flagship mining operation. The deep zone drilling at El Silencio has generated some very encouraging high grade results so far and we expect to complete the first phase of this drilling program by the end of this year. Our work to identify and prioritize step out and brownfield drilling targets at Segovia, aided by the application of machine learning by the geologists and data scientists at GoldSpot Discoveries Corp., is progressing well and we expect to further expand our drilling campaign, over and above what is already planned, later in the second half of this year."
Segovia Drilling Update
The key highlights and intercepts at Segovia since our February 25, 2019 press release are as follows:
The table below lists the key intercepts from the 2019 drilling program since the last press release issued on February 25, 2019:
|Hole||From (m)||To (m)||Width (m)||Vein||Au (g/t)||Ag (g/t)|
|Sandra K Mine|
|SK-IU-059*||34.35||34.70||0.35||FW 6640 VEIN||10.13||33.3|
|El Silencio Mine|
|ES-MH01-03**||686.00||686.30||0.30||VEM (north ore-shoot)||47.62||81.5|
|ES-MH01-05**||758.30||758.92||0.62||VEM (north ore-shoot)||37.23||175.5|
|ES-MH02A-01-A**||839.85||840.67||0.82||VEM (middle ore-shoot)||13.60||11.4|
|* Denotes underground drill holes. The underground in-fill holes were drilled at 0 to -80 degrees from the horizontal. Sample interval grades over 7.0 g/t Au reported. Grades are for quartz vein intersections and are length-weighted composites. The width 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, FW: footwall vein.|
** Denotes directional drilling kick-off holes. The directional drilling kick-off holes were drilled at -40 to -70 degrees from the horizontal.
# Denotes a minimum value for Ag as one sample is greater than the upper limit of detection of the overlimit assays (4000 ppm) and the result of reassay by an appropriate method is awaited.
Results from infill drilling are reported for 115 holes (10,783 m) including 56 holes (5,324 m) at Providencia (PV-IU-163 to PV-IU-218), 32 holes (3,111 m) at Sandra K (SK-IU-056 to SK-IU-086) and 27 holes (2,348 m) at El Silencio (ES-IU-060 to ES-IU-086). There are no results above cut-off grade for 44 holes at Providencia, 17 holes at Sandra K and 19 holes at El Silencio and so these holes are not listed.
Results from directional drilling from surface and underground at El Silencio are reported from nine kick-off holes (ES-MH01-01 to ES-MH01-07 and ES-MH02A-01A to ES-MH02A-02) (2,527 m) including seven kick-off holes (1,957 m) on the north ore-shoot and two kick-off holes (570 m) on the middle ore-shoot. In addition, 2,406 meters were drilled in four mother holes, one of which was aborted.
Please refer also to the attached illustrative maps showing the Providencia, Sandra K and El Silencio drilling programs.
Gran Colombia currently has five diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition within the underground developments of the Providencia, Sandra K and El Silencio mines, and two drill rigs operating at Campo Alegre targeting the down-plunge extension of the north and central ore-shoots of the El Silencio mine, one from surface and one from underground.
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, 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. 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 Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, Colombia. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by aqua regia or multiacid digestion with AAS finish for ore grades. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations.
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 27, 2019 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:
Chief Financial Officer
Attachment 1 - Providencia Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e53d6cec-6507-477d-8d3a-989a45b19192
Attachment 2 – Sandra K 6640 Vein Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/efb6e0c9-b72b-4f7e-b754-dd4eb89e0f07
Attachment 3 – Sandra K Techo Vein Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6a372112-8164-456b-880a-6420da5851b0
Attachment 4 – El Silencio Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/84e067ed-f76a-4a76-93b9-0777058ff219