WOW! some results NEWS RELEASE:
FOR FURTHER INFORMATION PLEASE CONTACT:
Gran Colombia Resources Inc.
Mauro Coppola
(416) 955-4554
(416) 955-1206 (FAX)
or
Gran Colombia Resources Inc.
Steven A. Dawson
(416) 955-4554
(416) 955-1206 (FAX)
No Stock Exchange, Securities Commission Or Other Regulatory
Authority Has Approved Or Disapproved The Information Contained
Herein.
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GRAN COLOMBIA RESOURCES INC.
TSE SYMBOL: GRM
APRIL 10, 1997
Gran Colombia Resources Inc. ( The "Company") Announces
Additional Results From Its Ongoing Drill Program On Its
Marmato Gold Property In Colombia .
TORONTO, ONTARIO--A total of 14 holes have been completed during
this period, amounting to 2,516 metres drilled. The additional
results from this drilling not only support the potential for a
large bulk mineable deposit, but have also revealed high-grade
mineralization within the area. This high-grade mineralization is
associated with a highly altered shear zone occurring within an
andesitic porphyry and lies parallel to the contact with a second
porphyritic unit of dacitic composition .
The following table presents intersections related to the
high-grade mineralization, including some reported in the January
news release:
/T/
Hole No. Depth Depth Thickness AU Au cut
From To (m) (g/t) (70g/t)
M-6 43.00 45.70 2.70 2.14 2.14
M-7 59.73 61.60 1.87 27.76 27.76
M-14 104.50 106.75 2.25 67.72 31.62
M-15 181.60 184.60 3.00 6.64 6.64
M-22 108.00 111.00 3.00 107.69 28.89
M-23 62.60 65.41 2.81 5.17 5.17
M-24 78.60 80.75 2.15 5.33 5.33
M-26 106.00 109.74 3.74 3.65 3.65
Average 2.70 27.77 12.78
Hole Ag Ag cut AuE AuE
No. (g/t) (1400 g/t) (g/t) cut (g/t)
M-6 29.60 29.60 2.44 2.44
M-7 1057.30 509.70 38.34 32.86
M-14 532.00 532.00 73.04 36.94
M-15 974.00 937.0 16.38 16.01
M-22 391.40 391.40 111.03 32.23
M-23 41.10 41.10 5.58 5.58
M-24 34.72 34.72 5.67 5.67
M-26 310.80 310.80 6.76 6.76
Aver-
age 404.41 346.61 31.81 116.25
/T/
The high-grade mineralization has been intersected in two sections
spaced 50m apart, 150m down plunge and over a distance of 150m
horizontally. It is open in all directions. It appears that the
mineralization drapes around the dome-like structure of the
dacitic porphyry with peak values in the hinge line of the
structure where a value of 306g/t over one meter was found in
drill hole M-22.
The importance of this mineralized zone is that it could further
enhance the potential of the Enchandia property at Marmato, where
a large open pit operation could be developed in conjunction with
a bonanza grade underground mine.
Given the importance of the high-grade mineralized zone, future
drilling will be separated into two programs: one to focus on
outlining the full extent of the high grade mineralization and to
better define its geological model, and the other to continue
investigating the potential for a large, bulk mineable deposit.
The table below presents intersections related to the
disseminated mineralization, including some of the drill holes
presented in the high-grade mineralization table.
/T/
Hole No. Depth Depth Length Au Ag AuE
From To (m) (g/t) (g/t)(g/t)
M-20 19.6 61.6 42.00 0.87 48.5 1.35
M-20 99.2 125.95 26.75 0.88 45.7 1.34
M-21 108.4 116 7.60 0.49 108.4 1.57
M-22 0.00 276.45 276.45 0.91 24.7 1.16
includ-
ing 108.00 117.00 9.00 13.67 304.1 15.91
includ-
ing 180.69 204.62 23.93 1.92 49.6 2.42
M-23 0.00 11.6 11.6 0.62 2.8 0.65
M-23 62.6 67.41 4.81 3.39 33.1 3.72
M-23 95.6 107.16 11.56 0.57 44.00 1.01
M-24 13.12 53.76 40.64 0.25 27.4 0.52
M-24 77.6 80.75 3.15 3.70 26.1 3.96
MU-8C 103.73 138.26 34.53 0.47 6.30 0.54
MU-10B 67 84.73 17.73 0.81 16.8 0.98
MU-10B 31.78 46.82 15.04 0.75 33.1 1.08
MU-11A 9.93 32.72 22.79 0.85 45.2 1.30
MU-13C 12.98 34.04 21.06 1.86 6.40 1.93
including 31.6 34.04 2.44 9.94 22.2 10.17
/T/
The Company believes that the Marmato project has now been
developed sufficiently to justify an independent study on the
results of all drilling to date, both from a geological and
engineering standpoint. The study will assist the Company in
establishing preliminary parameters for use in directing future
development plans.
Elsewhere, the Company has signed an option agreement on a new
gold property in the Buritic… gold district located in the western
part of Antioquia Department, some 90 km from the town of
Medellin.
The Buritic… district is one of the oldest and, along with
Marmato, one of the most famous gold producing districts in
Colombia.
The geological model of the property's mineralization consists of
both vein and disseminated mineralization. Initial reconnaissance
sampling has returned grades of up to 2g/t in chip samples on
surface, an average of 1.5g/t over 25m in continuous channel
samples inside an old adit, and grades of up to 45g/t in vein
material.
A detailed sampling program is now underway over a wide zone of
hydrothermal alteration of almost one sq. km and systematic
sampling is being carried out in the old underground workings.
The Company expects that drilling targets at Buritic… will be
established for follow-up by the second quarter of this year.
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