Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, commented: "The results of this latest drilling reached over 700 meters below the current estimated lower limit of our open pit option and indicate a second zone of mineralization forming a deep body that could be suitable for underground mining. Combined with over 14 million ounces of gold in our current Mineral Resource Estimate, the Marmato Project is one of the richest undeveloped gold projects in the world. Gran Colombia continues to explore the significance of the deep zone mineralization and its impact on the work undertaken in the pre-feasibility study, which is expected to be completed later this year."
This new zone contains approximately 300 million tonnes of potential mineralization[1], and is not currently represented in the current total resource estimate at Marmato. The current Mineral Resource Estimate for the Company's Marmato Project, prepared by SRK Consulting (UK) Ltd. and filed on SEDAR on August 7, 2012, contains 11.8 million ounces of gold in the Measured and Indicated categories and an additional 2.6 million ounces of gold in the Inferred category, at a cut-off grade of 0.3 g/t gold, and 80.3 million ounces of silver in the Measured and Indicated categories and an additional 9.4 million ounces of silver in the Inferred category (see table below).
grancolombiagold.mediaroom.com
Oct 10, 2012
5:58pm
TORONTO, Oct. 10, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM) is pleased to announce drilling results from the latest underground drill hole in the deep zone at its Marmato Project in Colombia. Highlights from hole MT-1500 include 1.6 grams per tonne of gold and 1.5 grams per tonne of silver over 618 meters of drilling. The hole also includes 16.9 meters with 35.2 grams per tonne of gold, with a 1.8 meter section containing 159 grams per tonne of gold, from a depth of 872 metres. This deep high-grade mineralization is mainly associated with a zone with several narrow quartz veins, sub-parallel to the core axis, with a true width of about 4.4 meters, which shows several specks of visible gold throughout the interval.
The conclusion of the current deep zone drilling program at Marmato has produced a number of deep gold intersections, which extend mineralization trends to approximately 700 metres below the limit of the current preliminary pit outline and is open at depth. The deep mineralization is a minimum of 200 metres wide and widens to over 600 meters with depth and is open along strike in both directions. Please refer to Attachment 1 to this press release for an illustrative geological cross section, a copy of which is also available on Gran Colombia's website at www.grancolombiagold.com.
Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, commented: "The results of this latest drilling reached over 700 meters below the current estimated lower limit of our open pit option and indicate a second zone of mineralization forming a deep body that could be suitable for underground mining. Combined with over 14 million ounces of gold in our current Mineral Resource Estimate, the Marmato Project is one of the richest undeveloped gold projects in the world. Gran Colombia continues to explore the significance of the deep zone mineralization and its impact on the work undertaken in the pre-feasibility study, which is expected to be completed later this year."
This new zone contains approximately 300 million tonnes of potential mineralization[1], and is not currently represented in the current total resource estimate at Marmato. The current Mineral Resource Estimate for the Company's Marmato Project, prepared by SRK Consulting (UK) Ltd. and filed on SEDAR on August 7, 2012, contains 11.8 million ounces of gold in the Measured and Indicated categories and an additional 2.6 million ounces of gold in the Inferred category, at a cut-off grade of 0.3 g/t gold, and 80.3 million ounces of silver in the Measured and Indicated categories and an additional 9.4 million ounces of silver in the Inferred category (see table below).
| | Ore | Gold | Silver | | | Tonnes
(million) | Grade
(g/t) | Ounces
(x1,000) | Grade
(g/t) | Ounces
(x1,000) | | Measured | 51.1 | 1.05 | 1,725 | 4.87 | 8,011 | | Indicated | 358.5 | 0.87 | 10,064 | 6.27 | 72,319 | | Measured & Indicated | 409.7 | 0.90 | 11,789 | 6.10 | 80,330 | | Inferred | 79.1 | 1.02 | 2,588 | 3.71 | 9,429 |
* Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate. Mineral resources are reported at a cut-off grade of 0.3 g/t and based on a price of US$1,400 per ounce of gold with gold recoveries of 88 percent and without considering revenues from other metal.
Significant results (greater than 20 gram-metres) are summarized below:
| Hole | From (m) | To (m) | Width (m) | Au (ppm) | Ag (ppm) | | MT-1445* | 275.0 | 300.0 | 25.0 | 0.9 | 5.3 | | MT-1445* | 429.4 | 668.4 | 239.0 | 1.4 | 2.3 | | MT-1445* | 68.5 | 83.0 | 14.5 | 1.7 | 4.3 | | MT-1455A* | 164.0 | 183.6 | 19.6 | 1.4 | 5.8 | | MT-1455A* | 284.0 | 327.0 | 43.0 | 0.6 | 2.5 | | MT-1455A* | 424.0 | 483.0 | 59.0 | 0.6 | 3.0 | | MT-1455A* | 491.0 | 848.1 | 357.1 | 1.4 | 1.3 | | M-1498* | 204.0 | 943.5 | 739.5 | 1.5 | 1.1 | | M-1499A* | 33.0 | 179.0 | 146.0 | 0.7 | 3.2 | | M-1499A* | 292.0 | 816.0 | 524.0 | 1.7 | 2.3 | | including | 292.0 | 317.0 | 25.0 | 2.1 | 11.7 | | and | 325.0 | 816.0 | 491.0 | 1.7 | 1.9 | | MT-1500* | 10.0 | 74.0 | 64.0 | 1.2 | 6.5 | | MT-1500* | 394.0 | 1,012.1 | 618.1 | 1.6 | 1.5 | | including | 872.0 | 888.9 | 16.9 | 35.2 | 3.9 |
| | | | * Denotes underground drill holes. The underground holes were drilled at -55 to -85 degrees from the horizontal, and the intersection lengths do not represent true widths. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t and silver grades at 500 g/t. The high-grade intercept from hole MT-1500 was not capped and shows a different style of mineralization. It has a true width of approximately 4.4 meters. | | | | | |
The deep gold mineralization is related to narrow veinlets of quartz-pyrrhotite with minor amounts of pyrite and chalcopyrite and a narrow halo of intermediate argillic alteration. These change upwards to pyrite veinlets with pervasive intermediate argillic alteration. They overprint earlier potassic alteration with porphyry-style quartz veinlets, overlain by propylitic alteration. The porphyry style alteration and veining does not carry mineralization. The copper values are very low and are not of economic interest.
To date, five holes for a total of 4,295 meters have been drilled in the deep zone mineralization. All of the results to date, together with a map showing the locations of the drill holes, are available on Gran Colombia's website at www.grancolombiagold.com. |
