Gran Colombia Resources Inc (TSE.GRM) Message Board

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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM)

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To: Eric Rojas who wrote (34)	11/17/1996 7:10:00 PM
From: Eric Rojas	of 308

For those that are not familiar with GRM, here I include the last set of drill results that convinced me that this exploration has great potential, Eric FOR FURTHER INFORMATION PLEASE CONTACT: Gran Colombia Resources Inc. Messrs. Serafino Iacono (416) 955-4554 (416) 955-1206 (Fax) or Gran Colombia Resources Inc. Steven A. Dawson (416) 955-4552 (416) 955-1206 (Fax) NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: GRAN COLOMBIA RESOURCES INC. CANADIAN DEALING NETWORK SYMBOL: GCRI OCTOBER 1, 1996 Gran Colombia Resources Announces Additional Results from Drilling at Marmato TORONTO, ONTARIO-- Drilling Confirms and Extends Near Surface Mineralization Overlying the Echandia Block Gran Colombia Resources Inc. (the "Company") is pleased to announce additional results from its ongoing drill program at its Marmato gold property in Colombia. A summary of results to date is tabulated below: /T/ Hole Intersection Interval Au Ag Gold (m) (m) (g/t) (g/t) Equivalent (g/t) (X) M1 + 0.00-116.00 116.00 0.75 10.00 0.85 127.60-193.00 65.40 0.57 32.00 0.89 M2 + 0.00-117.00 117.00 1.30 19.00 1.49 M3 + 4.07-85.40 81.33 0.63 58.00 1.21 M4 0.00-151.42 151.42 0.53 14.00 0.67 incl. 81.24-151.42 70.18 0.89 13.00 1.02 M5 103.00-134.50 31.50 0.74 28.00 1.02 M6 40.33-162.00 121.67 0.35 15.00 0.50 181.66-264.32 82.66 0.40 23.00 0.63 M7 0.00-136.03 136.03 1.02 19.00 1.21 incl. 38.42- 44.40 3.78 1.74 45.00 2.19 incl. 50.64-53.36 2.72 1.82 42.00 2.24 incl. 58.09-80.67 21.68 2.87 106.10 4.48 incl. 97.10-102.15 5.05 1.49 28.00 1.77 incl 115.95-117.95 2.00 2.43 16.00 2.59 incl. 173.00-237.00 64.00 0.29 23.00 0.52 M8 0.00-73.60 73.60 0.51 0.40 0.91 incl. 17.30-20.38 3.00 1.38 1.50 2.88 incl. 26.00-31.60 5.60 1.90 2.87 4.77 incl. 136.25-176.60 40.35 0.50 0.17 0.67 /T/ (X) Gold equivalent is calculated using a conversion factor of 100 + results previously reported in August 1996. Exploration is focusing on two zones within the Marmato gold deposit, the upper near surface zone that was intersected from surface and the deeper zone where the Company had previously established an inferred resource of 3.7 million oz. gold equivalent. The Company is evaluating both zones as part of a potential open pit deposit. Two deep drilling rigs are positioned on surface over an extensive area of soil geochemical anomalies found on the Echandia-Chaburquia-Maria property. This property occupies the central portion of the Company's extensive holdings in the Marmato district that total more then 34,000 hectares. The results tabulated above show the best intersections from the first 8 holes completed on the upper zone and confirm the presence of the near surface mineralized zone from surface to a depth of more than 100 metres below surface. It is thought that the near surface zone will enhance the potential of a possible open pit deposit by drastically lowering the stripping ratio. The mineralization in the near surface zone is closely related to a geochemical anomaly which has a surface area of 300 metres by 400 metres. The precious metals are associated with an intensely altered and sheared contact between an andesite and dacite porphyry. Surface drilling is continuing with the objective of drilling the area of the geochemical anomaly on 50 metre centres. Elsewhere on the property, two small underground drills have been mobilized and are now beginning to test the underground inferred resource. Previously the Company had rehabilitated most of the existing underground workings and completed a program of detailed channel sampling which led to the delineation of an inferred resource of 3.7 million oz. The objective of the underground program will be to confirm the presence of the resource, and hopefully upgrade the resource to reserve categories. This will be accomplished by drilling a series of holes in a fan pattern from several of the underground stopes. Underground drilling is now in progress and the first results are expected to be released later in October. The drilling program on the Echandia-Chaburquia-Maria property is part of a major exploration program to evaluate the more than 34,000 hectares in the Marmato district. The Company either through leases or direct ownership, controls 128 concessions totaling more than 266,000 hectares in Colombia's best known gold districts. In addition to these properties the Company also owns a 48.25 percent interest in Mineros Nacionales, a company that owns the neighboring operating underground Marmato mine. All of the Company's present exploration activity is outside the Mineros Nacionales property.

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