Gran Colombia shares up on drill Results at Segovia

Gran Colombia produces gold from the Segovia Operations, an area of approximately 9,000 hectares in the Segovia-Remedios mining district of Antioquia. (Image courtesy of Gran Colombia.)

Gran Colombia Gold (TSX: GCM) announced on Monday high-grade intercepts from the latest 71 diamond drill holes, totaling 10,634 meters, at its Segovia operations, located in the Segovia-Remedios mining district of Antioquia, northwestern Colombia.

Drilling highlights include 51.22 g/t Au and 1.9 g/t Ag over 1.91 meters on the Providencia Vein and 63.92 g/t Au and 458.4 g/t Ag over 0.63 meters on the Sandra K Techo Vein.

The company also announced the assay results from five additional kick-off diamond drill holes (2,208 meters) from the ongoing directional drilling program at the El Silencio Deep Zone, which led to the discovery of a new high-grade vein named the 450 Vein, with 162.70 g/t Au and 77.0 g/t Ag over 0.51 meters.

Midday Monday, Gran Colombia’s stock was up 3.6% on the TSE

“Our Segovia Operations were recently acknowledged again as one of the top five highest-grade underground gold operations globally. Our 2020 drilling program in Segovia is continuing to provide us with outstanding results,” said Serafino Iacono, Executive Chairman of Gran Colombia.

“With the discovery of a third high-grade vein at depth in the El Silencio Mine, we remain confident that we will be able to expand mineral resources and add to the mine life for this operation.”

Despite restrictions resulting from the covid-19 pandemic, Gran Colombia reported that approximately 80% of the total in-mine and near-mine infill drilling program for 2020 was completed by the end of October and the remaining 20%, distributed amongst the three main mines, will be completed by early 2021.

Mineable reserves at Segovia sit at 1.9 million tonnes grading 11 grams per tonne of gold for 688,000 ounces, at cut-off grades ranging from 3.25 to 4.31g/t depending on the mining area and method, and a $1,275/oz gold price.

Measured and indicated resources at Segovia stand at 3.5Mt grading 11.8g/t for 1.3Moz using a 3g/t cut-off grade and $1,400/oz gold price.

Midday Monday, Gran Colombia’s stock was up 3.6% on the TSE. The company has a C$439 million market capitalization.

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