Gran Colombia Gold Provides Exploration Update on Its Zancudo Project
Gran Colombia Gold Corp. (OTCQX: TPRFF) announced significant drilling updates for its Zancudo Project. Since October 2018, IAMGOLD Corporation completed 9 drill holes totaling 3,323 meters, yielding promising results, including the discovery of new mineralized structures in both North and South zones. Highlights include intersections such as 8.16 g/t Au and 86.5 g/t Ag over 4.33 meters from the El Ortiz vein. Despite COVID-19 delays, the project shows potential as a silver-gold property, further supported by a planned spinout to ESV Resources Ltd., enabling greater shareholder leverage.
- Significant drilling results reveal promising high-grade intersections, including 8.16 g/t Au and 86.5 g/t Ag.
- Discovery of new mineralized structures enhances the potential of the Zancudo Project.
- The spinout to ESV Resources enables focused silver investment opportunities for shareholders.
- COVID-19 pandemic has caused suspension of IAMGOLD's drilling program in 2020.
TORONTO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) is pleased to provide an update on drilling results at its Zancudo Project since the last results were announced on October 9, 2018. Since then, a total of 9 additional drill holes totaling 3,323 meters were completed by IAMGOLD Corporation (“IAMGOLD”) as part of the 2018 diamond drilling program and 21 drill holes totaling 5,904 meters were completed by IAMGOLD in the 2019 diamond drilling program. Due to the COVID-19 pandemic, IAMGOLD has suspended its drilling program thus far in 2020. Exploration and drilling on the Zancudo Project is being carried out by IAMGOLD under an option agreement signed in March 2017 for the exploration and potential purchase of an interest in the Zancudo Project.
Serafino Iacono, Executive Chairman of Gran Colombia, commented, “We are very pleased with the drilling results in IAMGOLD’s program to date and we are encouraged by the discovery of new mineralized structures in the North and South zones of the Zancudo Project, as well as by the delineation of the ore shoots outlined by the previous drilling campaigns on the Manto Antiguo, La Miel and Santa Catalina veins in the South Zone, all of which merit further evaluation. In light of the drilling results from our campaign in 2011 and 2012 and IAMGOLD’s 2017 to 2019 program, the Zancudo Project is shaping up nicely as a potential silver-gold property and we see it as a natural fit, through the recently announced spin out, in ESV Resources."
As announced on September 24, 2020, Gran Colombia has entered into a letter of intent with ESV Resources Ltd. (“ESV Resources”) (TSXV: ESV.H) to spin out its interest in the Zancudo Project to ESV Resources for 27,000,000 common shares. Gran Colombia will become a “control person” of ESV Resources through the spin out and its participation in a concurrent private placement. ESV Resources intends to change its name to “Denarius Silver Corp.” and will become a silver focused company looking to offer its shareholders exposure and leverage to silver. IAMGOLD’s option agreement related to the Zancudo Project will remain in effect following the spin out to ESV Resources.
Drilling Program Update
IAMGOLD commenced drilling at the Zancudo Project in September 2017 and has had one diamond drill rig drilling from surface since that time. The 2017 exploration diamond drilling program was mainly focused on testing the continuity along strike and down dip of the stacked mantos and the Santa Catalina vein in the north and west zones of the project. A total of 3,905 meters was completed in 11 drill holes.
The 2018 exploration diamond drilling program was mainly aimed at testing the zone where the stacked mantos merge into the Santa Catalina vein and master fault, which usually shows wider and higher-grade intercepts. A total of 6,416 meters was completed in 18 drill holes, 9 of which are reported in this press release.
The 2019 exploration diamond drilling program was aimed at extending a new steeply dipping structure subparallel to the Santa Catalina structure further to the north, and at better delineating the ore shoots outlined on the Manto Antiguo, Manto Inferior and La Miel shallow dipping veins. A total of 5,903 meters was drilled in 21 holes.
Key Highlights and Intercepts since the October 9, 2018 Press Release
• In the Albertos Target of the North Zone of the project, a new steeply dipping vein named El Porvenir was intersected in the footwall of the Santa Catalina vein, with maximum grades of 2.43 g/t Au and 46.9 g/t Ag over 2.00 meters, and 5.66 g/t Au and 23.7 g/t Ag over 2.20 meters from drill holes 17PZ-094 and 17PZ-099, respectively.
• Also within the Albertos Target, a set of subparallel mineralized veins, named El Ortiz and El Libertador, was discovered that occur in the footwall of the El Porvenir vein and show a similar structural trend. Some of the best intercepts are as follows:
- El Libertador vein: Drill hole 17PZ-099 returned 5.58 g/t Au and 57.1 g/t Ag over 2.56 meters;
- El Ortiz_A vein: Drill hole 17PZ-099 returned 8.16 g/t Au and 86.5 g/t Ag over 4.33 meters;
- El Ortiz B vein: Drill hole 17PZ-099 returned 7.32 g/t Au and 11.5 g/t Ag over 2.86 meters;
- El Ortiz D vein: Drill hole 17PZ-098 returned 8.88 g/t Au and 88.0 g/t Ag over 2.41 meters.
• Drill hole 17PZ-092, located in the El Castaño Target in the North Zone of the Project, successfully extended the Manto Antiguo vein by more than 200 meters to the north. Assays received include 11.71 g/t Au and 248.4 g/t Ag over 4.25 meters.
• Drilling along strike on the Manto Antiguo vein was successful in extending and better delineating some of the potential ore shoots outlined by the 2018 drilling campaign. Some of the best intercepts are as follows:
- Drill hole 17PZ-099 returned 5.48 g/t Au and 124.7 g/t Ag over 2.19 meters;
- Drill hole 17PZ-102 returned 6.22 g/t Au and 60.6 g/t Ag over 2.0 meters;
- Drill hole 17PZ-103 returned 13.41 g/t Au and 82.9 g/t Ag over 2.89 meters.
• In the South Zone of the Project, a new northerly-dipping manto vein, named La Miel, was identified by several intercepts that outline a potential ore shoot approximately 600 meters long by 140 meters wide. The most significant interval is from drill hole 17PZ-114 that returned 6.27 g/t Au and 89.2 g/t Ag over 2.00 meters.
The following table is a list of significant intersections from the 2018 and 2019 diamond drill holes since the previous press release issued on October 9, 2018:
| Year | Hole ID | Vein | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | AuEq (g/t) | AgEq (g/t) | Map ID (2) | |
| 2018 | 17PZ-090 | Santa Catalina | 14.50 | 17.70 | 3.20 | 2.83 | 12.3 | 3.00 | 215.0 | 23 | |
| Including | 16.80 | 17.70 | 0.90 | 5.70 | 36.4 | 6.21 | 444.7 | ||||
| Unnamed | 41.10 | 43.30 | 2.20 | 6.80 | 77.0 | 7.87 | 564.1 | 24 | |||
| Including | 42.10 | 43.30 | 1.20 | 12.45 | 136.0 | 14.35 | 1027.8 | ||||
| Manto Antiguo | 80.70 | 84.60 | 3.90 | 5.00 | 62.8 | 5.88 | 420.9 | 25 | |||
| Including | 80.70 | 81.60 | 0.90 | 5.26 | 18.5 | 5.52 | 395.3 | ||||
| Including | 82.60 | 83.60 | 1.00 | 6.90 | 176.0 | 9.36 | 670.2 | ||||
| El Porvenir | 285.70 | 288.00 | 2.30 | 2.03 | 123.2 | 3.75 | 268.6 | 26 | |||
| 17PZ-091 | Manto Antiguo | 80.80 | 82.85 | 2.05 | 1.96 | 123.3 | 3.68 | 263.7 | 27 | ||
| Including | 80.80 | 81.54 | 0.74 | 5.43 | 341.0 | 10.19 | 729.9 | ||||
| 17PZ-092 | Manto Antiguo | 30.50 | 34.75 | 4.25 | 11.71 | 248.4 | 15.18 | 1087.2 |
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FAQ
What are the recent drilling results for Gran Colombia Gold's Zancudo Project dated October 2020?
Gran Colombia Gold reported significant results from IAMGOLD's drilling program, including intersections of up to 8.16 g/t Au and 86.5 g/t Ag.
How has COVID-19 affected the Zancudo Project's drilling programs?
The COVID-19 pandemic has led to a suspension of IAMGOLD's drilling program in 2020.
What is the significance of the spinout to ESV Resources related to TPRFF?
The spinout allows Gran Colombia Gold to become a control person in ESV Resources, focusing on silver investments.
What are the future prospects of the Zancudo Project based on recent drilling?
The recent drilling results show potential for higher-grade silver-gold mineralization, enhancing future exploration opportunities.
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