TORONTO, Oct. 19, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)
announced today that it has filed a National Instrument 43-101 mineral
resource estimate for its Marmato Project in Colombia, as announced in
its news release dated September 4, 2011. The Technical Report is
available on the Company's website at grancolombiagold.com and under the Company's profile on SEDAR at www.sedar.com.
The Marmato Project currently has a measured and indicated resource
containing 10.0 million ounces of gold in the Measured and Indicated
categories and an additional 2.4 million ounces of gold in the Inferred
category at a cut-off grade of 0.3 g/t (see table below). In addition,
there are an estimated 64 million ounces of silver in the Measured and
Indicated categories and a further 11 million ounces of silver in the
Inferred category. This new in-pit mineral resource represents a 51%
increase in Measured and Indicated gold ounces and a 73% increase in
Measured and Indicated silver ounces compared to the previous mineral
resources dated January 6, 2011.
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GOLD
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SILVER
|
|
|
Tonnes
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|
Grade
|
|
Ounces
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|
Grade
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Ounces
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|
(at 0.3 g/t cut off)
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(mm)
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(g/t)
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(mm)
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(g/t)
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(mm)
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Measured Mineral Resource
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53
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|
1.1
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|
1.9
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|
9.7
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|
16
|
|
Indicated Mineral Resource
|
254
|
|
1.0
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|
8.1
|
|
5.8
|
|
48
|
|
Measured and Indicated Mineral Resource
|
307
|
|
1.0
|
|
10.0
|
|
6.5
|
|
64
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|
Inferred Mineral Resource
|
68
|
|
1.1
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|
2.4
|
|
5.1
|
|
11
|
In addition to this in-pit resource, SRK Consulting (UK) Ltd., which
performed the mineral resource estimate, has also identified an
underground mining resource of 2.1 million tonnes at a gold grade of
1.8 g/t representing 120,000 ounces of Measured and Indicated gold
resources plus 6.4 million tonnes grading 2.3 g/t gold or 500,000
ounces of gold in the Inferred resource category.
The Marmato Project resource estimates are based on over 180,000 metres
of diamond drilling and cross-cut samples, and using a cut-off grade of
0.3 g/t gold. The updated estimate reflects results from an additional
157 drill holes or 52,500 metres, plus 732 metres of cross-cut
sampling, collectively representing a 53% increase in the assay
database since the previous mineral resource estimate was announced.
Qualified Person:
Ben Parsons
, Senior Resource Geologist with SRK Consulting (UK) Ltd.
prepared the Marmato Project mineral resource estimate. For detailed
information on the key assumptions, parameters and methods used to
estimate the mineral resources, along with other information about the
properties, please refer to the Technical Report.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration,
development and production company with its primary focus in Colombia.
Gran Colombia is currently the largest underground gold and silver
producer in Colombia with six underground mines in operation. In
addition, Gran Colombia is also developing a large-scale, open-pit gold
and silver mine at Marmato. The Company also has a highly-prospective
land position in Colombia as well as an advanced stage property in
Venezuela and earlier stage properties in Mali.
Additional information on Gran Colombia can be found on its website at grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.