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Gran Colombia Gold Corp TSX: GCM-T

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Gran Colombia Announces Results From the 2021 Drill Program at Its Toroparu Project in Guyana; Confirms 4-Km Strike Length of Structurally Controlled High-Grade Gold Mineralized Structures

GlobeNewswire - Tue Jul 6, 6:00AM CDT

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) ("Gran Colombia" or the "Company") is pleased to announce results from the recently completed Phase 2 diamond drill program at its 100%-owned Toroparu Project in Western Guyana. The 10,494 meters Phase 2 program was designed to confirm the continuity of both the northwest oriented high-grade gold structures and the cross cutting east-west high-grade structures that create a repeatable pattern of intersecting zones amenable to underground mining methods over the 4 kilometer strike length of the Toroparu Project.

Serafino Iacono, Executive Chairman of Gran Colombia, commented, "The discovery of the structural control of high-grade gold mineralization at Toroparu has reaffirmed our confidence in the potential value of this project as one of our cornerstone assets. The recently completed, two-phase diamond drill program comprised a total of 20,750 meters in 114 drill holes and has confirmed a 4-kilometer ("km") strike length of high-grade structurally controlled gold mineralization at Toroparu. In addition, the program identified a repeated pattern of intersections of NW-SE and E-W oriented sub-vertical structures containing high-grade zones extending over mineable widths up to 100 m vertically ("jewelry boxes") that support our belief that a high-grade resource amenable to underground mining methods lies at the core of this very large, disseminated gold deposit. We are currently working with Nordmin to prepare an updated mineral resource estimate and preliminary economic assessment ("PEA") incorporating the high-grade results from this latest drilling program. We expect the PEA will be completed later this summer."

Highlights

Figure 1: 2020/2021 Drill Results

https://www.globenewswire.com/NewsRoom/AttachmentNg/cafe9a55-43f7-489c-ac04-00017211a672

2021 Phase 2 Drill Program - Drill Result Highlights (Figures 1 through 8)

Significant intercepts were encountered in 27 of the 42 holes drilled. Highlights of best intercepts are presented in table below:

Northwest Area
Hole      From (m) To (m) Width (m) Weighted Avg. Au Grade (g/t)
TDP544    10.6     19.6   9.00      4.51
including 10.6     12.1   1.50      37.50
TDP549    221.9    222.8  0.98      35.80
TDP549    260.1    267.0  6.94      3.02
including 261.0    262.0  1.00      9.05
including 265.5    267.0  1.50      7.11
TDP568    27.1     40.6   13.50     2.13
including 33.1     34.6   1.50      12.40
TDP572    73.1     74.1   1.00      8.12
TDP572    90.5     91.1   0.60      8.13
TDP572    327.5    329.0  1.50      3.45
TDP572    339.0    348.5  9.50      2.02
including 340.0    341.0  1.00      3.89
including 342.5    343.0  0.50      9.41
including 345.5    346.0  0.50      10.70
TDP574    319.5    337.5  18.00     1.17
including 319.5    321.0  1.50      3.15
including 331.0    332.3  1.30      4.48
TDP574    361.5    363.1  1.55      6.58
TDP574    382.5    384.0  1.50      8.01
TDP574    420.3    422.3  2.00      27.05
including 420.3    420.8  0.50      101.70
TDP574    478.0    480.0  2.00      4.04
Main Area
TDP551    148.5    207.0  58.50     1.77
including 150.5    151.5  1.00      7.20
including 153.5    154.0  0.50      12.70
including 157.9    158.4  0.54      33.80
including 171.5    172.0  0.50      7.56
TDP551    222.0    292.8  70.80     1.13
including 240.0    241.5  1.50      2.60
including 264.5    267.5  3.00      2.99
including 268.5    269.5  1.00      3.08
including 273.5    274.5  1.00      2.65
including 276.5    279.5  3.00      3.37
TDP553    205.5    227.5  22.00     1.13
including 214.4    214.9  0.51      4.49
including 226.5    227.5  1.00      6.03
TDP553    229.1    232.1  3.00      5.21
including 229.1    229.6  0.52      15.70
TDP553    274.5    280.5  6.00      5.64
including 277.5    279.5  2.00      11.85
TDP553    292.5    297.0  4.50      13.22
including 294.0    295.5  1.50      38.10
TDP553    312.9    330.0  17.13     2.27
including 312.9    313.4  0.53      19.40
including 321.0    322.5  1.50      7.38
TDP554    67.4     102.5  35.15     1.65
including 71.5     73.5   2.00      2.62
including 81.5     83.5   2.00      3.20
including 86.5     88.5   2.00      3.15
including 96.5     98.5   2.00      7.98
TDP554    151.2    156.7  5.49      10.57
including 151.2    152.7  1.53      24.57
TDP554    284.5    285.5  1.00      2.21
TDP554    288.0    291.0  3.00      5.17
TDP558    64.0     65.5   1.50      4.83
TDP558    81.2     97.6   16.37     1.69
including 87.7     89.2   1.50      7.70
TDP558    173.8    179.8  6.00      2.70
including 176.3    177.8  1.50      8.31
TDP562    183.0    216.0  33.00     1.85
including 187.5    188.5  1.00      4.15
including 190.2    193.3  3.05      7.99
including 204.5    205.5  0.99      3.16
TDP562    304.5    314.0  9.50      1.57
including 309.0    309.5  0.50      3.13
including 310.5    312.0  1.50      4.30
TDP564    79.0     86.0   7.00      3.14
including 83.0     85.0   2.00      7.66
TDP564    107.6    163.8  56.18     1.34
including 125.9    127.0  1.12      2.81
including 130.0    131.0  1.00      4.12
including 147.0    150.0  3.00      4.24
including 161.0    163.8  2.78      5.22

Figure 2: Plan View of 2020/2021 Drill program and Corresponding Cross-Sections

https://www.globenewswire.com/NewsRoom/AttachmentNg/bc54c85c-5127-4ec8-abd6-3784db09fb11

High-grade gold-mineralized intercepts within the deposit are associated with the occurrence of native gold, sulfides, and quartz-carbonate veins or veinlets that crosscut most lithologies except for late-stage mafic dikes. Additionally, the geologic structural model is validated by structural measurements from 2020 and 2021 oriented core measurements that indicate an orientation of NW-SE and an overprinting orientation of E-W in the Toroparu Deposit Main and Northwest Areas. Figure 3 illustrates 2020 and 2021 drill intersections greater than 5 g/t Au.

Figure 3: 2020/2021 Drilling High-Grade Intersections > 5 g/t Au

https://www.globenewswire.com/NewsRoom/AttachmentNg/5e4dbc64-f82a-4048-9a1a-dcef116853ad

Figures 4 through 8 present the geological model in cross-section (see Figure 2 for section locations) with results from the 2021 drill programs highlighting the continuity of gold mineralization within the high-grade NW-SE and E-W structures.

-- Section A-A' includes four 2021 diamond drill holes: TPD551, TPD552, TPD562, and TPD564

-- Section B-B' includes one 2021 diamond drill hole: TPD558

-- Section C-C' includes five 2021 diamond drill holes: TPD545, TPD546, TPD547A, TPD548, and TPD555

-- Section D-D' includes one 2021 diamond drill hole: TPD572

-- Section E-E' includes one 2021 diamond drill hole: TPD574

Each of these sections illustrate the high-grade NW-SE and E-W structural wireframes which are surrounded by a lower-grade halo (> 0.2 g/t Au) in the block model. Collectively, these assay results and historically drilled intercepts confirm the Nordmin/HPX Geological Model and potential for development of Underground Resources at Toroparu.

Figure 4: High-Grade Drilling Program Cross-Section, Main Area (A-A')

https://www.globenewswire.com/NewsRoom/AttachmentNg/1aec386f-3e83-4bdb-9eed-87e12ec50c73

Figure 5: High-Grade Drilling Program Cross-Section, Main Area (B-B')

https://www.globenewswire.com/NewsRoom/AttachmentNg/e3bab4c7-3fcf-4a9c-80c4-cb78a42ddbce

Figure 6: High-Grade Drilling Program Cross-Section, NW Area (C-C')

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e56f981-a0e8-46b5-a0e0-643690a6986f

Figure 7: High-Grade Drilling Program Cross-Section, NW Area (D-D')

https://www.globenewswire.com/NewsRoom/AttachmentNg/dd3b24d2-16b6-4a38-9a5d-4abe501917f7

Figure 8: High-Grade Drilling Program Cross-Section, NW Area (E-E')

https://www.globenewswire.com/NewsRoom/AttachmentNg/e0152a33-86a2-4fff-af53-b4be3fffce7b

The 2021 diamond drilling program consisted of 10,494 m of drill core from 42 holes (TPD540 through TPD580) drilled to lengths of up to 640 m. Core samples for the drill program were collected over 0.5 m to 1.0 m intervals within the mineralized zone and 1.5 m intervals in the barren intervals. The sampling has been driven by sulfides content, quartz carbonate vein density, and lithological discrimination of barren mafic dikes. Half-core was submitted to MS Analytical Labs in Georgetown, Guyana for analysis. Gold was analyzed by fire assay atomic absorption reading and gravimetric reading greater than 10 ppm. A standard quality control procedure has been applied including blanks, standards, and duplicates.

The total cumulative diamond drilling on the Upper Puruni Concession as of July 6, 2021 is 245,693 m in 1,091 diamond drill holes ("DDH") including 600 DDH totaling 199,223 meters drilled at Toroparu and 184 DDH totaling 21,963 m drilled at Sona Hill.

Qualified Persons Review

This release was independently prepared under the supervision of Mr. Glen Kuntz, P.Geo. (Ontario) of Nordmin Engineering Ltd., a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects, who consents to the inclusion of his name in this release.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX:ARIS.TO) (Colombia - Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSXV:DSLV.VN) (Spain - Lomero-Poyatos; Colombia - Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSXV:WA.VN) (Nunavut - Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Mike Davies

Chief Financial Officer

(416) 360-4653

investorrelations@grancolombiagold.com

As described in Gold X February 23, 2021 and March 23, 2021 news releases.

Gold X March 22, 2021 News Release: Gold X Updates Toroparu High-Grade Geologic Model

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https://ml.globenewswire.com/media/4cac46d4-b391-4521-8005-fc03e60ecdee/small/gcm-logo-png.png

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