web analytics

silver

Posts, updates and videos about silver – updated automatically.

GCM Mining Reports Fourth Quarter and Full Year 2021 Production; Meets Annual Guidance for Sixth Consecutive Year

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it produced a total of 18,030 ounces of gold in December 2021 at its Segovia Operations bringing the total for the fourth quarter of 2021 to 55,285 ounces compared with 50,084 ounces from Segovia in the fourth quarter of 2020. In the fourth quarter of 2021, the Company also produced 89,327 ounces of silver at Segovia, up from 51,302 ounces of silver in the fourth quarter last year, together with approximately 154,000 pounds of zinc and 254,000 pounds of lead. For the full year, Segovia’s gold and silver production in 2021 totalled 206,389 ounces and 253,597 ounces, respectively, up from 196,362 ounces of gold and 186,122 ounces of silver in 2020. Including Marmato production up to February 4, 2021, consolidated gold production for 2021 was 208,775 ounces compared with 220,194 ounces in 2020, which included 23,832 ounces from Marmato.

Lombardo Paredes, Chief Executive Officer of GCM Mining, commenting on the Company’s latest results, said, “Our Segovia Operations continue to meet our expectations, finishing 2021 within our production guidance for the sixth consecutive year. We are operating normally despite the recent challenges associated with the pandemic. We have now produced a total of approximately 1.5 million ounces of gold from Segovia over the 11 years we have owned the mining title and Segovia’s head grade has averaged 13.6 g/t over that period of time, consistent with its historical grades over its more than 100-year history. Segovia continues to rank amongst the highest-grade underground global gold mines as further evidenced by our recently announced high-grade intercepts from our ongoing drilling program in 2021. Our strategy of growth through diversification benefitted from our first concentrate production in the fourth quarter of 2021 from our new polymetallic plant at Segovia. In addition, we filed the technical report last week in support of our earlier announcement of the results of an updated Mineral Resource estimate and a preliminary economic assessment for our Toroparu Project in Guyana. Our pre-construction activities are advancing well and we expect to complete the prefeasibility study for the Toroparu Project by the end of March.”

GCM Mining processed 49,351 tonnes in December 2021 at its Maria Dama plant at Segovia, representing a daily processing rate of 1,592 tonnes per day (“tpd”), and head grades averaged 12.7 g/t in the month. This brings the daily processing rate for the fourth quarter of 2021 to 1,557 tpd with an average head grade of 13.4 g/t compared with 1,343 tpd at an average head grade of 14.0 g/t in the fourth quarter last year. For the full year, the Segovia Operations processed an average of 1,524 tpd with an average head grade of 12.8 g/t in 2021 compared with 1,280 tpd at an average head grade of 14.5 g/t in 2020.

The new 200 tpd polymetallic plant at Segovia was commissioned in mid-October and operated in test mode for 65 days in the fourth quarter of 2021, processing an average of approximately 100 tpd of tailings as it adjusted the operation of the equipment and the dosage of the reagents to optimize concentrate production. The new plant produced 194 tonnes of zinc concentrate and 201 tonnes of lead concentrate which have been stockpiled and are awaiting shipment in the first quarter of 2022. Payable production from the concentrates is estimated to total approximately 154,000 pounds of zinc, 254,000 pounds of lead, 18,400 ounces of silver and less than 100 ounces of gold, all of which will be finalized once the concentrates are shipped. GCM Mining is working to increase the daily processing rate of the new plant toward its normal capacity by the second quarter of 2022.

GCM Mining expects to release its 2021 fourth quarter and annual financial results together with the updated mineral reserve and resource estimates for its Segovia Operations on or about March 31, 2022. Webcast details will be announced in early March.

About GCM Mining Corp.

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

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 production guidance, the payment of dividends and other anticipated business plans or strategies. 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 GCM Mining 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 GCM Mining 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@gcm-mining.com

Posted in featured_news | Tagged , , , , , , , , , | Leave a comment

Tocvan Channel Samples 19.8 meters of 0.73 g/t Au and 19.5 meters of 0.61 g/t Au, Releases Trench Program Results

Tocvan Ventures Corp. (the “Company”) (CSE:TOC) (CNSX:TOC.CN) (OTCQB:TCVNF) (WKN:TV3/A2PE64), is pleased to announce trench results from its Pilar Au-Ag Project in Sonora, Mexico. A total of four trenches were completed in December, 2021 totalling 80 meters length. All four trenches intersected mineralization with two trenches yielding consistent mineralization across the entire length of the trench. T-21-2, intersected 19.5 meters of 0.61 g/t Au across the entire length of the trench in an area along the developing 4-Trench Trend. T-21-3, yielded 19.8 meters of 0.73 g/t Au and was targeted to provide key geochemical information across the Main Zone where mineralization outcrops at surface. Initial bulk-sample material from T-21-3 will be submitted to SGS Laboratories in Durango, Mexico and used for column leach studies. Follow-up metallurgical studies will utilize the surface material extracted from the other three trenches.

 

Trench Results Highlights

  • T-21-1 – 4.9m at 0.55 g/t Au and 11 g/t Ag
  • T-21-2 – 19.5m at 0.61 g/t Au and 6 g/t Ag
    • Including, 11.5m at 0.87 g/t Au and 7 g/t Ag
    • Including, 2.7m at 3.01 g/t Au and 20 g/t Ag
  • T-21-3 – 19.8m at 0.73 g/t Au and 8 g/t Ag
    • Including 8.6m at 1.27 g/t Au and 12 g/t Ag
  • T-21-4 – 7m at 0.54 g/t Au and 5 g/t Ag

 

“The results from our trench program are very encouraging, especially in regard to defining key material for advanced metallurgical studies and showcasing the surface continuity of gold values.”, commented CEO, Brodie Sutherland. “Material from these trenches will be utilized for advanced column leach studies to build off our encouraging bottle roll results from 2021 that yielded over 90% recovery of gold. Trench T-21-2 has yielded promising results in our developing 4-Trench Trend which we will follow up with systematic drill targeting.”

 

Discussion of Trench Results

Trenches completed were 20 meters long, up to 5 meters wide and up to 2 meters deep. Samples were collected as channel samples perpendicular to structures over intervals up to 2 meters in length and adjusted to match changes in lithology or alteration.

T-21-1: This trench was completed to test a broad mineralized zone with visible copper oxide mineralization along the northwestern most extent of the Pilar main vein trend. The trench totalled 21.5 meters in length and intersected 4.9 meters of 0.55 g/t Au and 11 g/t Ag. Weak anomalous copper values averaged 0.1% across the entire length of the trench. Copper mineralization is a unique characteristic to this northwestern area of the property.

T-21-2: This trench was completed to better understand the controls of mineralization along the 4-Trench Trend. The trench returned significant mineralization across the entire length of the trench, intersecting 19.5 meters of 0.61 g/t Au and 6 g/t Ag. A mineralized fault structure returned higher grades across 2.7 meters with 3 g/t Au and 20 g/t Ag. The results from this trench further confirms the prospectivity of the 4-Trench target and the importance of continuing systematic exploration across the trend. Material from this trench will be selected for later metallurgical test work.

T-21-3: This trench was completed to collect fresh channel samples across the surface expression of the Main Zone showing. Significant mineralization was intersected across the entire length of the trench, returning 19.8 meters of 0.73 g/t Au and 8 g/t Ag, including 8.6 meters of 1.3 g/t Au and 12 g/t Ag. Historic sampling suggests the mineralized zone extends on either side of the trench. Material from this trench will be bulk sampled for detailed column leach metallurgical test work.

T-21-4: This trench was completed to test the northwestern extent of the Main Zone surface expression where a historic artisanal adit is located along the mineralized trend. The trench totalled 21 meters in length and intersected 7 meters of 0.54 g/t Au and 5 g/t Ag. Material from this trench will be selected for later metallurgical test work.

 

Table 1. Summary of Trench Program Results.

TrenchCutoff (Au g/t)FromToLength (m)Au (g/t)Ag (g/t)Cu (ppm)Pb (ppm)Zn (ppm)
T-21-1None0.021.521.50.1851219.8649.96256.25
T-21-10.13.515.812.30.2871136.3560.97279.73
T-21-10.54.69.54.90.55111162.16109.27235.12
T-21-2None0.021.521.50.576457.73512.095816.81
T-21-20.12.021.519.50.616498.12497.846140.59
T-21-20.56.017.511.50.877578.20491.476558.39
T-21-216.08.72.73.01201979.441404.4411827.78
T-21-30.10.019.819.80.738268.53112.093336.15
T-21-30.51.213.812.61.029344.22147.864259.03
T-21-311.29.88.61.2712279.67198.725739.51
T-21-4None0.021.021.00.242246.9039.071597.48
T-21-40.110.021.011.00.434359.3651.502613.18
T-21-40.512.019.07.00.545401.5756.363110.71


Click Image To View Full Size

Figure 1. Plan Map of Highlighting Trench Program.


Click Image To View Full Size

 

Figure 2. Schematic Cross-Section along trench T-21-3

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,700 m of drilling have been completed to date. Significant results are highlighted below:

  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au
    • 47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
    • 29m @ 0.71g/t Au
    • 35.1m @ 0.66 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • 17,700m of Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au
    • 16.5m @ 53.5g/t Au and 53 g/t Ag
    • 13.0m @ 9.6 g/t Au
    • 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

950-736 6 Ave SW

Calgary, Alberta T2P 3T7

Telephone: 403-668-7855

Email: bsutherland@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Posted in featured_news | Tagged , , , , | Leave a comment

GR Silver Mining Confirms Wide, High-grade Silver Mineralization Below the San Marcial Resource, 18.5 m @ 773 g/t Ag, including 1,792 g/t Ag over 5.6 m

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce wide, high-grade silver (Ag) results from diamond core drilling from the recently expanded underground tunnel in the San Marcial Area, at the Plomosas Project, Sinaloa, Mexico. These assay results are from the initial three holes of an eight-hole program and confirm extensions of high-grade Ag mineralization along strike, as well as up to 170 m down dip, below the San Marcial NI 43-101 mineral resource. The successful results extend the mineralization from the initial 250 m to approximately 420 m down dip from surface. These results also suggest that the compilation of modern and historical data, combined with advanced geological modelling, has been successful in targeting higher grade mineralization on the project.

The Company has successfully completed the first ever underground drill program at San Marcial, confirming extensions of the high-grade Ag mineralization at attractive widths and grades to support future resource expansion (Figure 1).

All eight holes in the resource expansion program have now been successfully completed with assays pending for five holes.

Highlights:

  • First phase of San Marcial resource expansion drilling successfully completed, defining not only continuity of high-grade Ag mineralization but also delineating new, wide hydrothermal breccias carrying Au mineralization on the footwall of the San Marcial Ag-rich hydrothermal breccia.

  • Ag results from the San Marcial Breccia include:
    • 881 g/t Ag over 2.0 m from 118.0 m downhole (SMI21-01)
    • 773 g/t Ag over 18.5 m from 179.4 m downhole (SMI21-03), including:
      1,792 g/t Ag over 5.6 m from 184.5 m downhole, and
      516 g/t Ag over 7.9 m from 190.0 m downhole

  • Initial resource expansion drilling consists of 8 holes for 2,436 m drilled from recently completed underground development in the current resource area.

  • Discovery of disseminated Au mineralization on the footwall of the San Marcial Ag-rich Breccia hosted in multiple hydrothermal breccias delineating new target for future drilling aiming to define wide Au only mineralized system.
    • 0.19 g/t Au over 77.5 m from 138.3 m downhole (SMI21-01)

  • Full integration of the recently completed ground geophysical survey (IP-MAG), covering the trend from San Marcial to San Juan, combined with new geological discoveries, has proven essential for definition of the exploration program for 2022, including surface and underground drilling in new target areas.

  • Definition of a multi-event mineralized hydrothermal system with multiple styles of hydrothermal breccia indicating a large geological setting to support resource expansion and additional discoveries in the vicinities of the current NI 43-101.

GR Silver Mining President and CEO, Marcio Fonseca commented “The first drill results from our resource expansion program at San Marcial have proven the consistency and continuity of the Ag-rich San Marcial Breccia mineralization, along strike and down dip. Based on such encouraging initial assay results we are anticipating continued positive results for the remainder of the drill core currently at the laboratory. The introduction of a modern exploration approach by the GR Silver Team is delineating an extensive hydrothermal system with presence of high-grade silver mineralization, proving continuity of the San Marcial Breccia down dip to support resource expansion. It is also delineating wide Au mineralized zones, which will be the subject of additional drilling in 2022. I congratulate the GR Silver Team for its exploration achievement at San Marcial by discovering the down dip extension of the San Marcial Breccia.”

Resource Expansion Drill Program

The first phase resource expansion drill program included 2,436 m with eight diamond drill holes completed from one platform at the end of the 280 m of underground development at the San Marcial tunnel. This underground drill station makes it cost-effective to drill additional extensions of the San Marcial Breccia down dip and down plunge (see News Release dated September 1, 2021). Oriented drill core was logged in detail, given the large hydrothermal system encountered in most of the eight holes drilled in this program. Assay results for the initial three drill holes have been received (Table 1), and results for the remaining five drill holes are pending (Table 2).

Significant results from the initial underground drilling at San Marcial Area are shown in Table 1, below:

Table 1:   San Marcial Drill Results

Drill Hole

From (m)

To (m)

Apparent 
width (m)

True width (m)

Ag g/t

Au g/t

Pb %

Zn %

SMI21-01

109.5

135.6

26.1

24.5

97

0.02

0.2

0.2

includes

118.0

120.0

2.0

1.9

881

0.05

0.2

0.4

142.3

155.7

13.4

12.6

4

0.23

na

na

166.0

174.2

8.2

7.7

7

0.22

na

na

183.8

214.1

30.3

28.5

6

0.23

na

na

254.8

257.6

2.8

2.6

1

1.08

na

na

SMI21-02

140.0

157.8

17.8

17.5

53

0.02

0.3

0.5

includes

140.0

142.3

2.3

2.3

157

0.06

1.3

2.5

282.7

286.4

3.7

3.6

3

0.20

na

na

292.9

294.8

1.9

1.9

6

0.75

na

na

332.0

332.5

0.5

0.5

185

0.03

na

0.1

340.5

342.5

2.0

2.0

5

0.32

na

na

SMI21-03

179.4

197.9

18.5

13.5

773

0.02

0.3

0.4

includes

184.5

190.0

5.6

4.1

1,792

0.04

0.6

0.8

and

190.0

197.9

7.9

5.8

516

0.02

0.1

0.1

201.0

213.2

12.2

8.9

19

0.14

0.3

0.8

“na” = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

San Marcial Geology and Mineralization Styles

The San Marcial Ag-Pb-Zn-(Au-Cu) mineral body is a remarkably consistent tabular structure trending NW-SE with an average dip of 55 degrees to the NE and a thickness that varies from 10 to 50 m. It follows the San Marcial Fault, with andesitic volcanic breccias and ignimbritic block and ash units in the hanging wall. In the footwall, a strongly altered heterogenous volcaniclastic-sedimentary unit is found (Figure 2).

Silver mineralization is comprised of three distinct events. The first mineralizing event consists of hydrothermal breccias with silica-rich cement and clasts of volcaniclastic-sedimentary rock in the footwall, which contains pyrite in veinlets and disseminated with continuous low-grade Au (0.1 – 2.0 g/t) content over large intervals of up to 140 m (Figure 2). An example of this is in drill hole SMI21-01, which returned 0.23 g/t Au over 30.3 m, with individual samples up to 1.00 g/t Au (189.6 – 190.5 m). At depth, strongly silicified and mineralized felsic dykes have been identified with values of up to 0.94 g/t Au (SMI21-01: 143.4 – 144.6 m) possibly related to this hydrothermal event. Similar lithologies have previously been associated with high-grade gold mineralization in the footwall at San Marcial, with drill hole SM-19-01 returning 1.0 m at 204.6 g/t Au (see News Release dated July 30, 2019). Further, several fault-parallel crackle breccia zones are evident in the hanging wall with similar compositional characteristics as the hydrothermal breccia.

The second mineralizing event produces the main San Marcial Breccia with high-grade Ag and subordinate Pb and Zn. It is bound to the San Marcial Fault and shows several brecciation events with Ag-sulphides, and coarse galena and sphalerite mineralization with a characteristic silica-hematite matrix and reddish colour. The third mineralizing event is related to late, steeply dipping faults that cut and displace the rock units, showing approximately 2 m-wide stockwork and veinlet zones of low-temperature quartz-amethyst-calcite mineralization which contain Ag mineralization, and are found in the footwall and hanging wall of the deposit.

Photographic images and assay values of representative core samples are found here.

Figure 1 provides a sectional slice through a 3-dimensional model of the San Marcial deposit. The main Ag-bearing San Marcial Breccia dips consistently down to the NE below the theoretical pit outline. The current San Marcial NI 43-101 Mineral Resource report (see News Releases dated February 7, 2019 and June 12, 2020) concentrates on the upper portion of the Ag mineralization close to the surface. The wide, high-grade Ag result in SMI21-03 (Table 1) is located approximately 170 m down dip below the base of the NI 43-101 Mineral Resource, highlighting the potential for underground resource expansion. Geological logging has confirmed the presence of breccia in hole SMI21-07, located deeper than hole SMI21-03 (Figure 1), indicating additional down dip expansion potential.

The extensive, wide, low-grade Au zone in the footwall below the San Marcial Breccia also features in this model. Future exploration of the footwall zone will continue to provide a better understanding of the Au mineralization, its genesis, and hopefully provide vectors that will assist in defining additional higher-grade zones.

Targeting of the drill program was aided by 3D chargeability, resistivity and magnetic inversion data products received by the Company over the San Marcial Resource Area. Several zones of elevated chargeability correspond with volcaniclastic-sedimentary units that are found in the immediate footwall of the San Marcial Fault, overlapping with areas of disseminated pyrite, and coincident with previously reported gold intercepts (see News Release dated November 12, 2020).

Table 2:   San Marcial Underground Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth (˚)

Depth (m)

Results Status

SMI21-01

451033

2546021

818

-48

218

330

Received

SMI21-02

451033

2546021

818

-43

183

345

Received

SMI21-03

451033

2546021

818

-90

0

300

Received

SMI21-04

451033

2546021

818

-70

148

234

Pending

SMI21-05

451033

2546021

818

-70

325

330

Pending

SMI21-06

451033

2546021

818

-50

285

255

Pending

SMI21-07

451033

2546021

818

-75

90

333

Pending

SMI21-08

451033

2546021

818

-80

360

309

Pending

Note: all holes drilled from the same underground drill platform

San Marcial Exploration Planning

The Company anticipates assay results from the remaining five drill holes in the initial underground drill program at San Marcial in the coming months. Once received, the 3-dimensional geological model will be updated and further surface and/or underground drilling will be delineated. The GR Silver Mining Team continues to assess additional targets along strike from the San Marcial Resource Area, particularly to the SE, for Ag resource expansion based on similar geological-geophysical and structural targets recognized in our 2021 exploration program.

Qualified Person

The scientific and technical data contained in this News Release related to the exploration program were reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 kilometres in strike length.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

Facebook LinkedIn Twitter

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE GR Silver Mining Ltd.

For further information: please contact: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Posted in featured_news | Tagged , , , , | Leave a comment

GCM Mining Declares Monthly Dividend to Be Paid on February 15, 2022

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on February 15, 2022 to shareholders of record as of the close of business on January 31, 2022.

About GCM Mining Corp.

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

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 the payment of dividends and other anticipated business plans or strategies. 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 GCM Mining 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 GCM Mining 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@gcm-mining.com

Posted in featured_news | Tagged , , , , , , , | Leave a comment

Tocvan Announces Change to Executive Management Team, Transitions Leadership Towards Development Focus

Tocvan Ventures Corp. (the “Company”) (CSE:TOC) (CNSX:TOC.CN) (OTC:TCVNF) (WKN:TV3/A2PE64), announces strategic changes to executive management as it proactively looks towards the advancement of its core gold-silver assets in Sonora, Mexico. Mr. Brodie A. Sutherland, VP Exploration will replace co-founder, Mr. Derek A. Wood as President, CEO and Corporate Secretary. Mr. Wood will remain a director and strategic advisor of the Company. The changes will better align with technical and professional expertise required as projects advance towards development.

“On behalf of the Company we would like to thank Derek for his hard work and dedication to Tocvan from inception.” commented, Brodie A. Sutherland. “Derek will remain an important advisor to the board while our focus remains on the advancement of our two quality gold-silver assets in Sonora, Mexico.”

Website Update

The Company also announces its new website has gone live at: (tocvan.com). We thank our shareholders for their patience while updates were made.

AGM Update

The Company has postponed the scheduled AGM to a later date due to the COVID-19 global pandemic and resulting delays obtaining court and shareholder approval of the Cascade Copper spin-out transaction. The Company will provide a further update once a final date for the meeting can be set.

About the Sonora Portfolio

Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,700 m of drilling have been completed to date. Significant results are highlighted below:

  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au;
    • 47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag;
    • 29m @ 0.71g/t Au;
    • 35.1m @ 0.66 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag
    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag;
    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • 17,700m of Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au;
    • 16.5m @ 53.5g/t Au and 53 g/t Ag;
    • 13.0m @ 9.6 g/t Au;
    • 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

El Picacho Property

The El Picacho Gold-Silver property is interpreted as a orogenic gold system within the regional Caborca Orogenic Gold Belt known for producing gold mines that include La Herradura and San Francisco. The project is 140 kilometers north of Hermosillo and totals 2,414 hectares. Five primary zones of mineralization have been identified across the property totalling over six kilometers of prospective trends. Surface sampling has identified high-grade gold and silver values.  The five primary target areas are summarized below:

  • San Ramon
    • 1.4 km prospective trend;
    • Several historic mine workings associated with low angle faults;
    • Historic Drill Highlights (Both were reconnaissance holes with no follow-up):
      • (Drill hole PD-01) 7.6m @ 0.73 g/t Au, including 3.0m @ 1.37g/t Au
      • (Drill hole RCP-02) 10.7m @ 0.67 g/t Au, including 4.6m @ 1.4 g/t Au
    • Rock Sampling highlights:
      • 22 g/t Au and 22 g/t Ag
      • 16 g/t Au and 26 g/t Ag
      • 14 g/t Au and 83 g/t Ag
  • Cornea
    • 2.3 km prospective trend;
    • Historic mine workings up to 30-meters deep along shear-zones;
    • Rock Sampling Highlights:
      • 26 g/t Au and 340 g/t Ag
      • 15 g/t Au and 66 g/t Ag
      • 15 g/t Au and 29 g/t Ag
  • Jabali
    • 0.5 km prospective trend ;
    • Historic mine workings among low-angle thrust faults;
    • Rock Sampling Highlights
      • 32 g/t Au
      • 28 g/t Au and 10 g/t Ag
  • El Puerto
    • 1.2 km prospective trend ;
    • Historic mine workings along vertical shear-zones hosted within a banded gneiss;
    • Rock Sampling Highlights
      • 8 g/t Au and 10 g/t Ag
      • 6.5 g/t Au and 176 g/t Ag
  • Tortuga
    • 1.0 km prospective trend;
    • Historic mine workings in Jurassic metasediments surrounded by mineralized biotite gneiss;
    • Rock Chip Sampling Highlights
      • 2m @ 4.4 g/t Au and 46 g/t Ag

 

Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, President & CEO

950-736 6 Ave SW

Calgary, Alberta T2P 3T7

Telephone: 403-668-7855

Email: bsutherland@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Posted in featured_news | Tagged , , , , , , | Leave a comment

Bayhorse Completes New Milling Facility and Restarts Milling Operations at the Bayhorse Silver Mine, Oregon, USA

Bayhorse Silver Inc. (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the “Company” or “Bayhorse”) announces that the Company’s mining and mill teams have completed the new upgraded mill facility, Payette, Idaho, that is now ready for operations in slightly more than 90 days from the issuance of the building permit to house the facility.

During this period, a substantial amount of silver mineralized material from the Bayhorse Silver Mine, in nearby Oregon, has been processed through the Company’s Steinert Ore-Sorter. This material has been extracted during the Mine drilling, exploration, and safety programs, to ensure the development drifts are safe for mining.

The Company is focusing on two contact zones, the southern Big Dog contact zone, and the northern node Goldilocks/Legend contact zone, where grades of 844 g/t (24.65 oz/t). were reported most recently in a drill intercept over 12 feet in the Company’s news release, BHS2021-19.

The “ore-sorted” mineralized material along with fines of mineralized material (under 8mm, which is the lower limit of the Ore-Sorter) are currently being transported to the newly upgraded Mill facility.

Both the Mine and Mill are designed to have a minimal environmental footprint through the use of Ore-Sorting.

The operation has an additional grinding Mill, providing a grind and regrind capacity to ensure an 80 micron grind size. This system was developed during testing during 2017-2020 at Metsolve Metallurgical Laboratories of Langley, BC, Canada, in order to achieve maximum recovery of mineralization.

In addition, the Company has added three stages of dewatering and fines recovery, as well as a precipitation circuit to enable the tailings to be recycled into eco-blocks, and to reduce dissolved contaminants to comply with the Idaho DEQ minimum requirements for waste water disposal.

Upgrading the Mill facility to the current 50-60 ton/day capacity, that equates to an Ore-Sorted mining rate of up to 200 tons per day, enables the Company to fulfill the silver Offtake Agreement with Ocean Partners UK Limited (“Ocean”) for delivery of the first 300 tonnes of silver concentrate.

Bayhorse CEO, Graeme O’Neill comments, “When we acquired the Bayhorse Silver Mine in 2014, spot silver was at US$21 per ounce and the Gold/Silver ratio was under 70:1. This ratio steadily rose to 80:1, then markedly increased to 131:1 early in 2021, when spot silver fell as low as US$11 per ounce. During 2021 the Gold/Silver ratio declined back to 68:1 before heading quickly back to 80:1 where it stubbornly stays with the silver price at $23 dollars per ounce, well below what numerous analysts suggest it should be. In the past 50 years a Gold/Silver ratio this high typically presaged a ratio decline to as low as 40:1 and a silver price in excess of $30 dollars per ounce.”

The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content. Dr. Stewart Jackson, P.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.

On Behalf of the Board.
Graeme O’Neill, CEO
604-684-3394

About Bayhorse Silver Inc.

Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA. With state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%, we have created a minimum environmental impact facility capable of mining 200 tons of mineralization per day and the ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Posted in featured_news | Tagged , , , , | Leave a comment

GCM Mining Files National Instrument 43-101 Technical Report for Its Toroparu Project in Guyana

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has filed a technical report and preliminary economic assessment (the “Technical Report”) pursuant to National Instrument 43‐101 – Standards of Disclosure for Mineral Projects (“NI 43‐101″) for its Toroparu Gold Project located in the Upper Puruni River Region of Western Guyana. The Technical Report dated January 11, 2022, with an effective date of December 1, 2021, supports the disclosure made by the Company in its December 1, 2021 news release and was prepared by Nordmin Engineering Ltd. The Technical Report is based on the updated Mineral Resource estimate for the Toroparu Gold Project with an effective date of November 1, 2021.

About GCM Mining Corp.

GCM Mining Corp. 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/copper projects in the Americas. The Company also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 its anticipated business plans or strategies. 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 GCM Mining 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 GCM Mining 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@gcm-mining.com

Posted in featured_news | Tagged , , , , , , , , , | Leave a comment

Upcoming News Alert: Bayhorse Silver

Our old friend, Graeme O’Neill of Bayhorse Silver (BHS.V) has just booked motherlodetv.net for the next few months. Bayhorse has been a client before and only books when there is hard news in the offing.

A scan of the Bayhorse website gives pretty big hints as to what is coming up. The Bayhorse Mine in Oregon is a bit snowbound but, in the web Christmas card, you can see dozens of tote bags. Each bag is about one ton of pre-concentrate, that is rock which has been mined, crushed and run through the ore sorter. Bayhorse is set up to sort its rock so that barren, waste, rock never leaves the mine site.

Also on the Bayhorse website are videos and photographs of the construction of the Bayhorse production facility in Idaho. This facility will take the pre-con and turn it into high grade concentrate which will be sold to the company’s offtake partner. From the material on the website it is a pretty solid bet that concentrate will be produced before the end of January.

It has been a long road for Bayhorse shareholders (of which I am one). Long because O’Neill wanted to get the mining, processing and production right. Long because the project has had to be funded at every step along the road in markets which have been, to say the least, choppy. COVID has not helped.

The news flow over the next few weeks should confirm initial production of concentrate and then, as things ramp up, sale of that concentrate and regular production updates.

As I write this, Bayhorse is trading at 0.10. The company has no debt. Its “pay as you go” strategy means that when it sells its concentrate, after expenses, the revenue goes straight to the bottom line. When the market realizes that Bayhorse is an operating silver mine it will certainly “re-rate” Bayhorse Silver as a producer. And as production figures are released there is every reason to think we will never see $0.10 shares again.

Posted in update | Tagged , , , | Leave a comment

GCM Mining Announces Multiple High-Grade Drill Results From the Ongoing 2021 In-Mine and Brownfield Drilling Campaigns at Its Segovia Operations; Success Continues on the Brownfield Projects Including 62.34 g/t Au and 37.3 g/t Ag Over 0.40 Meters From Initial Drilling at the La Guarida Vein

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM; OTCQX: TPRFF) announced today multiple high-grade intercepts from the latest 130 diamond drill holes, totaling 30,714 meters, from the 2021 in-mine and near-mine drilling programs, as well as 28 diamond drill holes, totaling 6,946 meters, from the 2021 brownfield drilling programs at its Segovia Operations. The Company also announced the assay results from 8 additional kick-off diamond drill holes (4,509 meters) from the ongoing directional drilling program at the El Silencio Deep Zone.

Significant high-grade intercepts from the latest drill results include:

In-mine and near-mine drilling

  • Sandra K: 138.25 g/t Au and 574.0 g/t Ag over 0.33 meters on the Sandra K Techo Vein (SK-ES-006);
  • Sandra K: 120.77 g/t Au and 682.0 g/t Ag over 0.54 meters on the Sandra K Techo Vein (SK-IU-179);
  • Chumeca: 26.89 g/t Au and 17.2 g/t Ag over 0.55 meters on the Chumeca Footwall Vein (CH-IU-036);
  • El Silencio: 128.78 g/t Au and 43.7 g/t Ag over 0.30 meters on the Manto Vein (ES-EU-027);
  • El Silencio: 28.20 g/t Au and 24.7 g/t Ag over 0.75 meters on the 450 Vein (ES-MH08-06);
  • El Silencio: 66.87 g/t Au and 12.9 g/t Ag over 0.74 meters on the Manto Vein (ES-MH08-10);
  • Providencia: 53.66 g/t Au and 26.1 g/t Ag over 0.46 meters on the Providencia Footwall Vein (PV-IU-286);
  • Carla: 25.46 g/t Au with 24.6 g/t Ag over 0.39 meters on the La Gran Colombia Hanging-wall Vein (CA-ES-023C).

Brownfield drilling

  • Vera: 1.83 g/t Au and 432.3 g/t Ag over 0.42 meters on the Lluvias Vein (VER-ES-017);
  • Marmajito: 22.56 g/t Au and 21.8 g/t Ag over 0.54 meters on the Marmajito Vein. (MAR-EU-008);
  • Manzanillo: 41.22 g/t Au and 58.2 g/t Ag over 0.63 meters on the Manzanillo Vein (MAN-EU-001);
  • La Guarida: 62.34 g/t Au and 37.3 g/t Ag over 0.40 meters on the La Guarida Vein (CR-ES-014).

Serafino Iacono, Executive Chairman of GCM Mining, commented, “Our 2021 in-mine and brownfield drilling programs are continuing to provide us with outstanding results, re-affirming Segovia’s position in the top five highest-grade global underground gold operations. We will be incorporating these results in our annual mineral reserve and resource updates expected to be announced at the end of March 2022. The Sandra K and El Silencio results continue to impress both in terms of grades and widths and will undoubtedly lead to an important resource growth coupled with an extension of the mine life. A new orebody encountered at Providencia also offers the potential for additional mineral resource growth and extension of its mine life. In addition, initial high-grade results from the Manzanillo and La Guarida veins are shaping up our ongoing brownfield drilling campaign which will continue in 2022, focused on the other 24 known veins we are not currently mining, as an exciting opportunity to add resources and new mines at Segovia.”

The ongoing 2021 in-mine and near-mine infill and step-out drilling programs commenced in early January with four diamond drill rigs operating from purpose-built underground drill stations and comprise a total of approximately 40,000 meters, or about 67% of the total drilling program for this year. In-mine and near-mine infill and step-out drilling is focused on replacing the 2021 mining production and organic growth through resource and reserve expansion at the Company’s core operating mines. The other 33% of the planned drilling campaign for 2021, which is focused on achieving new resources from the brownfield exploration targets encompassing the 24 veins within the Segovia mining title that are not currently in production, commenced in late 2020 at the Vera Project with one diamond drill rig operating from purpose-built surface drill stations. 100% of the total in-mine and near-mine drilling campaign for 2021 and approximately 50% of the brownfield exploration drilling campaign were completed by the end of October.

GCM Mining currently has eight diamond drill rigs in operation at Segovia. Two rigs are carrying out resource definition in the Sandra K mine from one purpose-built surface platform and one underground drill station within the underground developments of the Sandra K mine; two rigs are operating from two purpose-built underground drill stations within the underground developments of the El Silencio mine testing the 450 and Manto veins from Level 38 and the National Vein from the Lejanias sector; one rig is operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the 2020 drilling campaign; two rigs are operating from surface on the La Guarida-Cristales Trend; and one rig is operating from surface at Vera testing the northeastern extension of the vein system and a soil gold anomaly.

Key Highlights

IN-MINE and NEAR-MINE DRILLING

Sandra K

In-mine infill drilling from underground station SK5290, installed off Level 4, was completed. This program has further extended down-plunge, to approximately future levels 7 to 9, an ore-shoot outlined by previous drilling, which occurs in a block of the Sandra K Vein System delimited by a set of faults striking NE and steeply dipping to the north related to the Lejanias Fault System. This orebody remains open at depth. A high gold grade intercept was intersected from drill hole SK-IU-174 (192.95 meters) on the main vein system with maximum intersection grades of 47.00 g/t Au with 568.0 g/t Ag over 0.50 meters on the Sandra K Techo Vein. This orebody offers the potential for another phase of resource growth and the high-grade gold mineralized intercepts encountered so far confirm the higher-grade mineralization at depth.

Additional in-mine infill drilling from underground station SK5480, installed off Level 4, was completed. This program has continued to delineate and further extend down-plunge, to approximately Level 9, the ore-shoot drilled from station SK5290 and the main ore-shoot located in the north fault block of the Sandra K mine, outlined by mining in the upper levels of the existing operation and by past drilling. Multiple high gold grades were intersected from 17 drill holes (3,077 meters) on the main vein system with maximum intersection grades of 120.77 g/t Au with 682.0 g/t Ag over 0.54 meters on the Sandra K Techo Vein (SK-IU-179).

Exploration drilling from surface platform SK5050, located in the southern fault block of the vein system, was completed. This program, designed on a 150 m x 150 m drill spacing, was aimed to extend some narrow ore-shoots outlined by previous surface drilling up to future levels 8 to 12. Multiple high gold grades were intersected from 9 drill holes (4,570 meters) on the main vein system with maximum intersection grades of 138.25 g/t Au with 574.0 g/t Ag over 0.33 meters on the Sandra K Techo Vein (SK-ES-006).

Additional exploration drilling from surface platforms SK5700, SK5875 and SK6020, located in the northern fault block of the vein system, was carried out with the programs completed on the first two platforms while it is still ongoing on the third. All these programs were designed on a wide drilling spacing, from 100 m x 100 m to 150 m x 150 m and aimed to extend down-dip the main vein system by 500 meters from Level 6, which is the deepest level of the mine. Drilling was successful in extending further along strike and down-dip, to approximately Level 11, the main vein system. Multiple high gold grades were intersected from 13 drill holes (5,593 meters) on the main vein system with maximum intersection grades of 16.78 g/t Au with 334.2 g/t Ag over 0.45 meters on the Sandra K Techo Vein (SK-ES-015).

Chumeca

In-mine infill drilling from underground station CH4780, installed on Level 3, aimed to prove the continuity of the Chumeca Vein close to the intersection with the Sandra K Techo Vein was completed. Drilling was successful in demonstrating such continuity, but the vein is very narrow, and grades are erratic. Two high gold grades were intersected from 6 drill holes (820 meters) on the main vein system, which outline two distinct structures named as the Chumeca Hanging-wall and Footwall Veins interpreted as a split of the main Chumeca Vein, with maximum intersection grades of 47.32 g/t Au with 71.6 g/t Ag over 0.60 meters on an unknown structure (CH-IU-035) and 26.89 g/t Au with 17.2 g/t Ag over 0.55 meters on the Chumeca Footwall Vein (CH-IU-036).

El Silencio

The ongoing directional drilling program on the El Silencio Deep Zone is targeted to extend and better delineate the southern ore-shoot down-plunge below Level 40, the deepest level of historical mining on the Manto Vein by Frontino Gold Mines. Drilling on the southern ore-shoot continues to be successful in confirming the high-grade nature of the 450 Vein and extending the down-plunge continuity of one (southern) of the two distinct high-grade domains, previously combined, on the Manto Vein by 150 meters. The 450 Vein, interpreted as a low angle vein or manto, occurs in the hanging-wall of the Nacional Vein, some 40 meters vertically above. Multiple high gold grades were intersected from 8 kick-off holes (4,509 meters) with maximum intersection grades of 28.20 g/t Au with 24.7 g/t Ag over 0.75 meters on the 450 Vein (ES-MH08-06) and 66.87 g/t Au with 12.9 g/t Ag over 0.74 meters on the Manto Vein (ES-MH08-10).

The ongoing in-mine exploration drilling from underground station ES4170, installed off Level 17 of the Providencia mine, was designed to prove the continuity of the Manto Vein in the southernmost portion of El Silencio mine. Drilling was successful in demonstrating such continuity coupled with high grades. Multiple high gold grades were intersected from 5 drill holes (2,123 meters) with maximum intersection grades of 128.78 g/t Au with 43.7 g/t Ag over 0.30 meters (ES-EU-027) and 74.46 g/t Au with 109.8 g/t Ag over 0.95 meters both on the Manto Vein (ES-EU-029).

Providencia

In-mine infill drilling from underground station PV6115, located at the westernmost end and off Level 14, was completed to test the high-grade intercept encountered in drill hole PV-IU-276, located below the development of Level 14 to the west that intersected a new orebody with 42 meters horizontal width at an average grade of 25.0 g/t Au. Multiple medium to high gold grades were intersected from 20 drill holes (1,868 meters) on the main vein system with maximum intersection grades of 53.66 g/t Au with 26.1 g/t Ag over 0.46 meters on the Providencia Vein (PV-IU-286). This new orebody offers the potential for additional mineral resource growth and extension of the mine life.

Carla

Step-out and infill drilling programs were carried out from surface platforms CA4840 and CA4850, respectively, with the program completed on the first platform while it is still ongoing on the second. The drilling program from station CA4840, designed on a 50 m x 50 m drilling spacing, was aimed to explore the southern portion of the La Gran Colombia Vein System east of Levels 3 to 6. Some medium to high gold grades were intersected from 7 drill holes (1,381 meters) on the main vein system with maximum intersection grades of 25.46 g/t Au with 24.6 g/t Ag over 0.39 meters on the La Gran Colombia Hanging-wall Vein (CA-ES-023C). Drilling from station CA4850 was designed to test the La Gran Colombia Vein System further down-dip from drilling from station CA4840, and to correlate the intersections from this follow up phase of drilling with some high-grade intercepts encountered in the 2020 drilling phase. To date, it is still difficult to correlate the high-grade intercepts with the main structures of the La Gran Colombia Vein System interpreted so far that comprises: the La Gran Colombia Vein (“LGC”), which is a northerly-trending master vein with a continuous strike of more than 700 meters and has been drilled to a vertical depth of about 250 meters, on which a small-scale underground mining operation was developed in the past; a hanging-wall vein (“LGC-HW1”) that strikes and dips sub-parallel and in close proximity to the LGC, which merges into the LGC or dies out at depth; and a possible third high-grade, narrow new structure logged as a breccia (“LGC-FW1”), occurring in the footwall of the LGC, interpreted as a splay-off the LGC gently dipping to the north.

BROWNFIELD DRILLING

Vera

Exploration drilling from surface station VER4980 confirmed the continuity of the Lluvias Vein to the southeast of the Vera mine.

Further exploration drilling, designed on a 50 m x 50 m drilling spacing, continued from two additional surface stations VER5220 and VER5560 with the purpose to extend the orebody encountered on the Lluvias Vein to the northeast. Multiple high silver grades were intersected from 10 drill holes (2,598 meters) on the Lluvias Vein with maximum intersection grades of 1.83 g/t Au with 432.0 g/t Ag over 0.46 meters (VER-ES-017).

Marmajito

The brownfield exploration drilling program, which commenced in February 2021 with one diamond drill rig operating from the underground drill station PV5630, installed off Level 17 of the Providencia mine, was completed in early June with a total of 2,491 meters in 10 drill holes. This program was aimed at testing the extension of the structure to the west and down-dip. Drilling was successful in extending the structure, but the vein is narrow. Multiple high gold grades were intersected from 6 drill holes (1,441 meters) with maximum intersection grades of 22.56 g/t Au with 21.8 g/t Ag over 0.54 meters on the Marmajito Vein. (MAR-EU-008).

Manzanillo

The Manzanillo brownfield target is characterized by a NE trending vein, dipping to the E, set in a complex structural block delimited by the El Silencio Vein System to the east, the Verticales North System to the west and the K Fault to the north. This target is historically known for hosting the high-gold grade Victoria Reina ore shoot.

The mine workings developed on 4 levels appear to indicate that the historic ore shoot shows a NW plunge, as opposed to the usual NE plunge of all other ore shoots throughout the Segovia-Remedios Mining District.

The initial brownfield exploration drilling program carried out on the Manzanillo Vein commenced in early June 2021 with one diamond drill rig operating from the underground drill station ES5225, installed on Level 23 of the El Silencio mine, and was completed in late August, totaling 1,115.50 meters in 3 drill holes. This program aimed at testing the down-dip extension of the Manzanillo Vein was extremely successful in extending the structure more than 1,000 meters. Multiple medium to high gold grades were intersected with maximum intersection grades of 41.22 g/t Au with 58.2 g/t Ag over 0.63 meters on the Manzanillo Vein (MAN-EU-001).

La Guarida-Cristales Trend

The ongoing brownfield exploration drilling program on the high-grade La Guarida-Cristales Trend, located in the northernmost sector of the title, commenced in August 2021 with one diamond drill rig initially operating from the surface drill platform CR6640 and then from the CR6700 drill platform. This drilling program was designed to explore the southern extension of the La Guarida Vein from the CR6640 platform and to test the down-plunge extension of the La Guarida mine ore shoot from the CR6700 platform. The La Guarida-Cristales Trend runs approximately 1.2 km along strike with the La Guarida and Cristales mines located at the southern and northern ends of the trend, respectively. The Cristales mine was operated by Frontino Gold Mines (FGM), which developed the mine on 6 levels, the longest (Level 4) being approximately 658 meters. Gold mineralization at La Guarida is contained predominantly within a N10-20° trending sigmoidal quartz vein dipping moderately (20-30°) to the south, ranging from 0.15 m to 1.30 m in thickness, hosted by granodiorite to quartz-monzonite. The style of mineralization is characterized by two main stages of mineralization: “Stage 1” is represented by milky quartz, disseminated or nested pyrite, galena and sphalerite, while “Stage 2” is characterized by grey quartz and banded pyrite intergrown with galena and sphalerite. A total of 8 drill holes totaling 1,404 meters have been completed so far at La Guarida, with maximum intersection grades of 62.34 g/t Au with 37.3 g/t Ag over 0.40 meters on the La Guarida Vein (CR-ES-014).

The following tables list the key intercepts from the ongoing 2021 in-mine, near mine and brownfield drilling programs since the press release issued on June 9, 2021.

In-Mine and Near-Mine Drill Program
SANDRA K MINE
Surface Drilling station SK5700
HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)Vein
SK-ES-004A339.62342.212.597.053.2SKT
SK-ES-007117.52117.980.4611.8619.9SNO
SK-ES-007352.13353.391.267.2720.0SKT
including352.47352.910.4415.1432.2SKT
SK-ES-010182.50183.100.6011.6833.6SNO
SK-ES-015342.96344.071.118.75186.5SKT
including343.62344.070.4516.78334.2SKT
Surface Drilling station SK5050
SK-ES-006478.80479.790.99106.92349.0SKT
including478.80479.130.33138.25574.0SKT
SK-ES-009456.28457.851.573.2812.4SKT
including456.28456.640.369.597.2SKT
SK-ES-011460.25461.991.746.6510.5SKT
including461.42461.990.5718.6619.0SKT
SK-ES-013496.31497.621.3112.7711.4SKT
including496.31496.870.5628.0 26.5SKT
SK-ES-020511.38516.615.230.923.0SKT
including516.03516.610.587.248.6SKT
SK-ES-021515.09517.162.078.438.5SKT
including516.05516.550.5030.2319.7SKT
Surface Drilling station SK6020
SK-ES-022387.93391.243.311.619.3SKT-FW
including390.77391.240.478.3216.4SKT-FW
U-G Drilling station SK5290
SK-IU-174*171.30173.552.2516.58138.8SKT
including171.30171.800.5047.00568.0SKT
U-G Drilling station SK5480
SK-IU-179*132.87135.072.2035.65185.2SKT
including134.53135.070.54120.77682.0SKT
SK-IU-180*136.31138.211.9015.4864.9SKT
including136.31137.150.8431.90116.4SKT
SK-IU-182*115.78116.560.7811.9340.66640
SK-IU-182*122.63128.005.371.759.9SKT
including122.63123.000.3717.3599.2SKT
SK-IU-183*120.42121.000.58 10.6736.76640
SK-IU-183*131.80133.041.246.7130.7SKT
including131.80132.150.3513.4858.2SKT
SK-IU-184*181.53182.450.9214.4424.4SKT-FW
SK-IU-184A*185.34186.731.3947.49105.7SKT-FW
including185.66186.240.58106.55235.2SKT-FW
SK-IU-185*202.90203.400.5052.0236.6SKT-FW
SK-IU-187*117.75118.961.2112.9052.3SKT
SK-IU-188*134.85138.163.313.1519.4SKT
including134.85135.180.3313.0342.5SKT
SK-IU-189*158.75160.421.677.4821.7SKT
including160.05160.420.3712.1135.5SKT
SK-IU-193*224.50225.791.2932.300.4SKT-FW
including225.35225.790.4491.220.4SKT-FW
SK-IU-194*127.22128.231.019.571.86640
SK-IU-194*154.14156.242.1016.809.0SKT
SANDRA K MINE – CHUMECA VEIN
U-G Drilling station CH4780
CH-IU-035*77.5578.150.6042.3277.6SNO
CH-IU-036*125.70126.250.5526.8917.2CHU-FW
El SILENCIO MINE
U-G Drilling station ES5980
ES-EU-014*42.3042.790.4934.8526.7TEN
ES-EU-016*73.5673.860.307.164.1SNO
ES-EU-016*76.2776.600.336.032.7SNO
ES-EU-016*168.92169.240.326.3911.9VEM
ES-EU-021*119.20122.653.452.562.8VEM
including119.20119.700.5014.108.7VEM
ES-EU-022*108.56109.450.899.2562.5VEM
U-G Drilling station ES4170
ES-EU-027*340.52346.666.148.093.8VEM
including346.36346.660.30128.7843.7VEM
ES-EU-028*308.90309.420.5219.0112.9VEM
ES-EU-029*350.35352.352.0037.3952.4VEM
including350.35351.300.9574.46109.8VEM
U-G Drilling station ES5240
ES-IU-130*99.85100.400.557.721.3450
ES-IU-130*105.70106.250.559.643.8450-FW
ES-IU-131*15.8616.300.4423.2442.8NAL
U-G Drilling station ES5200
ES-IU-137*31.3432.030.699.291.6SNO
ES-IU-139*46.6647.300.648.995.4VPP
El SILENCIO DEEP – DIRECTIONAL DRILLING
U-G Drilling station ES5690
ES-MH08-04**919.08919.740.667.0110.3450
ES-MH08-05**1110.581111.260.686.6712.0VEM-FW
ES-MH08-06**911.55914.032.489.238.3450
including911.55912.300.7528.2024.7450
ES-MH08-07**1075.351075.970.626.375.3VEM
ES-MH08-08**1044.451046.061.617.4019.4VEM
including1044.451045.000.5514.673.1VEM
ES-MH08-09**719.91720.340.436.136.9SNO
ES-MH08-09**853.16855.752.5910.714.3450
including853.93854.790.8626.557.7450
ES-MH08-10**1033.711036.943.2315.995.9VEM
including1035.481036.220.7466.8712.9VEM
ES-MH08-11**875.40876.300.9014.550.7450
PROVIDENCIA MINE
Surface Drilling station PV6800
PV-ES-011189.08189.590.518.4135.2SNO
PV-ES-011321.20321.540.3430.824.2SNO
PV-ES-016234.37235.371.005.620.3SNO
including234.37234.880.5111.000.5SNO
U-G Drilling station PV5630
PV-EU-032*83.8884.270.3916.559.6SNO
U-G Drilling station PV6115
PV-IU-286*65.9066.360.4653.6626.1PRO-FW
PV-IU-288A*87.4196.659.240.857.0PRO
including95.8596.650.806.095.0PRO
CARLA MINE
Surface Drilling station CA4840
CA-ES-023C160.35163.423.074.483.9LGC-HW
including161.94162.330.3925.4624.6LGC-HW
CA-ES-024209.86210.170.3112.6013.8SNO
CA-ES-027184.54186.121.583.899.6LGC
including185.34186.120.786.5017.8LGC

Brownfield Drill Program

VERA VEIN
HoleFromToWidthAu (ppm)Ag (ppm)AuEq (ppm)Vein
Surface Drilling station VER5220
VER-ES-016258.92259.590.671.31334.05.76LLV
VER-ES-017252.54252.960.461.83432.37.59LLV
VER-ES-018252.65252.950.304.9691.506.18LLV
Surface Drilling station VER5560
VER-ES-02278.7579.280.531.83273.75.48LLV
VER-ES-02593.7094.300.601.25320.05.52LLV

 

MARMAJITO VEIN
U-G Drilling station PV5630
HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)Vein
MAR-EU-007*167.41168.340.9315.255.9MAR
including167.80168.340.5417.394.4MAR
MAR-EU-008*229.00229.450.456.355.7MAR
MAR-EU-008*252.40252.940.5422.5621.8MAR-FW
MANZANILLO VEIN
U-G Drilling station ES5225
MAN-EU-001*227.24227.870.6341.2258.2MAN
MAN-EU-001*352.25353.000.759.1711.0SON
MAN-EU-002*276.35276.840.499.146.8MAN
LA GUARIDA VEIN
Surface Drilling station CR6640
CR-ES-01372.6273.460.843.6919.2LG
including73.1673.460.309.8252.2LG
Surface Drilling station CR6700
CR-ES-014202.06203.000.9428.2916.0LG
including202.06202.460.4062.3437.3LG

* Denotes underground drill holes. The underground infill holes were drilled at 54 to -86 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width. Au-equivalent grade (AuEq) calculated using a Au:Ag price ratio of 75:1 with 100% recovery.

** Denotes directional drilling mother and kick-off holes. The directional drilling kick-off holes were drilled at -35 to -62 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported.

Vein name abbreviations: SKT: Sandra K Techo Vein. SKT-FW: Sandra K Techo Footwall Vein. 6640: 6640 Vein. CHU-FW: Chumeca Footwall Vein. VEM: Manto Vein. VEM-FW: Manto Footwall Vein. 450: 450 Vein. 450-FW: 450 Footwall Vein. NAL: Nacional Vein. TEN: Tensional Vein. VPP: Principal Vein. PRO-FW: Providencia Footwall Vein. LGC: La Gran Colombia Vein. LGC-FW: La Gran Colombia Footwall Vein. LLV: Lluvia Vein. MAR: Marmajito Vein. MAR-FW: Marmajito Footwall Vein. MAN: Manzanillo Vein, MAN- FW, Manzanillo Footwall Vein. LG: La Guarida Vein. SNO: unnamed vein.

Results from in-mine exploration and infill drilling are reported for 87 holes (13,742 m) including: 18 holes (3,270 m) at Sandra K (SK-IU-174, SK-IU-179 to SK-IU-194) of which one was lost; 7 holes (946 m) at Chumeca (CH-IU-033 to CH-IU-038) of which one was lost; 33 holes (6,034 m) at El Silencio (ES-IU-126 to ES-IU-140 and ES-EU-014 to ES -EU-030) of which two were lost; and 29 holes (3,492 m) at Providencia (PV-IU-286 to PV-IU-303 and PV-EU-025 to PV-EU-033) of which one was lost. There are no results above cut-off grade for 4 holes at Sandra K, 5 holes at Chumeca, 21 holes at El Silencio and 26 holes at Providencia, so these holes are not listed in the table.

Results from near-mine surface exploration drilling are reported for 43 holes (16,972 m) including: 23 holes (10,588 m) at Sandra K (SK-ES-004A, SK-ES-006 to SK-ES-023) of which one was lost; 6 holes (2,876 m) at Providencia (PV-ES-011 to PV-ES-016); and 14 holes (3,508 m) at Carla (CA-ES-022 to CA-ES-032) of which three were lost. There are no results above cut-off grade for 12 holes at Sandra K, 5 holes at Providencia and 11 holes at Carla, so these holes are not listed in the table.

Results from brownfield exploration drilling are reported for 28 holes (6,946 m) including: 11 holes (2,985 m) at Vera (VER-ES-015 to VER-ES-025); 6 holes (1,441 m) at Marmajito (MAR-EU-007 to MAR-EU-012); 3 holes (1,116 m) at Manzanillo (MAN-EU-001 to MAN-EU-003); and 8 holes (1,404 m) at La Guarida (CR-ES-009 to CR-ES-015) of which one was lost. There are no results above cut-off grade for 6 holes at Vera, 4 holes at Marmajito, 1 hole at Manzanillo and 6 holes at La Guarida, so these are not listed in the table.

Results from directional drilling from one purpose-built station at El Silencio are reported from 8 kick-off holes (ES-MH08-04 to ES-MH08-11), totaling 4,509 m, all drilled on the southern ore-shoot.

Please refer also to the attached illustrative maps showing the Sandra K-Chumeca, El Silencio-Manzanillo, Providencia-Marmajito, Carla, Vera and La Guarida drilling programs.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by nitric and hydrochloric acid digestion with AAS finish for ore grades and the highest in grade double-checked by SGS Laboratories Ltd. in Lima, Peru. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About GCM Mining Corp.

GCM Mining 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. GCM Mining also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 GCM Mining 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 GCM Mining 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@gcm-mining.com

Attachment 1 – Sandra K Mine Infill and Exploration Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e707827-23db-41e5-8c44-d8a15ed40c9f

Attachment 2 – Cross section of the Sandra K Vein System

https://www.globenewswire.com/NewsRoom/AttachmentNg/25830ffe-d1c5-43bc-b464-9498aa7f57ab

Attachment 3 – Chumeca Infill Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/df648621-5f8c-4cf8-b776-0f932308e8b1

Attachment 4 – El Silencio Mine (northern side) Infill and Exploration Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/29b6bc5b-6eba-4310-82a1-212d15c5156c

Attachment 5 – El Silencio Mine (southern side) Infill and Exploration Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/d2d0ba3f-6766-4eda-80e5-252dc9c4c949

Attachment 6 – Cross section of the El Silencio Deep Vein System

https://www.globenewswire.com/NewsRoom/AttachmentNg/455525da-a034-460f-b122-ccd71b828674

Attachment 7 – El Silencio Mine Exploration Drilling Grade Intercepts for the Manzanillo Vein

https://www.globenewswire.com/NewsRoom/AttachmentNg/66880afd-115a-4610-9f0c-9a0e6d5c8112

Attachment 8 – Providencia Mine Infill Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/5758fcc1-9156-459b-b939-1d9ad187d99f

Attachment 9 – Providencia Mine Exploration Drilling Grade Intercepts for the Marmajito Vein

https://www.globenewswire.com/NewsRoom/AttachmentNg/e6d58901-843a-4186-a0f7-29597232f480

Attachment 10 – Cross section of the Providencia and Marmajito vein systems

https://www.globenewswire.com/NewsRoom/AttachmentNg/0551ed30-a54d-4037-a395-bdffcb720604

Attachment 11 – Carla Mine Infill Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/f42c0ed1-60cc-4ea1-ba7c-d969602cb3c9

Attachment 12 – Vera Vein Infill Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/77495eae-03e0-4086-9c3a-032fd51e12db

Attachment 13 – La Guarida Vein Exploration Drilling Grade Intercepts

https://www.globenewswire.com/NewsRoom/AttachmentNg/adf47e6f-246b-4487-9fc7-16bd1c17e3af

Attachment 1Attachment 2Attachment 3Attachment 4Attachment 5Attachment 6Attachment 7Attachment 8Attachment 9Attachment 10Attachment 11Attachment 12Attachment 13
Posted in featured_news | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

GCM Mining Declares Monthly Dividend to Be Paid on January 17, 2022; Provides Updates on Production and Normal Course Issuer Bid for Its Common Shares

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on January 17, 2022 to shareholders of record as of the close of business on December 31, 2021.

Production Update

GCM Mining also announced today that it produced 17,799 ounces of gold and 24,593 ounces of silver at Segovia in the month of November 2021 bringing the total for the first eleven months of the year to 188,359 ounces of gold and 210,817 ounces of silver, up from 178,923 ounces of gold and 165,832 ounces of silver at Segovia in the first eleven months of 2020.

GCM Mining processed 45,030 tonnes in November 2021 at its Maria Dama plant, representing a daily processing rate of 1,501 tonnes per day (“tpd”), and head grades averaged 13.7 g/t in the month. This brings the daily processing rate for the first eleven months of 2021 to an average of 1,518 tpd with an average head grade of 12.9 g/t compared with 1,276 tpd at an average head grade of 14.5 g/t in the first eleven months of 2020.

With its trailing 12-months total gold production as of the end of November amounting to 205,808 ounces, GCM Mining remains on track to produce between 203,000 and 210,000 ounces of gold in 2021 from its Segovia Operations.

Normal Course Issuer Bid (“NCIB”) Update

GCM Mining provided an update today on its purchases of its common shares pursuant to its current NCIB which commenced in October 2021. During the period from December 6, 2021 through December 10, 2021, the Company purchased a total of 286,301 common shares at an average price of CA$5.20 per share with the total cost amounting to approximately CA$1.5 million. After the cancellation of these shares, the Company currently has a total of 98,241,274 common shares issued and outstanding.

The NCIB allows the Company to purchase for cancellation up to a total of 9,570,540 common shares of the Company over the 12-month term that will end on October 19, 2022, or such earlier date on which the maximum purchases under the NCIB have been completed. Purchases of common shares under the NCIB are being made through the facilities of the TSX or other alternative Canadian trading systems at the market price of the shares at the time of acquisition.

The Board of Directors and senior management of GCM Mining continue to believe that its common shares may from time to time trade in a price range that does not adequately reflect the value of the Company’s common shares in relation to its activities and future prospects. Accordingly, GCM Mining will continue to use its discretion to repurchase its common shares for cancellation under the NCIB.

About GCM Mining Corp.

GCM Mining Corp. 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/copper projects in the Americas. The Company also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 production guidance, the payment of dividends, purchases under the Company’s NCIB, and other anticipated business plans or strategies. 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 GCM Mining 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 GCM Mining 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@gcm-mining.com

Posted in featured_news | Tagged , , , , , , , | Leave a comment