GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM; OTCQX: TPRFF) announced today multiple high-grade intercepts from the latest 32 diamond drill holes, totaling 8,299 meters, from the 2022 in-mine and near-mine drilling programs, as well as a further 28 diamond drill holes, totaling 7,735 meters, from the 2022 brownfield drilling programs at its Segovia Operations, Colombia. The Company also announced the assay results from one additional kick-off diamond drill hole, totaling 748 meters, from the ongoing directional drilling program on the El Silencio Deep Zone.
Significant high-grade intercepts from the latest drill results include:
In-mine
- Sandra K: 146.33 g/t Au and 712.0 g/t Ag over 0.30 meters on the Sandra K Techo Vein (SK-ES-035);
- El Silencio: 271.16 g/t Au and 142.9 g/t Ag over 0.88 meters on the 450 Vein (ES-EU-047); and,
- El Silencio: 78.09 g/t Au and 20.0 g/t Ag over 1.29 meters on the Nacional Vein (ES-EU-48)
Brownfield
- Marmajito: 23.55 g/t Au and 22.0 Ag over 0.60 meters on the Marmajito Vein (MAR-EU-018);
- Vera: 8.81 g/t Au and 479.9 g/t Ag over 0.54 meters on a SNO Vein (VER-ES-032A); and,
- La Guarida-Cristales Vein System: 48.45 g/t Au and 34.2 g/t Ag on the Cristales Vein over 0.47 meters (CR-ES-047A)
Serafino Iacono, Executive Chairman of GCM Mining, commented, “Our 2022 drilling programs are continuing to provide us with outstanding results, especially on the back of a 14% increase in our Measured and Indicated Resources and a 41% increase in our Inferred Resources, both as reported in our press release dated March 24, 2022. Today’s announcement of our latest exploration results continues to highlight the potential to extend the mine life and grow production at our Sandra K and El Silencio mines from known in-mine and near-mine exploration targets. Additional high-grade results from the Marmajito and Cristales veins are shaping up our ongoing brownfield drilling campaign, focused on the other 24 known veins we are not currently mining. The sustained investment in geology and exploration by the Company continues to deliver high quality ounces on which to leverage future production and growth initiatives. We look forward to moving these and a number of other promising exploration projects forward in the coming months.”
The ongoing 2022 in-mine and near-mine in-fill and step-out drilling campaign commenced in early January with eight diamond drill rigs operating from purpose-built underground drill stations and surface drill platforms and comprises a total of up to 67,000 meters at its four producing mines, including up to 15,000 meters of underground in-fill drilling, for about 74% of the total drilling programs for this year. In and near-mine in-fill and step-out drilling is focused on replacing the 2022 mining production and organic growth through resource conversion to expand the current reserves at the Company’s core operating mines. Approximately 16% of the total in-mine and near-mine drilling programs for this year was completed by the end of April, the cut-off date for results reported in this press release.
The other 26% of the planned drilling campaign for 2022, comprising up to approximately 24,000 meters, is focused on defining new resources from the brownfield exploration targets covering the 24 veins within the Segovia mining title that are not currently in production. Approximately 32% of the brownfield exploration drilling programs for this year were completed by the end of April, the cut-off date for results reported in this press release.
GCM Mining currently has a total of 10 diamond drill rigs in operation at Segovia distributed as follows:
In-mine and near-mine drilling
- Two rigs are carrying out step-out drilling at the Sandra K Mine from two purpose-built surface platforms; and,
- Four rigs are carrying out resource definition on the El Silencio Deep Zone from one purpose-built underground drill station in the El Silencio Mine to test the 450 and Manto veins from the Lejanias sector, and two additional purpose-built underground drill stations on Levels 11 and 17 of the Providencia Mine to test the Nacional Vein. The fourth rig is conducting directional in-fill drilling on the southern ore-shoot below Level 38A from a purpose-built underground drill station on Level 3 of the Sandra K Mine;
- One rig is carrying out resource definition at the Carla Mine from a purpose-built underground station off Level 3 to guide the mine development.
Brownfield drilling
- Two rigs are operating from surface on the La Guarida-Cristales Vein System; and
- One rig is operating from surface on the Manzanillo Vein.
Key Highlights
IN-MINE and NEAR-MINE DRILLING
Sandra K
In-mine in-fill drilling from underground station SK5680, installed off Level 6, was completed in early March with additional 11 drill holes totaling 1,147 meters. This program was intended to better delineate and further extend down-plunge a cluster of narrow, discontinuous, high-grade zones to approximately future Level 9, outlined by previous mining on the upper levels, which occur at the northernmost end of the Sandra K Mine. Drilling confirmed the continuity of the Sandra K Vein System to the north, but most results were disappointing, except for drill hole SK-IU-216, which returned 6.46 g/t Au with 159.8 g/t Ag over 0.32 meters on the Sandra K Techo Vein.
Step-out exploration drilling from surface platform SK6020, located at the northernmost end of the northern fault 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, was completed with an additional drill hole totaling 495 meters. This program was designed on a 150 m x 150 m drill spacing and was aimed to extend down-dip the main vein system from future Level 9 to Level 15 and along strike. This drilling was extremely successful confirming the down-plunge extension of the cluster of narrow discontinuous, high-grade zones tested by drilling on underground station SK5680. Drill hole SK-IU-032 intercepted the deepest, high-grade intersection of the Sandra K Vein System encountered so far, some 200 meters vertically below the deepest level of the ongoing operation, returning 20.17 g/t Au with 887.0 g/t Ag over 0.53 meters on the Sandra K Techo Vein.
Additional step-out exploration drilling from surface platform SK5430, still located on the northern fault block of the Sandra K Vein System, was completed with 7 drill holes totaling 2,989 meters. This program was designed on an 80 m x 100 m drill spacing and was aimed to extend down-plunge the Sandra K main ore-shoot. Drilling was successful in demonstrating continuity together with high grades at depth, extending the mineralization down-plunge by 200 meters. Multiple high gold grades were intersected with maximum intersection grades of 146.33 g/t Au with 712.6 g/t Ag over 0.30 meters (SK-ES-035).
Exploration drilling from surface platform SK4950 was completed with an additional 4 drill holes totaling 2,294 meters. This drilling was designed to test the southern fault block of the Sandra K Vein System, south of the main mine area, confirming that results continue to be so erratic that it has not yet been possible to clearly define a sector of interest for the operation. There are some drill holes of interest, such as drill hole SK-ES-36 that returned 12.72 g/t Au with 19.7 g/t Ag over 0.90 meters on the Sandra K Techo Vein, but in-fill drilling is warranted to test the continuity of the mineralization.
