Gran Colombia Gold Corp TSX:GCM announced assays from its Marmato Gold Project in Caldas Department, Colombia. Highlights include
1.4 g/t gold and 1.3 g/t silver over 357.1 metres
1.4 g/t gold and 2.3 g/t silver over 239 metres
1.5 g/t gold and 5.9 g/t silver over 96 metres
1 g/t gold and 3.7 g/t silver over 140 metres
0.7 g/t gold and 6.8 g/t silver over 185 metres
0.8 g/t gold and 5 g/t silver over 135.3 metres
0.6 g/t gold and 2.2 g/t silver over 180 metres
1.1 g/t gold and 5.2 g/t silver over 103 metres
Speaking from Bogotá, COO Donald East tells ResourceClips.com, “We’re in the final period of this drilling program. It’s a pretty exciting project, over 10 million ounces in the measured and indicated categories.
Simón Bolívar used the Marmato property as surety with the Bank of England to fund his war of independence against the Spanish. So we know we’ve got the resource there. Even though it’s been mined for so long, there’s still a lot of gold left—Donald East
“This is an historic mining district, and we’re very excited to have discovered this new zone at depth. It continues to expand the resource base that we established over the last two years of drilling. When we finish drilling at the end of this month, these results will be included in a 43-101 resource estimate, which we will then feed into the feasibility phase. Prefeasibility should be complete by the end of this quarter,” he says.
“When we did the preliminary economic assessment that was issued last year, it showed us a pretty robust financial model. As we go into the study phase, we are continually improving that model. We’re really looking forward to what comes out of the prefeasibility study in the next two months.
“We’re looking at 2015 production,” he states. “Our schedule is to kick straight into the feasibility stage. The prefeas stage currently being finalized is what we call the options study. We’re looking at all the different options related to mining, processing, infrastructure, etc. Once we complete the prefeas we’ll have a feasibility option to study based on the recommendations of the report from Hatch. That work will take us to the end of 3Q or perhaps beginning of 4Q this year. At the same time, we’ll do our social and economic impact assessment, which is basically our environmental permitting. We’ll submit that to the government by the end of this year, and we’re expecting to get approval by 3Q 2013, having gone through all the town meetings and community involvement. So by the middle of 3Q 2013, we hopefully get the go-ahead for construction. That’s about a two-year time frame, so mid-2015 is probably when the project will kick into production.
“This will be our seventh operating mine,” East points out. “But what we’re doing at Marmato is new because all the gold mining in Colombia, apart from some dredging operations, is vein gold. So they go in underground. At Marmato, the geology is favourable to an open-pit operation. It opens up a whole new way of recovering the resource.
“If you look at our Segovia and Marmato operations, these are very historic mining districts. They go back 500 years. Simón Bolívar used the Marmato property as surety with the Bank of England to fund his war of independence against the Spanish. So we know we’ve got the resource there. Even though it’s been mined for so long, there’s still a lot of gold left.”
East concludes, “Our company has been very consistent in putting out credible information to the market. We continue to expand. Obviously it’s up to investors to make up their own minds, but I’m very bullish on what we’re doing at Gran Colombia.”
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by Greg Klein