Drilling Confirms And Extends High-Grade Zone Of Deeps Style Mineralization

TORONTO, ON - Gran Colombia Gold Corp. reported additional high-grade intercepts from a further nine holes drilled in the Deeps Zone at the 100%-owned Marmato Project in Caldas, Colombia. The 2018 infill drilling campaign is being undertaken to obtain additional information in conjunction with the technical studies and evaluations focused on the potential expansion of the underground mining operations at Marmato to incorporate the Deeps Zone below the existing mining operation.

Serafino Iacono, Executive Co-Chairman said, “We continue to be very encouraged by the high-grade intercepts we are seeing in our 2018 drilling program. Our drilling campaign has increased our confidence in the geological model, outlining a higher-grade zone with excellent continuity over 450 meters along strike and strong vertical continuity for more than 300 meters below the deepest level of our existing mining operation. Coupled with the technical studies we have been carrying out this year, we have established a foundation for additional work to be undertaken next year as we proceed toward the preparation of a preliminary economic assessment (PEA) for the underground expansion at Marmato. Included in next year’s exploration budget is a further 15 holes representing 8,000 meters of drilling intended to extend the Deeps Zone further along strike, to test the high-grade core of the Deeps Zone up to 600 m asl and to upgrade a portion of the Marmato Project’s mineral resources from inferred to indicated ahead of preparing the life of mine plan for the PEA".

The Company has had two diamond drill rigs in operation underground at Marmato since June 2018. Through the end of November, the Company has completed twenty drill holes totaling approximately 7,200 meters, representing 85% of the planned 8,500 meters to be drilled in 2018. The 2018 infill drilling program has been completed in the upper part of the Deeps Zone, referred to as the “Transitional Zone”, representing a 150 m high block below Level 21, currently the deepest level of the operating Mineros Nacionales mine. Infill drilling within a 150 meters high block below the Transitional Zone is still in progress.

High gold grades generated from the nine additional drill holes totaling 2,923 meters reported herein include: drill hole MT-IU-009 which intersected 74.78 m at 4.26 g/t Au and 5.5 g/t Ag from 323.60 m to 389.38 m; drill hole MT-IU-013 which intersected 24.75 m at 3.46 g/t Au and 5.5 g/t Ag from 192.85 m to 217.60 m; and drill hole MT-IU-015 which intersected 26.40 m at 3.10 g/t Au and 4.7 g/t Ag from 252.50 m to 278.90m and 34.17 m at 3.46 g/t Au and 5.6 g/t Ag from 325.08 m to 359.25 m. The mineralization in all of these high-grade intercepts is related to narrow veinlets, with a higher veinlet density in the high-grade intervals.

Gran Colombia also announced that it remains on track with its recent guidance for 2018’s annual gold production. For the month of November, Segovia and Marmato produced 15,858 ounces and 2,335 ounces, respectively, for a total of 18,193 ounces of gold. This brings the total for the first 11 months of 2018 to 198,999 ounces, up 28% compared to the first 11 months of 2017. As of November 2018, the Company’s trailing 12-months’ total gold production reached 217,861 ounces, up 25% from 2017’s annual production of 173,821 ounces.