Investor Alert: Gran Colombia – 60K Meters of Drilling Planned for 2021
The largest producer of gold in Colombia is expanding its resources
Gran Colombia produces gold from the Segovia Operations, an area of approximately 9,000 hectares in the Segovia-Remedios mining district of Antioquia. These high-grade mines have been in continuous operation for over 150 years. Further, over that time they have produced more than an estimated 5 million ounces of gold.
The Segovia Operations include the El Silencio, Providencia and Sandra K underground mines in the Municipality of Segovia. It also includes the Carla underground mine in the Municipality of Remedios.
Highlights for 2021
Gran Colombia’s focus in 2021 will center on the exploration and continuing development of its high-grade Segovia Operations, the epicentre of its Free Cash Flow generation.
Additionally, the company plans to drill a total of approximately 60,000 meters at Segovia in 2021. This is at a total cost of approximately $14 million to carry out its ongoing in-mine and near-mine drill program at its four operating mines. Moreover, this includes ramping up its exploration program aimed at testing its highest priority brownfield targets.
The 2021 in-mine and near-mine drill program, which is already underway, will total approximately 40,000 meters of step-out and in-fill diamond drilling at a cost of approximately $10 million from purpose-built underground and surface drilling stations at the company’s four operating mines, focused on replacing the 2021 mining production and organic growth through resource and reserve expansion.
The company also plans to open up new fronts in the 24 existing mines that still are in development in its concession.
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