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Caldas Gold posts record intercept at Marmato
Northern Miner Staff | November 9, 2020 |
11:23 am Exploration Top Companies Latin America Gold
Caldas Gold posts record intercept at Marmato in Colombia
The Marmato project is located in the heart of Columbia’s Middle Cauca
gold district. (Image courtesy of Gran Colombia Gold)
Caldas Gold (TSXV: CGC; US-OTC: ALLXF) reported high-grade assays from
its Marmato asset in Colombia including a record 5.73 grams gold per
tonne and 5.2 grams silver per tonne over 63 metres from 356 metres
downhole.
The intercept in drill hole MT-IU-076 was part of a broader 385.7-metre
intersection of 2.34 grams gold and 3.5 grams silver starting from 312
metres in the New Zone, which remains open to the southeast and at
depth.
The drill program, which kicked off in May with three diamond drill rigs operating from underground drill stations in the existing Marmato mine, also extended the Main Zone along strike by more than 300 metres, where it remains open.
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So far the company has completed about 30% (9,400 metres) of its 2020-2021 drill program, which will consist of 60 holes (31,000 metres). Of that, 20,400 metres are conventional drilling in 40 holes and 10,600 metres are directional drilling in two other holes and 18 kick-off holes.
THE MARMATO MINE IS EXPECTED TO PRODUCE BETWEEN 23,000 AND 26,000 OUNCES
OF GOLD IN 2020
Drilling in the New Zone, the company said, confirms the extension of the high-grade mineralization to below the 600-metre level, which is the bottom of the indicated mineral resource used in the prefeasibility study. The New Zone extends for more than 400 metres along strike and 200 metres vertically.
Highlights released today from the drill program included drill hole MT-IU-073, which returned 343.4 metres of 2.83 grams gold and 1.5 grams silver starting from 340 metres, including 33.77 metres of 5.10 grams gold and 2.7 grams silver; 60.70 metres of 4.59 grams gold and 2.1 grams silver; and 39.04 metres of 3.74 grams gold and 1.4 grams silver.
“Our sense of excitement continues to build as the New Zone continues to deliver robust gold grades over significant lengths that start to demonstrate continuity and a developing high-grade zone similar to the adjacent Main Zone,” Serafino Iacono, Caldas Gold’s executive chairman and CEO, stated in a press release.
“In addition, the 300 metres of strike extension for the Main Zone provides us with another zone ready for infill drilling to continue to grow the underground mining expansion at Marmato.”
Last week Caldas Gold closed a precious metals stream with Wheaton Precious Metals (TSX: WPM; NYSE: WPM; LSE: WPM) on Marmato. Under the deal, Wheaton will purchase 6.5% of the gold production and 100% of the silver production until 190,000 oz. of gold and 2.15 million oz. of silver have been delivered. After that, the stream drops to 3.25% of gold production and 50% of the silver production for the life of mine. Wheaton will pay a total of $110 million in cash, $38 million of which is payable within six months, and the remainder will be paid during construction. The precious metals stream covers the Upper mine and the Marmato Deeps Zone (MDZ) development.
A prefeasibility study released in July confirmed the economic viability of expanding the underground mining operation at Marmato, according to Caldas Gold. The PFS estimated a life-of-mine production schedule of 19.7 million tonnes of mineralized material being processed over a 14-year mine life, resulting in total production from the existing Upper mine and the expansion of the second operation into the Marmato Deep Zone, of 1.9 million oz. gold and 1.6 million oz. silver.
Initial capital required between 2020 and 2023 for the expansion into the Marmato Deep Zone is estimated to run to $269.4 million. The company has also updated its plan for the Upper mine to incorporate an expansion from 1,200 tonnes per day to 1,500 tonnes per day.
The Marmato mine is expected to produce between 23,000 and 26,000 ounces of gold in 2020.
Gran Colombia Gold (TSX: GCM; US-OTC: TPRFF) spun off
the Marmato mining assets in February and
owns about 54% of Caldas Gold, according to its latest corporate
presentation.
(This article first appeared in The Northern Miner)
Caldas Gold and Gran Columbia Gold Undervalued! - Lets Chat With The CEO
2,059 views•Sep 14, 2020
) 
Caldas Updates Juby Resource in Ontario
Canadian Mining Journal Staff | October 5, 2020 | 4:42 am Exploration Canada Gold
https://www.mining.com/caldas-updates-juby-resource-in-ontario/
An outcrop at the Juby gold project in Ontario. Credit: Temex Resources
An updated resource estimate for Caldas Gold’s Juby gold project in Ontario, 15 km from Gowganda, features two open pit deposits, with a total of 21.3 million indicated tonnes grading 1.13 g/t gold, and 47.1 million inferred tonnes at 0.98 g/t gold.
According to Caldas, this latest estimate has been updated to account for current regulatory requirements, such as including only in-pit resources and also accounts for drilling completed in 2018. The figures above, which include a total of 773,000 gold oz. in the indicated category and 1.5 million inferred oz., compare with the prior resource from 2014, which defined 1.1 million measured and indicated oz. at 1.28 g/t gold, and 2.9 million inferred oz., at 0.94 g/t gold.
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The updated resources are based on a 0.4 g/t gold cut-off grade and C$1,450 per oz. gold.
CALDAS PLANS TO CONTINUE DRILLING THE DEPOSITS NEXT YEAR
“The Juby gold project is an advanced-exploration stage property situated on a major highway with access to infrastructure in a historic mining district in Northern Ontario,” Serafino Iacono, Caldas Gold’s chairman, said in a release.
“The Shining Tree gold district is an under-explored area in the southern part of the Abitibi Greenstone belt and we are encouraged by the increase in the level of interest and investment in this area…”
The 56.7-sq.-km project covers 10 km of the Tyrrell structural zone and lies within 70 km of the Cote gold project (held by Iamgold and Sumitomo) and Alamos Gold’s Young-Davidson mine.
The four existing mineralized zones at Juby cover between 1,750 metres and 3,000 metres of strike and extend down to depths of up to 750 metres. The current deposits remain open along strike and at depth.
Caldas plans to continue drilling the deposits next year, focusing on extending known mineralization on strike and at shallow depths, with a 10,000-metre program proposed for 2021.
Caldas Gold closed the Juby project acquisition in July, from privately held South American Resources, in exchange for the issue of 20 million shares and a C$9.5-million payment to a subsidiary of Pan American Silver.
In addition to a 100% interest in Juby, Caldas also holds the Marmato gold-silver mine in Colombia. Gran Colombia Gold has a 57.5% stake in Caldas.
(This article first appeared in the Canadian Mining Journal)
(This article first appeared in the Canadian Mining Journal)
Gran Colombia is a Canadian-based mid-tier gold
producer with its primary focus in Colombia where
it is currently the largest underground gold and
silver producer with several mines in operation at
its high-grade Segovia Operations.
Gran Colombia owns approximately 57.5% of
Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF)
a Canadian mining company currently advancing
a major expansion and modernization of its
underground mining operations at its
Marmato Project in Colombia.
Gold & Silver bulls starting to break out > ^ > ^ > ^
Caldas Gold shares surge on $90 million financing
MINING.COM Staff Writer | August 24, 2020 | 12:23 pm Markets News Canada Gold
Gran Colombias Marmato project to become stand-alone company in February
The Marmato project is located in the Caldas department in the heart of
the Middle Cauca gold district.
(Image courtesy of Gran Colombia Gold.)
Caldas Gold (TSXV: CGC) is looking to raise up to $90 million
through a fully marketed private placement of subscription receipts.
In a press release on Monday, the Canadian junior miner
announced it has settled terms for the proposed issuance
and sale of 90,000 subscription receipts of the company at a price
of $1,000 each, with Scotiabank and Canaccord Genuity acting as
co-lead agents on behalf of a syndicate of agents including
Stifel Nicolaus Canada and Red Cloud Securities.
The company anticipates raising $80 million to $90 million from the
offering, said Chairman and CEO Serafino Iacono.
Proceeds will be used to fund the expansion of Caldas’ mining
operations at the Marmato project in Colombia.
The Marmato project comprises two distinct operations — the existing Upper Zone operation and a new Deeps Zone operation that sits directly below the Upper Zone vein system.
Last year, the Upper Zone mine produced 25,750 ounces of gold.
Earlier this year, Caldas entered a $110 million streaming deal with Wheaton Precious Metals (NYSE: WPM) to develop the Deep Zone mineralization. This was followed up by a special warrant financing of C$45 million to secure additional funding for the expansion project.
Located within a historical mining district, the project contains an estimated 2 million ounces of gold resources in the measured and indicated categories and 3.3 million ounces of gold resources in the inferred category.
A prefeasibility study (PFS) incorporating the new mine is currently underway and is expected for completion mid-2020.
Shares of Caldas Gold surged 6% on news of the latest financing. The company has a market capitalization of approximately C$193.7 million.
1070 0
Gold Debate: Is A New Gold Standard Coming? (Steve Forbes)
August 23, 2020
https://www.youtube.com/watch?time_continue=157&v=rs1PH_GLi98&feature=emb_logo
Gran Colombia Gold Reports Second Quarter and First Half 2020 Results; Announces Quarterly Dividend Program
August 13, 2020
TORONTO, Aug. 13, 2020 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three months ended March 31, 2020. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.
Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the Company’s latest results, said, “Our first quarter results continued to show strength, and that was when gold was more than $100 an ounce lower than where we are now. Quarterly revenue surpassed $100 million for the first time leading to adjusted EBITDA of $50 million. Operating cash flow and Free Cash Flow were up over 50% compared with the first quarter last year. The balance sheet also got stronger as we built up our consolidated cash position to about $100 million and by the end of April, we had reduced our Gold Notes by 40% since the beginning of the year. We are very pleased that Caldas Gold is up and running now. Drilling results from the Deep Zone at Marmato continue to be impressive and the PFS remains on track for mid-year. I am also very proud of what our Company has been able to do during COVID-19 to help out the communities in which we live and work. These are definitely unprecedented times and our people have done a tremendous job keeping our operations going while ensuring we all do the right thing to keep our workers safe.”
Second Quarter and First Half 2020 Highlights
Gran Colombia’s gold production in the first quarter of 2020 was 56,247 ounces produced compared with 60,601 ounces in the first quarter last year. The Company’s mines have continued to operate during the national quarantine implemented in Colombia in late March. However, restrictions on movement of people between communities has limited the availability of workers at the mines. Although April’s gold production totalled 12,602 ounces, about 65% of the average monthly volume over the last 12 months, the situation has improved and the Segovia Operations have been operating at about 95% of normal since mid-April.
During the COVID-19 quarantine, the Company has stepped up its efforts to support the local communities in which it operates, providing medical equipment, supplies and sanitation kits to the local hospitals and groceries to families who have been economically affected by the COVID-19 crisis.
Revenue amounted to $101.0 million in the first quarter of 2020, up 30% over the first quarter last year, getting a boost from the 21% increase in spot gold prices which increased the Company’s realized gold price to an average of $1,570 per ounce sold compared with $1,298 per ounce sold in the first quarter last year. The volume of gold sales in the first quarter of 2020 was also up 8% over the first quarter last year, benefitting from a reduction in mineral inventories following a build up during the refinery shutdown during the holiday period at the end of 2019.
Total cash costs (1) per ounce averaged $667 per ounce in the first quarter of 2020 compared with $621 per ounce in the first quarter last year. Segovia’s total cash costs were $604 per ounce in the first quarter of 2020 and Marmato’s total cash costs of $1,215 per ounce reflected the impact of additional costs associated with the commencement of mine optimization activities and the adverse impact on production in January of a temporary explosives shortfall.
All-in sustaining costs (“AISC”) (1) and All-in costs (1) of $890 per ounce and $978 per ounce, respectively, in the first quarter of 2020 reflected increased levels of capital and exploration spending and arbitration-related costs in G&A, compared with $832 per ounce and $843 per ounce, respectively, in the first quarter last year.
The Company reported adjusted EBITDA (1) of $50.4 million for the first quarter of 2020, up 43% over the first quarter last year, benefitting from the stronger revenue performance in the first quarter of 2020.
Net cash provided by operating activities in the first quarter of 2020 of $31.8 million was up 60% over the first quarter last year fuelling a 57% increase in the Company’s Free Cash Flow (1) in the first quarter of 2020 to $17.8 million from $11.3 million in the first quarter last year.
The Company’s balance sheet strengthened in the first quarter of 2020 as total cash increased to $99.7 million at the end of March 2020 from $84.2 million at the end of 2019. Meanwhile, the Company used $21.1 million from the net proceeds of a CA$40 million ($30.1 million) private placement completed in February to redeem 30% of its Gold Notes ahead of schedule. At April 30, 2020, the aggregate principal amount of Gold Notes outstanding was down to $41.3 million.
The Company completed the spin-out of its Marmato Mining Assets through a reverse takeover transaction. The Company has a 74.4% interest in the resulting issuer, named Caldas Gold Corp., which commenced trading on the TSX Venture Exchange on February 28, 2020 under the symbol “CGC”.
As of May 15, 2020, the total issued and outstanding common shares of the Company is 61.3 million and after inclusion of stock options, warrants and the Convertible Debentures, the Company’s fully diluted common shares would total approximately 89.4 million.
The Company reported net income for the first quarter of 2020 of $24.3 million ($0.42 per share) compared with net income of $7.9 million ($0.16 per share) in the first quarter last year. Adjusted net income (1) for the first quarter of 2020 was $21.2 million ($0.37 per share), up from $13.0 million ($0.27 per share) in the first quarter last year. The year-over-year improvement in adjusted net income for the first quarter of 2020 largely reflects the positive impact of the Company’s revenue growth resulting from higher gold prices in 2020 and the increased volume of gold sales in the current period.
The Company has successfully completed Phase 2 of its 2019 infill drilling program in the Zona Baja Deep Zone at Marmato which focused above the 600 meter level and was designed to provide enough tonnes and grade in the Measured and Indicated mineral resource categories within the Main Zone to support the prefeasibility study (“PFS”) which is currently being carried out and is expected to be finalized by mid-2020. The Company’s exploration program was also successful in extending the recently discovered New Zone along strike to more than 400 meters, opening up an opportunity for further mineral resource expansion.
Gran Colombia recently signed a Letter of Intent with Renergetica Colombia S.A.S. to acquire, through its Segovia Operations, a solar project with a total installed capacity of 11.2 MW of power called “Suarez”, to be located in the Tolima Region of Colombia.
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2020/Gran-Colombia-Gold-Reports-Second-Quarter-and-First-Half-2020-Results-Announces-Quarterly-Dividend-Program/default.aspx
GCM Q2 2020 Results Presentation V2
http://s21.q4cdn.com/834539576/files/H-GCM-Q2-2020-Results-Presentation-(Final).pdf
MINERS: The New Growth Stocks, Highest Level Ever! Plus “We Maintain A Bullish Outlook” For Gold
August 20, 2020
MINERS: The New Growth Stocks, Highest Level Ever! Plus We Maintain A Bullish Outlook For Gold
With gold and silver prices surging today, expect miners to be the new growth stocks. Plus a look at highest level ever, and “We maintain a bullish outlook” for gold.
Despite Pullback, “We Maintain A Bullish Outlook” For Gold
August 20 (KWN) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: Spot Gold and Spot Silver dropped yesterday following the Fed minutes … as they were taken as being gold negative given the lack of commitment to yield-curve control. The metal however has so far managed to bounce after finding support near the previous high from 2011. In our latest commodity webinar we focused on the developments that have driven gold and silver to these elevated levels while also highlighting the reasons we maintain a bullish outlook. An outlook that hasn’t changed following yesterday’s FOMC minutes. Gold will however, as we have warned this week now face a period of elevated volatility as the market needs to adapt and adjust to these new higher levels. Resistance at $2015 with support in the $1900-$1920 area…
MINERS: The New Growth Stocks
Otavio Costa: On days like today it’s important to remember the level of opportunity still ahead of us. Miners are about to become the new growth stocks of this investment cycle. (See below).
BIG PICTURE…FORGET THE NOISE:
Gold & Silver Mining Stocks Will Definitely Skyrocket
GOLD BULL JUST GETTING STARTED
***ALSO JUST RELEASED: GOLD BULL JUST GETTING STARTED: Despite Pullback, It’s Early Days For The Gold Bull Market, Plus Gold vs Everything CLICK HERE.
***To listen to Gerald Celente discuss his warning of “hell on earth,” plus gold, silver, major markets, and much more click here or on the image below.
Warren Buffett’s Berkshire Hathaway Joins the Gold Rush
Its big stake in Barrick Gold follows Bridgewater Associates, others in betting on a metal whose 2020 price surge exceeds tech-stock-led Nasdaq Composite
https://www.wsj.com/articles/warren-buffetts-berkshire-hathaway-joins-the-gold-rush-11597682998?mod=pls_whats_news_us_business_f
Gold & Silver bulls starting to break out > ^ > ^ > ^
https://www.youtube.com/watch?time_continue=3&v=RDZQoQ61RrY&feature=emb_logo
Gold & Silver bulls starting to break out > ^ > ^ > ^
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