Gcm Mining Announces Multiple High-Grade Drill Results at Its El Silencio MINE from the 2021 MINE Geology Infill Drilling Campaign at Its Segovia Operations
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NEWS RELEASE
GCM MINING ANNOUNCES MULTIPLE HIGH-GRADE DRILL RESULTS AT ITS EL SILENCIO MINE
FROM THE 2021 MINE GEOLOGY INFILL DRILLING CAMPAIGN AT ITS SEGOVIA OPERATIONS
TORONTO, CANADA, Wednesday, February 2, 2022 – GCM Mining Corp. (“GCM Mining” or the
“Company”) (TSX: GCM, OTCQX: TPRFF) announced today multiple high-grade intercepts from the latest
79 diamond drill holes totaling 14,798 meters of the ongoing underground in-fill drilling campaign that is
being carried out by the Company’s Mine Geology Depart ment at the El Silencio Mine at its Segovia
Operations. This mine geology in-fill drilling campaign, which commenced in 2020 and is ongoing, is
focused on resource definition within the undergrou nd mine developments of the El Silencio Mine and
complements the results from the 2021 in-mine drilling programs being carried out by the Company’s
Exploration Team announced in the Company’s press release on December 16, 2021. In particular, the
continuation of multiple high-grade intercepts in t he 1040 Vein discovered last year by this mine geology
in-fill drilling campaign at the El Silencio Mine reaffirms the potential for the current and future development
of this flagship mine.
The best high-grade intercepts from these latest drill results at the El Silencio Mine include:
1040 Vein: 201.22 g/t Au and 109.8 g/t Ag over 0.36 meters (ES-GM-U95-21)
1150 Vein: 61.24 g/t Au and 68.20 g/t Ag over 0.54 meters (ES-GM-U16-21); and
Manto Vein: 51.76 g/t Au and 174.7 g/t Ag over 0.44 meters (ES-GM-U27-21).
Serafino Iacono, Executive Chairman of GCM Mining, commented , “Our drilling programs at Segovia are
continuing to provide us with outstanding results. In-fill drilling has consistently delivered evenly distributed
high-grade results throughout the 1040 Vein, which is cl ose to the mine workings currently in production.
This will contribute to the expansion of mineral resources and will increase the mine life for the El Silencio
Mine. We will be incorporating these results in our annual mineral reserve and resource updates expected
to be announced in March 2022.”
The Company’s Mine Geology Department currently has four diamond drill rigs in operation at Segovia
carrying out resource definition, three of which ar e operating within the underground developments of the
El Silencio Mine and one rig is drilling from purpose- built underground drill stations at the Sandra K Mine.
In addition, as outlined in the Company’s press release dated December 16, 2021, the Company’s
Exploration Team has another eight diamond drill rigs in operation at Segovia. Two of these rigs are carrying
out step-out and in-fill drilling at Sandra K from one purpose-built surface platform and one underground
drill station within the underground developments of the mine; two rigs are operating from two purpose-built
underground drill stations within the underground developments of the El Silencio mine testing the 450 and
Manto veins from Level 38 and the National Vein from the Lejanias sector; one rig is operating from surface
at Carla to follow-up the high-grade intercepts encountered at depth during the 2020 drilling campaign; two
rigs are operating from surface on the La Guarida-Cristales Trend; and one rig is operating from surface at
Vera testing the northeastern extension of the vein system and a soil gold anomaly.
Key Highlights
1040 Vein (Attachment 1)
In-fill drilling from underground stations ES610N and ES1180N, installed off levels 27 and 29, respectively,
was successful in confirming the high-grade natur e of the 1040 Vein and extending the down-plunge
continuity of the orebody by 300 meters. The 1040 Vein is an east-west trending structure, shallow-dipping
to the north, located in the footwall of the 1180 Vein and interpreted to merge into the Manto Vein System
to the east. Multiple high gold grades were inters ected from 28 drill holes (5,991 meters) with maximum
intersection grades of 201.22 g/t Au and 109.8 g/t Ag over 0.36 meters on the 1040 Vein (ES-GM-U95-
21). The footprint of the orebody outlined on the 1040 Ve in so far is over 600 meters down-dip by 250
meters wide, and it remains open up and down-dip and la terally. Confirmation of this new orebody offers
the potential for additional mineral resource growth and extension of the mine life.
1150 & Manto Veins (Attachments 2)
Drilling from underground station ES710N, installed on Level 25, was mainly targeted to test the down-dip
extension of the Manto Vein, which is the master structure, below Level 25. Multiple high gold grades were
intersected from 9 multi-target drill holes (2,432 meters) on the main vein system with maximum intersection
grades of 61.24 g/t Au and 68.20 g/t Ag over 0.54 meters on the 1150 Vein (ES-GM-U16-21) and 51.76
g/t Au and 174.7 g/t Ag over 0.44 meters (ES-GM-U27-21) on the Manto Vein.
The table below lists the key intercepts from the ongoing Mine Geology Department in-fill drilling campaign
since the press release issued by the Company on July 13, 2021 related to this program. This press release
also includes the key intercepts for 13 drill holes (ES-GM-U22-20, ES-GM-U46-20, ES-GM-U48-20, ES-
GM-U54-20, ES-GM-U55-20, ES-GM-U58-20, ES-GM-U08-21, ES-GM-U10-21, ES-GM-U13-21, ES-GM-
U15-21, ES-GM-U16-21, ES-GM-U19-21, ES-GM-U20-21) for which sampling and/or assay results were
still pending at the time the July 13, 2021 press release was issued.
U-G Drilling station ES900N
Hole From To Width Au (ppm) Ag (ppm) Structure
ES-GM-U20-21* 127.08 128.07 0.99 14.92 20.1 SNO
Including 127.08 127.45 0.37 39.86 33.2 SNO
ES-GM-U22-21* 89.07 89.44 0.37 25.47 24.2 SNO
ES-GM-U22-21* 110.50 111.14 0.64 16.48 32.1 VEM
Including 110.81 111.14 0.33 31.85 59.8 VEM
ES-GM-U25-21* 163.90 165.45 1.55 11.27 28.9 VEM
Including 163.90 164.35 0.45 38.57 45.3 VEM
ES-GM-U26-21* 189.82 190.87 1.05 6.55 14.9 VEM
Including 189.82 190.36 0.54 11.24 23.0 VEM
ES-GM-U27-21* 182.61 183.63 1.02 22.34 77.6 VEM
Including 182.61 183.05 0.44 51.76 174.7 VEM
ES-GM-U30-21* 155.21 155.56 0.35 15.00 13.2 SNO
ES-GM-U32-21* 87.46 88.33 0.87 45.00 37.7 920PS
including 87.46 87.90 0.44 87.19 58.7 920PS
ES-GM-U39-21* 137.75 138.72 0.97 29.18 14.7 920PS
Including 138.30 138.72 0.42 65.78 33.7 920PS
ES-GM-U44-21* 105.72 106.77 1.05 6.83 10.8 920PS
Including 106.18 106.77 0.59 12.13 18.5 920PS
U-G Drilling station ES1040N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U43-21* 77.36 77.90 0.54 12.55 8.7 SNO
U-G Drilling station ES1135N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U54-21* 166.92 168.00 1.08 6.77 17.5 VEM
Including 166.92 167.56 0.64 9.06 12.3 VEM
ES-GM-U84-21* 366.62 367.15 0.53 6.86 5.9 1040
ES-GM-U97-21* 111.93 112.30 0.37 9.89 37.0 SNO
U-G Drilling station ES1180
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U83-21* 75.06 76.00 0.94 27.59 24.1 SNO
Including 75.67 76.00 0.33 78.03 54.3 SNO
ES-GM-U83-21* 92.38 92.75 0.37 9.87 14.6 1180
ES-GM-U83-21* 101.42 101.80 0.38 37.44 66.3 1040
ES-GM-U88-21* 59.00 59.31 0.31 28.01 21.4 1180
ES-GM-U90-21* 128.14 128.58 0.44 157.66 65.7 1040
ES-GM-U92-21* 64.67 65.45 0.78 20.57 34.7 SNO
Including 64.67 65.03 0.36 42.33 60.2 SNO
ES-GM-U95-21* 56.32 56.68 0.36 9.45 6.8 1180
ES-GM-U95-21* 113.97 115.33 1.36 101.03 86.8 1040
including 113.97 114.38 0.41 156.22 143.6 1040
including 114.97 115.33 0.36 201.22 109.8 1040
ES-GM-U101-21* 51.38 51.84 0.46 9.99 15.1 1180
ES-GM-U101-21* 83.27 83.60 0.33 31.22 16.4 SNO
ES-GM-U101-21* 85.94 86.37 0.43 27.67 8.8 SNO
U-G Drilling station ES610N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U51-21* 206.32 207.97 1.65 11.73 10.8 1040
Including 207.48 207.97 0.49 37.74 21.4 1040
ES-GM-U56-21* 246.22 246.73 0.51 9.18 10.3 SNO
ES-GM-U56-21* 247.30 248.35 1.05 87.12 61.0 1040
Including 247.30 247.84 0.54 96.78 65.2 1040
ES-GM-U56-21* 255.50 256.05 0.55 122.56 46.9 SNO
ES-GM-U56-21* 268.50 269.03 0.53 98.78 79.8 SNO
ES-GM-U57-21* 212.77 213.32 0.55 98.67 204.6 1040
ES-GM-U59-21* 245.74 246.74 1.00 63.30 78.8 1040
including 245.74 246.24 0.50 112.37 148.1 1040
ES-GM-U64-21* 190.40 191.50 1.10 65.07 42.0 1040
Including 190.98 191.50 0.52 72.45 61.0 1040
ES-GM-U68-21* 142.00 142.60 0.60 63.88 40.4 1040
Including 142.30 142.60 0.30 127.67 80.5 1040
ES-GM-U70-21* 218.92 220.04 1.12 60.61 52.3 1040
Including 218.92 219.52 0.60 112.67 95.6 1040
ES-GM-U70-21* 232.93 234.54 1.61 13.18 5.2 SNO
Including 232.93 233.60 0.67 30.22 9.6 SNO
ES-GM-U75-21* 240.33 240.84 0.51 14.67 9.4 1040
ES-GM-U79-21* 175.26 176.66 1.40 56.35 21.2 1040
Including 175.26 175.93 0.67 81.33 27.4 1040
ES-GM-U80-21* 205.92 206.62 0.70 81.22 33.5 1040
ES-GM-U82-21* 234.27 234.85 0.58 67.55 60.6 1040
ES-GM-U87-21* 234.03 234.71 0.68 56.21 47.5 1040
ES-GM-U87-21* 249.00 249.96 0.96 9.07 10.0 SNO
ES-GM-U91-21* 205.40 205.77 0.37 8.40 31.9 1040
ES-GM-U94-21* 175.86 176.30 0.44 124.01 51.8 1040
ES-GM-U102-21* 188.60 189.40 0.80 10.21 8.4 1040
Including 189.00 189.40 0.40 17.56 15.4 1040
U-G Drilling station ES660N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U61-21* 75.38 76.08 0.70 18.85 19.8 SNO
Including 75.72 76.08 0.36 36.54 33.6 SNO
ES-GM-U65-21* 31.15 31.46 0.31 60.85 39.7 VPN
U-G Drilling station ES710N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U08-21* 118.06 118.38 0.32 60.35 46.3 1150
ES-GM-U08-21* 130.14 130.45 0.31 29.65 27.0 SNO
ES-GM-U13-21* 106.00 106.40 0.40 12.63 13.0 1150
ES-GM-U13-21* 166.67 167.56 0.89 11.97 94.3 VEM
ES-GM-U13-21* 188.77 189.08 0.31 8.07 32.2 SNO
ES-GM-U16-21* 147.70 148.24 0.54 61.24 68.2 1150
ES-GM-U21-21* 96.79 97.18 0.39 11.03 13.4 1150
ES-GM-U21-21* 147.22 147.54 0.32 28.20 66.4 SNO
ES-GM-U24-21* 115.45 115.82 0.37 27.90 19.2 1150
ES-GM-U24-21* 186.37 186.80 0.43 7.77 8.0 SNO
ES-GM-U24-21* 199.70 200.00 0.30 6.31 18.2 VEM
ES-GM-U28-21* 203.51 204.05 0.54 9.51 76.8 VEM
ES-GM-U31-21* 36.71 37.20 0.49 24.88 26.7 SNO
ES-GM-U52-21* 134.20 134.50 0.30 102.04 58.4 SNO
ES-GM-U52-21* 199.61 200.06 0.45 12.08 6.7 VEM
ES-GM-U52-21* 252.30 252.88 0.58 6.08 32.0 SNO
U-G Drilling station ES360N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U58-20* 145.74 146.05 0.31 216.66 100.9 1040
ES-GM-U58-20* 177.42 177.96 0.54 25.23 12.3 1180
ES-GM-U48-20* 57.18 57.74 0.56 17.53 28.3 1150
U-G Drilling station ES872N
Hole From To Width Au(ppm) Ag(ppm) Structure
ES-GM-U55-20* 268.31 270.14 1.83 83.83 79.2 1040
including 269.56 270.14 0.58 259.50 248.3 1040
* Denotes underground drill holes. Underground dr ill holes coded as GM were drilled by the Company’s Mine Geology Department.
The underground infill holes were drilled at -0 to -79 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported.
Narrow veins may be diluted by wall rock to achieve a minimum sa mple length. Grades are for quartz vein intersections and are
length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades
are uncut and are not diluted to a minimum mining width.
Vein name abbreviations: VEM: Manto Vein. 1180: 1180 Vein. 1150: 1150 Vein. 1040: 1040 Vein. 920PS: 920PS Vein. VPN: Principal
Norte vein. SNO: unknown vein.
Results from in-mine infill drilling are reported for 79 holes (14,798 m) including: 14 holes (2,092 m) from
station ES900N, 9 holes (2,432 m) from station ES710N, 14 holes (1,306 m) from station ES660N, 19 holes
(4,633 m) from station ES610N, 9 holes (1,358 m) from station ES1180N, 6 holes (2,215 m) from station
ES1135N, 8 holes (761 m) from station ES1040N. There are no results above cut-off grade for 38 holes
and these holes are not listed in the table above.
Please refer also to the attached illustrative maps and section showing the El Silencio drilling programs.
Qualified Person
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Co nsulting Geologist to the Company, is a qualified
person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and
prepared or reviewed the preparation of the scientific and technical information in this press release.
Verification included a review of the quality assura nce and quality control samples, and review of the
applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their
laboratory in Medellin. Gold was assayed by 30 g fi re assay with atomic abs orption spectrophotometer
(“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay
with gravimetric finish. Silver wa s assayed by aqua regia digestion and AAS finish. Silver samples above
500 g/t were re-assayed by nitric and hydrochloric acid digesti on with AAS finish for ore grades and the
highest in grade double-checked by SGS Laboratories Ltd. in Lima, Peru. Blank, standard and duplicate
samples were routinely inserted and monitored for quality assurance and quality control.
About GCM Mining Corp.
GCM Mining Corp. is a mid-tier gold producer with a proven track record of mine building and operating in
Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer
with several mines in operation at Segovia Operations. In Guyana, the Company is advancing the Toroparu
Project, one of the largest undeveloped gold/copper projects in the Americas. The Company also owns an
approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an
approximately 27% equity interest in Denarius Silv er Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos;
Colombia – Guia Antigua and Zancudo) and an approx imately 26% equity interest in Western Atlas
Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by
reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking inform ation", which may include, but is not limited to,
statements with respect to anticipated business plans or strategies, including statements made with respect
to exploration programs, mineral resources and rese rves and expected mine life. Often, but not always,
forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or stat e that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known
and unknown risks, uncertainties and other factors whic h may cause the actual results, performance or
achievements of GCM Mining to be materially differ ent from any future results, performance or
achievements expressed or implied by the forward-l ooking statements. Factors that could cause actual
results to differ materially from those anticipated in these forward-looking statements are described under
the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2021 which is
available for view on SEDAR at www.sedar.com. Forw ard-looking statements contained herein are made
as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation
to update any forward-looking statements whether as a re sult of new information, results, future events,
circumstances, or if management's estimates or opi nions should change, or otherwise. There can be no
assurance that forward-looking stat ements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not
to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
Attachment 1 – El Silencio mine – In-fill Drilling Grade Intercepts on 1040 vein
Attachment 2 – El Silencio mine – In-fill Drilling Grade Intercepts on Manto, 1150 and 1180 veins
Attachment 3 – Cross section of the El Silencio vein system at northernmost end of the mine