Gran Colombia Gold Announces the Discovery of a Potential New High-Grade Zone at Its Marmato Project Outside the Deeps Zone

Reports Additional Higher-Grade Gold Intercepts Completing 2019 Phase 2 Drilling in the Deeps Zone Including 75.83 Meters at 4.03 g/t Au in Drill Hole MT-IU-051

TORONTO, Feb. 03, 2020 - Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today additional higher-grade gold intercepts over broad widths from the final eight diamond drill holes (3,744 meters) drilled in the Marmato Deeps Zone (“MDZ”) completing the 2019 Phase 2 infill drilling program (the “2019 drilling campaign”) at its Marmato Project in Caldas, Colombia. The 2019 drilling campaign was split into two phases, of which the results of the Phase 1 drilling campaign were included in the updated Mineral Resource estimate with an effective date of July 31, 2019 and the preliminary economic assessment (“PEA”) for Marmato, both of which were included in a technical report filed on SEDAR on November 28, 2019. The subsequent Phase 2 infill drilling, above the 600 meter level, was designed to provide enough tonnes and grade in the Measured and Indicated mineral resource categories within the Main Zone (“MZ”) to support the prefeasibility study (“PFS”) which is currently being carried out and is expected to be finalized by mid-2020.

High-grade mineralization was also encountered in a new zone (“NZ”) in the footwall of the MDZ in hole MT-IU-050 and is anticipated to be accretive to overall global resource growth as this mineralization lies either outside the boundary of the current mineral resource estimate block model for the MZ or in areas that were previously estimated to be below the cut-off grade due to lack of information.

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our 2019 Phase 2 drilling campaign has generated additional exciting results which have further increased our confidence in the geological model and continues to demonstrate an improvement of grades in the MZ below the 900 meter level versus the mineral resource block model associated with the PEA. In addition, the discovery of a potential new high-grade zone opens a new scenario for potential resource growth. All in all, we remain very encouraged by the progress we are making in the evaluation of the underground mining expansion opportunity at our Marmato Project."

The 2019 drilling campaign started in March and was completed in late November with three contractor diamond drill rigs, one of which was added to the Phase 2 drilling campaign in early September, operating from four purpose-built underground drill stations. The two drilling campaigns comprise a total of 30 drill holes totaling approximately 16,299 meters, of which 4,600 meters were completed in seven drill holes in Phase 1 and 11,699 meters were completed in 23 drill holes in Phase 2.

The Company plans to drill up to 15,000 meters in 2020 commencing toward the end of February. Approximately 10,000 meters of infill drilling is designed to convert Inferred mineral resources to the Indicated category and to add additional mineral resources by stepping out along the southeast extension of the MZ. Another approximately 5,000 meters of exploration drilling will focus on broad mineralized zone targets outside the MDZ.

Intersections with high gold grades generated from the last eight drill holes of Phase 2 drilling reported herein (MT-IU-046 to MT-IU-052 and MT-IU-054), include:

• Drill hole MT-IU-050 which intersected 54.42 m at 3.65 g/t Au and 4.3 g/t Ag from 246.75 m to 301.17 m, 51.80 m at 3.0 g/t Au and 6.0 g/t Ag from 379.3 m to 431.10 m, and 41.35 m at 4.14 g/t Au and 4.34 g/t Ag from 449.0 m to 490.35m; all these intersections are associated with the MZ.
• Drill hole MT-IU-050 also intersected 76.75 m at 3.12 g/t Au and 1.9 g/t Ag from 538.25 m to 615.00 m, which is the intersection associated with the NZ.
• Drill hole MT-IU-051 which intersected 75.83 m at 4.03 g/t Au and 5.5 g/t Ag from 248.00 m to 323.83 m.
• Drill hole MT-IU-054 which intersected 66.35 m at 3.05 g/t Au and 3.9 g/t Ag from 358.00 m to 424.35 m.

The style of mineralization for the intersection associated with the NZ is the same as the MZ and is characterized by very narrow veinlets of quartz-pyrrhotite-bismuth tellurides-free gold with minor amounts of pyrite and chalcopyrite rimmed by a narrow halo of sodic-calcic alteration.

Key Highlights and Intercepts from Phase 2 drilling

• The high-grade mineralization intercepted in drill hole MT-IU-050, outside the boundary of the current mineral resource estimate block model for the MZ, may represent a new zone (NZ) or a branch off the MZ. Further drilling in this area is required and is planned as part of the 2020 drilling program;
• The drill intercepts (MT-IU-050, MT-IU-051 and MT-IU-054) from Phase 2 drilling continue to demonstrate a further improvement of grades in the MZ below the 900 meter level versus the mineral resource block model associated with the PEA;
• The results from Phase 2 infill drilling continue to impress both in terms of grades and widths and will undoubtedly lead to an important resource growth coupled with a greater flexibility for mining;
• Most of the drill holes of Phase 2 reported herein end within the low-grade shell with the result that the MDZ is open on the east side. This is due to the location of underground drill stations above and close to the steeply plunging low grade shell. The holes achieved their objective of fully cutting the high grade MZ.

The following table is a list of significant intersections from the last eight drill holes (MT-IU-046 to MT-IU-054) of Phase 2 drilling reported in this release that, combined with the fourteen drill holes included in the press release issued on November 15^th, 2019, will support the PFS level resources and reserves statement:

Hole ID	From (m)	To (m)	Width (m)	Au Grade (g/t)	Ag Grade (g/t)	Grade- Width Au (g/t *m)	Zone
MT-IU-032	334.46	682.75	348.29	1.53	3.1	534	Deeps
including	334.46	391.03	56.57	1.54	4.9	87	Deeps
including	391.03	416.08	25.05	2.55	5.9	64	Deeps
including	438.32	463.05	24.73	2.03	4.1	50	Deeps
including	495.00	524.45	29.45	1.76	5.2	52	Deeps
including	566.75	601.40	34.65	2.31	2.1	80	Deeps
including	623.40	646.10	22.70	2.21	1.4	50	Deeps
including	663.10	682.75	19.65	2.56	1.2	50	Deeps
MT-IU-033	287.35	707.25	419.90	1.84	2.4	774	Deeps
including	287.35	334.00	46.65	2.31	7.1	108	Deeps
including	402.55	447.55	45.00	3.37	2.8	151	Deeps
including	456.60	494.00	37.40	2.72	2.2	102	Deeps
including	580.80	612.00	31.20	3.16	1.8	99	Deeps
including	634.30	652.80	18.50	3.00	2.1	55	Deeps
MT-IU-034	314.05	501.00	186.95	1.34	2.3	251	Deeps
including	419.65	465.75	46.10	2.58	2.7	119	Deeps
MT-IU-035	149.10	305.73	156.63	1.27	3.5	199	Deeps
including	177.05	199.95	22.90	2.55	4.2	58	Deeps
MT-IU-036	365.25	670.60	305.35	2.74	2.9	836	Deeps
including	365.25	429.95	64.70	4.66	6.4	301	Deeps
including	469.00	490.60	21.60	3.55	2.4	77	Deeps
including	531.10	670.60	139.50	2.48	2.0	346	Deeps
MT-IU-037	208.93	326.35	117.42	1.82	2.8	214	Deeps
including	208.93	255.85	46.92	2.53	2.1	119	Deeps
including	286.90	310.25	23.35	2.16	4.6	50	Deeps
MT-IU-038	255.25	501.25	246.00	2.03	3.0	499	Deeps
including	280.30	300.15	19.85	3.19	3.5	63	Deeps
including	334.70	404.05	69.35	3.16	4.0	219	Deeps
MT-IU-039	204.35	356.20	151.85	1.78	3.1	271	Deeps
including	218.50	237.00	18.50	2.70	5.5	50	Deeps
including	253.05	294.70	41.65	2.50	3.1	104	Deeps
including	314.45	332.30	17.85	2.09	4.2	37	Deeps
MT-IU-040	186.80	337.65	150.85	2.00	4.4	302	Deeps
including	224.60	260.45	35.85	3.40	9.3	122	Deeps
including	260.45	295.30	34.85	2.56	2.7	89	Deeps
MT-IU-041	189.07	452.70	263.63	2.84	4.9	748	Deeps
including	226.94	401.90	174.96	3.86	6.0	675	Deeps
including	226.94	300.57	73.63	5.72	8.8	421	Deeps
including	300.57	333.25	32.68	1.46	4.5	48	Deeps
including	333.25	401.90	68.65	3.00	3.9	206	Deeps
MT-IU-042	286.75	379.20	92.45	1.00	1.7	92	Deeps
MT-IU-043	NSI
MT-IU-044	229.88	501.30	271.42	1.04	1.8	282	Deeps
including	421.50	434.70	13.20	2.73	2.0	36	Deeps
including	467.20	484.45	17.25	2.80	2.9	48	Deeps
MT-IU-045	195.25	607.15	411.90	2.06	4.8	849	Deeps
including	230.30	302.00	71.70	3.50	5.3	251	Deeps
including	420.10	504.85	84.75	3.21	8.7	272	Deeps
including	563.50	607.15	43.65	1.92	2.3	84	Deeps
MT-IU-046	150.70	220.15	69.45	1.89	4.5	131	Deeps
including	191.25	220.15	28.90	2.81	4.4	81	Deeps
MT-IU-047	NSI
MT-IU-048	115.90	486.55	370.65	1.35	2.8	500	Deeps
including	152.85	206.00	53.15	2.19	6.2	116	Deeps
including	288.86	327.70	38.84	1.91	3.3	74	Deeps
including	414.00	453.00	39.00	2.39	2.4	93	Deeps
MT-IU-049	132.15	324.25	192.10	1.51	4.7	291	Deeps
including	162.15	206.10	43.95	2.69	8.3	118	Deeps
including	214.41	232.30	17.89	2.76	3.6	49	Deeps
including	254.15	276.45	22.30	2.13	6.4	48	Deeps
MT-IU-050	226.75	696.25	469.50	2.29	3.2	1075	Deeps
including	246.75	301.17	54.42	3.65	4.3	199	Deeps
including	379.30	431.10	51.80	3.00	6.0	155	Deeps
including	449.00	490.35	41.35	4.14	4.3	171	Deeps
including	538.25	615.00	76.75	3.12	1.9	239	Deeps
MT-IU-051	188.40	351.70	163.30	2.81	5.2	459	Deeps
including	205.50	233.05	27.55	2.63	7.0	72	Deeps
including	248.00	323.83	75.83	4.03	5.5	306	Deeps
including	333.15	351.70	18.55	2.53	3.3	47	Deeps
MT-IU-052	271.60	429.37	157.77	2.14	3.3	337	Deeps
including	271.60	297.40	25.80	2.57	5.5	66	Deeps
including	310.30	375.20	64.90	2.76	3.9	179	Deeps
MT-IU-053A	Results pending
MT-IU-054	260.10	424.35	164.25	2.58	2.9	424	Deeps
including	260.10	322.75	62.65	2.91	2.0	182	Deeps
including	358.00	424.35	66.35	3.05	3.9	202	Deeps

All are underground drill holes. They were drilled at -38 to -74 degrees from the horizontal, and the intersection lengths do not represent true widths. Sample lengths are on average 1.50 meters long but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.5 g/t gold, and no more than 5.0 m of continuous internal dilution for intervals up to 50 m, no more than 10 m of continuous internal dilution for intervals of 50-200 m, and no more than 20 m of continuous internal dilution for intervals greater than 201 m. Gold grades were capped at 13.0 g/t gold which affects 14 samples of a total of 1960 samples. Intervals greater than or equal to 1.0 g/t are reported. NSI means no significant intervals. Grade-width is calculated as the width of the drill intersection in meters multiplied by the Au grade in g/t.

Please refer also to the attached illustrative images in Attachment 1 showing a longitudinal section of the higher-grade MZ zone at a cut-off grade of 1.7 g/t Au and Attachment 2 showing a cross-section of the intersection of drill hole MT-IU-050 outside the current mineral resources model for the MZ.


Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting 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 assurance and quality control samples, and review of the applicable assay databases and assay certificates.


Quality Assurance and Quality Control

The Marmato Project core samples were prepared by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, and assayed in their laboratory in Segovia, Colombia. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples over 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.


About Gran Colombia Gold Corp.

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 Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations and, through a spin out transaction with Bluenose Gold Corp. announced on October 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato Project.


Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information: This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. 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 state 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 which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking 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 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements 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
investorrelations@grancolombiagold.com



A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e0b03cf-67d4-4d4c-8a3b-32fca43768b9

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38aa7ec4-5bfd-4ef2-b714-3ecfe861ab10