The document discusses the Marmato gold deposit located in Colombia. It provides details on the deposit's geology, exploration history, and recent drilling results. Key points include: - Marmato has produced an estimated 2.6-3.5 million ounces of gold historically from various underground mines. - Recent drilling by GCG has discovered a new "Deeps Zone" below the existing mines, with drill intercepts up to 357 meters of 1.43 g/t gold. - A 2017 resource estimate for Marmato outlines over 3.8 million ounces of gold in measured and indicated categories, and over 4 million ounces in inferred across vein and porphyry styles of mineralization.

1. SHIFTING FOCUS
To
MARMATO’s UNDERGROUND
MINING POTENTIAL
November 2017

2. 2

3. 3
MARMATO GOLD DEPOSIT
Property Location
La Maruja mine operated by Mineros Nacionales
Caldas Dept.

4. 4
1,198 Ha
covered by the mining titles
granted to GCG
MARMATO GOLD DEPOSIT
Mining Titles
1,270 m

5. 5
Mineros
Nacionales
Cerro El Burro
Cien Pesos
Echandía
Pantano Creek
1,270 m
MARMATO GOLD DEPOSIT
Panoramic View

6. 6
❖ There are no published records of the historical and actual gold and silver production.
❖ Historical research in archives was carried out, which allowed to obtain recovered gold production
data for six incomplete periods: 1778-1823; 1832-1836; 1909-1914; 1931-1935; 1941-1944; and
1967 to 1998 . Data excludes Echandía and Zona Baja post-1925.
❖ The total production recorded is 205,834 ounces in 56 years out of a period of 231 years (data for
24% of years) from 1778 to 2008, with an average of 3,954 ounces per year (based on 50 years with
complete data).
❖ Total production for the period 1778 to 2008 is estimated at 900,000 ounces using the average
annual production figure of 3,954 ounces per year. In addition there is contraband gold plus two
millennia of pre-Colombian gold mining. A guestimate of 0.5 to 1.0 million ounces is made for this
period, giving an estimated total gold production of about 1.4 to 1.9 million ounces at Marmato. To
this can be added a further 300,000 ounces for Zona Baja (1993-2008) and estimated 50,000 ounces
for Echandia (1929-2009). This gives a total estimated gold mined of 2.6 to 3.5 million ounces for all
Marmato.
MARMATO GOLD DEPOSIT
Historical & Actual Gold Production
HISTORICAL

7. 7
YEAR Tonnes Au grade (g/t) Ag grade (g/t) Au ounces Ag ounces
2003 161383 4.61 37.06 20,659 39,678
2004 186330 4.16 30.22 21,583 41,504
2005 231540 3.69 54.63 23,673 39,669
2006 260717 3.64 42.74 25,975 38,321
2007 256848 3.32 14.26 22,916 35,193
2008 253617 3.44 14.25 24,021 35,272
2009 250638 3.51 17.23 24,372 39,656
2010 252136 3.39 19.01 23,318 36,548
2011 250553 3.18 14.21 22,715 35,030
2012 268137 2.85 12.08 21,717 35,176
2013 274191 2.9 12.36 22,567 39,916
2014 295023 2.85 9.13 24,111 34,752
2015 303279 2.79 9.33 23,960 34,545
2016 341309 2.56 9.24 23,515 36,303
2017 sept. 274366 2.49 9.63 19,067 29,820
3, 860,067 3.21 18.99 344,169 551,383
MARMATO GOLD DEPOSIT
Historical & Actual Gold Production
La Maruja Mine is operated by Mineros Nacionales since 1993
ACTUAL

8. 8
Marmato• is located on the eastern flank of the
Western Cordillera of the Colombia Andes. This is
separated from the Central Cordillera by the Cauca
River.
The• Marmato deposit lies within the Cauca-Romeral
Terrane, an oceanic terrane comprising
metamorphosed mafic to ultramafic complexes,
ophiolite sequences and oceanic sediments of
probable Late Jurassic to Early Cretaceous age. This
terrane was accreted to the continental margin along
the Romeral Fault, which lies east of the River Cauca,
in the Aptian (125 to 110 Ma).
The• Cauca-Romeral Terrane is bounded by the
Romeral System Fault to the east and Cauca-Patia
System to the west.
The• Marmato porphyry stock is 18 km long by 3 to 6
km wide and is elongated north-south. It intrudes the
Arquia Complex and the Amaga and Combia
formations.
MARMATO GOLD DEPOSIT
Regional Geology

9. 9
Marmato Stock
• At Marmato the intrusion is 4.6 to 5.8 km
wide and extends up to the Cauca River,
where is in contact with schist.
• Five porphyry pulses have been identified
in the Marmato deposit by distinctive
textures and cross-cutting relationships in
drill core and geological mapping.
• The five porphyries pulses have been
named P1 to P5 from oldest to youngest.
The two main intrusions, dacite P1 and
andesite P4, are stocks, while P2, P3 and
P5 form dikes.
• The main host rocks to mineralization are
P1 and P4 dacite/andesite porphyry
stocks.
• The P1 porphyry stock has been dated at
6.58±0.07 Ma, whereas P5 yielded an age
of 5.74±0.14 Ma (Miocene age). U/Pb of
zircon by LA-ICP-MS. (Univ. Brasilia, Brasil).
MARMATO GOLD DEPOSIT
Local Geology
P1
P4

10. 10
MARMATO GOLD DEPOSIT
Local Geology
Petrography
(Santacruz et al., 2016, en revisión)

11. 11
FIRST magmatic event
6.58 to 6.3 Ma (U/Pb of zircon)
5.96±0.02 Ma to 6.05±0.2 Ma Ar/Ar of Adularia
SECOND magmatic event
5.7 Ma (U/Pb of zircon)
MARMATO GOLD DEPOSIT
Geochronology
(Santacruz et al, 2016, en revisión)

12. 12
Within the Marmato area there are four
principal trends of mineralized structures
related to syn-mineralization WNW-ESE
compression that reactivated some of the
basement structures as well as generating a
range of second order shear and extensional
structures fitting in a sinistral transpressional
shearing system.
▪ NNW-trending steep to sub-vertical faults
reactivated as a sinistral transpressional
shears (140-150°N),
▪ NW-trending steep to moderately inclined
structures (120-130°N),
▪ E-W-trending structures (100-090°N) that
tend to have moderate to relatively low-
angle dips, and
▪ ENE to NE-trending structures (065-080°N)
that show a range of dips.
In addition to these ore-bearing structures,
there is a set of NNE-trending structures of
varying dips that appear to represent different
components of a reverse/thrust fault system.
MARMATO GOLD DEPOSIT
Structural Controls on Mineralization

13. 13
MARMATO GOLD DEPOSIT
Drilling to Date
MED, GCG and MN drilling was designed to identify a bulk mineable
deposit of low grade gold and silver.
Total meters
drilled to date
201,506 in 719 drill holes

14. MT-1455-A
MT-1499-AMT-1498
MT-1500
THE DEEPS ZONE
Discovery hole below existing mine
Results
pending
Blue polygon: boundary
of SRK M&I resources.
357m@1.43 g/t Au

15. THE DEEPS ZONE
Drilling Summary & Best Intercepts
MND_282_01_17
MT-1445
MT-1455-A
MT-1499-A
MT-1498
MT-1500
MND_282_03_17
MND_11_16
Level 21
Level 20
Level 19
HOLE ID FROM (m) TO (m) LENGTH (m)
Au (g/t)
capped
Ag (g/t)
MT-1445 429.4 668.4 239 1.4 2.3
MT-1455A 491 848.1 357.1 1.4 1.3
MT-1498 204 943.45 739.4 1.47 1.1
MT-1499A 292 816 524 1.72 2.3
MT-1500 394 1,012.1 618.1 1.56 1.5
MND282-01-
17
173.7 383.5 209.8 1.57 3.3
Including 206.0 261.9 55.9 2.79 5.3
MND282-03-
17
137.26 183.0 45.74 3.67 3.58
7 holes drilled for a total
of 5,095 meters
Deepest drill hole ended in
mineralization

16. 17
>800m
̴150m
Inferred top of the DEEPS mineralization
THE DEEPS ZONE
3D section using a 1.0 g/t grade shell
+1050

17. 18Summary Section of the Marmato Project, showing areas of potential at depth.
MARMATO GOLD DEPOSIT
Latest Mineral Resource Estimate
SRK Consulting (U.S.), Inc.
Veins
13.3 Mt @ 4.6 g/t Au
for 1,979 Moz
using 1.9 g/t CoG
Porphyry
27.0 Mt @ 2.1 g/t Au
for 1,858 Moz
using 1.9 g/t CoG

18. 19
SRK Mineral Resource Statement for the Marmato Project, dated June 16, 2017*
Category
Quantity
Grade Metal
Au Ag Au Ag
Mt g/t g/t 000's oz 000's oz
Underground Vein**
Measured 2.6 4.7 21.3 396 1,774
Indicated 10.7 4.6 22.3 1,583 7,660
Measured and Indicated 13.3 4.6 22.1 1,979 9,434
Inferred 9.4 4.2 18.9 1,275 5,722
Underground Porphyry***
Measured
Indicated 27.0 2.1 14.9 1,858 12,892
Measured and Indicated 27.0 2.1 14.9 1,858 12,892
Inferred 13.5 1.8 15.4 777 6,655
Underground Deeps***
Measured
Indicated 0.9 2.0 8.0 60 235
Measured and Indicated 0.9 2.0 8.0 60 235
Inferred 29.3 2.3 2.8 2,142 2,628
Underground Combined
Measured 2.6 4.7 21.3 396 1,774
Indicated 38.6 2.8 16.7 3,501 20,787
Measured and Indicated 41.2 2.9 17.0 3,897 22,561
Inferred 52.2 2.5 9.0 4,194 15,005
* Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been
capped where appropriate.
** Vein mineral resources are reported at a cut-off grade of 1.9 g/t. Cut-off grades based on a price of US$1,400 per ounce of gold, suitable benchmarked technical and economic parameters and
gold recoveries of 90 percent for underground resources, without considering revenues from other metal.
*** Porphyry and Deeps mineral resources are reported at a cut-off grade of 1.2 g/t. Cut-off grades based on a price of US$1,400 per ounce of gold, suitable benchmarked technical and economic
parameters and gold recoveries of 90 percent for underground resources, without considering revenues from other metal within a limiting pit shell.
MARMATO GOLD DEPOSIT
Latest Mineral Resources Estimate

19. 20
THE DEEPS ZONE
SPECTRAL INFRARED ANALYSIS OF ALTERATIONS
Three (3) sets of alteration associated to the DEEPS mineralization style were identified
by Spectral Analysis of 6 drill holes (953 points recorded).
1. Pervasive Propylitic alteration related
to iron-magnesium chlorite and epidote
with disseminated Pyrrhotite.
PoEp

20. 21
THE DEEPS ZONE
SPECTRAL INFRARED ANALYSIS OF ALTERATIONS
2. An event of weak and patchy Potassium
alteration, related to secondary biotite
hosted in thin veinlets and disseminated in
the matrix.

21. 22
THE DEEPS ZONE
SPECTRAL INFRARED ANALYSIS OF ALTERATIONS
3. Whitish alteration referred to as Albite
alteration, due to the presence of albite and
muscovite (fine grained) forming an halo along
the margins of qtz+pyrrhotite veinlets +bismuth
minerals ± chlorite ± epidote.
Sm
Ab
Sm
Sm
Vns Qtz

22. 23
THE DEEPS ZONE
Alteration overprinting
Epidote
Albite
Smectite
qtz vns
Illite

23. 24
P1 dacite porphyry with stockwork of veinlets of quartz-pyrrhotite-minor chalcopyrite with
narrow illite halo, overprinting biotite alteration.
MT-1498 at 854.0 m. Sample 2.0 m at 17.3 g/t Au, 3.5 g/t Ag and 330 ppm Cu.
Veinlet of quartz-pyrrhotite-chalcopyrite with halo of green sericite-smectite in P1 dacite
porphyry with weak biotite alteration.
MT-1498 at 847.3 m. Sample 2.0 m at 2.88 g/t Au, 0.7 g/t Ag, and 225 ppm Cu.
Predominance of native gold, commonly accompanied by bismuth tellurides and bismuth sulphides, strongly
associated with silicate (quartz) gangue. (G. Di Prisco, 2012)
Fe
Po
Cpy
Maldonite (Au2Bi)
Native Bi
Tsumoite (BiTe)
Au
Bi
Jonassonite (AuBiS)
THE DEEPS ZONE
Deeps Mineralization Style

24. 25
THE DEEPS ZONE
Deeps Style High-grade Mineralization
MND282-03-17 at 1010 m asl. Sample 1.20 m at 18.06 g/t Au and 2.5 g/t Ag
VG

25. P1 showing
Propylitic
alteration
thin qtz vn+/-
Po-Te-Bi-Au
26
VG
Po + Bi-sulph
THE DEEPS ZONE
Deeps Style High-grade Mineralization
MT-1500 at 322 m asl. Sample 0.80 m at 133.9 g/t of Au and 26.6 g/t of Ag
VG

26. 27
Phase 2 shows four paragenetic sequences:
2a) coarse Py-Apy-Gn
2b) coarse iron-rich Sp-Po-Gn
2c) fine Py-Ccp
2d) fine Py-Mrc-Ccp-Tetrahedrite
Two formation environments:
1. Low sulphidation (LS) state (2a, 2b)
with a superimposed
2. Intermediate sulphidation (IS) state (2c,2d)
KEEP IN MIND Bi
STYLES OF MINERALIZATION
Paragenetic Sequences
2a
2b
2c
2d

27. 28
Legend
DRILL HOLES AU PPM
Pending
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
BLOCKS AU PPM
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
SW
MinerosNacionales
U/Gmine
L 16
L 17
L 18
L 19
L 20
NEEl Burro Hill Echandia
Po, Ccp, Te
Au, AuBi, Bi
Py, Mrc, Po, Ccp,
electrum, Au
Py, Apy, Sp, Ad
electrum
Bi +
Bi -
Native Bi
&
Bi minerals
Bi in
minerals
SD43
1224
1223
1211
MARMATO GOLD DEPOSIT
Zonation of Mineralization by EDS EPMA

28. 29
MARMATO GOLD DEPOSIT
Microthermometry of Fluid Inclusions
Legend
DRILL HOLES AU PPM
Pending
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
BLOCKS AU PPM
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
SW NEEl Burro Hill Echandia
395.4°C
11.93 wt%NaCl eq
364.9°C, 10.86 wt%NaCl eq
346.05°C, 3.63 wt%NaCl eq
365.8°C, 4.03 wt%NaCl eq
302.7°C, 2.90 wt%NaCl eq
325.2°C
5.11 wt%NaCl eq
305.45°C
4.96 wt%NaCl eq
MinerosNacionales
U/Gmine
L 16
L 17
L 18
L 19
L 20
T° +
T° -
1210
SD43
1224
1216
SD101
KEEP IN MIND T°

29. 30
The Liquid Bismuth Collector Model
Douglas et al. 2000

30. 31
THE DEEPS ZONE
Conclusions
Mineralization• extends vertically at least 900 m below the limit of the current underground
operation.
The• Deeps Zone has been drilled along strike for about 500 m and over a width of >100 m.
The• Deeps mineralization is related to veinlets of Qtz-Po±Ccp±Bi-sulph±Tellurides and VG. Cu
grades are very low and are not of economic interest. The veinlets have a narrow halo of
intermediate argillic alteration. Pyrrhotite and chalcopyrite increase downwards.
The• high-grade areas within the Deeps Zone are commonly related to the presence of visible Au
scattered throughout the thin quartz veinlets.
The• Deeps mineralization is structurally controlled, which is confirmed by a strong control of the
general disposition of the thin veinlets that host the mineralization. This structural control
possibly depends on the same stress field that generated the fault system that hosts the
epithermal events in the middle and upper areas of the deposit.
The• thin veinlets that characterized the Deeps Zone resemble a system of tension fractures
developed in a compressive regime, within an envelope generated by a sinistral transpressional
shearing system related to WNW-ESE compression, which could be assimilated to a Dilational
jog.
The• alteration associated to the Deeps mineralization is generally weak, and does not match with
any type of alteration related to a porphyry type deposit.

31. Detailed➢ Petrography program to gain a better understanding of the
Deeps mineralization.
Planning➢ and execution of an infill drilling program aimed to convert and
further develop the Inferred resources and, to further develop the
geologic knowledge of the Deeps Zone.
Run➢ a Conceptual Metallurgical Test program.
Run➢ a Geotechnical Testwork program.
Study➢ the potential to develop the new Deeps Zone into the overall
business plan for Marmato through a PEA.
32
THE DEEPS ZONE
Work in progress

32. 33
THANKS