Gran Colombia Announces Multiple High-Grade Drill Results From the 2021 In-Mine and Brownfield Drilling Campaigns at Its Segovia Operations

Significant high-grade intercepts from the latest drill results include:

In-mine

• Providencia: 211.68 g/t Au and 253.6 g/t Ag over 0.33 meters on the Providencia Vein (PV-ES-008);
• Sandra K: 147.91 g/t Au and 194.8 g/t Ag over 0.74 meters on the Sandra K Techo Hanging Wall Vein (SK-IU-175);
• Sandra K: 85.56 g/t Au and 262.1 g/t Ag over 1.32 meters on the Sandra K Techo Vein (SK-IU-169);
• Chumeca: 187.11 g/t Au and 242.2 g/t Ag over 0.43 meters on the Chumeca Hanging Wall Vein (CH-IU-030);
• El Silencio: 37.16 g/t Au and 52.5 g/t Ag over 0.55 meters on the 450 Vein (ES-MH08-02);
• El Silencio: 23.25 g/t Au and 117.5 g/t Ag over 1.80 meters on the Manto Vein (ES-MH08-02);

Brownfield

• Vera: 15.39 g/t Au and 3,496.1 g/t Ag over 0.70 meters on the Lluvias Vein (VER-ES-010); and,
• Marmajito: 123.65 g/t Au and 172.60 Ag over 0.93 meters on the Marmajito Vein (MAR-EU-003).

Serafino Iacono, Executive Chairman of Gran Colombia, commented, "Our 2021 in-mine and brownfield drilling programs are continuing to provide us with outstanding results, which confirm the prowess of our Segovia Operations as a world-class high-grade vein system. The Sandra K and El Silencio results 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. In addition, a further high-grade result from Vera and an initial high-grade result from the Marmajito vein are shaping up our ongoing brownfield drilling campaign, focused on the other 24 known veins we are not currently mining, as an exciting opportunity to add resources and consequently mine life."

The ongoing 2021 in-mine and near-mine infill and step-out drilling campaigns commenced in early January with four diamond drill rigs operating from purpose-built underground drill stations and comprise a total of approximately 40,000 meters, or about 67% of the total drilling program for this year. In and near-mine in-fill and step-out drilling is focused on replacing the 2021 mining production and organic growth through resource and reserve expansion at the Company's core operating mines. The other 33% of the planned drilling campaign for 2021 is focused on exploration for new resources in the brownfield exploration targets encompassing the 24 veins within the Segovia mining title that are not currently in production. It commenced in late 2020 at the Vera Project with one diamond drill rig operating from purpose-built surface drill stations. Approximately 33% of the total in-mine and near-mine drilling program for 2021 and 16% of the brownfield exploration drilling program was completed by the end of May.

Gran Colombia currently has seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the south ore-shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the down-dip extension of the Marmajito Vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

Key Highlights

Providencia

Exploration drilling from underground station PV4940 and surface platform PV4675, installed off the eastern end of the mine workings, delimited by a main dextral strike-slip fault, was completed to test the Providencia Vein close to the fault. Multiple medium to high gold grades were intersected from 13 drill holes (2,929 meters) on an extensional duplex (horsetail splay) where the main Providencia Vein splays into a complex tensional array, with maximum intersection grades of 37.33 g/t Au with 24.2 g/t Ag over 0.55 meters on an interpreted footwall structure of the Providencia Vein (PV-EU-019).

Exploration drilling from surface platform PV6545, aimed at testing the Providencia Vein west of the F Fault, was successfully completed. Multiple high gold grades were intersected in 5 drill holes (2,364 meters) on the main vein system with maximum intersection grades of 211.68 g/t Au with 253.6 g/t Ag over 0.33 meters on the Providencia Vein (PV-ES-008). As a result, Gran Colombia will carry out in-fill drilling in 2021 from a purpose-built underground drill station to better delineate the sparse high-grade intercepts encountered during this initial phase of drilling.

Sandra K

In-mine infill drilling from underground station SK5290, installed off Level 4, has further extend down-plunge, to approximately future Level 9, an ore-shoot outlined by previous drilling, which occurs in a block of the Sandra K vein system delimited by a set of faults striking NE and steeply dipping to the north. This orebody remains open at depth. Multiple high gold grades were intersected from 12 drill holes (1,905 meters) on the main vein system with maximum intersection grades of 147.91 g/t Au with 194.8 g/t Ag over 0.74 meters on the Sandra K Techo Hanging-wall Vein (SK-IU-175). This new orebody offers the potential for another phase of resource growth and the high-grade gold mineralized intercepts encountered so far confirm the higher-grade mineralization at depth.

The ongoing exploration drilling from surface platform SK5050, located in the south fault block of the vein system, is aimed to extend some narrow ore-shoots outlined by previous surface drilling. Drill hole SK-ES-001 returned 8.88 g/t Au with 4.4 g/t Ag over 0.58 meters on the Sandra K Techo Vein.

El Silencio Deep Zone

The ongoing directional drilling program on the El Silencio Deep Zone is targeted to better delineate the southern ore-shoot down-plunge below Level 40, the deepest level of historical mining on the Manto Vein by Frontino Gold Mines ("FGM"). Drilling on the southern ore-shoot continues to be successful in confirming the high-grade nature of the 450 Vein and the down-plunge continuity of the two distinct high-grade domains, previously combined, on the Manto Vein. The 450 Vein, interpreted as a low angle vein or manto, occurs in the hanging-wall of the Nacional Vein, some 40 meters vertically above. Multiple high gold grades were intersected from 4 kick-off holes (2,319 meters) with maximum intersection grades of 37.16 g/t Au with 52.5 g/t Ag over 0.55 meters on the 450 Vein (ES-MH08-02) and 70.56 g/t Au with 289.5 g/t Ag over 0.57 meters on the Manto Vein (ES-MH08-03).

Chumeca

In-mine infill drilling from underground station CH5110, installed off Level 2, aimed to extend a cluster of potential ore-shoots outlined by mining within the upper levels of the past operation, was completed. Multiple medium to high gold grades were intersected from 20 drill holes (2,041 meters) on the main vein system, which identified two distinct structures named as the Chumeca hanging-wall and footwall veins interpreted as a split of the main Chumeca Vein, with maximum intersection grades of 187.11 g/t Au with 242.2 g/t Ag over 0.43 meters on the hangingwall structure (CH-IU-030) and 15.90 g/t Au with 20.5 g/t Ag over 0.56 meters on the footwall structure (CH-IU-032).

Vera

Exploration drilling from surface station VER5340 confirmed the continuity of the high-grade gold and silver mineralization in the upthrown fault block, below the deepest level of the historical mine. A bonanza silver grade coupled with a high gold grade was intersected in drill hole VER-ES-010, one of the latest 7 drill holes (2,140 meters) completed on the main vein system, with maximum intersection grades of 31.78 g/t Au with 8,150.00 g/t Ag over 0.30 meters on the Lluvias Vein.

Marmajito

The ongoing brownfield exploration drilling program commenced in February 2021 with one diamond drill rig operating from the underground drill station PV5630, installed off Level 16 of the Providencia mine. This drilling program is aimed at exploring the down-dip extension of the historical Marmajito Vein that was operated by FGM until 2000. FGM developed the mine on 18 levels, the longest (Level 4) being approximately 800 meters. Historical records of FGM report reserves of 232,000 t grading 18 g/t Au. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Gold mineralization at Marmajito is contained predominantly within a N40-50?W trending massive white quartz vein dipping moderately (35-45?) to the north, averaging 0.33 m in width, hosted by granodiorite. The Marmajito Vein occurs in the hanging-wall of the Providencia Vein, some 100-150 meters vertically above The style of mineralization is characterized by narrow veins hosting two main stages of mineralization: "Stage 1" is represented by milky quartz, disseminated pyrite and sphalerite, while "Stage 2" is characterized by grey quartz and banded pyrite intergrown with galena. A total of 4 drill holes totaling 1,050 meters) have been completed so far at Marmajito, with maximum intersection grades of 123.65 g/t Au with 172.6 g/t Ag over 0.93 meters on the Marmajito Vein.

The table below lists the key intercepts from the ongoing 2021 in-mine, near mine and brownfield drilling campaigns since the press release issued on December 21, 2021:

* Denotes underground drill holes. The underground infill holes were drilled at 30 to -90 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. 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.

** Denotes directional drilling mother and kick-off holes. The directional drilling kick-off holes were drilled at -51 to -57 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported.

Vein name abbreviations: PRO-FW: Providencia Footwall Vein. 4320: 4320 Vein. 2860: 2860 Vein. SKT: Sandra K Techo Vein. SKT-HW: Sandra K Techo Hanging-wall. SKT-FW: Sandra K Techo Footwall. 6640: 6640 Vein. CHU-FW: Chumeca Footwall. 450: 450 Vein. NAL: Nacional Vein.NAL-HW: Nacional Hanging Wall. VEM: Manto Vein. MAR: Marmajito Vein. LLV: Lluvia Vein. SNO: unnamed veins.

Results from in-mine drilling are reported for 46 holes (6,337 m) including: 11 holes (1,957 m) at Providencia (PV-EU-017 to PV-EU-024, MAR-EU-002, 004 and PV-HYDRO-003), 15 holes (2,339 m) at Sandra K (SK-IU-163 to SK-IU-178), except for hole SK-IU-174 whose results are still pending, and 20 holes (2,041 m) at Chumeca (CH-IU-015 to CH-IU-033 and CH-IU-028A), of which one was lost. There are no results above cut-off grade for 6 holes at Providencia, 6 holes at Sandra K and 16 holes at Chumeca and so these holes are not listed in the table.

Results from near-mine surface exploration drilling are reported for 16 holes (6,719 m) including: 11 holes (4,724 m) at Providencia (PV-ES-001 to PV-ES-010) of which one was lost, and 5 holes (1,995 m) at Sandra K (SK-ES-001 to SK-ES-005). There are no results above cut-off grade for 6 holes at Providencia and 4 holes at Sandra K and these holes are not listed in the table.

Results from brownfield exploration drilling are reported for 11 holes (3,190 m) including: 7 holes (2,140 m) at Vera (VER-ES-009 to VER-ES-015) and 4 holes (1,050 m) at Marmajito (MAR-EU-001, 003, 005 and 006). There are no results above cut-off grade for 6 holes at Vera and 3 holes at Marmajito and these are not listed in the table.

Results from directional drilling from one purpose-built station at El Silencio are reported from 4 kick-off holes (ES-MH07-07 and ES-MH08-01 to ES-MH08-03), totaling 2,319 m, all drilled on the southern ore-shoot. In addition, 527 meters were drilled in one mother hole (ES-MH-008).

Please refer also to the attached illustrative maps showing the Providencia, Sandra K, Chumeca, El Silencio, Vera and Marmajito drilling programs and the Segovia Exploration Update presentation on the Company's website at www.grancolombiagold.com.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, 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 Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption 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 was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by nitric and hydrochloric acid digestion 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 Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia - Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain - Lomero-Poyatos; Colombia - Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut - Meadowbank).

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 31, 2021 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

Attachment 1 - Providencia Mine Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26069901-76ef-45c9-ae44-40fdc131fae7

Attachment 2 - Cross section of the Providencia Mine vein system is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9651627-85cc-4937-9b4e-d1aefa7577c4

Attachment 3 - Sandra K Mine In-fill Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dbebb9e1-6eb2-4572-9dd2-27cfbe1bf95d

Attachment 4 - Cross section of the Sandra K vein system is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d3a0914-516f-4d4f-a556-030dfb728d4a

Attachment 5 - Chumeca Project Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ffa9a79-6dee-411f-a799-b54dc27e0ddf

Attachment 6 - El Silencio Deep vein system In-fill Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b2905335-a4c5-4bad-9b23-db6db9dc7541

Attachment 7 - Cross section of the El Silencio Deep vein system is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8cf752dd-892e-4180-aa6d-d7b66403ae9d

Attachment 8 - Vera Project Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b85aff43-ecc6-4936-b5bd-e2ef1b708ec9

Attachment 9 - Cross section of the Vera vein system is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a5fec60-ebce-4c81-adf3-40763eaa3ceb

Attachment 10 - Marmajito Project Drilling Grade Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c296a691-b88c-4ff6-b4fd-2382024539b9

Attachment 11 - Cross section of the Marmajito vein system is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddb5dda0-6e02-4d96-a451-3672bcd1d2b0