Quimbaya Gold Inc. Increases land position at Maitamac project, Colombia

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VANCOUVER, BC, Jan. 31, 2024 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) (the "Company" or "Quimbaya") is pleased to announce that it has secured three exploration properties totalling 7,393 hectares (73.9 sq. km) adjacent to it Maitamac existing Project in the Abejorral-Sonsón area located in the department of Antioquia, Colombia. These properties were acquired through mapping staking from the Colombian government.

Mr. Alexandre P. Boivin, President and Chief Executive Officer of the Company stated: " The adding of new ground to the company's property portfolio at Maitamac Project confirms our strategy to consolidate large under-explored areas with gold exploration potential in Colombia".

The new application 508257 (630,9 Ha 63.09., Sq Km) is in the southernmost portion of the Quimbaya's Maitamac project and neighbouring the Purima high grade gold mine owned by Prudent Minerals (Figure attached). It sits approximately 2km east of The Cauca-Romeral fault zone, which represent a megaregional system of major parallel and anastomosing faults zone favorable for gold in the Central Ranges of Colombia. The Cauca-Romeral Shear belt displays several conjugated structures that led to the emplacement of different types of gold mineralization. Within this application, multiple splay structures from Cauca-Romeral fault have been identified as well as areas of Paleozoic greenstone favorable to host for gold-bearing quartz veins, such as the Purima gold mine.

On the northern corner of the Maitamac Project, the 508600 (3077,7 Ha., 307,77 Sq Km) application belongs also to the Cauca-Romeral fault trend and includes a portion of El Buey Stock, an intrusive body associated with occurrence of skarn-type deposits. The area remains unexplored.

Application 508601 (3684,6 Ha., 368,46 Sq Km) is a strategic acquisition of over the northeast corner of the Maitamac project allows consolidation of more ground where numbers of long-time alluvial operation and small-scale artisanal gold mines are present. The origin of the alluvial gold has never been found.

The Maitamac project is approximately 65km south of Medellin and accessible by paved and dirt roads, thus facilitating the exploration work. Very limited exploration work has been done in the region. The Colombian government performed a regional stream sediment campaign, regional geophysics and focused in strategic areas near the Maitamac project. This information remains private, but Quimbaya is well positioned for further gold exploration in this sector.