ROUYN NORANDA, QC, Feb. 19, 2021 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to
announce additional high-grade gold results from its on-going drill
program at Granada. This release
contains diamond drill results under the pit-constrained mineral
resource with 5 holes.
Highlights:
- 3.64 g/t gold over 3.45m
in GR-20-15 from 399.00 to 402.45m
- 5.25 g/t gold over 1.5m in
GR-20-17 from 301.50 to 303.00m
- 2.47 g/t gold over 3.00 in GR-20-18 from 510.50 to
513.50m
- 13.20 g/t gold over 1.00 in GR-20-19 from 583.12 to
584.12m
- 107.8 g/t gold over 4.00m
in hole GR-20-21 from 617.40 to 621.40m
The intersections, many of which are mineralized between
previously identified intervals, show extension and continuity of
the mineralized structures. Significant high-grade intersections
were encountered in the drill holes. In particular, GR-20-21, which
intersected 107.8 g/t gold over 4 meters (details in
Table 1). It extends the strike to the northeast and is the
best drill result of the 2020 exploration drill program. The hole
GR-20- 21 is being wedged off.
"These drill results continue to exceed expectations and
demonstrate the potential of Granada. The exploration efforts have
delivered some of our most significant results to date, extending
the high-grade strike to the northeast and confirm continuity and
high-grade gold mineralization at depth," said Frank J Basa,
P.Eng., President & CEO.
For a summary of today's drill results, refer to table 1.
The 2021 Exploration program
The 2021 exploration drill program recently started with
drilling of wedges and new holes under the higher-grade open pit
constrained resources to increase the quantity and quality of the
mineral resources. The drilling will focus on filling the gaps to
allow building of additional mineral resources in addition to the
testing of continuity of the structures with the 200-series
holes.
Table 1: ASSAY RESULTS LOCATED BELOW THE 2021 HIGHER-GRADE,
PIT-CONSTRAINED MINERAL RESOURCE
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Gold (g/t)
|
|
|
|
|
|
GR-20-15
|
331.15
|
336.15
|
5.00
|
1.43
|
AND
|
346.65
|
349.65
|
3.00
|
2.85
|
AND
|
399.00
|
402.45
|
3.45
|
3.64
|
Including
|
400.50
|
402.45
|
1.95
|
6.41
|
GR-20-17
|
294.00
|
303.00
|
9.00
|
1.40
|
Including
|
301.50
|
303.00
|
1.50
|
5.25
|
AND
|
318.00
|
321.00
|
3.00
|
2.05
|
AND
|
364.00
|
367.75
|
3.75
|
1.83
|
Including
|
367.00
|
367.75
|
0.75
|
5.75
|
GR-20-18
|
510.50
|
513.50
|
3.00
|
2.,47
|
AND
|
526.40
|
529.40
|
3.00
|
1.66
|
AND
|
564.50
|
567.00
|
2.50
|
2.17
|
AND
|
596.70
|
600.00
|
3.30
|
2.64
|
GR-20-19
|
498.50
|
504.50
|
6.00
|
1.90
|
Including
|
503.00
|
504.50
|
1.50
|
6.20
|
AND
|
577.50
|
584.12
|
6.62
|
2.35
|
Including
|
583.12
|
584.12
|
1.00
|
13.20
|
GR-20-21
|
560.40
|
563.40
|
3.00
|
3.93
|
Including
|
560.40
|
561.90
|
1.50
|
7.80
|
AND
|
617.40
|
621.40
|
4.00
|
107.8
|
AND
|
759.60
|
760.10
|
0.50
|
3.35
|
Lengths are core length and are close to true widths, no capping
applied. Au is Gold by Fire assay, or by gravimetric finish or
screen metallic method.
Table 2 presents the characteristics of the drill holes of this
release.
TABLE 2: DRILL HOLE LOCATION DATA
Hole
|
UTME
|
UTMN
|
Elevation
|
Azimuth
|
Dip
|
Length (m)
|
GR-20-15
|
647226.5
|
5338476.9
|
303.32
|
180.0
|
-80.3
|
552
|
GR-20-16
|
647006.5
|
5338446.3
|
312.52
|
201.5
|
-73.1
|
498
|
GR-20-17
|
647006.6
|
5338446.4
|
312.48
|
201.5
|
-80.2
|
558
|
GR-20-18
|
647335.7
|
5338656.3
|
302.05
|
222.0
|
-65.0
|
600
|
GR-20-19
|
647335.7
|
5338656.3
|
302.05
|
197.6
|
-65.0
|
702
|
GR-20-20
|
645968.0
|
5339544.0
|
292.0
|
183.6
|
-86.0
|
588
|
GR-20-21
|
647335.7
|
5338656.3
|
302.05
|
197.6
|
-65.0
|
761
|
GR-20-22
|
647617.0
|
5339243.0
|
290.0
|
4.4
|
-65.0
|
1600
|
Qualified person
The technical information in this news release has been reviewed
by Claude Duplessis, P.Eng.,
GoldMinds Geoservices Inc. member of Québec Order of Engineers and
a qualified person in accordance with National Instrument 43-101
standards.
Quality Control and Reporting Protocols
All NQ core assays reported were obtained by either 1-kilogram
screen fire assay or standard 50-gram fire-assaying-AA (Atomic
Absorption) finish or gravimetric finish at (i) ALS Laboratories in
Val d'Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Columbia. The screen assay
method is selected by the geologist when samples contain visible
gold. The drill program, Quality Assurance/Quality Control
("QA/QC") and interpretation of results is performed by qualified
persons employing a QA/QC program consistent with NI 43-101 and
industry best practices. Standards and blanks are included with
every 20 samples for QA/QC purposes for this program in addition to
the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold
Property near Rouyn-Noranda,
Quebec. Approximately 120,000 meters of drilling has been
completed to date on the property, focused mainly on the extended
LONG Bars zone which trends 2 kilometers east-west over a potential
5.5 kilometers of mineralized structure. The highly prolific
Cadillac Break, the source of more than 75 million plus ounces of
gold production in the past century, cuts through the north part of
the Granada property. But is not
necessarily indicative of mineralization hosted on the company's
property.
Updated Mineral Resource
The updated resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec was
estimated by SGS Canada and outlined in a January 29, 2021 news release.
Updated Mineral Resource Estimate Base Case with Details
Between the Open Pit Portion and the Underground Portion
Type
|
Category
|
Tonnes
|
Au
(g/t)
|
Gold
Ounces
|
In Pit
|
Measured1
|
3,756,000
|
1.89
|
228,000
|
Indicated
|
1,357,000
|
2.55
|
111,000
|
Measured+Indicated
|
5,113,000
|
2.06
|
339,000
|
Inferred
|
34,000
|
11.29
|
12,000
|
Underground
|
Measured
|
37,000
|
4.22
|
5,000
|
Indicated
|
807,000
|
4.02
|
104,000
|
Measured+Indicated
|
844,000
|
4.03
|
109,000
|
Inferred
|
1,244,000
|
6.33
|
253,000
|
|
|
1.
|
Cut-off grades are
based on a gold price of US$1,600 per ounce, a foreign exchange
rate of US$0.76 for CA$1, a gold recovery of 93%
|
2.
|
Pit constrained
mineral resources are reported at a cut-off grade of 0.9 g/t Au
within a conceptual pit shell
|
3.
|
Underground
mineral resources are reported at a cut-off grade of 3.0 g/t Au
within reasonably mineable volumes
|
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.