ROUYN-NORANDA, QC, April 27, 2021 /CNW/ - Granada Gold Mine
Inc. (TSXV: GGM) (the "Company" or "Granada") is pleased to
announced a 3rd drill has started a new deep hole in the
North-East of the property on the Big Claim. This hole is collared
1.4 km SE of hole GR-20-20, the REE and alkali metal discovery hole
(GGM press release March 23, 2021)
and 225m west of GR-20-22 which has
shown the highest rare earth and alkali metals mineralization with
assays pending. With this drill hole, the company expects to
cross the rare earth and alkali metals zone on its way to intersect
the gold zone at depth as shown in Figure 1. Significantly,
in the northern sector of the property, the company intersected
13.7 g/t Au over 1.5m at 662m in hole GR-18-04 and 8.25 g/t Au over
1.5m at 784.5m in hole DUP-12-02-W1 near the Genesis
Target in 2018. This is in line with the targeted underground grade
of 4 grams per tonne.
The company has hired Forage Lamontagne-Fortier Inc. for a first
10,000 meters. The drill is rated for holes up to 2500 meters. In
addition to potentially intersecting the new REE and Alkali metal
findings, the company is still aiming to intersect the gold
mineralization at depth.
This allows the two other drills of Forage Multi-Drilling to
continue to develop the underground Mineral Resources under the
recent pit constrained Mineral Resources (GGM press release
Jan 29, 2021). The company is also
drilling at an angle with Multi
Drilling to define an underexplored area under the orphan
tailings.
CEO Frank J. Basa, P.Eng.,
commented that "This 3rd drill, with a 2500m depth capability, should allow us to reach
the deep gold target. As we know the gold mineralization on the
famous Cadillac Break did not come from the surface, as it comes
from depth - we are hopefully heading towards the sweet spot on the
property."
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.
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.
The Granada Shear Zone and the South Shear Zone contain, based
on historical detailed mapping as well as from current and
historical drilling, up to twenty-two mineralized structures
trending east-west over five and a half kilometers. Three of these
structures were mined historically from four shafts and three open
pits. Historical underground grades were 8 to 10 grams per tonne
gold from two shafts down to 236 m
and 498 m with open pit grades from
3.5 to 5 grams per tonne gold.
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. The final
report was filed March 15, 2021 with
an Effective date of December 15,
2020. The 43-101 Technical Report is titled: Granada Gold
Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by
Yann Camus, P.Eng. and Maxime
Dupéré, B.Sc, géo. Both of SGS Canada Inc.
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
|
The Company is in possession of all mining permits required to
commence the initial mining phase, known as the "Rolling Start",
which allows the company to mine up to 550 tonnes per day.
Additional information is available at www.granadagoldmine.com.
"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.