ROUYN-NORANDA, QC, Aug. 19, 2019 /CNW/ - Granada Gold
Mine Inc. (TSXV: GGM) (the "Company" or "Granada") has commenced a
drill program at the Granada Gold Mine property on the Cadillac
Break in Quebec.
Program Highlights:
- Drilling within 150 meters of surface assessing near-surface
mineralization within the two-kilometer extended LONG Bars zone of
the potential 5.5-kilometer long, east-west-trending mineralized
structure
- Testing continuity of mineralized structures from surface
- Assaying for gold, silver, cobalt, nickel and copper
Three surface-outcropping, mineralized structures have been
defined. The drill program will be under the supervision of
GoldMinds Geoservices technical team who were on site in early
August to identify and spot the drill holes.
Qualified person
The technical information in this news release has been prepared
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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release
prepared by SGS independent QP stand at:
Category
|
Tonnes
|
Grade (g/t
Au)
|
Contained Au
(oz)
|
Measured
|
12,637,000
|
1.02
|
413,000
|
Indicated
|
9,630,000
|
1.13
|
349,000
|
Measured &
Indicated
|
22,267,000
|
1.06
|
762,000
|
Inferred
|
6,930,000
|
2.04
|
455,000
|
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4
g/t Au within a conceptual pit shell. Cut-off grades are based on a
gold price of US$1,300 per ounce, a
foreign exchange rate of US$0.76, and
a gold recovery of 95%.
The Company is in possession of a mining permit 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.