ROUYN NORANDA, QC, Oct. 15, 2019 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to provide the
first results from its latest drill program at its 100% owned
Granada gold deposit in
Rouyn-Noranda. Coarse, native gold
was observed in the drill core. GR-19-E intersected a high-grade
zone with 12.32 g/t Au over 2 meters including 48.80 g/t over 0.50
meters at a core length depth of 35.5 meters on the extended LONG
Bars zone. Results are pending for GR-19-A, GR-19-B and GR-19-C for
high grade verifications.
Drill program 2019
The 450-meter drill program focused on testing the gold grade
continuity and variability within mineralized structures. Six holes
were drilled to test for near surface high-grade mineralization.
The first hole, drilled to the north, was collared in an
outcropping mineralization zone comprised of quartz veins, sheared
and altered conglomerate adjacent to feldspar porphyry. The first
hole, GR-19-A, was drilled to a length of 90 meters at a dip of 41
degrees. Hole GR-19-A was collared about 1m south from northern contact, the drill was not
moved and a second hole GR-19-B was drilled to a length of 21
meters at a dip of 79 degrees. The drill was afterward moved about
2.5 meters to the south and hole GR-19-C was drilled to 70 meters
at a dip of 47 degrees. The objective being the verification of
grade continuity within the identified, highly mineralized
structure at surface.
It is important to note that the NI 43-101 resource calculation
does not include this mineralized zone as it was recently uncovered
by stripping for a water sump.
Hole GR-19-D was drilled about 100 meters to the East from
GR-19-A, from overburden to a length of 54 meters at a dip of 58
degrees. Holes GR-19-E and GR-19-F were drilled about 180 meters
east of GR-19-A and intersected another mineralized zone. These
holes were drilled to the south to a down-hole depth of 174 and 41
meters respectively at a dip of 60 and 48 degrees respectively.
"These preliminary results highlight the potential of
near-surface, underground high-grade potential and are in line with
historic production grades of 8 to 10 grams per tonne gold when it
was mined in the thirties from the two shafts. Visible gold was
found in GR-19-A 180 meters to the West GR-19-E. We are pleased
with the results to date, designed to test the continuity between
the mineralized intersections of previous drill holes that
intersected the mineralized structure perpendicularly in the
extended LONG Bars zone and plan to expand the drill program," said
Frank J. Basa, P.Eng., Granada's President and CEO.
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
The core length reported in hole GR-19-E is estimated to have
intersected 85-90% of true thickness of the zone. Assays are uncut
except where indicated.
A detail table of drill results will be disclosed once received,
validated and interpreted.
All NQ core assays reported were obtained by either 1-kilogram
screen fire assay or standard 50-gram fire-assaying-AA 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. All samples are also analyzed for multi-elements, using an
Aqua Regia-ICP-AES method at ALS Laboratories. 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 12 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 its Granada Gold
Property near Rouyn-Noranda,
Quebec which lies on the highly prolific Cadillac Break -the
source of more than 75 million plus ounces of gold production in
the past century, and which cuts through the north part of the
Granada property. The property
includes the former Granada Gold Mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold from vein zones 1,
2 and 5 in the 1930's before a fire destroyed the surface
buildings. 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 gold-mineralized structure. Drill intercepts have
been at close to perpendicular to the vein zones. Drilling was
focussed on defining lateral and depth extent of the structures
along an East-West trend. The mineralized package has been
determined to reach up to 400m thick
and contains between 9 and 22 distinct vein zones.
Three open pit bulk samples have been taken historically: in
1994, by KWG Resources Inc. subsidiary Granada Resources, 87,311
tonnes grading 5.15 g/t gold from Vein 1; in 1996, by KWG Resources
Inc. subsidiary Granada Resources, 22,095 tonnes grading 3.46 g/t
gold from Vein 2; and in 2007 by Gold Bullion Development Corp (now
Granada Gold Mine Inc.), 32,000 tonnes grading 1.62 g/t gold from
Vein 2A.
The Company has a 43-101 resource and is in possession of all
required 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.