ROUYN NORANDA, QC, Jan. 9, 2020 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to provide
assays results from the last hole in the latest drill program at
its 100%-owned Granada gold
deposit in Rouyn-Noranda.
Unexpected near-surface, high-grade mineralization has been
discovered within the recently explored two-kilometer LONG Bars
Zone of the five and half kilometer Granada Shear zone which trends
east-west on the property.
The 450-meter Fall, 2019 drill program focused on testing the
gold grade continuity and variability within mineralized
structures. The Granada Shear Zone and the South Shear Zone
contains, 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 half kilometers. Three
of these structures were mined historically from two shafts and two
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 5 to 3.5 grams per tonne gold.
Highlights:
- 11.45 g/t in drill hole GR-19-A from 0 to 33 m core length including high-grade intercepts
of 42.5 g/t from 0 to 1.5 m,
480 g/t from 8.1 to 8.5 m, and
70.8 g/t from 31.9 to 32.4 m.
The horizontal width, based on outcrop, is about 9 meters and true
width is estimated at 6.3 meters. The core length reported is
estimated to have intersected only 15-20% of the entire thickness
of the zone. However, it is a real known extent in that direction
down dip of gold mineralization within the intersected length.
Assays are uncut except where indicated.
- A further 50 m strike length of
stripping uncovered a massive mineralized quartz zone exposing
strong veining with visible gold on surface
Hole GR-19-A was drilled down-dip from a surface exposure of the
mineralized zone composed of a massive quartz vein within a sheared
and altered conglomerate adjacent to feldspar porphyry to the
south. The entire mineralized zone has a 9-meter horizontal
thickness in that sector. GR-19-A was drilled at azimuth 21 degrees
North with a dip of 41 degrees in NQ core size.
Maps showing hole locations, stripping and full analytical
results are available at www.granadagoldmine.com.
Frank J. Basa, P.Eng., Granada
Gold's president and chief executive officer, comments: "The
current drill program has unlocked the high-grade, near-surface
potential and shows that the Granada gold deposit resource may have been
underestimated.
An ongoing drilling and stripping exploration program at
Granada will focus on defining new
zones of high-grade mineralization, both on surface and at depth.
Numerous high-grade intercepts have been found from surface to
below a depth of 1000 meters. It is open both at depth and on
east-west strike for 5.5 kilometers."
Granada Gold Mine High-Grade Intersections
The company has completed surface stripping over a 25-meter by
50-meter extent in the immediate area and has begun another short
drill program to further test for near-surface high grade
mineralization.
The company has retained the drilling services of MultiDrilling
based in Rouyn-Noranda. The
program was under supervision of GoldMinds Geoservices technical
team.
Private Placement Closing
The Company has closed a private placement financing raising
gross proceeds of $200,000. A total
of 2,000,000 units were issued with each unit consisting of one
common share in the capital of the Company and one share purchase
warrant. Each warrant entitles the holder to purchase one share of
the Company for a period of two years from closing at an exercise
price of $0.15 cents per share.
All securities issued are subject to a four-month-and-a-day hold
period expiring on May 10, 2020, in
accordance with applicable securities laws. The private placement
is subject to final TSX Venture Exchange approval.
The proceeds of the private placement will be used for surface
exploration, trenching, and historical resampling of drill core on
the Company's Granada Gold Property in Québec and for general
working capital purposes.
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. 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 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 Gold
(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 all mining permits that are
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 statemen
SOURCE Granada Gold Mine Inc.