ROUYN-NORANDA, QC, March 2, 2020 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") has intersected two
near-surface mineralized zones grading 11.53 grams per tonne gold
over 2.9 meters at core length 65.85 – 68.75 meters and 2.61 grams
per tonne over 24.7 meters at core length 25.5 – 50.2 meters
in hole GB-19-SA. This drill hole is 77 meters to the south of
GR-19-A which intersected 11.45 grams per tonne over 33 meters core
length (see Granada news release
dated January 9th, 2020) in the
latest drill program at its 100%-owned Granada gold deposit in Rouyn-Noranda. The A zone is 6 meters true
width. The continuing near-surface drilling program has begun
to unlocked the excellent potential for defining further high-grade
intersections within the recently explored two-kilometer LONG Bars
Zone of the five-and-a-half-kilometer Granada Shear zone which
trends East-West on the property.
Two additional drill holes from the 450-meter drill program also
intersected near-surface high-grade mineralization from the recent
50-meter on-strike stripping program which uncovered a massive
quartz zone exposing strong veining and visible gold on
surface. Drill hole GR-19-WB, collared 19 meters Northwest
from GR-19-A, intersected 4.83 grams per tonne over 6 meters
at core length of 16-22 meters and drill hole GR-19-G, 240 meters
East-Southeast from GR-19-A, intersected two zones grading 2.82
grams per tonne over 6.65 meters at a core length of 40.5-46.75
meters and 2.28 grams per tonne over 5 meters at a core length of
68-73 meters. The B and G zones are 4.5 meters and 4 meters true
width respectively.
In 1994, Granada Gold Mine Inc. extracted a bulk sample of
87,311 tonnes from surface grading 5.17 g/t gold from Vein 1
containing 451,397.87 grams (13,167.97 troy ounces) gold. The
current drill program is east of, and on strike with Pit 1 which
was taken from East-West-trending Vein 1. This recent drilling
confirms the extension of Vein 1 from Pit 1 for 500 meters east to
hole GR-19-E intersecting 2.0 meters grading 12.3 g/t Au (see
company press release dated October 15,
2019). The Vein 1 zone is open to the east and is within the
5.5-kilometer East-West mineralized structure.
Drill and Bulk Sampling Program 2019-2020:
Granada continues to work with
one drill on drilling near-surface high-grade mineralized zones
within the 350-meter wide mineralized structure which trends
East-West for 5.5 kilometers. The company has drilled 90,000 meters
to define the East-West structure over a 2-kilometer strike length.
It intercepted multiple high-grade zones during the drill program.
Only 20 percent of the defined mineralized structure has been
explored.
Granada will be undertaking a
mini bulk sample program of 50 to 500 tonnes in the second quarter
of this year.
The company has retained the drilling services of Multi-Drilling
based in Rouyn-Noranda. The
program was under supervision of GoldMinds Geoservices technical
team.
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 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
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 statements.
SOURCE Granada Gold Mine Inc.