ROUYN NORANDA, QC, Nov. 22, 2017 /CNW/ - Granada Gold Mine (TSX.V:
GGM) ("Granada Gold" or the "Company") announces that it has
received a trenching and drill permit for its Aukeko property,
immediately adjacent to its flagship gold property, the Granada
Mine, in the province of Quebec,
Canada. The company will begin with site visits to locate
areas of trenching and diamond drilling. The permit has been
granted for 6,000 metres of drilling.
The Company also announces the closing of its
previously-announced private placement of convertible secured notes
in an aggregate amount of $250,000. The notes and the common shares
and warrants into which the notes are convertible are subject to a
"hold period" which expires on March 22, 2018.
The Aukeko mine has had historical exploration undertaken in the
late 1930's where a shaft was sunk to 13 metres and extensive
trenching was undertaken on surface. Considerable detailed mapping
at that time identified several auriferous structures within a
500-metre wide, east-west trending zone with shearing, alteration
and quartz veining along with numerous porphyry intrusions. Of
significance is the "Auk Shear" zone where the Aukeko Shaft was
sunk in conjunction with stripping and trenching in the same
vicinity. This zone was mapped over a 1 kilometre length with an
average width of 50 metres. The Auk Shear zone was the
location of the Bert Vein where 3 bulk samples were reported to
have been taken in 1938 from a trench approximately 50 -150 metres
east of the Aukeko Shaft that averaged a grade of 7.0 ounces gold
per ton (240.0 grams per tonne) (from public files with MERN
(Ministère d'Energie et Ressources Naturelles) GM52851).
The Aukeko gold mine is part of the east-west trending structure
on the Granada Gold Mine property. It is 2 kilometres east from the
extended LONG Bars zone where over 120,000 metres of drilling has
been undertaken to date including historical drilling from the
1990's. A further 1.9 kilometres east is the Austin-Rouyn
Mine. The potential strike length on the property is 5.5
kilometres, beginning at the western most drill hole near the
historical Granada shafts and
extending eastward to the historical Austin
Rouyn shaft where grab samples in 1940 showed up to 6.57
ounces of gold per short ton (225.2 grams per tonne). Grab samples
are selected samples and are not necessarily representative of the
mineralization hosted on the property. Note that there are two
cross-cutting intrusive dykes of undefined width within that strike
length. The potential strike length is conceptual in nature as
there has been insufficient exploration to define the full length
of the mineralized material and it is uncertain if further
exploration will do so.
"We are expanding beyond our extended LONG Bars zone on strike
going east to test the remainder of the 80 percent of unexplored
mineralized structure," stated Frank J.
Basa P.Eng., President and Chief Executive Officer of
Granada Gold Mine.
Qualified Person
Claude Duplessis, P. Eng., of
Goldminds Geoservices Inc., a geological, environmental and mining
consultant, is an independent qualified person in accordance with
National Instrument 43-101, and has reviewed and approved the
contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is developing the Granada Gold Property
near Rouyn-Noranda, Quebec. The
property includes the former Granada gold mine which produced more than
50,000 ounces of gold in the 1930's before a fire destroyed the
surface buildings. The highly prolific Cadillac Trend, which has
been the source of more than 50 million ounces of gold produced in
the past century on a line running from Val-d'Or to Rouyn-Noranda, cuts through the north part of
the property.
An updated Mineral Resource Estimate and revised Block Model
dated June 30, 2017, with effective
date of May 16, 2017, includes the
first material estimate of high-grade gold resources discovered in
zones at depth immediately north of the LONG Bars Zone open-pit
deposit.
An initial Inferred underground resource of 10,386,500
tonnes grading 4.56 g/t Au at a cut-off grade of 1.5
g/t (1.5 million oz. Au) has been outlined along 600
meters of strike, north of the original near-surface discovery at
Granada. Open-pit-constrained
resources have 625,000 ounces Measured at 1.14 g/t Au
and 182,700 ounces Indicated at 1.26 g/t Au with a
cut-off grade of 0.39 g/t Au (807,700 ounces M&I at
1.16 g/t Au) representing a major increase in Block Model
estimates for Granada vs. 2012 Block Model.
The Company has obtained all necessary permits for the initial
mining phase known as the "Rolling Start" for which stripping has
already begun, and has been conducting exploration drilling in
order to expand the reported mineral resource for the property.
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.