ROUYN NORANDA, QC, June 4, 2018 /CNW/ - Granada Gold Mine (TSX.V:
GGM) ("Granada Gold" or the "Company") announces that it has
completed an initial trench program at its Aukeko property,
immediately adjacent to its flagship gold property, the Granada
Mine, in the province of Quebec,
Canada.
Under the supervision of GoldMinds Geoservices Inc., two
trenches have been completed, totaling 300 metres in length with a
width of around 1.5 metres (trench 1 of 90 metres length and trench
2 of 210 metres length). The main goal of the trenching program is
to intersect the East-West extension of the extended LONG Bars zone
of gold mineralization and to prepare targets for the upcoming
diamond drilling program.
"This trenching program is a substantive advance for
Granada in shaping management's
understanding of our resource. The results of the trenches' samples
will be used as a guide for the next step of the exploration to
capture the unexplored eastern extension of the mineralized
structures, also called the LONG Bars zone," stated Frank J. Basa P.Eng., President and Chief
Executive Officer of Granada Gold Mine.
About Aukeko
Historical exploration of the Aukeko mine property was
undertaken in the late 1930s, when 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 reportedly taken in 1938 from a trench approximately 50-to-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
1990s. 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 westernmost 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) (from public
files with MERN (Ministère d'Energie et Ressources Naturelles)
GM52851). 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.
Qualified Person
Merouane Rachidi, P. Geo., 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 1930s 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 in
comparison to the earlier 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.
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.