ROUYN-NORANDA, QC, Feb. 12, 2019 /CNW/ - Granada Gold Mine (TSX.V:
GGM) ("Granada Gold" or the "Company") is pleased to announce the
appointment of Eric Owens as Company
President. Frank J. Basa will remain
as CEO and Chairman of Granada Gold.
Dr. Owens, PGeo, brings 25-plus years in the mining exploration
industry, principally in North
America and Latin America,
with, amongst others, Newmont Mining, BHP Minerals, and Echo Bay
Exploration. His experience has been focused on the discovery and
development of gold and base metal deposits. Most recently, he had
been the President and CEO of Alexandria Minerals Corporation,
where he built gold resources in Val
d'Or, Quebec, and other areas in the Canadian Shield. He
holds a PhD in geology from Western
University.
Frank J. Basa, CEO of Granada
Gold, stated: "We are pleased to have Eric on board with us as we
move down our dual path of growth and development. He brings strong
geological, management and Abitibi experience, and will be a great
addition to our team by helping us guide and run our
activities."
In other matters, the Company is advancing on plans for its 2019
activities, which will include both exploration and development
work. On the development front, the Company intends to further
evaluate the economic and engineering viability of the 2014
"Rolling Start" NI 43-101 Pre-Feasibility Study, and is currently
working through proposals for such studies.
Exploration activities will follow-up on work completed in 2018.
Encouraging results from new gold zones to the north of, east of,
and below the recently announced resource estimate (see Press
Release December 7, 2018). Recent
drill results from the area north of the Current Resources include
the following intersections (Press Release January 8, 2019):
- 8.39 g/t Au over 6 meters in hole GR-18-03;
-
- Including 12.41 g/t Au over 4.0 meters.
- Including 45.7 g/t Au over 1.0 meter.
- 5.45 g/t Au over 4 meters in hole GR-18-04;
-
- Including 13.7 g/t Au over 1.5 meters.
- Including 37.3 g/t Au over 0.5 meter.
- 8.15 g/t Au over 3 meters in hole GR-18-01
-
- Including 23.3 g/t Au over 1.0 meter.
Also in 2018, positive results came from an airborne magnetic
survey over the eastern claim group, as well as from a trenching
program near the Aukeko shaft, located 2 km east of the Current
Resources, which intersected up to 8.49 g/t gold over 0.5 m (Press Release, August 23, 2018).
In 2019, exploration activities are aimed at following-up on
these results: building on the Current Resources by testing areas
in close proximity to the Current Resources (below and along
strike), as well as follow-up drilling of recent exploration
results from new targets. Activities will include geophysical work
and drilling, with focus on shallow to medium depth targets.
Qualified Persons
Merouane Rachidi P. Geo., Ph.D.,
a geological, environmental and mining consultant and Claude Duplessis, P. Eng., of GoldMinds
Geoservices Inc., are qualified persons in accordance with National
Instrument 43-101. Both have both reviewed and approved the
contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop 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 at 10 grams per tonne gold 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 LONGBARS zone which trends
2 kilometers east west over a potential 5.5 kilometers mineralized
structure. The highly prolific Cadillac
Trend, the source of 50 million plus ounces of gold
production in the past century, cuts right through the north part
of the Granada property on a line
running from Val-d'Or to
Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing
up to 675,000 tonnes of ore over a 3-year period of time.
Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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.