ROUYN NORANDA, QC, Feb. 13, 2019 /CNW/ - Granada Gold Mine (TSX.V:
GGM) ("Granada", "GGM" or the "Company") is pleased to announce the
filing on SEDAR (www.sedar.com) of a technical report for its
Granada Gold Project. The report, dated February 13, 2019, is entitled "Technical Report
on the Granada Gold Project Mineral Resource Estimate, Rouyn-Noranda, Quebec, Canada." The report can
also be found on the Company's website,
www.granadagoldmine.com.
The report was prepared in accordance with the regulations laid
out in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects ("NI-43-101"), by Allan Armitage, PhD and P. Geo, and Maxime
Dupéré, géo, of SGS Canada Inc., who are independent "Qualified
Persons" as defined by NI 43-101. The report supports, and provides
greater detail about, the technical basis and scientific rationale
of the updated resource estimate initially announced in a Company
press release on December 12,
2018.
The report presents the following re-stated, Pit-Constrained
Mineral Resource Estimate, which supersedes the estimate presented
in the December 12 press release:
Category
|
Tonnes
|
Grade (g/t
Au)
|
Contained Au
(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
|
|
Notes to the table
and parameters for the estimation are presented at the end of this
press release.
|
Reported historical production of an estimated 51,476 ounces of
gold (181,744 sT @ 0.28 oz/sT) at the Granada Mine from 1930 to
1935, included in the initial resource estimate, has been
subtracted from the Mineral Resource Estimate presented here.
The Pit-Constrained resource blocks, which are hosted in the
east-west trending Granada Mine Shear Zone (the "LONGBARS Zone"),
are presented below in Figure 1. The resources are constrained in
Whittle Pits which collectively extend for 1,500 meters along
strike in the east-west direction and up to 300 meters deep.
Gold mineralization remains open along strike and at depth below
the Current resources, as indicated by past drilling with
encouraging results, such as drill hole GR-12-400 which intersected
85.5 meters grading 0.45 g/t gold below the Pit-Constrained
resources. GGM is currently preparing for the next round of
drill-testing as shown in Figure 1, aimed at increasing the
resources.
Notes to Table
(1)
|
CIM (2014)
definitions were followed for Mineral Resources.
|
|
|
(2)
|
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.
|
|
|
(3)
|
All figures are
rounded to reflect the relative accuracy of the estimate.
Composites have been capped where appropriate.
|
|
|
(4)
|
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%.
|
|
|
(5)
|
A fixed specific
gravity value of 2.78 was used to estimate the tonnage from block
model volumes.
|
|
|
(6)
|
The results from the
pit optimization are used solely for the purpose of testing the
"reasonable prospects for economic extraction" by an open pit and
do not represent an attempt to estimate mineral reserves. There are
no mineral reserves on the Property. The results are used as a
guide to assist in the preparation of a mineral resource statement
and to select an appropriate resource reporting cut-off
grade.
|
|
|
(7)
|
Mineral Resources are
exclusive of material that has been mined.
|
Whittle™ Pit Optimization Parameters
Parameter
|
Value
|
Unit
|
Gold
Price
|
$1300
|
US$ per
ounce
|
Exchange
Rate
|
0.76
|
|
Assumed Mining and
Processing Costs
|
|
Pit
Slope
|
50
|
Degrees
|
Mining
Cost
|
$2.20
|
US$ per tonne
mined
|
Processing Cost
(incl. crushing)
|
$12.00
|
US$ per tonne
milled
|
General and
Administrative
|
$2.50
|
US$ tonne of
feed
|
Assumed Metal
Recoveries
|
|
Gold
Recovery
|
95
|
Percent
(%)
|
Mining loss /
Dilution
|
5 / 5
|
Percent (%) / Percent
(%)
|
Qualified Persons
For the purposes of this announcement, Allan Armitage, Ph.D., P.Geo., is a Qualified
Person in accordance with National Instrument 43-101 and has
reviewed and approved the technical content of this news release
with respect to the Mineral Resource Estimate. As independent
QP, Mr. Armitage was responsible for the preparation of the
technical information contained within the report.
Claude Duplessis, P. Eng., of
Goldminds Geoservices Inc., a geological, environmental and mining
consultant and qualified person in accordance with National
Instrument 43-101, has reviewed and approved the contents of this
news release.
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
LONGBARS 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.
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.