ROUYN NORANDA, QC, June 21, 2021 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to
announce that the 200-series drill Hole GR-21-05, drilled at 330
meters west from the 100-series drill Hole GR-19-A, intersected
significant gold mineralization grading 11.45 g/t gold over 33
meters (Press Release January
9th, 2020).
Highlights:
- Gold at 1.33 g/t over core length of 273.75 meters from 4.5
meters to 278.25 meters from surface
- Gold at 12.61 g/t over core length of 16.5 meters from 37.5
meters to 54.0 meters from surface
- Gold at 3.49 g/t over core length of 30.50 meters from 79.0
meters to 109.5 meters from surface
The 200- and 100-series drill holes are drilled down dip to
maximize the intersection of native gold in the mineralized veins.
The 43-101 reports indicates that 50 percent of the gold in the
resource is in the massive, native, or visible form (SGS
May 2012 Technical Report, effective
date April 2, 2012).
Table 1: Details of the first highlight interval
at 12.61 g/t Gold uncut
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
GR-21-05
|
37.50
|
38.25
|
0.75
|
1.27
|
GR-21-05
|
38.25
|
39.00
|
0.75
|
8.69
|
GR-21-05
|
39.00
|
39.75
|
0.75
|
9.28
|
GR-21-05
|
39.75
|
40.50
|
0.75
|
23.52
|
GR-21-05
|
40.50
|
41.00
|
0.50
|
5.37
|
GR-21-05
|
41.00
|
41.50
|
0.50
|
3.78
|
GR-21-05
|
41.50
|
42.00
|
0.50
|
5.82
|
GR-21-05
|
42.00
|
42.50
|
0.50
|
6.84
|
GR-21-05
|
42.50
|
43.00
|
0.50
|
9.50
|
GR-21-05
|
43.00
|
43.50
|
0.50
|
62.08
|
GR-21-05
|
43.50
|
44.00
|
0.50
|
11.39
|
GR-21-05
|
44.00
|
44.50
|
0.50
|
16.53
|
GR-21-05
|
44.50
|
45.00
|
0.50
|
23.64
|
GR-21-05
|
45.00
|
45.50
|
0.50
|
3.84
|
GR-21-05
|
45.50
|
46.00
|
0.50
|
1.02
|
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
GR-21-05
|
46.00
|
46.50
|
0.50
|
5.26
|
GR-21-05
|
46.50
|
47.00
|
0.50
|
31.26
|
GR-21-05
|
47.00
|
47.50
|
0.50
|
19.69
|
GR-21-05
|
47.50
|
48.00
|
0.50
|
1.06
|
GR-21-05
|
48.00
|
48.50
|
0.50
|
0.08
|
GR-21-05
|
48.50
|
49.00
|
0.50
|
0.14
|
GR-21-05
|
49.00
|
49.50
|
0.50
|
2.32
|
GR-21-05
|
49.50
|
50.00
|
0.50
|
16.55
|
GR-21-05
|
50.00
|
50.50
|
0.50
|
15.21
|
GR-21-05
|
50.50
|
51.00
|
0.50
|
9.56
|
GR-21-05
|
51.00
|
51.50
|
0.50
|
27.86
|
GR-21-05
|
51.50
|
52.00
|
0.50
|
13.55
|
GR-21-05
|
52.00
|
52.50
|
0.50
|
14.71
|
GR-21-05
|
52.50
|
53.00
|
0.50
|
7.83
|
GR-21-05
|
53.00
|
53.50
|
0.50
|
23.40
|
GR-21-05
|
53.50
|
54.00
|
0.50
|
13.55
|
Table 2: Details of the second highlight interval
at 3.49 g/t Gold uncut
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
GR-21-05
|
79.00
|
80.00
|
1.00
|
3.87
|
GR-21-05
|
80.00
|
81.00
|
1.00
|
0.91
|
GR-21-05
|
81.00
|
81.75
|
0.75
|
6.40
|
GR-21-05
|
81.75
|
82.50
|
0.75
|
2.31
|
GR-21-05
|
82.50
|
83.50
|
1.00
|
1.86
|
GR-21-05
|
83.50
|
84.40
|
0.90
|
8.56
|
GR-21-05
|
84.40
|
85.10
|
0.70
|
1.26
|
GR-21-05
|
85.10
|
85.80
|
0.70
|
0.63
|
GR-21-05
|
85.80
|
86.60
|
0.80
|
2.09
|
GR-21-05
|
86.60
|
87.50
|
0.90
|
1.95
|
GR-21-05
|
87.50
|
88.50
|
1.00
|
5.30
|
GR-21-05
|
88.50
|
89.50
|
1.00
|
4.48
|
GR-21-05
|
89.50
|
90.50
|
1.00
|
5.99
|
GR-21-05
|
90.50
|
91.50
|
1.00
|
1.55
|
GR-21-05
|
91.50
|
92.50
|
1.00
|
0.04
|
GR-21-05
|
92.50
|
93.50
|
1.00
|
0.36
|
GR-21-05
|
93.50
|
94.55
|
1.05
|
0.16
|
GR-21-05
|
94.55
|
95.50
|
0.95
|
0.09
|
GR-21-05
|
95.50
|
96.50
|
1.00
|
0.16
|
GR-21-05
|
96.50
|
97.50
|
1.00
|
0.29
|
GR-21-05
|
97.50
|
98.50
|
1.00
|
3.51
|
GR-21-05
|
98.50
|
99.50
|
1.00
|
2.13
|
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
GR-21-05
|
99.50
|
100.50
|
1.00
|
0.39
|
GR-21-05
|
100.50
|
101.50
|
1.00
|
0.60
|
GR-21-05
|
101.50
|
102.25
|
0.75
|
1.90
|
GR-21-05
|
102.25
|
103.00
|
0.75
|
7.40
|
GR-21-05
|
103.00
|
103.75
|
0.75
|
1.21
|
GR-21-05
|
103.75
|
104.30
|
0.55
|
0.31
|
GR-21-05
|
104.30
|
105.00
|
0.70
|
0.36
|
GR-21-05
|
105.00
|
105.55
|
0.55
|
10.57
|
GR-21-05
|
105.55
|
106.25
|
0.70
|
1.54
|
GR-21-05
|
106.25
|
107.00
|
0.75
|
2.31
|
GR-21-05
|
107.00
|
107.75
|
0.75
|
0.68
|
GR-21-05
|
107.75
|
108.50
|
0.75
|
2.75
|
GR-21-05
|
108.50
|
109.00
|
0.50
|
6.09
|
GR-21-05
|
109.00
|
109.50
|
0.50
|
66.54
|
This GR-21-05 hole crossed a zone previously intersected
perpendicular to the vein in hole GR-09-02 which assayed 3.95 g/t
gold over 8.8 meters true thickness from 39.2 meters to 48.0 meters
downhole.
Table 3: Coordinates of the hole
Hole
|
UTME
|
UTMN
|
Elevation
|
Azimuth
|
Dip
|
Length (m)
|
GR-21-05
|
646699
|
5338091
|
320
|
15
|
-47
|
278.25
|
Frank J. Basa, P.Eng., President
and CEO commented that, "The 200- and 100-series drill holes
better represent the grade of the mineralization in the veins by
increasing the probability of intersecting massive native gold
drilling down dip versus drilling perpendicularly which best
defines the vein structure position."
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. 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 20 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, including 2 fully permitted Mining Leases (BM-852 and
BM-813), near Rouyn-Noranda,
Quebec. Approximately 140,000 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, but is not
necessarily indicative of mineralization hosted on the company's
property.
The Granada Shear Zone and the South Shear Zone contain, 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 a half kilometers. Three of these
structures were mined historically from four shafts and three 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
3.5 to 5 grams per tonne gold.
Updated Mineral Resource
The updated resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec was
estimated by SGS Canada and outlined in a January 29, 2021 news release. The final
report was filed March 15, 2021 with
an Effective date of December 15,
2020. The 43-101 Technical Report is titled: Granada Gold
Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by
Yann Camus, P.Eng. and Maxime
Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details
Between the Open Pit Portion and the Underground Portion
Type
|
Category
|
Tonnes
|
Au
(g/t)
|
Gold
Ounces
|
In Pit
|
Measured1
|
3,756,000
|
1.89
|
228,000
|
Indicated
|
1,357,000
|
2.55
|
111,000
|
Measured+Indicated
|
5,113,000
|
2.06
|
339,000
|
Inferred
|
34,000
|
11.29
|
12,000
|
Underground
|
Measured
|
37,000
|
4.22
|
5,000
|
Indicated
|
807,000
|
4.02
|
104,000
|
Measured+Indicated
|
844,000
|
4.03
|
109,000
|
Inferred
|
1,244,000
|
6.33
|
253,000
|
|
|
1.
|
Cut-off grades are
based on a gold price of US$1,600 per ounce, a foreign exchange
rate of US$0.76 for CA$1, a gold recovery of 93%
|
2.
|
Pit constrained
mineral resources are reported at a cut-off grade of 0.9 g/t Au
within a conceptual pit shell
|
3.
|
Underground mineral
resources are reported at a cut-off grade of 3.0 g/t Au within
reasonably mineable volumes
|
The Company is in possession of all mining 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.
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 Services
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 which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward-looking. Forward-looking statements are not
guarantees of future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward-looking statements.
SOURCE Granada Gold Mine Inc.