GGM:CC - Granada Gold Assays 4.33 G/T Gold from 500-Tonne Surface Bulk Sample

(TheNewswire)

May 10, 2022 – TheNewswire - RouynNoranda, Quebec, Granada Gold Mine Inc.(TSXV:GGM) (the “Company” or “Granada”) is pleased to provide a gold assay of 4.33 grams per tonne on its500-tonne bulk sample taken from surface in 2020.

HIGHLIGHTS:

• A 500-tonne mineralized, and900-tonne waste rock bulk sample were taken from surface in2020

• A 10.5-tonne composite sample wasscreened from the 500-tonne mineralized bulk sample

• The 10.5-tonne composite sample wascrushed, ground and screened at 20 mesh to ensure no visible gold wasin the sample to be evaluated.

Frank J. Basa, P.Eng., President and CEO notes, “Thebulk sample confirms both near-surface drill results and the potentialfor a higher-grade open pit mining scenario. Higher grades translateto lower processing costs per ounce and lower capital expenditures fora processing plant. The bulk sample has returned a higher gold gradethan the current target open pit grade of 2 g/t.”

The 500-tonne bulk sample was taken 400 meters east ofPit #1 on the Vein 1 structure which trends 5.2 kilometers east-west.Historically Vein 1 was mined from underground in the thirties at 9-10grams per tonne gold, and mined by open pit in 1993-94 at 5.17 gramsper tonne gold having mined 87,000 tonnes and again in 1996 at 3.46grams per tonne gold having mined 22,095 tonnes.

BULK SAMPLE ASSAY RESULTS

The screened, minus 20 mesh material was passed throughthe sampling tower at Temiskaming Testing Laboratory (TTL) in Cobalt,Ontario.  Five super sacs were sampled by taking four samples fromeach super sac for assaying.  Duplicate assays were run on one sampleper super sac. The table below identifies the sample assay results. No visible gold was recovered when processing the minus 20 meshportion of the bulk sample. Visible gold was present in the plus 20mesh material. At this stage of evaluating the surface mineralizationsample, the company is assessing the grade of the material without anyhigh-grade visible gold. It has been estimated, based on metallurgicaltesting, that close to 50 percent of the gold at Granada is in nativeform (43-101 Technical Report Updated Mineral Resource Estimate, March15, 2021).

Table 1. Bulk Sample Assay Results for minus 20 meshfraction

BULK SAMPLE LOCATION

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Qualified person

The technical information in this news release has beenreviewed by Frank J. Basa, P.Eng., m ember ofOntario Order of Engineers and a qualified person in accordance withNational Instrument 43- 101 standards.

Quality Control and ReportingProtocols

The subsamples and duplicates were processed at TTL. The sample weights were 1 Kg.  Each sample was split, and 500 gramswere pulverized to -200 mesh, a 30-gram split was used in the fireassay process with AA finish. The process includes blanks andstandards which are in line with the expected results which allowpublic disclosure of the results. Quality Assurance/Quality Control(“QA/QC”) and interpretation of results is performed by qualifiedpersons employing a QA/QC program consistent with NI 43-101 andindustry best practices. Standards and blanks are included with every20 samples for QA/QC purposes for this program in addition to the labQA/QC.

Location

The Granada Gold project is located in an establishedmining district 5 km south of Rouyn-Noranda adjacent to the prolificCadillac Break shear zone, which is hosted in Pontiac metasedimentaryrocks, granites, and younger syenite sills along the Granada shearzone (LONG Bars Zone). The project is located on the same side of theCadillac Fault as the Canadian Malartic mine property, which hashistorically produced 12.7 million ounces of gold from 1935 to 2010with an additional 5 million ounces as of June 18, 2020 (CanadianMalartic Technical Report of March 25, 2021 & Le Citoyen June 19,2020).

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, andis adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of landin a combination of mining leases and claims. The company is currentlyundergoing a large drill program with 30,000m out of 120,000mcomplete. The drills are currently paused to provide the technicalteam with the necessary time to evaluate and assimilate existing data.

The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and a half kilometers. Three of thesestructures were mined historically from four shafts and three openpits. Historical underground grades were 8 to 10 grams per tonne goldfrom two shafts down to 236 m and 498 m with open pit grades from 3.5to 5 grams per tonne gold.

The property includes the former Granada Goldunderground mine which produced more than 50,000 ounces of gold at 10grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings.  In the 1990’s, Granada Resourcesextracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading3.46 g/t Au.

On March 15, 2021, the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please seeJanuary 29, 2021 news release) with a combined total of 713,000 goldounces of measured, indicated, and inferred. This estimate contains351,000 gold ounces of combined measured, indicated, and inferred forthe open pit and 362,000 gold ounces of combined measured, indicated,and inferred for the underground. Please see Table 2 below for fulldetails. Report reference: Granada Gold Project Mineral ResourceEstimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus,P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. with aneffective date of December 15, 2020, and signature date of March 15,2021.

Table 2: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and half kilometers. Three of thesestructures were mined historically from two shafts and two open pits.Historical underground grades were 8 to 10 grams per tonne gold fromtwo shafts down to 236 m and 498 m with open pit grades from 5 to 3.5grams per tonne gold.

The Company is in possession of all mining permitsrequired to commence the initial mining phase, known as the “RollingStart”, 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

For further information, pleasecontact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore, involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements.

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