GBBFF - Granada Gold Hits 7.63 g/t Gold Over 5 Meters Including 53.5 g/t Over 0.65 Meters During Infill Drill Program
(TheNewswire)
August 11, 2021 – TheNewswire - RouynNoranda, Quebec - Granada Gold Mine Inc.(TSXV:GGM) (OTC:GBBFF)) (Frankfurt:B6D) (the “Company” or“Granada”) is pleased to announce additionaldrill results from its on-going drill program at its Granada Gold MineProject near Rouyn-Noranda along the prolific Cadillac Break innorthwestern Quebec’s Abitibi region.
Drilling Highlights:
GR-16-14W1 intersected 2.82 g/t over1.0 m at 852.65m
GR-16-14W2 intersected 4.26 g/t over1.0m at 907.85m
GR-16-14W3 intersected 7.63 g/t over5.0 m at 886.0 m
GR-21-01 intersected 7.55 g/t over1.0 m at 314.75 m
GR-21-02 intersected 7.91 g/t over1.0 m at 363.85 m
GR-21-12 intersected 4.68 g/t over1.25 m at 457.45 m
“The objective was to drill under the pit-constrainedresource and at depth – in order to increase the quantity andquality of the mineral resources. These latest drill results – fromnew holes and wedges off existing holes – show intersections of goldof economic grade near the surface, under the pit-constrained resourceand at depth. This supports the view that a significant increase inour next resource update is possible,” said Frank J. Basa, P.Eng.,President and CEO.
This news release presents available partial resultsof diamond drill wedge holes off GR-16-14 as well as infill holes between GR-11-362 and GR-11-393. The mineralized structures were intersected at various depthin each wedge showing the continuity of the structures with gold gradevariability, confirming the continuation of mineralized veins.
Holes GR-21-01 and GR-21-02 were drilled to bridge a100m gap between GR-11-362 and GR-11-393 under the pit-constrainedresource. Partial results are disclosed. GR-21-12 was drilled toidentify continuity of gold zones on the eastern edge of the orphantailings.
Table 1: Structures intersected assay results
| Hole ID |
| From (m) |
| To (m) |
| Length (m) |
| Gold (g/t) |
| Objective |
| GR-16-14W1 |
| 667.55 |
| 668.05 |
| 0.50 |
| 2.76 |
| Extends under Pit-Constrained Resource |
| AND |
| 852.65 |
| 853.65 |
| 1.00 |
| 2.82 |
| idem |
| GR-16-14W2 |
| 665.30 |
| 666.42 |
| 1.12 |
| 0.42 |
| idem |
| AND |
| 690.00 |
| 694.00 |
| 4.00 |
| 1.38 |
| idem |
| AND |
| 808.50 |
| 811.20 |
| 2.70 |
| 1.25 |
| idem |
| AND |
| 864.00 |
| 865.00 |
| 1.00 |
| 3.85 |
| idem |
| AND |
| 907.85 |
| 908.85 |
| 1.00 |
| 4.26 |
| idem |
| GR-16-14W3 |
| 712.60 |
| 714.00 |
| 1.40 |
| 7.84 |
| idem |
| AND |
| 826.50 |
| 827.50 |
| 1.00 |
| 1.14 |
| idem |
| AND |
| 849.00 |
| 850.45 |
| 1.45 |
| 1.22 |
| idem |
| AND |
| 886.00 |
| 891.00 |
| 5.00 |
| 7.63 |
| idem |
| Including |
| 888.00 |
| 888.65 |
| 0.65 |
| 53.50 |
| idem |
| GR-21-01 |
| 191.25 |
| 195.40 |
| 4.15 |
| 1.62 |
| Infill between GR-11-362 & GR-11-393 |
| Including |
| 193.40 |
| 194.40 |
| 1.00 |
| 3.82 |
| Idem |
| AND |
| 223.90 |
| 227.05 |
| 3.15 |
| 0.81 |
| Idem |
| AND |
| 236.00 |
| 240.10 |
| 4.10 |
| 1.54 |
| Idem |
| Including |
| 236.00 |
| 237.00 |
| 1.00 |
| 4.69 |
| Idem |
| AND |
| 252.10 |
| 253.10 |
| 1.00 |
| 2.20 |
| Idem |
| AND |
| 314.75 |
| 318.22 |
| 3.47 |
| 2.32 |
| Idem |
| Including |
| 314.75 |
| 315.75 |
| 1.00 |
| 7.55 |
| Idem |
| AND |
| 341.40 |
| 342.50 |
| 1.10 |
| 4.53 |
| Idem |
| GR-21-02 |
| 361.10 |
| 364.85 |
| 3.75 |
| 2.61 |
| Idem |
| Including |
| 363.85 |
| 364.85 |
| 1.00 |
| 7.91 |
| Idem |
| GR-21-12 |
| 331.10 |
| 334.50 |
| 3.40 |
| 1.05 |
| East of Orphan Tailings |
| AND |
| 367.35 |
| 369.00 |
| 1.65 |
| 1.11 |
| Idem |
| AND |
| 379.65 |
| 382.95 |
| 3.30 |
| 1.52 |
| Idem |
| AND |
| 456.00 |
| 459.85 |
| 3.85 |
| 1.77 |
| Idem |
| Including |
| 457.45 |
| 458.70 |
| 1.25 |
| 4.68 |
| Idem |
Lengths are core length, no capping applied. Au is Goldby Fire assay, or by gravimetric finish or screen metallic method.
Table 2: DRILL HOLE LOCATION DATA –Wedges inserted at 424m depth and above
| Hole |
| UTME |
| UTMN |
| Elevation |
| Azimuth |
| Dip |
| Length (m) |
| GR-16-14W1 |
| 647516.8 |
| 5338875.7 |
| 298.96 |
| 191.5 |
| -65.5 |
| 906 |
| GR-21-01 |
| 646996.6 |
| 5338305.4 |
| 309.47 |
| 186.0 |
| -80.0 |
| 447 |
| GR-21-02 |
| 646996.6 |
| 5338305.4 |
| 309.47 |
| 196.0 |
| --65.0 |
| 429 |
| GR-21-12 |
| 646743.0 |
| 5338364.0 |
| 315.0 |
| 203 |
| -85.0 |
| 474 |
The 2021 Exploration program
The 2021 drill program is aiming to fill the gapsallowing additional mineral resources to be developed whilesimultaneously testing the continuity of the structures with the200-series holes.
In addition, holes are being drilled to verify theextension of structure and gold mineralization under the orphantailings area.
The drill program has completed 30,000 meters to dateand will be paused to give the technical team the time to evaluate andassimilate all existing data as well as to incorporate the laboratoryresults which are lagging due to ongoing delays in turnaround timesacross the industry.
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc.m ember of Québec Order of Engineers and aqualified person in accordance with National Instrument43- 101 standards.
Quality Control and ReportingProtocols
All NQ core assays reported for Wedges of 2020 holeswere obtained by either 1-kilogram screen fire assay or standard50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetricfinish at SGS Laboratory in Vancouver where sample preparation is donein Val d’Or, Québec. The 2021 assay results are from ALS laboratoryin Val d’Or. The screen assay method is selected by the geologist orgeological engineer when samples contain visible gold. The drillprogram, Quality Assurance/Quality Control (“QA/QC”) andinterpretation of results is performed by qualified persons employinga QA/QC program consistent with NI 43-101 and industry best practices.Standards and blanks are included with every 20 samples for QA/QCpurposes for this program in addition to the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the GranadaGold Property near Rouyn-Noranda, Quebec. Approximately 150,000 metersof drilling has been completed to date on the property, focused mainlyon the extended LONG Bars zone which trends 2 kilometers east-westover a potential 5.5 kilometers of mineralized structure. The highlyprolific Cadillac Break, the source of more than 75 million plusounces of gold production in the past century, cuts through the northpart of the Granada property. But is not necessarily indicative ofmineralization hosted on the company’s property.
Updated Mineral Resource
The updated resource at the Company’s Granada Goldproject in Rouyn-Noranda, Quebec was estimated by SGS Canada andoutlined in a January 29, 2021 news release. The final report wasfiled March 15, 2021 with an Effective date of December 15, 2020. The43-101 Technical Report is titled: Granada Gold Project MineralResource Estimate Update, Rouyn-Noranda, Quebec, Canada authored byYann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS CanadaInc.
Updated Mineral Resource EstimateBase Case with Details for both the Open Pit Portion and theUnderground Portion
-
1. Cut-offgrades are based on a gold price of US$1,600 per ounce, a foreignexchange rate of US$0.76 for CA$1, a gold recovery of 93%
-
2. Pitconstrained mineral resources are reported at a cut-off grade of 0.9g/t Au within a conceptual pit shell
-
3. Undergroundmineral resources are reported at a cut-off grade of 3.0 g/t Au withinreasonably mineable volumes
“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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