GBBFF - Granada Gold Intersects Significant Gold Mineralization up to 2.77 g/t Au over 8.45m and 21.50 g/t Au over 0.70m Under Orphan Tailings

(TheNewswire)

These new intercepts verify thecontinuity of mineralization under the Orphan Tailings of 1935 andconfirm extension of the mineralized structure at depth

Rouyn Noranda, Q.C. - TheNewswire- October 18, 2021 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D)(the “Company” or “Granada”) is pleasedto announce additional results from its on-going drill program at itsGranada Gold project with multiple new gold assays from its GR-21-15,GR-21-16, GR-21-17 & GR-21-18 drill holes with grades up to 21.50g/t over 0.70m, 15.15 g/t over 1.50m, and 2.77 g/t over 8.45m.

Drilling Highlights

• - The drill holes GR-21-15, GR-21-16, GR-21-17 &GR-21-18 were designed to verify if gold mineralization was presentbeneath the Orphan Tailings pond. These new assays confirm that thegold mineralization is both present and continuous at depth.

  - These results confirm the existence of localized,high-grade gold mineralization within the structure under the OrphanTailings pond as seen in GR-21-17 which graded 15.15 g/t Au over1.50m, and in GR-21-18 which graded 21.50g/t Au over 0.70m

  - It also proves the continuity of the mineralizationover broader intervals (and at depth) north of Pit #1 as seen inGR-21-16 which graded 3.16 g/t Au over 4.90m, GR-21-17 which graded 2.77g/t Au over 8.45m, and GR-21-18 which graded 1 .02g/t Au over13.80m.

  - GR-21-15 intersected

  • - 1.05g/t Au over 3.05m

    - 0.89g/t Au over 5.80m

    - 4.38 g/t Au over 1.55m

  - GR-21-16 intersected

  • - 3.16 g/t Au over 4.90m, including 11.90 g/t Au over0.70m

    - 1.15 g/t Au over 3.95m

  - GR-21-17 intersected

  • - 2.77g/t Au over 8.45m, including 15.15 g/t Au over 1.50m

    - 1.37g/t Au over 2.95m

  - GR-21- 18 intersected

  • - 0.75 g/t Au over 14.80

    - 3.42 g/t Au over 0.60m

    - 1 .02g/t Au over 13.80m, including 4.69 g/t Au over 1.45m

    - 4.70g /t Au over 3.25m, including 21.50g/t Au over 0.70m

“The assay results in these drill holes prove thecontinuity of mineralization along the main Granada central structurenorth of Pit #1 and at depth. The validation of gold existing underthe orphan tailings highlights that any rehabilitation of the orphantailings is not a restoration plan option as it would result incovering significant gold mineralization of economic grades. Again,this supports the view that our gold grades and occurrences arecontinuous, have substantial thickness to the zone, and show thepotential to increase our existing mineral resources. Moreover, itclearly shows the previous operators did not extract all thenear-surface gold in the central zone north of the pit#1 structure”said Frank J. Basa, P.Eng., President and CEO.

The historical orphan tailings amount to 52,000 tonnesfrom past mining of mineralized material grading 9 to 10 grams pertonne gold from shafts one and two. The responsibility forrehabilitation of the historical tailings belongs to the Province ofQuebec.

Two open pit bulk samples were taken in the ninetiesaround the number one mine shaft grading 3.5 to 5 grams per tonne goldto the immediate south of the orphan tailings. The previous operatorsnever expanded the number one open pit due to the proximity of theorphan tailings.  The company will make a provision to have thesetailings moved into a more secure holding area so that the mineralizedmaterial can be mined and processed.

Click Image To View Full Size

Figure 1:  Plan Map Showing Drill Hole and AssayLocations immediately North of Pit #1.

Table 1: Sample Details

Please note: Bolded intervalsrepresent assay composite calculations. Non-bolded intervals representsingle assays. G/t refers to grams per tonne. Intervals are corelength with no capping applied.

Location

The Granada Gold project is located near Rouyn-Norandaadjacent to the prolific Cadillac Break shear zone, which is hosted inPontiac metasedimentary rocks, granites, and younger syenite sillsalong the Granada shear zone (LONG Bars Zone). The project is locatedon the same side of the Cadillac Fault as the Canadian Malartic mineproperty, which has historically produced 12.7 million Ounces of goldfrom 1935 to 2010 with an additional 5 million ounces as of June 18,2020 (Canadian Malartic Technical Report of March 25, 2021 & LeCitoyen June 19, 2020).

Qualified person

The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., amember of the Québec Order of Engineers, and isa qualified person in accordance with the National Instrument43- 101 standards.

Quality Control and ReportingProtocols

The 2021 assay results are from ALS laboratory in Vald’Or. The screen metallic fire assay method is pre-selected by thegeologist or geological engineer when samples contain visible gold.The drill program, quality assurance, quality control (QAQC), andinterpretation of results is performed by qualified persons employingprocedures consistent with NI 43-101 and industry best practices.Standards and blanks are included with every 20 samples for QAQCpurposes for this program in addition to the lab QAQC.

Mineral Resource Estimate

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

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.

“Frank J. Basa”

Frank J. Basa, P. Eng.

Chief Executive Officer

For further information, Contact:

Frank J. Basa, P.Eng.

Chief Executive Officer

P: 416-625-2342

Or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.

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