GBBFF - Granada Gold Intersects up to 7.16 G/T over 5.60m and 95.00 G/T Gold over 0.50m in Drill Program Update
(TheNewswire)
These new intercepts verify thecontinuity of gold mineralization along the main vein structure Eastof Pit #1 and support the extent of high-grade gold.
Rouyn Noranda, Q.C. - TheNewswire - September 7, 2021 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF)(Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional drill results from itson-going drill program at its Granada Gold project with multiple newassays from its 200-Series drill holes with grades of up to 7.16 g/tAu over 5.60m and 95.00 g/t Au over 0.50m.
Drilling Highlights
- The 200-Series drill holes (GR-21-05, GR-21-09,GR-21-10, and GR-21-11) were designed to determine the variability ofgold mineralization of the main vein zone within the eastern extensionof Pit #1 by drilling down the dip of the structure.
- These assay results confirm the significant extent oflocalized high-grade gold mineralization within the structure as wellas prove the continuity of the mineralization over much broaderintervals up to 263m down-dip of the main zone below Pit #1.
- Previously released results from GR-21-05 graded 3.49g/t over 30.50m (including 66.54 g/t over 0.50m (Press release June21, 2021), and 12.61 g/t over 16.50m (including 62.06 g/t over 0.50m),with new results grading 12.76 g/t over 1.00m, and 3.53 g/t over1.50m.
- GR-21-09 intersected 4.11 g/t over 3.00m, 3.24 g/tover 1.50m, 34.20 g/t over 1.40m including 95.00 g/t over0.50m.
- GR-21-10 intersected 3.73 g/t over 4.00m, 7.16 g/tover 5.60m, and 1.58 g/t over 3.25m.
- GR-21-11 intersected 2.65 g/t over 3.0m.
“The assay results in these drill holes proved thecontinuity along the main structure and confirmed the extent to depthof high-grade gold mineralization. This supports the view that ourgold grades and occurrences are continuous and have substantialthickness to the zone.” said Frank J. Basa, P.Eng., President andCEO.
The mineralized zone beneath the eastern extension ofPit #1 contains a collection of multiple veins with sulfidemineralized halos. The zone contains 3 distinctsub-parallel mineralized veins which connect with the former Pit #1 tothe west. The true thickness of thesemineralized structures varies between 2m and 11 m. The main zone of these 3 structures is what was testedwith the 200-Series drill holes.
Figure 1: Plan Map Showing Drill Hole and AssayLocations just East of Pit #1
Table 1: Sample Details
| Hole ID |
| Target Location |
| From (m) |
| To (m) |
| Length (m) |
| Au (g/t) |
| GR-21-05 |
| Main Zone Pit #1 |
| 37.5 |
| 54.00 |
| 16.50 |
| 12.61 |
| Including |
| Main Zone Pit #1 |
| 39.75 |
| 40.50 |
| 0.75 |
| 23.52 |
| Including |
| Main Zone Pit #1 |
| 43.00 |
| 43.50 |
| 0.50 |
| 62.08 |
| Including |
| Main Zone Pit #1 |
| 44.50 |
| 45.00 |
| 0.50 |
| 23.64 |
| Including |
| Main Zone Pit #1 |
| 46.50 |
| 47.00 |
| 0.50 |
| 31.26 |
| Including |
| Main Zone Pit #1 |
| 51.00 |
| 51.50 |
| 0.50 |
| 27.86 |
| GR-21-05 |
| Main Zone Pit #1 |
| 79.00 |
| 109.50 |
| 30.50 |
| 3.49 |
| Including |
| Main Zone Pit #1 |
| 109.00 |
| 109.50 |
| 0.50 |
| 66.54 |
| GR-21-05 |
| Main Zone Pit #1 |
| 188.50 |
| 189.50 |
| 1.00 |
| 12.76 |
| GR-21-05 |
| Main Zone Pit #1 |
| 261.00 |
| 262.50 |
| 1.50 |
| 3.53 |
| GR-21-09 |
| Main Zone Pit #1 |
| 21.00 |
| 24.00 |
| 3.0 |
| 4.11 |
| GR-21-09 |
| Main Zone Pit #1 |
| 87.00 |
| 88.50 |
| 1.50 |
| 3.24 |
| GR-21-09 |
| Main Zone Pit #1 |
| 115.60 |
| 117.00 |
| 1.40 |
| 34.20 |
| Including |
| Main Zone Pit #1 |
| 116.10 |
| 117.00 |
| 0.50 |
| 95.00 |
| GR-21-10 |
| Main Zone Pit #1 |
| 42.50 |
| 46.50 |
| 4.00 |
| 3.73 |
| Including |
| Main Zone Pit #1 |
| 46.00 |
| 46.50 |
| 0.50 |
| 22.80 |
| GR-21-10 |
| Main Zone Pit #1 |
| 60.00 |
| 65.60 |
| 5.60 |
| 7.16 |
| GR-21-10 |
| Main Zone Pit #1 |
| 109.00 |
| 112.25 |
| 3.25 |
| 1.58 |
| GR-21-11 |
| Main Zone Pit #1 |
| 23.50 |
| 26.05 |
| 2.55 |
| 0.78 |
The 200-Series holes were designed with an azimuth of10-30 degrees to the north attempting to drill down the veinstructures as opposed to obliquely. Normally, the drill holes areaimed southward which are designed to intersect the structures at ahigh angle, with an azimuth in the general range of 170-190 degrees.Previous intercepts into this structure have returned 6.95 g/t gold over 3.50 meters ( true thickness) in hole GR-11-380 (Pressrelease September 18, 2012), and 11.45 g/t goldover 33.00 meters in hole GR-19-A (Press Release January 9, 2020). Thegrades we see in the 200-Series drill holes validate the gradesencountered previously in other drill programs and confirm thecontinuity of the gold mineralization. It also demonstrates that thesystem is a multi-vein system (as opposed to a single discrete vein). This is why the true thickness of the goldmineralization at Granada varies significantly from small high-gradeintervals, such as 95.00 g/t over 0.50m, to even 0.31 g/t over 301m(Press Release September 18, 2012) depending on the location withinthe property and cut-off grade used for the calculation.
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
All NQ core assays reported for Wedges of 2020 holeswere obtained by either 1-kilogram screen metallic fire assay orstandard 50-gram fire assay (with either atomic absorption orgravimetric finish). This was completed at the SGS Laboratory inVancouver, British Columbia with the sample preparation completed inVal d’Or, Québec. The 2021 assay results are from ALS laboratory inVal d’Or. The screen metallic fire assay method is pre-selected bythe geologist or geological engineer when samples contain visiblegold. The drill program, quality assurance, quality control (QAQC),and interpretation of results is performed by qualified personsemploying procedures consistent with NI 43-101 and industry bestpractices. Standards and blanks are included with every 20 samples forQAQC purposes 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
| Type |
| Category |
| Tonnes |
| Avg Grade Au (g/t) |
| Gold Ounces |
| Open Pit |
| Measured |
| 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 |
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 87,311tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit #2) of 22,095 tonnes grading 3.46 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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