GGM:CC - Granada Gold Mine Advances with 10-Year Lease Extensions Reveals Ambitious Development Plans

(TheNewswire)

Leverages Renewed Leases for Operational and Resource Expansion, nowpositioned for production on the Cadillac Break through planned600,000-Tonne Trial Mining Over Three Years

Rouyn Noranda, Q.C. - TheNewswire- May, 22 2024 - Granada Gold Mine Inc.(TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the “Company” or“Granada”) is pleased to announce the successfulrenewal of Mining Development Lease BM813, which is now in full effectand has been extended for 10 years from September 20, 2023, toSeptember 19, 2033. This renewal, alongside the previously renewedBM852 lease, positions Granada Gold Mine to advance its strategicplans for the Granada Gold Property near Rouyn-Noranda, Quebec.

The extension of BM813, a 21.12-hectare mining lease,complements the 10-year renewal of BM852, reinforcing Granada GoldMine’s foothold on the prolific Cadillac Break. These renewalsprovide the Company with the stability and confidence to move forwardwith its operational plans, including a planned trial of 600,000tonnes from the high-grade Vein 1 area over the next threeyears.

Frank Basa, President and CEO of Granada Gold MineInc., commented on this milestone: "The renewal of both BM813 andBM852 mining leases marks a significant achievement for Granada GoldMine. This has been an exciting year as we have developed a robustbusiness case and laid the groundwork for future success. With theseleases secured, we are well-positioned to leverage our assets anddrive our project forward."

Granada Gold Mine is actively pursuing partnershipswith strategic stakeholders, including milling partners and potentialdevelopers for a new mill. The Company is committed to engaging withlocal communities, industry partners, and stakeholders to ensure thesuccessful advancement of the project.

Key highlights of the Company’s plans include:

• Trial Mining : Acomprehensive plan to conduct a trial of 600,000 tonnes from the Vein1 area over the next three years, aimed at validating the resourcepotential and optimizing extraction techniques.

• Strategic Partnerships:

  • Ongoing discussions with potential milling partners andexploration of opportunities for developing a new mill to process themined material efficiently.

  • Looking for key partners to assist in the continuedexpansion of resources and technical support for the development ofthe property.

• Community Engagement: Continuous efforts to keep the local community andshareholders informed and involved, ensuring transparency andcollaboration throughout the project’s development.

"We are committed to maintaining open lines ofcommunication with our stakeholders and keeping them apprised of ourprogress," added Frank Basa. "As we gear up to accomplishboth the milling of our rock and the expansion of our resources, weare confident that these steps will pave the way for a prosperousfuture for Granada Gold Mine."

Granada Gold Mine will continue to provide updates asnew information becomes available and milestones are achieved.

Qualified person

The technical information in this news release has beenreviewed and approved by Matthew Halliday, P.Geo., who isa member of the L’Ordre des géologues du Québec and aqualified person in accordance with the National Instrument 43-101standards.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, whichis adjacent to the prolific Cadillac Break. The Company owns 14.73square kilometers of land in a combination of mining leases andclaims. The Company is undergoing a large drillprogram with 30,000m out of 120,000m complete. The drills arecurrently paused to provide the technical team with the necessary timeto 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.

Mineral Resource Estimate

On August 20, 2022 the Company released an updated NI43-101 technical report supporting the resource estimate update forthe Granada Gold project (Please see July 6, 2022 news release)reporting that the Granada deposit contains an updated mineralresource, at a base case cut-off grade of 0.55 g/t Au for pitconstrained mineral resources within a conceptual pit shell and at abase case cut-off grade of 2.5 g/t for underground mineral resourceswithin reasonably mineable volumes, of 543,000 ounces of gold(8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measuredand Indicated category, and 456,000 ounces of gold (3,010,000 tonnesat an average grade of 4.71 g/t Au) in the Inferred category. Pleasesee Table 1 below for full details. Report reference: GranadaGold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec,Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc,P.Geo., SGS Canada Inc. dated August 20th, 2022 and with an effectivedate of June 23rd, 2022.

Table 1: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

(1) The1930-1935 production was removed from these numbers (164,816 tonnes at9.7 g/t Au / 51,400 ounces Au).

(2) TheIndependent QP for this resources statement is Yann Camus, P.Eng., SGSCanada Inc.

(3) Theeffective date is June 23 rd ,2022.

(4) CIM(2014) definitions were followed for Mineral Resources.

(5) Mineralresources which are not mineral reserves do not have demonstratedeconomic viability. An Inferred Mineral Resource has a lower level ofconfidence than that applying to a Measured and Indicated MineralResource and must not be converted to a Mineral Reserve. It isreasonably expected that the majority of Inferred Mineral Resourcescould be upgraded to Indicated Mineral Resources with continuedexploration.

(6) Noeconomic evaluation of the resources has been produced.

(7) Allfigures are rounded to reflect the relative accuracy of the estimate.Totals may not add due to rounding

(8) Composites have been capped where appropriate. The 2.5 m compositeswere capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in thelow-grade volumes.

(9) Cut-offgrades are based on a gold price of US$1,700 per ounce, a foreignexchange rate of US$0.78 for CA$1, a processing gold recovery of93%.

(10) Pitconstrained mineral resources are reported at a cut-off grade of 0.55g/t Au within a conceptual pit shell

(11) Underground mineral resources are reported at a cut-off grade of 2.5g/t Au within reasonably mineable volumes.

(12) A fixedspecific gravity value of 2.78 g/cm 3 was used to estimate the tonnage fromblock model volumes

(13) Thereare no mineral reserves on the Property.

(14) Thedeepest resources reported are at a depth of 990 m.

(15) SGS isnot aware of any known environmental, permitting, legal,title-related, taxation, socio-political, marketing or other relevantissues that could materially affect the mineral resourceestimate.

(16) Theresults from the pit optimization are used solely for the purpose oftesting the “reasonable prospects for economic extraction” by anopen pit and do not represent an attempt to estimate mineral reserves.There are no mineral reserves on the Property. The results are used asa guide to assist in the preparation of a mineral resource statementand to select an appropriate resource reporting cut-off grade.

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 1990s, 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. member of the Order ofEngineers of Ontario

Chief Executive Officer

For further information, Contact:

Frank J. Basa

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.

Copyright (c) 2024 TheNewswire - All rights reserved.