GGM:CC - Granada Gold Mine Announces Potential Tonnage and Grade Estimate of its Exploration Target at the Granada Deposit

(TheNewswire)

The new target has an estimatedtonnage range of 18.5 to 25 million tonnes with a gold grade range of3.8 to 5.2 grams per tonne gold and is located to the north of theexisting resource area.

Rouyn Noranda, Q.C. - TheNewswire- June 21, 2023 - GranadaGold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt: B6D) (the“Company” or “Granada”) is pleased toannounce an estimate of the potential quantity and grade of itsexploration target to the north of the resource area at its GranadaGold deposit in Quebec.

The target estimate, which is based on the results ofseveral successful deeper holes drilled to the north of the resourcearea, is calculated at between 18 and 25 million tonnes with a goldgrade range of 3.8 to 5.2 grams per tonne gold.

“We had been targeting this northern area of theGranada property for additional exploration aimed at a potentialexpansion of the resource estimate. The step-out deep hole drillresults (GR-21-14) from near the northern boundary of the propertythat we announced June 5, 2023 confirmed that the gold grades increasewith depth and proximity to the Cadillac Break located at the northernend of the property.  This has increased our confidence in thepotential of this area and we are pleased to now announce a conceptualestimated target range for the potential quantity and grade as notedabove,” stated Frank J Basa, P.Eng., President and CEO. (See newsrelease June 5, 2023 for GR-21-14 drill hole details).

The potential target exploration area extends 2.2kilometers downdip from the current resource area towards the northboundary of the property with mineralization open at depth and on aneast-west strike for 1.5 kilometers.

“While this is still early stage in our explorationand we will need to drill more holes, if we are able, through thedrill bit, to prove out this estimated conceptual exploration targetrange, it could result in a very sizeable increase in Granada’sresource estimate, potentially as much as 400%,” Mr. Basa furthercommented.

The Granada deposit’s current resource estimate (seeresource tables below) is based on a mineralized area close to thesurface and is largely suitable for open-pit mining.  However, theholes that had been drilled to the north of this resource areaindicated that the gold veins dip down towards the Cadillac Break atthe northern end of the property and based on the current data couldbe higher grade than the current resources.

The Cadillac Break, which borders the Granada MineProperty to the North, has produced many multi-million-ounce golddeposits. Mineralized material typically extendsbelow two kilometers on the Cadillac Break and can be economicallymined. Macassa Gold Mine in Ontario and the Don Laronde Gold Mine inQuebec both operate below two kilometers from surface.

Exploration Target Estimate

The exploration target potential was defined bymodeling the identified mineralized structures in drill intercepts inthe exploration target area, across vertical long sections of thehistorical mine area and to the north. The target mineralized zoneextends from the existing pit-constrained and underground resourcesarea (which is approximately 400m downdip at -50 degrees fromsurface), a further 2,200m downdip to the north, towards the CadillacBreak, to the intercepts in DDH GR-21-14.  The Target mineralizedzone has a modelled strike length of 1,500 meters east-west. Thevolume of the modeled mineralized zone uses a specific gravity of 2.75tonnes per cubic meter to determine thepotential tonnage in this one exploration target zone contemplatedwithin 3 horizons of silicified, and altered with sulfidesconglomerates along with quartz veining. As a conservative approach,only a single 3m-thick zone is used in the calculation of thepotential. The gold grade range given in the exploration target isdetermined in consideration of the drill results within the modeledexploration target area and of the latest assay intervals in holeGR-21-14 as well as existing mineral resources grades in thegeological setting at Granada.

The potential quantity and grade is conceptual innature, that there has been insufficient exploration to define amineral resource and that it is uncertain if further exploration willresult in the target being delineated as a mineral resource. Theexploration target which is conceptual in nature is  based onprevious drill results that defined the approximate length, thickness,depth, and grade of the portion of the historic resourceestimate.

Location

The Granada Gold Mine project is located nearRouyn-Noranda and adjacent to the prolific Cadillac Break shear zone,which is hosted in Pontiac metasedimentary rocks, granites, andyounger syenite sills along the Granada shear zone (LONG Bars Zone).The project is located on the same side of the Cadillac Fault as theCanadian Malartic mine property, which has historically produced 12.7million Ounces of gold from 1935 to 2010 with an additional 5 millionounces as of June 18, 2020 (Canadian Malartic Technical Report ofMarch 25, 2021 & Le Citoyen 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 Instrument 43-101standards. GoldMinds a group of professionals established in 2013,provides geological and mine engineering consulting reports, MineralResource and Mineral Reserve Estimates, NI 43-101 Technical Reports,Preliminary Economic Assessments, Pre-Feasibility and FeasibilityStudies.

Mineral Resource Estimate

On July 6th, 2022, the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please see July6, 2022, news release) with a combined total of 543,000 gold ounces ofmeasured & indicated category and 456,000 gold ounces in inferred.This estimate contains 425,000 gold ounces of combined measured,indicated in Pit resources with 24,000 gold ounces of inferred. Forthe underground 118,000 gold ounces of combined measured, indicated,with 431,000 gold ounces of inferred Please see Table 1 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 June 23rd, 2022 and report  date of August 20,2022.

Table 1: Granada Mineral ResourcesEstimates as of June 23, 2022

Table 2: Granada Pit-ConstrainedMineral Resources Estimate

Table 3: Granada Underground MineralResources Estimate

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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