GGM:CC - Granada Gold Mine Announces Preliminary Open Pit In-Ground Values for Gold and Aggregate
(TheNewswire)
Rouyn Noranda, Q.C., - TheNewswire - July 23, 2024 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF)(Frankfurt: B6D) (the “Company” or “Granada”) is pleased to announce an estimate of the potentialin-ground values at its Granada Gold deposit in Quebec for both goldand aggregate.
Highlights of Potential in-GroundValues:
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Value per tonne of gold-mineralized material at a gradeof 2 grams per tonne gold is $211.30 Canadian dollars. Value of onetonne of gravel classed as 0 inches to 0.75 inches is $36.00 Canadiandollars.
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Ratio of Gold-mineralized material to waste rock is 1to 8.
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Potential in-ground value combined is $499.30 Canadiandollars for each 9 tonnes material mined: $211.30 for one tonnegold-mineralized material plus $288.00 for 8 tonnes of waste rock.
The current valuation indicates the waste rock valueexceeds the recovered gold value. This valuation does not take themining and processing costs into consideration. It does indicate thatwaste rock values should be considered for project evaluation as itmay potentially significantly lower the unit cost per ounce of goldmined.
Regarding the aforementioned value of waste rock, theCompany is committed to the re-use and repurposing for the use asaggregate. On the Granada Gold mine site, this has included the use ofhistorical waste rock for the construction materials of roads, and theplacement of oversized waste rock to limit shoreline erosion which isplanned to continue with a sub-contractor managing the Ministry ofEnvironment permitted program. A resource development advisor has beencontracted to continuously improve the utilization of waste rock.
Historical gold mining companies use less than 0.1percent by weight of the mined mineralized material and waste rock,with 99 percent by weight left on surface as tailings in long-termstorage ponds and waste rock stock piles. The current program that isoutlined has been the cornerstone of the Company’s resourcedevelopment program and has been implemented at the Granada Gold Minesite and has been in effect for 10 years.
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 wasreviewed and approved by Matthew Halliday, P.Geo., member of the Ordredes Géologues du Québec, who is a Qualified Person in accordancewith National Instrument 43-101.
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 and 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, andIndicated, with 431,000 gold ounces of Inferred (please see Table 1below for full details). Report reference: Granada Gold ProjectMineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canadaauthored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGSCanada Inc. with an effective date of June 23rd, 2022 and report dateof August 20th, 2022.
Table 1: Granada Mineral ResourcesEstimates as of June 23, 2022
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 0.55 / 2.50 |
| Measured |
| InPit+UG |
| 4,900,000 |
| 1.70 |
| 269,000 |
| Indicated |
| InPit+UG |
| 3,320,000 |
| 2.57 |
| 274,000 |
| Measured+Indicated |
| InPit+UG |
| 8,220,000 |
| 2.05 |
| 543,000 |
| Inferred |
| InPit+UG |
| 3,010,000 |
| 4.71 |
| 456,000 |
Table 2: Granada Pit-ConstrainedMineral Resources Estimate
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 0.55 |
| Measured |
| InPit |
| 4,840,000 |
| 1.68 |
| 261,000 |
| Indicated |
| InPit |
| 2,440,000 |
| 2.09 |
| 164,000 |
| Measured+Indicated |
| InPit |
| 7,280,000 |
| 1.81 |
| 425,000 |
| Inferred |
| InPit |
| 420,000 |
| 1.78 |
| 24,000 |
Table 3: Granada Underground MineralResources Estimate
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 2.50 |
| Measured |
| UG |
| 60,000 |
| 3.84 |
| 8,000 |
| Indicated |
| UG |
| 870,000 |
| 3.93 |
| 110,000 |
| Measured+Indicated |
| UG |
| 940,000 |
| 3.92 |
| 118,000 |
| Inferred |
| UG |
| 2,590,000 |
| 5.19 |
| 431,000 |
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 22 mineralized structures trendingeast-west over five and a half kilometers. Three of these structureswere mined historically from four shafts and three open pits. Historical underground grades were 8 to 10grams per tonne gold from two shafts down to 236 m and 498 m with openpit grades from 3.5 to 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
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng. Professional EngineersOntario.
Chief Executive Officer
P: (+1) 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: (+1) 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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