GGM:CC - Granada Gold Mine Defines Priority Drill Targets

(TheNewswire)

The Piché Structural Complex contactwith footwall mineralization is a strategic drilling location near thenorth end of the Granada Gold Mine Property

Rouyn Noranda, Q.C., May 1, 2024 – TheNewswire – Granada Gold Mine Inc. (TSXV: GGM)(OTC: GBBFF) (Frankfurt: B6D) (the “Company” or “Granada”) isprogressing with its drill program, which aims to resume a120,000-meter campaign. To date, the company has completed 18,000meters of deep drilling, primarily focused on defining high-gradestructures at depth. The drill program confirmed thepresence of multiple mineralized structures trending down dip to thenorth at 50 degrees for a measured down dip length of 1,920 meters.Mineralization is open to depth.  To date the drill program hasintercepted multiple high-grade structures to a vertical depth of 1922meters, confirming the extension of the high-grade open pit resourceof 543,000 ounces of gold at 2 grams per tonne gold in the measuredand indicated categories. (See the About Granada section of this newsrelease.)

One of the key targets of this program is the Pich é group, situated within silicified and brecciated,fuchsitic carbonate-altered rocks (altered ultramafic rocks). Thedrilling is recommended to test the continuity of mineralizationaround a diabase dyke that intersects the structure. The Pich é group is an interesting gold-bearing unit and hasseen successful targeting north of the Granada property.

CEO Frank Basa expressed his enthusiasm, stating, "The proximityof the historic Astoria Mine to our Granada project presents anexciting opportunity for Granada Gold Mine. The historical miningactivity and recent exploration efforts underscore the immensepotential of the region. We believe that leveraging the insightsgained from Astoria mine drilling results will further enhance ourexploration strategy and unlock additional value for shareholders. ThePich é group has the potential to interact withthe footwall to produce a high-grade treasure box of mineralization inthe area.”

Located due north of Granada Gold Mine's Granada project, the AstoriaMine site has a historic 515-meter-deep shaft and 5 kilometers oflateral workings, indicating substantial historical mining activity inthe area. Between 1990 and 1995, Astoria yielded results with arecovered grade of 5.32 grams per tonne (gpt) gold from a total of163,122 tonnes of material. This historical production underscores therich mineralization potential within the region.

(Source: https://www.yorbeauresources.com/en/projects/rouyn/ )

In 2016-2017, extensive drilling activities were conducted, totaling24,149 meters, with a primary focus on Astoria and Lac Gambledeposits. The objective was to identify high-grade shoots at depthwithin the broad mineralized gold corridor represented by the PichéGroup, extending across the region. Key intercepts at Astoria include5.4 gpt gold over 30.1 meters, including 23.7 gpt over 4.1 meters,highlighting the presence of significant gold mineralization withinthe area. The interpretation suggests the potential merging of thefootwall and lower Pich é zones, potentiallyleading to significantly wider mineralized zones. (Primary Source: https://www.yorbeauresources.com/en/projects/rouyn/ Secondary Source: Yorbeau News Release Sept19 th 2017. )

Granada Gold Mine remains steadfast in its mission to deliver value tostakeholders while upholding the highest standards of environmentalresponsibility and community engagement. With these recentadvancements, the company is poised to unlock new opportunities forgrowth and prosperity.

Qualified person

The technical information in this news release has beenreviewed and approved by Claude Duplessis,P.Eng., GoldMinds Geoservices Inc., who isa member of the Québec Order of Engineers and a qualifiedperson 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. The Companydoes not undertake to update any forward-looking information in thisnews release or other communications unless required by law.

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