GBBFF - Granada Gold Mine Engages GoldSpot Discoveries to Apply AI to Further Extend Granada Gold's Resources Along Strike

(TheNewswire)

December 1, 2021 - TheNewswire- Rouyn Noranda, Quebec - Granada Gold Mines Inc. (TSXV:GGM) (OTC:GBBFF)(Frankfurt:B6D) (“Granada” or “Granada Gold”) is pleased toannounce that it has engaged GoldSpotDiscoveries Corp. (TSXV:SPOT) (“GoldSpot”)  to apply theirproprietary machine learning technology and geoscience expertise tothe Granada Property in the Abitibi Greenstone Belt nearRouyn-Noranda, Quebec.

The Granada property has a history of mining andexploration stretching back to the 1930s when it produced 51,476 ozAu.  Over the years the property has been drilled by multiplecompanies with over 120,000m drilled and Granada Gold has drilled30,000m of an additional 120,000m to expand on the existingresource.

The existing resource at Granada has an in-pit measuredand indicated 5,113,000 tonnes at 2.06 g/t Au for 339,000 gold ouncesand an underground measured and indicated 844,000 tonnes at 4.03 g/tAu for 109,000 gold ounces, as well as 1,244,000 tonnes at 6.33 g/tfor 253,000 gold ounces inferred.

GoldSpot Discoveries will be working closely with theteam at Granada to provide Smart Targeting for their ongoing drillprogram to help expand the existing resource as well as to provideadditional exploration targets for new discoveries.  The property atGranada, including the existing open pits and the previous GranadaMine shafts, covers 1,473.77 ha over 2 km of strike length and thepotential for strike length to be extended to 5.5 km stretching to theAukeko and Austin Rouyn Mine Shafts to the east.

“We are very excited to be workingwith Granada Gold Mine Inc. on their project in the Abitibi. GoldSpot has an extensive history working in the area and we lookforward to building on our previous successes with the interesting andhighly prospective project at Granada,” c omments GoldSpot ChiefExecutive Officer, Vincent Dubé-Bourgeois. “The Granada project ison the verge of production and GoldSpot plans on helping Granadaexpand their existing resource to be able to mine well into thefuture.”

Frank J. Basa, P.Eng, President andChief Executive Officer, commented: “The Granada team is lookingforward to working with the experienced team at GoldSpot to helpmaximize shareholder value – to expand existing resources andidentify new targets.”

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, 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.

Updated Mineral Resource

The updated resource at the Company’s Granada Goldproject in Rouyn-Noranda, Quebec was estimated by SGS Canada andoutlined in a January 29, 2021 news release.  The final report was filed March 15, 2021 with an Effective date ofDecember 15, 2020. The 43-101 Technical Report is titled: Granada GoldProject Mineral Resource Estimate Update, Rouyn-Noranda, Quebec,Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo.Both of SGS Canada Inc.

Updated Mineral Resource EstimateBase Case with Details Between the Open Pit Portion and theUnderground Portion

1. Cut-off grades are based on a goldprice of US$1,600 per ounce, a foreign exchange rate of US$0.76 forCA$1, a gold recovery of 93%

2. Pit constrained mineral resourcesare reported at a cut-off grade of 0.9 g/t Au within a conceptual pitshell

3. Underground mineral resources arereported at a cut-off grade of 3.0 g/t Au within reasonably mineablevolumes

The Company is in possession of all mining permitsrequired to commence the initial mining phase, known as the “RollingStart”, which allows the company to mine up to 550 tonnes per day.Additional information is available at www.granadagoldmine.com .

“Frank J. Basa”

Frank J. Basa P. Eng.
President and Chief Executive Officer

For further information, pleasecontact:

Frank J. Basa, P. Eng., President and CEO at1-819-797-4144 or

Wayne Cheveldayoff, Corporate Communications, at416-710-2410 or 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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