GGM - Granada Gold Mine Intersects Five High-Grade Gold Zones Below 1200 Meters on the Step-Out Deep Hole
(TheNewswire)
The new intercepts verify theextension of gold mineralization at depth and confirm the potential ofsignificant resource increase as a result of the extension of themultiple mineralized structures
Rouyn Noranda, QC - TheNewswire - June 5, 2023 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the“ Company ” or “ Granada ”) is pleasedto announce additional results from its Granada Gold Mine project withmultiple new gold assays from its GR-21-14 deep hole. The hole,drilled to a total length of 2004 meters, intersects multiplehigh-grade gold zones.
Step-Out Deep Drill HoleHighlights:
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from 1209.8 meters down hole, 12.7 grams per tonne goldover 1.5 meters (duplicate #1: 13.47 grams per tonne, duplicate #2:10.82 grams per tonne gold).
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from 1239.9 meters down hole, 4.6 grams per tonne goldover 1.0 meters (duplicate #1: 5.01 grams per tonne gold, duplicate#2: 8.03 grams per tonne gold).
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from 1267.9 meters down hole, 5.5 grams per tonne goldover 0.8 meters (duplicate #1: 4.14 grams per tonne gold).
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from 1326.5 meters down hole, 2.41 grams per tonne goldover 0.75 meters.
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from 1835.8 meters down hole, 6.42 grams per tonne goldover 0.6 meters.
“ The step-outdeep hole on the north edge of the Granada Mine property was ahigh-risk drill target that confirmed gold grades increase with depthand proximity to the Cadillac Break which is the source of manymulti-million-ounce gold deposits,” commented Frank J. Basa, P.Eng.,CEO.
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.
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 Instrument43- 101 standards.
Quality Control and ReportingProtocols
The 2023 assay results are from TTL in Cobalt, Ontario.The screen metallic fire assay method is pre-selected by the geologistor geological engineer when samples contain visible gold. The drillprogram, quality assurance, quality control (QAQC), and interpretationof results is performed by qualified persons employing proceduresconsistent with NI 43-101 and industry best practices. Standards andblanks are included with every 20 samples for QAQC purposes for thisprogram in addition to the lab QAQC.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please seeJanuary 29, 2021 news release) with a combined total of 713,000 goldounces of measured, indicated, and inferred. This estimate contains351,000 gold ounces of combined measured, indicated, and inferred forthe open pit and 362,000 gold ounces of combined measured, indicated,and inferred for the underground. Please see Table 2 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 December 15, 2020 and signature date of March 15,2021.
Table 2: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces
| Type |
| Category |
| Tonnes |
| Avg Grade Au (g/t) |
| Gold Ounces |
| Open Pit |
| Measured |
| 3,756,000 |
| 1.89 |
| 228,000 |
| Indicated |
| 1,357,000 |
| 2.55 |
| 111,000 |
| Measured + Indicated |
| 5,113,000 |
| 2.06 |
| 339,000 |
| Inferred |
| 34,000 |
| 11.29 |
| 12,000 |
| Underground |
| Measured |
| 37,000 |
| 4.22 |
| 5,000 |
| Indicated |
| 807,000 |
| 4.02 |
| 104,000 |
| Measured + Indicated |
| 844,000 |
| 4.03 |
| 109,000 |
| Inferred |
| 1,244,000 |
| 6.33 |
| 253,000 |
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 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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