GGM:CC - GRANADA GOLD MINE Prepares for Extraction of 500-Tonne Bulk Sample on Extension of High-Grade Zone

(TheNewswire)

Rouyn Noranda, Q.C. - TheNewswire- September 7, 2022 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or“Granada”) is pleased to announce that ithas completed   stripping of overburden and outcrop cleaning onmining lease BM 813 as part of its ongoing work to assess the grade onthe structure East of former open pit #1 which was mined at a grade of3.5 to 5.0 grams per tonne gold.

Based on high-grade drill results, both down-dip withinthe structure and across the structure (see Press Release September 7,2021 for detailed assay results), the Company outlined the zone forthe recovery of a 500-tonne bulk sample of mineralized material onmining lease BM 813 in September 2022.

This work should enable extraction and sampling of themineralized structures which links to the structure on the mininglease BM 852 where a previous bulk sample was taken 250m to the East(see Press Release June 16, 2021) and returned a grade 4.33 grams pertonne gold. The Company is targeting  500,000 ounces ofpit-constrained resource (presently 425,000 ounces of gold M+I) withan average open pit grade of 2 grams per tonne gold.

The just-completed stripping of the area is now free ofoverburden. The final cleaning of the surface with a smaller excavatoris also now completed. A geological team has been mobilized to conductdetailed surface mapping and identify the area for bulk sample.

Granada President and CEO Frank J. Basa, P.Eng.,states: “The Company is working on multiple fronts to enabledevelopment of the Granada Gold Mine which was a former high-gradeunderground and open pit mine operation.  Historically, the propertyhas had two operating mills on the property and we may consider thebuilding of an on-site mill for processing the mineralizedmaterial.”

Location

The Granada Gold project is located in an establishedmining district 5 km south of Rouyn-Noranda adjacent to the prolificCadillac Break shear zone, which is hosted in Pontiac metasedimentaryrocks, granites, and younger syenite sills along the Granada shearzone (LONG Bars Zone). The project is located on the same side of theCadillac Fault as the Canadian Malartic mine property, which hashistorically produced 12.7 million Ounces of gold from 1935 to 2010with an additional 5 million ounces as of June 18, 2020 (CanadianMalartic Technical Report of March 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.

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 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.

Mineral Resource Estimates – Goldand Rubidium

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 0.55g/t Au for pit constrained mineral resources within a conceptual pitshell and at a base case cut-off grade of 2.5 g/t for undergroundmineral resources within reasonably mineable volumes, of 543,000ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au)in the Measured and Indicated category, and 456,000 ounces of gold(3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferredcategory. 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. dated August20th, 2022 and with an effective date of June 23rd, 2022.

Table 1: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

1. 1. The 1930-1935 production was removed fromthese numbers (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).

   2. The Independent QP for this resourcesstatement is Yann Camus, P.Eng., SGS Canada Inc.

   3. The effective date is June 23 rd , 2022.

   4. CIM (2014) definitions were followed forMineral Resources.

   5. Mineral resources which are not mineralreserves do not have demonstrated economic viability. An InferredMineral Resource has a lower level of confidence than that applying toa Measured and Indicated Mineral Resource and must not be converted toa Mineral Reserve. It is reasonably expected that the majority ofInferred Mineral Resources could be upgraded to Indicated MineralResources with continued exploration.

   6. No economic evaluation of the resourceshas been produced.

   7. All figures are rounded to reflect therelative accuracy of the estimate. Totals may not add due to rounding

   8. Composites have been capped whereappropriate. The 2.5 m composites were capped at 21 g/t Au in the thinrich veins and at 7 g/t Au in the low-grade volumes.

   9. Cut-off grades are based on a gold priceof US$1,700 per ounce, a foreign exchange rate of US$0.78 for CA$1, aprocessing gold recovery of 93%.

   10. Pit constrained mineral resources arereported at a cut-off grade of 0.55 g/t Au within a conceptual pitshell

   11. Underground mineral resources are reportedat a cut-off grade of 2.5 g/t Au within reasonably mineable volumes.

   12. A fixed specific gravity value of 2.78g/cm was used to estimate thetonnage from block model volumes

   13. There are no mineral reserves on theProperty.

   14. The deepest resources reported are at adepth of 990 m.

   15. SGS is not aware of any knownenvironmental, permitting, legal, title-related, taxation,socio-political, marketing or other relevant issues that couldmaterially affect the mineral resource estimate.

   16. The results from the pit optimization areused solely for the purpose of testing the “reasonable prospects foreconomic extraction” by an open pit and do not represent an attemptto estimate mineral reserves. There are no mineral reserves on theProperty. The results are used as a guide to assist in the preparationof a mineral resource statement and to select an appropriate resourcereporting cut-off grade.

The Company has also recently released a ResourceEstimate for Rubidium (Press Release July 15, 2022). The Inferred underground mineral resources areestimated at 5,300,000 tonnes grading 295 grams/tonne rubidium,containing 1,600 tonnes rubidium.  The inferred mineral resource wasestimated using one zone of 21 zones of rubidium mineralization in one1.6-kilometer-deep drill hole. A second drill hole, which was collared1.6 kilometers away on strike and which also intercepted rubidiummineralization over multiple zones, was not used in the resourceestimation. The inferred resource was estimated in a 185-meter zonearound the drill hole.

Metallurgical tests conducted on drill core at SGSLakefield facilities were positive and prove the rubidium can berecovered at a high recovery of 99 percent (Press Release January 11,2022.) This result allowed the disclosure of the first (maiden)mineral resource estimate for rubidium reported herein. The potential In-Situ value of the inferred rubidium resourceis the equivalent of 690,000 ounces gold (at 0.75 US$/g Rb) and1,280,000 ounces gold (at 1.4 US$/g Rb) using a 1710.4 US$/oz Au forthe comparison.

Rubidium Inferred Resource atdifferent cut-off grades

(1) The base case for the rubidium resource is at a 170g/t Rb cut-off grade.

(2) The Independent QP for this resources statement isYann Camus, P.Eng., SGS Canada Inc.

(3) The effective date is June 23rd, 2022.

(4) CIM (2014) definitions were followed for MineralResources.

(5) Mineral resources which are not mineral reserves donot have demonstrated economic viability. An Inferred Mineral Resourcehas a lower level of confidence than that applying to a Measured andIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of InferredMineral Resources could be upgraded to Indicated Mineral Resourceswith continued exploration.

(6) No economic evaluation of the resources has beenproduced.

(7) All figures are rounded to reflect the relativeaccuracy of the estimate. Totals may not add due to rounding

(8) Cut-off grades are based on a rubidium value ofUS$0.75 per gram

(9) The resources are reported as a potential forunderground operation.

(10) A fixed specific gravity value of 2.78 g/cm3 wasused to estimate the tonnage from block model volumes

(11) There are no mineral reserves on theProperty.

(12) The deepest resources reported are at a depth of1100 m at a 170 g/t Rb grade and 1550 m at a 100 g/t Rb grade.

(13) SGS is not aware of any known environmental,permitting, legal, title-related, taxation, socio-political, marketingor other relevant issues that could materially affect the mineralresource estimate.

Table of in-situ values for different grades ofrubidium.

+ The value of 10 grams of rubidium carbonate is 5.68US Dollars (USGS 2021)

+ Given Stoichiometry, the valueof 1g of Rubidium is 1.3214 x 0.568 = 0.75 US Dollars (scenario 1)

+ Another price found 1 gram of rubidium carbonate 1.05US Dollars (InternationalLithium.com)

+ 1gram of Rubidium is 1.3214 x 1.05 = 1.39 US Dollars (scenario 2)

+ Value of a tonne at differentgrades with different price in situ value sensitivity

Limited analysis for rubidium mineralization wasundertaken as it was an unexpected discovery. The Company has analyzed2 holes in the Big Claim and one in the mining Lease BM 813 which allshow rubidium mineralization of interest over an extensive surfacearea. A more extensive assaying program is to be put in place with thesampling of historic holes.

“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 those statements. General businessconditions are factors that could cause actual results to varymaterially from forward-looking statements.

Copyright (c) 2022 TheNewswire - All rights reserved.