GBBFF - Granada Gold Mine Releases 2022 Outlook and 2021 Summary

(TheNewswire)

Rouyn Noranda, Q.C. - TheNewswire- February 1, 2022 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D)(the “Company” or “Granada”) is pleasedto present the outlook for 2022 and a review of 2021 operations.

“The discovery of rubidium at Granada is veryencouraging. It will potentially affect the economics of the depositby adding a by-product that is in demand. Adding rubidium salts to theelectrolyte within lithium-ion batteries increases battery performance- which is critical for the EV market. Not only that, but rubidium hasalready been successfully leached using the Re-2Ox process. Inaddition to the rubidium discovery, we’ve intercepted some excellentgold results that highlight just how incredible this deposit is,”stated Frank J. Basa, P.Eng., President, and CEO.

Drilling Summary

The Company drilled a total of 30,000 meters in 2021 atits flagship Granada Mine in Rouyn-Noranda, Quebec during its infilldiamond drill program to expand the existing open pit and undergroundresource. An updated resource estimate is planned by the end of Q12022. During this exploration program, a potentially large, low-grade,rare earth and alkaline metal structure was also identified.

Granada Gold Mine Project

2022 Outlook

• Exploration

• • Continue with infill drill program, including deepertargets on the ‘Big Claim’ near the Cadillac Break

  • GoldSpot AI drill target review

• Engineering Development

• • Continue with bulk sample extraction from mining leaseBM 813.

  • Finish processing the bulk sample taken from mininglease BM 852 that is currently in progress at Temiskaming TestingLaboratories (TTL) in Cobalt, Ontario.

  • Update the gold resource for underground and surface bySGS in first quarter of 2022.

  • Finalize mineral resource estimate for Rubidium by SGSin the first quarter of 2022.

  • Update historic prefeasibility study (PFS) forhigh-grade rolling start.

  • Carry on with environmental studies using SGS toamendment existing Certificate of Authorization for on-site millingfacilities.

2021 Year In Review

• Exploration

• • Completed 30,000 meters of infill and deep diamonddrilling.

  • Drilled within structures to validate gold gradecontinuity in structures close to surface.

  • Discovered significant Rubidiummineralization over a potential strike length of1.6 kilometers.

  • Hired GoldSpot AI to assist in targeting the Easternextension of the Granada Gold Mine property for goldmineralization.

• Engineering Development

• • Excavated overburden and sorted historic muck on mininglease BM 813 in preparation for bulk sample in 2022.

  • Contracted SGS to complete additional metallurgical andenvironmental testing in order to amend our current permits to allow apotential mill on site.

  • Started processing a bulk sample from mining lease BM852 at TTL.

  • Successful leach test at SGS in Lakefield using Re-2Oxprocess leaching 99% of Rubidium.

Company Core Values and Initiatives

1. 1) Sustainable Development

Granada Gold Mine has a 1,400-hectare fully permitted for shipping,former gold-producing property in Quebec. We are a small, dynamic teamthat achieves progress and strives for success without compromisingeconomic, social, or environmental integrity. We aim to meet thedemands of today without compromising the needs of tomorrow.

1. 2) Health &Safety

Safety is our top priority at Granada Gold Mine. With the COVID-19pandemic still ongoing, we continue to enforce strict safety protocolsto keep our staff safe during these trying times. Health and Safety isnot solely a workplace topic, we believe that it is a mindset thatdefines a culture and allows our staff to return home safe at the endof the day.

1. 3) Environment

We, at Granada Gold Mine, hold environmental responsibility in thehighest regard. The Company aims to reduce our environmental impactand footprint as much as possible for the benefit of futuregenerations. We are actively followingthrough on our environmental obligations.

1. 4) Community

The company has continually worked with local stakeholders and First Nations communities. TheCompany engages in meaningful involvement and participation in localactivities and uses locally sourced goods and services whereverpossible.

1. 5) WorkCulture

AtGranada Gold Mine, we set out to achieve a work culture that makes ourstaff feel safe, valued, and engaged. We believe that our employeesare critical to company success and will act as the foundation for ourfuture growth. We encourage respect between peers, trust inleadership, and opportunities for professional development. We strivefor success in all things through collaboration and hard work.

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.

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

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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