GBBFF - Granada Gold Mines Continues to Intersects Gold in Multiple Veins at Depth
(TheNewswire)
July 14, 2021 – TheNewswire - RouynNoranda, Quebec - Granada Gold Mine Inc.(TSXV:GGM) (OTC:GBBFF) (the “Company” or “Granada”) is pleasedto announce additional positive results from its on-going drillprogram at Granada. This release presents available, partial resultsof diamond drill wedge holes off GR-20-21 which is under thepit-constrained mineral resource.
Highlights:
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- 5.09 g/t gold over 1.25m in GR-20-21W4 from 572.20 to 573.45m
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- Including 0.5m at 12.48 g/t Gold at572.70m
- 3.03 g/t gold over 4.75m in GR-20-21W4 from 592.25 to 597.00m
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- Including 1m at 11.6 g/t Gold at593.25m
- 3.02 g/t gold over 2m in GR-20-21W5 from 552m
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- Including 1m at 5.53 g/t Gold at552.00m
- 3.45 g/t gold over 2m in GR-20-21W5 from 628.60 to 630.60m
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- Including 1m at 6.86 g/t Gold at629.00m
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In an attempt to confirm continuity and extent of thehigh-grade intervals of hole GR-20-21 disclosed in February 2021 with862 g/t Gold at 617.4 over 0.5m. The intersections above show thatthe structure in Hole GR-20-21 is not an isolated structure. The wedgeholes have extended the mineralization to the West, East and above theoriginal intersection of the mineralized zone. The very high-gradezone within the gold structure is extensively elongated downdip withlimited lateral extent.
“These drill results continue to demonstrate thepotential of Granada. The exploration efforts have delivered somesignificant results to date, where the continuity of structures andhigh-grade gold mineralization at depth is observed withconfidence,” said Frank J Basa, P.Eng., President & CEO.
For a summary of today’s drill results, refer toTable 1
The 2021 Exploration program
The 2021 exploration drill program recently startedwith drilling of wedges and new holes under the higher-grade, open pitconstrained resources to increase the quantity and quality of themineral resources. The drilling will focus on filling the gaps toallow building of additional mineral resources in addition to theongoing testing of continuity of the structures with the 200-seriesholes.
Table 1: ASSAY RESULTS FROM BELOWPIT-CONSTRAINED MINERAL RESOURCE
| Hole ID |
| From (m) |
| To (m) |
| Length (m) |
| Gold (g/t) |
| GR-20-21W4 |
| 572.20 |
| 573.45 |
| 1.25 |
| 5.09 |
| Including |
| 572.20 |
| 572.70 |
| 0.50 |
| 12.48 |
| AND |
| 592.25 |
| 597.00 |
| 4.75 |
| 3.03 |
| Including |
| 593.25 |
| 594.25 |
| 1.00 |
| 11.60 |
| GR-20-21W5 |
| 530.75 |
| 533.75 |
| 3.00 |
| 2.31 |
| Including |
| 532.25 |
| 533.75 |
| 1.50 |
| 4.07 |
| AND |
| 552.00 |
| 554.00 |
| 2.00 |
| 3.02 |
| Including |
| 552.00 |
| 553.00 |
| 1.00 |
| 5.53 |
| AND |
| 628.60 |
| 630.60 |
| 2.00 |
| 3.45 |
| Including |
| 629.60 |
| 630.60 |
| 1.00 |
| 6.86 |
Lengths are core length and are close to true widths,no capping applied. Au is Gold by Fire assay, or by gravimetric finishor screen metallic method.
Important note:
Wedge #3 GR-20-21W3, #4, #5, #6, #7 complete assayresults pending. The table above presents partial results received.
Table 2 presents the characteristics of the drill holesof this release
Table 2: DRILL HOLE LOCATION DATA –Wedges inserted at 424m depth and above
| Hole |
| UTME |
| UTMN |
| Elevation |
| Azimuth |
| Dip |
| Length (m) |
| GR-20-21 |
| 647335.7 |
| 5338656.3 |
| 302.05 |
| 197.6 |
| -65.0 |
| 761 |
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc.m ember of Québec Order of Engineers and aqualified person in accordance with National Instrument43- 101 standards.
Quality Control and ReportingProtocols
All NQ core assays reported were obtained by either1-kilogram screen fire assay or standard 50-gram fire-assaying-AA(Atomic Absorption) finish or gravimetric finish at SGS Laboratory inVancouver where sample preparation is done in Val d’Or, Québec. Thescreen assay method is selected by the geologist or geologicalengineer when samples contain visible gold. The drill program, QualityAssurance/Quality Control (“QA/QC”) and interpretation of resultsis performed by qualified persons employing a QA/QC program consistentwith NI 43-101 and industry best practices. Standards and blanks areincluded with every 20 samples for QA/QC purposes for this program inaddition to the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the GranadaGold Property near Rouyn-Noranda, Quebec. Approximately 140,000 metersof drilling has been completed to date on the property, focused mainlyon the extended LONG Bars zone which trends 2 kilometers east-westover a potential 5.5 kilometers of mineralized structure. The highlyprolific Cadillac Break, the source of more than 75 million plusounces of gold production in the past century, cuts through the northpart of the Granada property. But is not necessarily indicative ofmineralization hosted on the company’s property.
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 wasfiled March 15, 2021 with an Effective date of December 15, 2020. The43-101 Technical Report is titled: Granada Gold Project MineralResource Estimate Update, Rouyn-Noranda, Quebec, Canada authored byYann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS CanadaInc.
Updated Mineral Resource EstimateBase Case with Details for both the Open Pit Portion and theUnderground Portion
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1. Cut-offgrades are based on a gold price of US$1,600 per ounce, a foreignexchange rate of US$0.76 for CA$1, a gold recovery of 93%
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2. Pitconstrained mineral resources are reported at a cut-off grade of 0.9g/t Au within a conceptual pit shell
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3. Undergroundmineral resources are reported at a cut-off grade of 3.0 g/t Au withinreasonably mineable volumes
“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 at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore, involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements.
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