GGM:CC - Granada Gold Mines Outlines Process for Converting Recovered Gold into a Market Gold Bar

(TheNewswire)

Rouyn Noranda, Q.C., July 16, 2024 – TheNewswire – Granada Gold Mine Inc.(TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the “Company” or“Granada”) is pleased to outline the processfor gold recovery using conventional crushing, screening and gravityconcentration to recover high-grade native gold and gold-bearingsulfide concentrate for further off-site processing to recover thegold into dore bars. The process will use a closed-loop water processand produce a final gold market bar and aggregate for the constructionindustry.

Having processed two 500-tonne bulk samples from theGranada Gold Mine at Temiskaming Testing Labs in Cobalt, Ontario usinga simple crush, grind, screen and gravity concentration, it waspossible to recover the over-sized native gold and the fine gold in asulfide-rich concentrate. The test work indicated that the mineralizedmaterial can be treated with a simple process flowsheet using onlywater which can be recycled for re-use.

The gold-mineralized zones consist of 9 to 21mineralized gold-bearing east-west striking structures that come tosurface and are dipping 50 degrees from horizontal to the north,stretching over a potential 5.5 km strike length. Only two of thesesurface gold-bearing structures have been mined from surface: Vein 1at 3.5 to 5 grams per tonne gold, and Vein 2 at 1.6 grams per tonnegold. The mineralized gold-bearing vein structures have the potentialto produce the 540,000 ounces of gold in the measured and indicatedcategories from a small open pit before going underground. Both veinstructures were historically mined from underground. Vein 1 was minedat 9-10 grams per tonne gold. (See details and mineral resourceestimates below.)

Due to the mineralized veins dipping at 50 degrees fromhorizontal, it was determined that using a waste to ore ratio of 8 to1 at a grade of 2 grams per tonne gold, it has the potential to bedeveloped into a gold mine.

The current study undertaken by the resourcedevelopment advisor is to determine the economics per unit cost forevery tonne of gold-bearing mineralized material taking intoconsideration the potential value of the aggregate.

Qualified person

The technical information in this news release wasreviewed and approved by Matthew Halliday, P.Geo., member of the Ordredes Géologues du Québec, who is a Qualified Person in accordancewith National Instrument 43-101.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, whichis adjacent to the prolific Cadillac Break. The Company owns 14.73square kilometers of land in a combination of mining leases andclaims. The Company is undergoing a large drillprogram with 30,000m out of 120,000m complete. The drills arecurrently paused to provide the technical team with the necessary timeto 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.

Mineral Resource Estimate

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 0.55 g/t Au for pitconstrained mineral resources within a conceptual pit shell and at abase case cut-off grade of 2.5 g/t for underground mineral resourceswithin reasonably mineable volumes, of 543,000 ounces of gold(8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measuredand Indicated category, and 456,000 ounces of gold (3,010,000 tonnesat an average grade of 4.71 g/t Au) in the Inferred category. Pleasesee Table 1 below for full details. Report reference: GranadaGold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec,Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc,P.Geo., SGS Canada Inc. dated August 20th, 2022 and with an effectivedate of June 23rd, 2022.

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

(1) The1930-1935 production was removed from these numbers (164,816 tonnes at9.7 g/t Au / 51,400 ounces Au).

(2) TheIndependent QP for this resources statement is Yann Camus, P.Eng., SGSCanada Inc.

(3) Theeffective date is June 23 rd ,2022.

(4) CIM(2014) definitions were followed for Mineral Resources.

(5) Mineralresources which are not mineral reserves do not have demonstratedeconomic viability. An Inferred Mineral Resource has a lower level ofconfidence than that applying to a Measured and Indicated MineralResource and must not be converted to a Mineral Reserve. It isreasonably expected that the majority of Inferred Mineral Resourcescould be upgraded to Indicated Mineral Resources with continuedexploration.

(6) Noeconomic evaluation of the resources has been produced.

(7) Allfigures are rounded to reflect the relative accuracy of the estimate.Totals may not add due to rounding

(8) Composites have been capped where appropriate. The 2.5 m compositeswere capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in thelow-grade volumes.

(9) Cut-offgrades are based on a gold price of US$1,700 per ounce, a foreignexchange rate of US$0.78 for CA$1, a processing gold recovery of93%.

(10) Pitconstrained mineral resources are reported at a cut-off grade of 0.55g/t Au within a conceptual pit shell

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

(12) A fixedspecific gravity value of 2.78 g/cm 3 was used to estimate the tonnage fromblock model volumes

(13) Thereare no mineral reserves on the Property.

(14) Thedeepest resources reported are at a depth of 990 m.

(15) SGS isnot aware of any known environmental, permitting, legal,title-related, taxation, socio-political, marketing or other relevantissues that could materially affect the mineral resourceestimate.

(16) Theresults from the pit optimization are used solely for the purpose oftesting the “reasonable prospects for economic extraction” by anopen pit and do not represent an attempt to estimate mineral reserves.There are no mineral reserves on the Property. The results are used asa guide to assist in the preparation of a mineral resource statementand to select an appropriate resource reporting cut-off grade.

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.

“Frank J. Basa”

Frank J. Basa, P. Eng. member of the Order ofEngineers of Ontario

Chief Executive Officer

For further information, Contact:

Frank J. Basa

Chief Executive Officer

P: 416-625-2342

Or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

Granada website:

https://granadagoldmine.com/

Social Media

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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.

Forward-looking Statement

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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