GGM:CC - GRANADA GOLD Reports Inferred Rubidium Mineral Resources of 5.3 Million Tonnes at 295 PPM

(TheNewswire)

July 15, 2022 – TheNewswire - Rouyn-Noranda, Quebec, Granada Gold Mine Inc. (TSXV:GGM) (the “Company” or “Granada”) is pleased to provide the first rubidium mineral resourceestimate at the Granada property, which is a past-producer ofhigh-grade gold adjacent to the prolific Cadillac Break nearRouyn-Noranda in the Abitibi region and close to several gold depositsand operating mines in northwestern Quebec.

The estimate is based on the mineralization in onedrill hole out of the three holes that unexpectedly intersected adeposit of rubidium mineralization above the downward-trending goldveins on the northern edge of the Big Claim at the Granada property.(News releases March 23, March 30, May 12, and June 30, 2021.)

The rubidium estimate is in addition to the recentlyannounced increase in gold mineral resources at Granada based on30,000 meters of drilling since the last estimate. Measured andindicated mineral resources increased by 21 percent to 543,000 oz Auand inferred mineral resources by 71 percent to 456,000 oz Au. (Seetable below and news release July 6, 2022).

Granada President and CEO Frank J. Basa , P.Eng., states: “With the first inferred rubidiumresource and the successful leaching of the rubidium using the Re-2Oxprocess, and the global demand for EV metals the potential exists fora significant revised economic evaluation of the Granada Gold Mineproperty if rubidium is recovered as a byproduct of the gold miningprocess.”

Rubidium Highlights:

• Inferred underground mineral resources estimated at5,300,000 tonnes grading 295 grams/tonne rubidium, containing 1,600tonnes rubidium.

• The inferred mineral resource was estimated using onezone of 21 zones of rubidium mineralization in one 1.6-kilometer-deepdrill hole. A second drill hole, which was collared 1.6 kilometersaway on strike and which also intercepted rubidium mineralization overmultiple zones, was not used in the resource estimation. The inferredresource was estimated in a 185-meter zone around the drillhole.

• Metallurgical tests conducted on drill core at SGSLakefield facilities were positive and prove the rubidium can berecovered at a high recovery of 99 percent (news 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 rubidiumresource is the equivalent of 690,000 ounces gold (at 0.75 US$/g Rb)and 1,280,000 ounces gold (at 1.4 US$/g Rb) using a 1710.4 US$/oz Aufor the 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 atonne at different grades with different price in situ valuesensitivity

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.

About Rubidium in EVbatteries:

Rubidium salts are commonly used in EV lithium-ionbatteries and, more recently, in sodium-ion batteryelectrolytes . Sodium-ion batteries use low-cost,and benign metals. Sodium is significantly more abundant than lithium,so it is possible to produce a larger quantity of EV batteries at alower cost. Sodium-ion cells would not require costly factoryredesigns to be put into production because it would use existingtechnology. Sodium-ion battery anodes are carbon based, similar tolithium-ion batteries.

Chinese battery manufacturerCATL supplies Li-ion batteries for automanufacturers including Tesla and produces 30 percent of globalbattery needs. CATL states that “Sodium-ion batteries, could offergreater fast-charging performance than current Li-ion cells , along with lifecycle and safetyperformance that matches or exceeds that of our own LFP-based lithiumbatteries.” CATL also points to “sodium-ion’s impressivelow-temperature performance where the chemistry sees less capacity andperformance fading than lithium-ion, which is known to struggle incold climates.” CATL has begun small-scale commercial deployment ofsodium-ion batteries in July 2021 and plans to ramp up the sodium-ionsupply chain through to 2023. The main attraction of sodium-ionbatteries is sustainability ( CATL news July 29, 2021 ).

Qualified person :

The technical information in this news release has beenprepared by Yann Camus, P.Eng., independent qualified person of SGSand was reviewed by Claude Duplessis, P.Eng., GoldMinds GeoservicesInc. member of Québec Order of Engineers and a qualified person inaccordance with National Instrument 43-101 standards.

About Granada Gold Mine Inc.:

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property adjacent to the prolific CadillacBreak near Rouyn-Noranda, Quebec. The Companyowns 14.73 square kilometers of land in a combination of mining leasesand claims and to date Granada has conducted 150,000m of drilling onthe property. The Company recently completed 30,000m of a planned120,000m drill program aimed at expanding the size of the deposit. Thedrills are currently paused to provide the technical team with thenecessary 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 (g/t)gold from two shafts down to 236m and 498m with open pit grades from3.5 to 5 g/t 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.

On July 6, 2022, the Company released an updated NI43-101 mineral resource estimate for the Granada Gold project (seeJuly 6, 2022 news release). The Resource Update is currently being completed by SGS and is expected to bedelivered and filed on SEDAR by Granada within 45 days of the July 6,2022 news release.

See details in tables below.

Granada Pit-Constrained MineralResources Estimate

Granada Underground Mineral ResourcesEstimate

The Company is in possession of all mining permitsrequired to commence the initial mining phase, known as the “RollingStart”, which allows the company to mine up to 550 tonnes per day.Additional information is available at www.granadagoldmine.com .

“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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