GGM:CC - Granada Gold's Ongoing Bulk Sampling Program Confirms Significantly Higher Open-Pit Grades than Drill Core Grades

(TheNewswire)

Rouyn Noranda, Q.C. - TheNewswire- March 15, 2023 - Granada Gold Mine Inc.(TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or“Granada”) is pleased to provide an update of its ongoing bulksampling program.

Ongoing Bulk Sampling ProgramHighlights :

• The first bulk sample returned a calculated gold grade of 45.6 g/ton 1,220 kilograms which was taken from a 3-meter strike length onsurface, on the historical mined Vein One (refer to January 9, 2020,news release). Historical open-pit mining produced 3.5 to 5.0 g/t goldfrom surface open-pit mining and 9.0 to 10.0 g/t gold fromunderground. The diamond drill hole GR-19-A intersected 11.45 g/t goldfrom 0 to 33 metres core length where the bulk sample was taken. Thegold-bearing sulfides were not recovered and are not part of the goldassay.

• The second bulk sample returned a calculated gold grade of 4.33g/t in 500 tonnes of mineralized material on the same location as thefirst bulk sample of which returned 45.6 g/t gold. The 4.33 g/t goldgrade did not include any native gold in the assay (refer to May20,2022, news release). The difference between the two assays ofmineralized material may be attributed to the non-inclusion of nativegold in the gold assay and dilution due to the blasting. Both sampleswere taken 400 meters east of Pit 1 on Vein One which returnedopen-pit grades between 3.5 to 5.0 g/t gold.

• The third bulk sample was blasted just next to the east of Pit 1where a bulk sample of 100,000 tonnes was previously taken out in the1990s and graded 3.5 to 5.0 g/t gold. This recent sample was blastedin the 3rd quarter last year and had not been extracted or processedat TTL. The gold grade is 1.6 g/t gold from the blasters drillcuttings.

Frank J. Basa, P.Eng., President and CEO commented, “The bulk samplegrades to date have been higher in some instances than the drillgrade. It may be that the current resource is too conservative andwould require further sampling. Historical past operators averaged 30percent more gold recovered in the mill than drill-indicated.”

Qualified person

The technical information in this news release has beenreviewed and approved by Claude Duplessis,P.Eng., GoldMinds Geoservices Inc., a member of the QuébecOrder of Engineers, and is a qualified person in accordancewith the National Instrument 43-101 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 14.73square kilometers of land in a combination of mining leases andclaims. The Company is currently undergoing a large drill program with 30,000m out of 120,000m complete.The drills 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 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.

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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