GBBFF - Granada Reports Annual General and Special Meeting Results
(TheNewswire)
TheNewswire - July 17, 2023 - Granada Gold Mine Inc. (TSX.V:GGM) (“ Granada Gold ” orthe “ Company ”) announces that the 2023 AnnualGeneral and Special Meeting was held today, Monday July 17, 2023 andis pleased to report that all resolutions were approved with over99.45% voting in favour in all categories. Resolutions passed arelisted below.
1. The following individuals were re-elected Directorsof the Company: Frank J. Basa, Matthew Halliday and DianneTookenay
2. McGovern, Hurley, Cunningham,Chartered Accountants , were re-appointed asCompany auditors.
3. Adoption of the Company’s 10% rolling share optionplan was ratified and approved.
4. The creation of a Series of Class A Preferred Shareswas approved.
5. The creation of a Series of Class B Preferred Shareswas approved.
The Board of Directors appointed the following officersof the Company for the ensuing year:
Frank J. Basa: President & CEO
Remantra Sheopaul: Chief Financial Officer
Tina Whyte: Corporate Secretary
Frank J. Basa, Dianne Tookenay and Matthew Hallidaywere appointed members of the Audit Committee for the upcoming year.
Mineral Resource Estimate
On July 6th, 2022, the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please see July6, 2022, news release) with a combined total of 543,000 gold ounces ofmeasured & indicated category and 456,000 gold ounces in inferred.This estimate contains 425,000 gold ounces of combined measured,indicated in Pit resources with 24,000 gold ounces of inferred. Forthe underground 118,000 gold ounces of combined measured, indicated,with 431,000 gold ounces of inferred Please see Table 1 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 June 23rd, 2022 and report date of August 20,2022.
Table 1: Granada Mineral ResourcesEstimates as of June 23, 2022
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 0.55 / 2.5 |
| Measured 1 |
| InPit+UG |
| 4,900,000 |
| 1.70 |
| 269,000 |
| Indicated |
| InPit+UG |
| 3,320,000 |
| 2.57 |
| 274,000 |
| Measured+Indicated |
| InPit+UG |
| 8,220,000 |
| 2.05 |
| 543,000 |
| Inferred |
| InPit+UG |
| 3,010,000 |
| 4.71 |
| 456,000 |
Table 2: Granada Pit-ConstrainedMineral Resources Estimate
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 0.55 |
| Measured 1 |
| InPit |
| 4,840,000 |
| 1.68 |
| 261,000 |
| Indicated |
| InPit |
| 2,440,000 |
| 2.09 |
| 164,000 |
| Measured+Indicated |
| InPit |
| 7,280,000 |
| 1.81 |
| 425,000 |
| Inferred |
| InPit |
| 420,000 |
| 1.78 |
| 24,000 |
Table 3: Granada Underground MineralResources Estimate
| Resource Report |
| CutOff |
| Classification |
| Type |
| Tonnes |
| Au (g/t) |
| Gold Ounces |
| 2.5 |
| Measured |
| UG |
| 60,000 |
| 3.84 |
| 8,000 |
| Indicated |
| UG |
| 870,000 |
| 3.93 |
| 110,000 |
| Measured+Indicated |
| UG |
| 940,000 |
| 3.92 |
| 118,000 |
| Inferred |
| UG |
| 2,590,000 |
| 5.19 |
| 431,000 |
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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