GGM:CC - Massive Critical Metals 177-meter-wide Mineralized zone Unveiled During Granada Gold Mine's Last Deep-Hole Gold Drill Program

(TheNewswire)

Although low grade, there is possibleeconomic potential for extraction as a by-product with the preciousmetals

Rouyn Noranda, Q.C., May 8, 2024 - Granada GoldMine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the “Company”or “Granada”) is thrilled to announce a groundbreaking discoveryof critical metals during its recent deep-hole gold drill program. Thediscovery includes a suite of low-grade alkaline and rare-earthelements (REEs), which, despite their low grade, hold significanteconomic potential as possible byproducts during precious metalmining, leveraging the innovative Re-2Ox process.

The previous drill program including several deep holes has defined apotential strike length of 1.6 kilometers to a downhole depth of 1.6kilometers, revealing the extensive nature of the Critical Mineralmineralization. A total of 21 mineralized zones were interceptedduring the program, with the thickest zone reaching 177 metres(Company News Release January 11, 2022), highlighting the robustnessof the discovery.

As this critical metal mineralized zone sitsstratigraphically on top of the Gold mineralized zone, it may be minedto produce gold bullion as a primary recoverable metal with a rubidiumcarbonate salt as a by-product there-by significantly increasing thevalue and economics of the property (Company News Release January 11,2022).

CEO Frank Basa expressed excitement about the discovery, stating,"The identification of critical metals alongside our goldexploration underscores the multifaceted value of our mineral assets.The potential economic viability of these metals as by-productsfurther enhances the attractiveness of our project. We areparticularly encouraged by the successful test results of the Re-2Oxprocess, which paves the way for future exploration and developmentopportunities."

Frank adds to the conversation around critical minerals “There isample opportunity in the jurisdictions we work in to collaborate withpartners to extract and transform critical and strategic metals intohigh value products and develop a strong ecosystem to expand the NorthAmerican Value Chain.”

Among the rare-earth metals uncovered is Samarium (Sm), a crucialcomponent used in permanent magnets for various applications,including some electric vehicle (EV) motors. Gallium, anotherrare-earth metal found, is often used for semiconductors.Additionally, Rubidium (used in specialized batteries), an alkalinemetal, has been identified and can be leached from unconcentratedmineralized material using the Re-2Ox process. Encouragingly, a testprogram conducted at SGS Lakefield demonstrated leach recovery ratesexceeding 90% in bench-scale test work, underscoring the viability ofextracting these critical metals.

Granada Gold Mine remains steadfast in its mission to deliver value tostakeholders while upholding the highest standards of environmentalresponsibility and community engagement. With these recentadvancements, the company is poised to unlock new opportunities forgrowth and prosperity.

Applications of Samarium, Rubidiumand Gallium

Samarium is often used for permanent magnets, notable SmCo magnets areknown for there exceptional magnetic properties, stability, andespecially their resistance to demagnetization. These permanentmagnets are employed in electronics, wind turbines, medical devices(such as MRI), the automotive industry including hybrid and EV motorswhere their high magnetic strength and temperature stability make themwell suited. They are used often in Military and Aerospace industrywhere they are resistant to extreme conditions such as radiation, andit is also used for catalysis in many industrial processes.

Rubidium is often used in Atomic Clocks, Medical Imaging (such aspositron emission tomography (PET), specialized batteries where highenergy density and reliability are crucial offering additionaladvantages such as long life, stable voltage output, and resistance toextreme temperatures. Rubidium is also employed as catalysts orreagents where they facilitate various reactions and transformationcontributing to the production of pharmaceuticals, fine chemicals andspecialty materials, Rubidium is used for high end optical instruments(rubidium vapor cells) such as atomic vapor laser isotope separation(AVLIS) and optical magnetometers. For Electronics and Semiconductormanufacturing rubidium is occasionally used particularly in theproduction of specialized vacuum tubes and photoelectric cells.

Gallium is used extensively in the production of semiconductors andelectronic devices. Commonly used to produce gallium arsenide (GaAs)and gallium nitride (GaN) semiconductors, used in high frequencyamplifiers, LEDs, laser diodes, photovoltaic cells and more. As suchit has wide usage in the LED and solid-state lighting industry andSolar Cells (particularly in space). Additionally, Gallium is used forthin-film coating for aerospace, defence, telecommunications andelectronics. Gallium isotopes are used for medical imaging. Galliumalloys are employed in cooling systems and thermometers and many otherapplications including shape-memory alloys. Lastly it is uses ascatalysts in many industrial processes from pharmaceuticals tospecialty materials.

Qualified person

The technical information in this news release has beenreviewed and approved by Claude Duplessis,P.Eng., GoldMinds Geoservices Inc., who isa member of the Québec Order of Engineers and a qualifiedperson in accordance with the National Instrument 43-101standards.

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 effective date 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

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.

Copyright (c) 2024 TheNewswire - All rights reserved.