Granada Gold Mine Announces Filing of NI 43-101 Technical Report for Granada Gold Project, Quebec, with Updated Resource Estimate

Rouyn Noranda, QC – TheNewswire – August 22, 2022 – granada gold mine (TSXV: GGM) (OTC: GBBFF) (“Granada”, “GGM” or the “Company”) is pleased to announce the filing on SEDAR (www.sedar.com) of a technical report for its Granada gold project. The report dated August 20, 2022 is titled “Technical Report on the Updated Mineral Resource Estimate of the Granada Gold Project, Rouyn-Noranda, Quebec, Canada”. The report can also be viewed on the Company’s website, www.granadagoldmine.com.

The report has been prepared in accordance with the rules set out in National Instrument 43-101 – Disclosure Standards for Mining Projects (“NI-43-101”), by Yann Camus, Eng. and Maxime Dupéré, P. Geo, of SGS Canada Inc., who are independent “qualified persons” within the meaning of NI 43-101.

Qualified persons

For the purposes of this announcement, Yann Camus, Eng., is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical content of this press release with respect to the Mineral Resource estimate. As an independent qualified person, Mr. Camus was responsible for preparing the technical information contained in the report.

Claude Duplessis, P.Eng., of Goldminds Geoservices Inc., Geology, Environmental and Mining Consultant and Qualified Person under National Instrument 43-101, has reviewed and approved the content of this press release.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada gold property near Rouyn-Noranda, Quebec, which is next to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land under a combination of mining leases and claims. The company is currently undergoing an extensive drilling program with 30,000m out of 120,000m completed. Exercises are currently on hold to allow the technical team time to assess and assimilate existing data.

The Granada Shear Zone and South Shear Zone contain, based on detailed historical mapping as well as current and historical drilling, up to twenty-two east-west trending mineralized structures over five and a half kilometres. Three of these structures have historically been mined from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two pits to 236m and 498m with open pit grades of 3.5 to 5 grams per tonne gold.

Mineral Resource Estimate

On August 20, 2022, the Company released an updated NI 43-101 Technical Report supporting the updated resource estimate for the Granada Gold Project (please see press release dated July 6, 2022) stating that the Granada deposit contains an updated mineral resource, at a benchmark cut-off grade of 0.55 g/t Au for mineral resources confined in a conceptual pit and at a benchmark cut-off grade of 2.5 g/t Au for underground mineral resources in reasonably mineable volumes, 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4 .71 g/t Au) in the Inferred category. Please see Table 1 below for details. Report reference: Updated mineral resource estimate of the Granada gold project, Rouyn-Noranda, Quebec, Canada prepared by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. dated August 20, 2022 and with an effective date of June 23, 2022.

Table 1: Mineral resource estimate showing tonnes, average grade and ounces of gold








To cut

(g/t Au)

Classification

Type

Tons

Au (g/t)

ounces of gold

0.55 / 2.5

Measure1

InPit+UG

4,900,000

1.70

269,000

Noted

InPit+UG

3,320,000

2.57

274,000

Measured and Indicated

InPit+UG

8,220,000

2.05

543,000

Inferred

InPit+UG

3,010,000

4.71

456,000

  1. Production for 1930-1935 has been removed from these figures (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).

  2. The Independent Qualified Person for this Resource Statement is Yann Camus, P.Eng., SGS Canada Inc.

  3. Effective date is June 23rd2022.

  4. CIM (2014) definitions were followed for mineral resources.

  5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than a Measured and Indicated Mineral Resource and should not be converted into a Mineral Reserve. It is reasonable to expect that the majority of Inferred Mineral Resources can be upgraded to Indicated Mineral Resources with continued exploration.

  6. No resource economic assessment has been carried out.

  7. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add up due to rounding

  8. Composites have been capped where applicable. The 2.5 m composites were capped at 21 g/t Au in the thin rich veins and 7 g/t Au in the low grade volumes.

  9. Cut-off grades are based on a gold price of US$1,700 per ounce, exchange rate of US$0.78 to C$1, mill gold recovery of 93%.

  10. Pit-Confined Mineral Resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit envelope

  11. Underground Mineral Resources are reported at a cut-off grade of 2.5 g/t Au in reasonably mineable volumes.

  12. A fixed specific gravity value of 2.78 g/cm was used to estimate tonnage from block model volumes

  13. There are no mineral reserves on the property.

  14. The deepest resources reported are at a depth of 990 m.

  15. SGS is not aware of any known environmental, licensing, legal, title, tax, social policy, marketing or other issues that may have a significant impact on the mineral resource estimate.

  16. The results of pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate cut-off grade for the resource statement.

The property includes the former underground Granada Gold mine which produced over 50,000 ounces of gold at 10 grams per tonne gold in the 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources mined 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 grading 3.46 g/t Au.

“Frank J. Basa”

Frank J. Basa, P.Eng.

Chief executive officer

For more information, contact:

Frank J. Basa, P.Eng.

Chief executive officer

T: 416-625-2342

Or:

Wayne Cheveldayoff,

Business communication

T: 416-710-2410

E : This email address is protected from spam. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements that include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical fact, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mining title, availability of funds and the like are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may differ materially from such statements. General trading conditions are factors that could cause actual results to differ materially from the forward-looking statements.


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