Granada Gold Chooses Ausenco for Feasibility Study on Open- Pit Mine
Granada Gold Chooses Ausenco for Feasibility Study on Open-
Pit Mine
ROUYN NORANDA, QC
,
April 6, 2018
/CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada Gold" or the "Company") is pleased to
announce that its Board of Directors has selected Ausenco Limited to commence a feasibility study for the development of a producing mine with a
capacity of 80,000-to-100,000 ounces of gold per year at its 100-percent-owned
Granada
property, located in
Quebec
in the town of
Rouyn-
Noranda
.
The study will focus on the pit-constrained resource of 807,700 ounces M&I at 1.16 g/t Au, comprising 625,000 ounces Measured at 1.14 g/t Au
and 182,700 ounces Indicated at 1.26 g/t Au with a cut-off grade of 0.39 g/t Au. The company has undertaken and completed all the required
environmental studies and obtained the required permits to be a producer under its original "Rolling Start" program.
In the meantime, the Company has signed a provisional milling agreement with Canada Cobalt Works (TSX-V: CCW) to process an initial
600,000-to-2,000,000 tonnes of mineralized material at a grade of 4.5 g/t Au. Granada Gold Mines completed a Pre-Feasibility Study (PFS) in
2014 with mineral reserves identified. The company also realized a mineral resources update in June 2017. Canada Cobalt Works has retained
the engineering firm Wood Group to undertake the necessary studies to obtain the required permits to install a 600-tonne-per-day mill at the
Castle mine site in
Gowganda, Ontario
to process the identified mineral reserves of the 2014 PFS.
These activities are intended also to provide a ramp to production for the Company's high-grade, underground maiden resource, located
immediately north of a near-surface deposit, showing
1.5 million
ounces of gold averaging
4.56
g/t gold Inferred at a cut-off of 1.5 g/t Au.,
according to a 43-101 Mineral Resource Estimation Update (issue date
June 30, 2017
, with effective date of
May 16, 2017
, from GoldMinds
Geoservices Inc.).
"Ausenco has a reputation for innovation and efficiency, and in fact sponsored PDAC's #disruptmining event this year along with Goldcorp, they
also successfully assist Atlantic Gold Corporation in their similar project in
Eastern Canada
" said Frank J. Baša,
Granada's
President and CEO.
"We are anticipating that their fresh approach will help us move at a good pace to move us forward in our focus on production."
About Granada Gold Mine Inc. – Focused on Production
Granada Gold Mine Inc. is developing the Granada Gold property near
Rouyn-Noranda, Quebec
. The property includes the former
Granada
gold
mine which produced more than 50,000 ounces of gold in the 1930s before a fire destroyed the surface buildings. The highly prolific
Cadillac
Trend
, a line running from
Val-d'Or
to
Rouyn-Noranda
, has been the source of more than 50 million ounces of gold in the past century, and cuts
through the north part of the property.
An updated Mineral Resource Estimate and revised Block Model dated
June 30, 2017
, with an effective date of
May 16, 2017
, includes the first
material estimate of high-grade gold resources discovered in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
In addition to the open-pit constrained resource mentioned above, an initial Inferred underground resource of
10,386,500
tonnes grading
4.56
g/t
Au at a cut-off grade of
1.5
g/t (
1.5
million oz. Au) has been outlined along
600
meters of strike, north of the original near-surface discovery at
Granada
.
The Company has obtained all necessary permits for the initial mining phase known as the "Rolling Start" for which stripping has already begun,
and has been conducting exploration drilling in order to expand the reported mineral resources.
Claude Duplessis
, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in
accordance with National Instrument 43-101, and has reviewed and approved the contents of this news release.
Frank J. Baša, P.Eng.
President, CEO
Granada Gold Mine Inc. - TSX-V:GGM
Canada Cobalt Works Inc. - TSX-V:CCW
www.granadagoldmine.com
www.canadacobaltworks.com
SOURCE
Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2018/06/c3721.html
%SEDAR: 00004087E
For further information:
Mine Office: 2875 avenue Granada, Rouyn-Noranda, Québec J9Y 1J1, Tel: (819) 797-4144, Cell: (416)625-2342,
Fax: (819) 762-2306, Email: [email protected]
CO: Granada Gold Mine Inc.
CNW 07:30e 06-APR-18