Granada Gold Hits 3.43 g/t Gold Over 20.5 Meters Near Surface and 6.45 g/t Over 4.5 Meters and 7.9 g/t Over 3 Meters
Granada Gold Hits 3.43 g/t Gold Over 20.5
Meters Near Surface and 6.45 g/t Over 4.5
Meters and 7.9 g/t Over 3 Meters
ROUYN NORANDA, QC
,
Jan. 27, 2021
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to provide another update on its continuing drill program at
Granada
. This release contains drill results from the 100-series, part 3, near-surface drill program
targeting Vein 1. The program is progressing as expected with the intention of converting the current
low-grade open pit resource at 1 gram per tonne to a smaller, higher grade open pit with the
majority of the future potential ounces in a resource underground. The company has now increased
the drill program to 18,000 meters with a target of 120,000 meters to be drilled.
Highlights:
7.9 g/t gold over
3.0m
in hole GR-20-121 from 15.0 to 18.0m
6.45 g/t gold over
4.5m
in hole GR-20-122 from 0.0 to
4.5m
3.43 g/t gold over
20.5m
in hole GR-20-126 from 0.0 to
20.5m
Frank J. Basa
, P.Eng., President and CEO notes, "The short-hole drill program has been successful
and the company will begin with a new 200-series program with the objective of identifying deeper,
down-dip, near-surface mineralization to develop a higher-grade open pit. The current program has
been focused on an over 500 meters east-west strike length of a potential 5.5 kilometers
mineralized strike length."
ASSAY RESULTS
Hole ID
From (m)
To (m)
Length (m)
Gold
(g/t)
GR-20-121
0.00
9.00
9.00
0.45
and
15.00
18.00
3.00
7.90
including
15.00
16.50
1.50
15.65
GR-20-122
0.00
10.50
10.50
3.25
including
0.00
4.50
4.50
6.45
and
67.50
78.00
7.00
0.66
and
87.35
91.45
4.10
3.06
including
88.85
91.45
2.60
4.46
GR-20-126
0.00
20.50
20.50
3.43
including
11.00
13.00
2.00
4.12
including
16.00
18.00
2.00
14.9
Lengths are core length, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or
screen metallic method. Other assays results are still pending. As the Company is being impacted
by longer than expected turnaround time (TAT) of analytical results due to COVID-19 and
extensive workloads at the ALS laboratory the Company has decided to send the next samples to
SGS laboratories to shorten the time frames.
The 100-series holes were drilled to intersect the vein uncovered by stripping and to follow the high-
grade corridor. Holes GR-20-118 to GR-20-125 are vertical holes drilled to intersect the mineralized
vein structures and Hole GR-20-126 is drilled within the vein structure.
Typical true thickness of the number 1 vein is 1.5 to 6.0 meters. The halo effect around vein 1 has
been measured up to 20 meters true thickness with numerous mineralized veinlets hosting native
gold. It has been estimated, based on metallurgical testing, that close to 50 percent of the gold is in
native form and can be recovered from these veinlets.
Current Drilling
Drilling continues with two drills remaining on site at Granada. The goal is to complete 6000-meter
drill program intervals with the objective of targeting 120,000 meters. The current program is
focused on exploration on only 20 percent of the entire potential 5.5-kilometre mineralized structure.
Qualified person
The technical information in this news release has been reviewed by
Claude Duplessis
, P.Eng.,
GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in
accordance with National Instrument 43-101 standards.
Quality Control and Reporting Protocols
All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-
gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at ALS Laboratories in
Val
d'Or
, Québec,
Thunder Bay, Ontario
,
Sudbury, Ontario
or
Vancouver, British Columbia
. The screen
assay method is selected by the geologist when samples contain visible gold. The drill program,
Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified
persons employing a QA/QC program consistent with NI 43-101 and industry best practices.
Standards and blanks are included with every 20 samples for QA/QC purposes for this program in
addition to the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near
Rouyn-Noranda,
Quebec
. Approximately 120,000 meters of drilling has been completed to date on the property,
focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a
potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of
more than 75 million plus ounces of gold production in the past century, cuts through the north part of
the
Granada
property but is not necessarily indicative of mineralization hosted on the Company's
property.
Pit-Constrained Mineral Resources at
Granada
disclosed on
February 13
th
, 2019 Press Release
prepared by SGS independent QP Maxime Dupéré Geo. &
Allan Armitage P. Geo
"Technical Report
on the Granada Gold Project Mineral Resource Estimate,
Rouyn-Noranda, Quebec, Canada
" stand
at:
Category
Tonnes
Grade (g/t AU)
Contained Gold
(oz.)
Measured
12,637,000
1.02
413,000
Indicated
9,630,000
1.13
349,000
Measured & Indicated
22,267,000
1.06
762,000
Inferred
6,930,000
2.04
455,000
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An
Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably
expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
* Pit constrained mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual
pit shell.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping
as well as from current and historical drilling, up to twenty-two mineralized structures trending east-
west over five and half kilometers. Three of these structures were mined historically from two shafts
and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two
shafts down to
236 m
and
498 m
with open pit grades from 5 to 3.5 grams per tonne gold.
The Company is in possession of all mining permits required to commence the initial mining phase,
known as the "Rolling Start", which allows the company to mine up to 550 tonnes per day. Additional
information is available at
www.granadagoldmine.com
.
"Frank J. Basa"
Frank J. Basa P. Eng
.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 news release may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements.
Drill hole location map (CNW Group/Granada Gold Mine Inc.)
SOURCE
Granada Gold Mine Inc.
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For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne
Cheveldayoff, Corporate Communications, at 416-710-2410 or [email protected]
CO: Granada Gold Mine Inc.
CNW 10:46e 27-JAN-21