Granada Gold Mine Announces $2.5 million Private Placement
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
Granada Gold Mine Announces $2.5 million
Private Placement
Rouyn Noranda, Q.C., January 30 , 202 6 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF)
(Frankfurt: B6D) (the "Company" or "Granada") is pleased to announce a non -brokered private
placement offering raising gross proceeds of up to $2.500,000 through the issuance of up to
50,000,000 units (the "Units") at a price of $0.05 per Unit (the "Offering").
Each Unit is comprised of one common share of the Company (each, a " Common Share") and one
Common Share purchase warrant ( the "Warrants") of the Company. Each Warrant entitling the holder
thereof to purchase one Common Share at a price of $0.075 per Common Share for a period of five (5)
years from the date of issuance.
The Company may pay finders' fees in connection with the Offering to eligible arm's length finders in
accordance with applicable securities laws and the policies of the TSXV.
The Company intends to use net proceeds of the offering for a resource update , exploration and
general corporate purposes for the Company’s Granada Gold Property, near Rouyn-Noranda, Quebec.
All securities issued in connection with the private placement will be subject to a four‐month and a
day hold period in accordance with applicable Canadian Securities Laws.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of
all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in the United States or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements thereunder.
Qualified person
The technical information in this news release was reviewed and approved by Matthew Halliday,
P.Geo., Director of Granada Gold Mine Inc., and member of the Ordre des Géologues du Québec, who
is a Qualified Person in accordance with National Instrument 43-101.
Mineral Resource Estimate
On August 22, 2022 the Company filed an updated NI 43 -101 technical report supporting the
resource estimate update for the Granada Gold project (Please see July 6, 2022 news release )
reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade
of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case
cut-off grade of 2.5 g/t for underground mineral r esources within 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
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 Inf erred category. Please see Table 1 below for full details. Report reference:
Granada Gold 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
Cut-Off
(g/t Au) Classification Type Tonnes Au (g/t) Gold Ounces
0.55 / 2.5 Measured1 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
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property
near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73
square kilometers of land in a combination of mining leases and claims. The Company is currently
undergoing a large drill program with 20,000m out of 120,000m complete. The drills are currently
paused to provide the technical team with the necessary time to evaluate, assimilate existing data
and wait for improved market conditions.
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 a half kilometers. Three of these struct ures were mined historically from four
shafts and three 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 3.5 to 5 grams per tonne gold.
The property includes the former Granada Gold underground mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire
destroyed the surface buildings. In the 1990s, Granada Resources extracted 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.
For further information, Contact:
Frank J. Basa, P.Eng. member of Professional Engineers Ontario
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
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 news release may contain forward-looking statements which 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 facts, comments that address resource potential, upcoming work programs, geological
interpretations, receipt and security of mineral property titles, availability of funds, and others are forward -
looking. Forward-looking statements are not guarantees of future performance and actual results may vary
materially from those statements. General business conditions are factors that could cause actual results to vary
materially from forward-looking statements. The Company does not undertake to update any forward-looking
information in this news release or other communications unless required by law.