Granada Gold Mine Announces 500 Tonne Surface Bulk Sample Returns a Grade of 3.95 Grams Per Tonne Gold
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
Granada Gold Mine Announces 500 Tonne Surface Bulk Sample
Returns a Grade of 3.95 Grams Per Tonne Gold
Rouyn Noranda, Q.C., November 28, 2023 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt:
B6D) (the “Company” or “Granada”) today announced that a 500-tonne surface bulk sample, which is the
third bulk sample from the high-grade Vein One at the Granada deposit, has returned an average grade
of 3.95 grams per tonne (g/t) gold. All three surface bulk samples taken to-date along strike have returned
grades well above the estimated Measured and Indicated Mineral Resource average grade of 2.05 g/t gold
in the resource calculation (see resource table below and the May 10, 2022 and March 15, 2023 news
releases regarding previous bulk sample test results).
Bulk Sample Highlights:
• Processing of Bulk Sample: A 500-tonne surface bulk sample was blasted along with 800 tonnes
of low-grade material. The 500-tonne bulk sample was initially screened with a 6.0-inch opening
and the minus 6.0 -inch material was forwarded to Temiskaming Testing Laboratories (TTL) in
Cobalt, Ontario for further processing and assaying. The representative sample was further
crushed and ground for screening at 20 -mesh. The minus 20 -mesh material was sent to the
sampling plant for a representative sample for the assay lab. The remainder of the minus 20 mesh
material was kept for further metallurgical testing at TTL. The screen size of minus 20 mesh was
chosen as a size class below which would eliminate native gold from the sample for assaying. The
company is attempting to determine a base gold grade without any native gold.
• Gold Grade of Bulk Sample : The 500-tonne bulk sample returned an average grade of 3.95
grams per tonne gold.
Sample ID Au (g/t) Avg. Au (g/t )
Granada Pit_001 (-20 mesh) 1.095
1.79 Granada Pit_001 (-20 mesh) DUP 3.639
Granada Pit_001 (-20 mesh) 1.193
Granada Pit_001 (-20 mesh) REP 1.248
Granada Pit_002 (-20 mesh) 0.909 0.839 Granada Pit_002 (-20 mesh) REP 0.770
Granada Pit_003 (-20 mesh) 1.198 1.24 Granada Pit_003 (-20 mesh) REP 1.284
Granada Pit_004 (-20 mesh) 10.298 11.9 Granada Pit_004 (-20 mesh) REP 13.556
• Metallurgical Testing to come: The minus 20-mesh material will be subjected to simple gravity
test work at TTL to see what gold grades are possible without using any chemicals for processing.
Frank J. Basa, P.Eng., President and CEO of Granada Gold Mine Inc., conveyed his excitement about the
results, highlighting, "These bulk sample findings underscore the potential for significantly higher gold
grades in our open -pit mining areas than initial ly estimated through drill core analysis. Our strategic
positioning allows us to capitalize on these discoveries, propelling our exploration and development
initiatives forward. There is a possibility that our current resource estimate is conservative, warranting
further sampling, especially given historical operators' success in recovering 30 percent more gold in the
mill than drill-indicated."
Furthermore, Mr. Basa added, "We find encouragement in these results, and we eagerly await the next
batch to determine if they also surpass the gold grades observed in the blasters' drill cuttings."
Granada Gold Mine Inc. remains steadfast in advancing its exploration endeavours, utilizing insights
derived from bulk sampling to refine resource estimation and mine planning. The Company is poised for
continued success as it continues to unlock the vast potential of its Granada Gold Mine property.
Qualified person
The technical information in this news release has been reviewed and approved by Claude Duplessis,
P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified
person in accordance with the National Instrument 43-101 standards.
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 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 undergoing a large drill
program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical
team with the necessary time to evaluate and assimilate existing data.
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.
Mineral Resource Estimate
On August 20, 2022 the Company released 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 resources 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 Inferred 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 wi th 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
(1) The 1930-1935 production was removed from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400
ounces Au).
(2) The Independent QP for this resources statement is Yann Camus, P.Eng., SGS Canada Inc.
(3) The effective date is June 23rd, 2022.
(4) CIM (2014) definitions were followed for Mineral Resources.
(5) 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 Minera l Reserve. It is reasonably expected that the
majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
(6) No economic evaluation of the resources has been produced.
(7) All figures 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 composites were capped at 21 g/t Au in the
thin rich veins and at 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, a foreign exchange rate of US$0.78 for
CA$1, a processing gold recovery of 93%.
(10) Pit constrained mineral resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit
shell
(11) Underground mineral resources are reported at a cut -off grade of 2.5 g/t Au within reasonably
mineable volumes.
(12) A fixed specific gravity value of 2.78 g/cm3 was used to estimate the 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, permitting, legal, title -related, taxation, socio -political,
marketing or other relevant issues that could materially affect the mineral resource estimate.
(16) The results from the 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 resource reporting cut-off grade.
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.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
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the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release
may contain forward -looking s tatements 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 thos e
statements. General business conditions are factors that could cause actual results to vary materially from
forward-looking statements.