GGM.V · 2021-03-16 12:00:00

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

Resource Estimates Technical Reports (NI 43-101)

Granada Gold Mine Announces Filing of NI 43-

101 Technical Report for the Granada Gold

Project, Quebec, with Updated High-Grade

Mineral Resource Estimate

ROUYN NORANDA, QC

March 16, 2021

/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the

"Company" or "Granada") is pleased to announce the filing on SEDAR (

www.sedar.com

) of a

technical report for its Granada Gold Project. The report, dated

March 15, 2021

, is entitled

"Technical Report on the Granada Gold Project Mineral Resource Estimate Update,

Rouyn-Noranda,

Quebec, Canada

." The report can also be found on the Company's website at

www.granadagoldmine.com

and provides an updated High-Grade Mineral Resource Estimate of the

Granada Gold Deposit using narrow, rich, vein modelling and both open pit and underground

resources and revised pit optimization parameters which are based on the possibility of off-site

custom milling ore rather than constructing and using an on-site mill.

The report was prepared in accordance with the regulations laid out in National Instrument 43-101 –

Standards of Disclosure for Mineral Projects ("NI-43-101") by

Yann Camus P.Eng

. and Maxime

Dupéré, géo., of SGS Canada Inc., who are independent "Qualified Persons" as defined by NI 43-

101. The report supports, and provides greater detail about, the technical basis and scientific

rationale of the updated resource estimate initially announced in a Company press release on

January 29, 2021

. The updated MRE focused on using a scenario with higher cut-off grades than

that used in the 2019 MRE. Gold price used is

1600 US$

/oz.

The report concludes

There is an opportunity on the Project to extend known mineralization at depth and along strike on

the Property.

The Authors consider that the

Granada

deposit contains a significant open pit and underground

Mineral Resource that is associated with a well-defined gold mineralized trend and model. The

current Mineral Resource Estimate Update has shown that the Deposit can likely be mined by

conventional open pit and underground mining methods with a scenario of off-site custom milling

rather than constructing and using an on-site mill. Deeper drilling recently completed also

demonstrates that the Property has the potential for a significant underground resource.

The Authors consider the Property to have significant potential for delineation of additional Mineral

Resources and that further exploration is warranted. Granada Gold's intentions are to continue to

drill the Deposit in 2021 and plan to direct their exploration efforts towards resource growth, with a

focus on extending the limits of known mineralization along strike and at depth, as well as infill drill

the existing deposit in order to convert portions of Inferred mineral resources into Indicated or

Measured.

Given the prospective nature of the Property, it is the Author's opinion that the Property merits

further exploration and that a proposed plan for further work is justified. A proposed work program

by SGS will help advance the Deposit towards a pre-development stage and will provide key inputs

required to evaluate the economic viability of a mining project (open pit and underground) at a pre-

feasibility study level.

SGS is recommending Granada Gold conduct further exploration, subject to funding and any other

matters which may cause the proposed exploration program to be altered in the normal course of its

business activities or alterations which may affect the program as a result of exploration activities

themselves. For 2021, a total of

45,000 m

of drilling is proposed to continue to focus on expanding

and extending mineral resources, upgrading existing Inferred resources as well as exploring the

Deposit at depth.

The total cost of the recommended work program is estimated at

C$10,775,000

(Table 1).

Table 1 Recommended 2021 Work Program for the Granada Deposit

Item

Cost in CAD$

Resource Expansion Drilling and Resource Classification

improvement 2021 (Open Pit; <500 m depth) 15,000 m

$2,250,000

Resource Identification Drilling (Underground; > 500 m depth)

drilling 20,000 to 30,000 m

$6,000,000

Assays/Geochemistry

$1,400,000

Additional Metallurgical Testing

$250,000

Continued geotechnical studies for improved pit optimization

parameters

$150,000

Environmental Baseline Studies

$150,000

Updated Resource Estimate

$75,000

Pre-feasibility Study and Related Studies

$500,000

Total:

$10,775,000

Qualified person

The technical information in this news release has been prepared by

Yann Camus

, P.Eng.,

independent qualified person of SGS and was 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.

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.

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 structures 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.

Updated Mineral Resource

The updated resource at the Company's Granada Gold project in

Rouyn-Noranda, Quebec

was

estimated by SGS Canada and outlined in a

January 29, 2021

news release.

Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion

and the Underground Portion

Type