Granada Gold Mine Continues to Intersect High-Grade Gold Near Surface Within 500 Meters Strike Length in the LONG Bars Zone
Granada Gold Mine Continues to Intersect
High-Grade Gold Near Surface Within 500
Meters Strike Length in the LONG Bars Zone
ROUYN-NORANDA, QC
,
March 2, 2020
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") has intersected two near-surface mineralized zones grading 11.53 grams
per tonne gold over 2.9 meters at core length 65.85 – 68.75 meters and 2.61 grams per tonne over
24.7 meters at core length 25.5 – 50.2 meters in hole GB-19-SA. This drill hole is 77 meters to the
south of GR-19-A which intersected 11.45 grams per tonne over 33 meters core length (see
Granada
news release dated
January 9th, 2020
) in the latest drill program at its 100%-owned
Granada
gold deposit in
Rouyn-Noranda
. The A zone is 6 meters true width. The continuing near-
surface drilling program has begun to unlocked the excellent potential for defining further high-grade
intersections within the recently explored two-kilometer LONG Bars Zone of the five-and-a-half-
kilometer Granada Shear zone which trends East-West on the property.
Two additional drill holes from the 450-meter drill program also intersected near-surface high-grade
mineralization from the recent 50-meter on-strike stripping program which uncovered a massive
quartz zone exposing strong veining and visible gold on surface. Drill hole GR-19-WB, collared 19
meters Northwest from GR-19-A, intersected 4.83 grams per tonne over 6 meters at core length of
16-22 meters and drill hole GR-19-G, 240 meters East-Southeast from GR-19-A, intersected two
zones grading 2.82 grams per tonne over 6.65 meters at a core length of 40.5-46.75 meters and
2.28 grams per tonne over 5 meters at a core length of 68-73 meters. The B and G zones are 4.5
meters and 4 meters true width respectively.
In 1994, Granada Gold Mine Inc. extracted a bulk sample of 87,311 tonnes from surface grading
5.17 g/t gold from Vein 1 containing 451,397.87 grams (13,167.97 troy ounces) gold. The current
drill program is east of, and on strike with Pit 1 which was taken from East-West-trending Vein 1.
This recent drilling confirms the extension of Vein 1 from Pit 1 for 500 meters east to hole GR-19-E
intersecting 2.0 meters grading 12.3 g/t Au (see company press release dated
October 15, 2019
).
The Vein 1 zone is open to the east and is within the 5.5-kilometer East-West mineralized structure.
Drill and Bulk Sampling Program 2019-2020:
Granada
continues to work with one drill on drilling near-surface high-grade mineralized zones within
the 350-meter wide mineralized structure which trends East-West for 5.5 kilometers. The company
has drilled 90,000 meters to define the East-West structure over a 2-kilometer strike length. It
intercepted multiple high-grade zones during the drill program. Only 20 percent of the defined
mineralized structure has been explored.
Granada
will be undertaking a mini bulk sample program of 50 to 500 tonnes in the second quarter
of this year.
The company has retained the drilling services of Multi-Drilling based in
Rouyn-Noranda
. The
program was under supervision of GoldMinds Geoservices technical team.
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 (i) 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. All samples are also
analyzed for multi-elements, using an Aqua Regia-ICP-AES method at ALS Laboratories. 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 12 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.
Pit-Constrained Mineral Resources at
Granada
disclosed on
February 13
th
, 2019 Press Release
prepared by SGS independent QP 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.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit
shell. Cut-off grades are based on a gold price of
US$1,300
per ounce, a foreign exchange rate of
US$0.76
, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, 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 that are 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.
SOURCE
Granada Gold Mine Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2020/02/c8733.html
%SEDAR: 00004087E
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 08:00e 02-MAR-20