Granada GOLD MINE Engages Goldspot Discoveries to Appl Y AI to Further Extend Granada Gold’S Resources Along Strike
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
GRANADA GOLD MINE ENGAGES GOLDSPOT DISCOVERIES TO APPL Y AI TO
FURTHER EXTEND GRANADA GOLD’S RESOURCES ALONG STRIKE
December 1, 2021 – Rouyn Noranda, Quebec, Granada Gold Mines Inc. (TSXV: GGM) (OTC: GBBFF)
(Frankfurt: B6D) (“Granada” or “Granada Gold”) is pleased to announce that it has engaged GoldSpot
Discoveries Corp. (TSXV:SPOT) (“GoldSpot”) to apply their proprietary machine learning technology
and geoscience expertise to the Granada Property in the Abitibi Greenstone Belt near Rouyn-Noranda,
Quebec.
The Granada property has a history of mining and exploration stretching back to the 1930s when it
produced 51,476 oz Au. Over the years the property has been drilled by multiple companies with
over 120,000m drilled and Granada Gold has drilled 30,000m of an additional 120,000m to expand
on the existing resource.
The existing resource at Granada has an in-pit measured and indicated 5,113,000 tonnes at 2.06 g/t
Au for 339,000 gold ounces and an underground measured and indicated 844,000 tonnes at 4.03 g/t
Au for 109,000 gold ounces, as well as 1,244,000 tonnes at 6.33 g/t for 253,000 gold ounces inferred.
GoldSpot Discoveries will be working closely with the team at Granada to provide Smart Targeting
for their ongoing drill program to help expand the existing resource as well as to provide additional
exploration targets for new discoveries. The property at Granada, including the existing open pits
and the previous Granada Mine shafts, covers 1,473.77 ha over 2 km of strike length and the potential
for strike length to be extended to 5.5 km stretching to the Aukeko and Austin Rouyn Mine Shafts to
the east.
“We are very excited to be working with Granada Gold Mine Inc. on their project in the Abitibi. GoldSpot
has an extensive history working in the area and we look forward to building on our previous successes
with the interesting and highly prospective project at Granada,” comments GoldSpot Chief Executive
Officer, Vincent Dubé-Bourgeois. “The Granada project is on the verge of production and GoldSpot plans
on helping Granada expand their existing resource to be able to mine well into the future.”
Frank J. Basa, P.Eng, President and Chief Executive Officer, commented: “The Granada team is looking
forward to working with the experienced team at GoldSpot to help maximize shareholder value – to
expand existing resources and identify new targets.”
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near
Rouyn-Noranda, Quebec, 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 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 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.
2
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 1990’s, 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.
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. The final report was filed
March 15, 2021 with an Effective date of December 15, 2020. The 43-101 Technical Report is titled:
Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored
by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion and
the Underground Portion
Type Category Tonnes Au
(g/t) Gold Ounces
In Pit
Measured1 3,756,000 1.89 228,000
Indicated 1,357,000 2.55 111,000
Measured+Indicated 5,113,000 2.06 339,000
Inferred 34,000 11.29 12,000
Underground
Measured 37,000 4.22 5,000
Indicated 807,000 4.02 104,000
Measured+Indicated 844,000 4.03 109,000
Inferred 1,244,000 6.33 253,000
1. Cut-off grades are based on a gold price of US$1,600 per ounce, a foreign exchange rate of US$0.76 for CA$1, a gold recovery of 93%
2. Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
3. Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
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
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
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.