Granada Gold Mine Intersects 14.5 g/t Au over 4 Metres including 55.9 g/t over 1 Metre in Deep-Hole Drilling at the Footwall of the Feldspar Porphyry Results Support Extension at Depth of High-Grade Mineralization and Resource Expansion Potential at
Granada Gold Mine Intersects 14.5 g/t Au over 4 Metres including 55.9 g/t over 1 Metre in Deep-Hole Drilling at the Footwall
of the Feldspar Porphyry
Results Support Extension at Depth of High-Grade Mineralization and Resource Expansion Potential at
Granada
ROUYN-NORANDA, QC
,
Jan. 18, 2017
/CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTCPINK: GBBFF) (
Frankfurt
B6D) (the "Company" or "Granada") today
announced preliminary drilling results from its 8,000-metre deep-hole drilling program initiated in
December 2016
at the Granada Gold property near
Rouyn-
Noranda, Quebec
. The program was initiated to test the
Granada
high-grade gold vein system north of the existing pits in an area not previously included in
resource estimates (news release
December 2, 2016
).
Hole GR-16-14, the first deep hole drilled for this program, intersected 14.5 grams/tonne (g/t) Au over 4 metres (m) including 55.9 g/t Au over 1m at 881m and 7.3
g/t Au over 1 m at 710m.
"We are highly encouraged by these drill results. This is one of the best intercepts at depth of all of our drilling over the years at
Granada
and is from an area not
previously included in resource estimates. The results demonstrate high-grade gold mineralization continuity on the property and support the resource expansion
potential at
Granada
and the Company's current geological model," stated
Frank Basa
, President and CEO.
"Deep-hole drilling is continuing at the property and further results can be expected in the weeks ahead. We intend to continue drilling over the coming two years
with the goal of doubling the size of the deposit, which remains open in all directions and at depth. The estimated 5.5 km east-west strike length is still
approximately 80% unexplored. We look forward to further developing this deposit into a significantly larger asset for the benefit of shareholders of Granada Gold
Mine," Mr. Basa added.
The drill results support the extension of gold mineralization 350 metres east of DUP-12-03A-W2 and 450 metres down dip from GR-11-257. Both of these holes,
drilled in the 2009-2012 period, intersected the high-grade vein system. Thus, the latest results support the extension at depth of high-grade mineralization
associated with the presence and adjacent to the contact of the Feldspar Porphyry at 880m along the hole. The area is expected to add to mineral resources
when estimates are revised later this year.
Note the assays are uncapped and GoldMinds Geoservices Inc. estimates that the mineralized intercepts' true thicknesses are 90% to 95% of the drill core's
thicknesses.
All drill results will be incorporated into the new resource model once the drilling program is complete. Detailed drill results are expected to be posted on the
Company's website when all are received and interpreted.
A map of the drill hole locations of the program can be viewed at the following link:
http://granadagoldmine.com/assets/pdf/019_montage005_en_r04.pdf
QA/QC
The drill results were analyzed at Accurassay laboratory (Standard Council of
Canada
- accredited laboratory) in
Rouyn-Noranda
, Québec. A rigorous, industry-
standard, QA/QC program is in place. The independent quality control program of the assay results adopted by geological consultants GoldMinds Geoservices
Inc. includes a minimum of 10% of controlled assays with introduction of blanks and standards.
For the deep-hole program, screen metallic on 1kg sample from the half core are done. The samples are crushed 70% passing 10 Mesh (2mm), a split of 1000
grams is pulverized to 85% passing -200 Mesh (0.074mm), and coarse fraction is assayed and two aliquot of 30g are assayed by fire-assay, grade is calculated
with the contribution of each fraction weight. Actual QA/QC results demonstrate the results can be disclosed and relied upon.
Qualified Person
Claude Duplessis
, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance
with National Instrument 43-101, and has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. (formerly Gold Bullion Development Corp.) is developing the Granada Gold Property near
Rouyn-Noranda, Quebec
. The property includes
the former
Granada
gold mine which produced more than 50,000 ounces of gold in the 1930s before a fire destroyed the surface buildings. The highly prolific
Cadillac Trend cuts through the north part of the property. The Cadillac Trend has been the source of more than 50 million ounces of gold produced in the past
century on a line running from
Val-d'Or
to
Rouyn-Noranda
.
The Company has obtained all necessary permits for the initial mining phase known as the "Rolling Start" for which stripping has already begun. 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.
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144; Renmark Financial Communications Inc.: Steve Hosein:
[email protected], Tel.: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com
CO: Granada Gold Mine Inc.
CNW 06:00e 18-JAN-17