Granada GOLD MINE Proceeds with Metallurgical and Environmental Studies FOR ON-Site Milling at Granada
2875 Ave Granada
Rouyn Noranda, Q.C., J9Y 1Y1
Tel : 819-797-4144
Granadagoldmine.com
GRANADA GOLD MINE PROCEEDS WITH METALLURGICAL AND
ENVIRONMENTAL STUDIES FOR ON-SITE MILLING AT GRANADA
Rouyn Noranda, Q.C., November 15, 2021 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF)
(Frankfurt: B6D) (the “Company” or “Granada”) is pleased to announce that it has engaged SGS
Canada for metallurgical and environmental studies for on-site milling at its Granada project near
Rouyn-Noranda, Que
The studies will be used for the planned application to modify the Company’s existing Quebec
Certificate of Authorization, which currently allows for the open-pit mining of 8,000 tonnes per day
at the property and the custom milling of 550 tonnes per day (200,000 tonnes per year) at a local
mill.
Granada President and CEO Frank J. Basa, P.Eng., states: “Earlier this year the historical open-pit
resource of 1 gram/tonne at Granada was recalculated to 2 grams per tonne open pit and 4 grams
per tonne underground. More recently, we completed 30,000 meters of an in-fill drill program that
includes the 100 and 200 series drill holes, with the results indicating there is more gold in the
mineralized structures than defined by the historical 120,000 meters of drilling. The combined
potential impact of these developments is a positive change in the processing economics of the
project. We have therefore decided to begin the process for amending the existing permits to enable
on-site milling at Granada.”
SGS Canada will be testing ore processing with the addition of calcite with gravity and cyanidation of
gravity tails, as well as processing the ore by gravity and flotation for production of gold sulfides
concentrates. The studies are expected to begin in November 2021.
Since the Granada 43-101 mineral resource estimate was last updated, the Company has completed
30,000 meters of a planned 120,000-meter drill program. An update of the estimate to include the
latest drill results is planned for Q1 2022.
Location
The Granada Gold project is located in an established mining district 5 km south of Rouyn-Noranda
adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks,
granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is
located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has
historically produced 12.7 million Ounces of gold from 1935 to 2010 with an additional 5 million
ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June
19, 2020).
Qualified person
The technical information in this news release has been reviewed 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.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI 43-101 resource estimate for the Granada
Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces
of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined
measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured,
indicated, and inferred for the underground. Please see Table 2 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. with an effective
date of December 15, 2020 and signature date of March 15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near
Rouyn-Noranda, Quebec, and 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 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.
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.
“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
Type Category Tonnes Avg Grade Au (g/t) Gold Ounces
Open Pit
Measured 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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
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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.