Granada Gold Sedar Files NI-43-101 Technical Report for Updated Granada Resource Estimate
Granada Gold Sedar Files NI-43-101 Technical Report for
Updated Granada Resource Estimate
ROUYN NORANDA, QC
,
July 5, 2017
/CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada Gold" or the "Company") is pleased to
announce that it has filed on SEDAR the independent National Instrument
43
-
101
Technical Report (the "Report") regarding the updated Mineral
Resource Estimate and revised Block Model for its 100%-owned Granada Gold Property in northwest
Quebec
as described in the Company's
news release dated
May 16, 2017
.
The Report dated
June 30, 2017
, with effective date of
May 16, 2017
, includes the first material estimate of high-grade gold resources discovered
in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
An initial Inferred underground resource of
10,386,500
tonnes grading
4.56
g/t Au at a cut-off grade of
1.5
g/t (
1.5
million oz. Au) has been
outlined along
600
meters of strike, north of the original near-surface discovery at
Granada
.
Frank J. Basa
, Granada Gold President and CEO, commented: "Significantly, only a fraction of the total area (1.8 km north-south x 2.1 km east-
west) north of the LONG Bars Zone Measured and Indicated near-surface pit-constrained resource has been drill-tested, further solidifying
Granada
as one of the premier exploration and development opportunities along the prolific Cadillac Trend.
"We look forward to soon elaborating on our immediate plans with the fully permitted deposit and the exciting high-grade exploration opportunity
that changes the dynamics for this property," Basa concluded.
The updated LONG Bars Zone open-pit constrained resource estimate features 625,000 ounces in the Measured category (17,068,500 tonnes
grading 1.14 g/t Au) and 182,700 ounces Inferred (4,507,000 tonnes grading 1.26 g/t Au) using a gold cut-off grade of 0.39 g/t, providing total
Measured and Indicated resources of 807,700 ounces (21,575,500 tonnes @ 1.16 g/t Au using a 0.39 g/t cut-off).
Granada
cautions that mineral resources are not mineral reserves and do not have demonstrated economic viability.
Resources at
Granada
were calculated using the inverse square method. Please refer to the Technical Report and the
May 16
news release for
further details on the updated resource and the revised Granada Block Model, showing robust potential for the Granada Property.
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 1930's 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,
and has been conducting exploration drilling in order to expand the reported mineral resource for the property. 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/July2017/05/c1360.html
%SEDAR: 00004087E
For further information:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Investor Relations, at 416-
710-2410 or [email protected]
CO: Granada Gold Mine Inc.
CNW 07:30e 05-JUL-17