Granada Hits 5.64 G/t Gold Over 6.86 Meters Including 20.4 g/t Gold Over 1.5 Meters
Granada Hits 5.64 G/t Gold Over 6.86 Meters
Including 20.4 g/t Gold Over 1.5 Meters
ROUYN NORANDA, QC
,
Sept. 30, 2020
/CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the
"Company" or "Granada") is pleased to provide an update on its on-going drill program at
Granada
.
This release contains drill results under the pit-constrained mineral resource.
Highlights:
5.64 g/t gold
over
6.86m
in GR-20-10 from 364.64 to
371.50m
4.26 g/t gold
over
4.50m
in hole GR-20-13 from 290.50 to
295.00m
The company completed the 6000-meter drill program and has begun another 6000-meter drill
program with 2 drills on site. All drill holes intercepted mineralization which will be used in the
updated resource calculation.
ASSAY RESULTS FROM BELOW PIT-CONSTRAINED MINERAL RESOURCE
Hole ID
From (m)
To (m)
Length (m)
Gold (g/t)
GR-20-10
364.64
371.50
6.86
5.64
Including
364.64
365.84
1.20
4.47
Including
370.00
371.50
1.50
20.40
GR-20-11
292.50
294.00
1.50
3.37
GR-20-12
338.70
341.70
3.00
3.07
Including
339.70
340.20
0.50
14.40
GR-20-13
290.50
295.00
4.50
4.26
Including
292.00
293.50
1.50
11.90
GR-20-14
304.90
306.00
1.10
4.51
AND
324.15
324.65
0.50
11.65
AND
430.90
431.40
0.50
5.92
AND
445.30
446.80
1.50
4.41
GR-20-16
356.66
360.15
3.47
2.87
Including
358.16
359.16
1.00
7.17
Lengths are core length and are close to true widths, no capping applied. Au is Gold by Fire assay,
or by gravimetric finish or screen metallic method. The assays still pending are for holes GR-20-15
and GR-20-17.
Frank J. Basa
, P.Eng., "The drill hole data under the pit-constrained resource could potentially
change the economics of developing the Granada Mine Property. Previously explored as a low-
grade, open pit deposit, the company now envisions an open pit with a ramp from the bottom of the
pit into the higher-grade mineralization below, significantly adding more ounces to the current
resource."
Holes GR-20-10 through GR-20-13 were drilled in front of GR-11-384 to enable definition of an
underground mineral resources panel in that sector. GR-11-384 intersected
3.05m
at 35.76 g/t Au at
425.45m
. This interval is
225m
up dip of GR-18-03 which intersected 8 meters at 6.65 g/t Au at a
depth of
569m
in vein 2 (footwall vein historical labelling within the LONG Bars Zone.)
Holes GR-20-14 and GR-20-15 were drilled 50 metres to the north of GR-11-377 to enable
definition of underground mineral resources in that sector. GR-11-377 previously intersected the 3
veins: Vein 1, Vein 3 & Vein 2(foot wall) with high-grade individual assays of 3.64 g/t Au over
1.5m
at
265.5m
, 14.37g/t Au over
1.5m
328.5m
, and 6.65 g/t Au over
1.3m
at
429.7m
.
Holes GR-20-16 and GR-20-17 were then drilled on the same set-up as GR-11-393 with different
dips to enable definition of underground mineral resources in that sector. GR-11-393 had intersected
the 3 veins: Vein 1, Vein 3 & Vein 2 (foot wall) with high-grade individual assays of 12.14 g/t Au over
0.5m
at
277.5m
, 9.76g/t Au over
1.0m
at
318.0m
, and 12.73 g/t Au over
1.3m
at
425.5m
. As noted,
assay results from GR-20-15 and GR-20-17 have not yet been received but will be disclosed after
they are validated and interpreted. See drillhole location map further down in this press release for
more details. The table presents the characteristics of the drill holes.
DRILL HOLE LOCATION DATA
Hole
UTME
UTMN
Elevation
Azimuth
Dip
Length (m)
GR-20-10
647140.1
5338416.9
304.85
192.9
-57.4
475
GR-20-11
647140.2
5338417.3
304.83
186.9
-76.8
522
GR-20-12
647140.0
5338417.1
304.63
196.0
-70.0
552
GR-20-13
647140.4
5338417.3
304.88
185.7
-70.5
549
GR-20-14
647226.5
5338476.8
303.40
185.6
-69.9
516
GR-20-15
647226.5
5338476.9
303.32
180.0
-80.3
552
GR-20-16
647006.5
5338446.3
312.52
201.5
-73.1
498
GR-20-17
647006.6
5338446.4
312.48
201.5
-80.2
558
A total of 5,841.77meters were drilled. The information contained in this press release covers both
completed and partial results for 3,664 meters of drilling.
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. 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 20 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. But is not necessarily indicative of mineralization hosted on the company's
property.
Pit-Constrained Mineral Resources at
Granada
disclosed on
February 13
th
, 2019 Press Release
prepared by SGS independent QP Maxime Dupéré Geo. &
Allan Armitage P. Geo
"Technical Report
on the Granada Gold Project Mineral Resource Estimate,
Rouyn-Noranda, Quebec, Canada
."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.
* Pit constrained mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual
pit shell.
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 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 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.
Drill hole location map (CNW Group/Granada Gold Mine Inc.)
SOURCE
Granada Gold Mine Inc.
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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 07:30e 30-SEP-20