Granada Reports AGM Results
Granada Reports AGM Results
ROUYN NORANDA, QC
,
April 24, 2020
/CNW/ - Granada Gold Mine Inc. (TSX.V: GGM) ("Granada
Gold" or the "Company") announces the results of the 2020 Annual General Meeting of Shareholders
(the "Meeting") held today,
Friday April 24, 2020
.
The following individuals were elected directors of the Company:
Frank J. Basa
,
Jacques Monette
,
Dianne Tookenay
and
Robert Setter
. Shareholders also approved the re-appointment of McGovern,
Hurley, Cunningham, Chartered Accountants as auditors of the Company and the continuation of the
Company's 10% rolling stock option plan.
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.
Pit-Constrained Mineral Resources at
Granada
disclosed on
February 13
th
, 2019 Press Release
prepared by SGS independent QP 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.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit
shell. Cut-off grades are based on a gold price of
US$1,300
per ounce, a foreign exchange rate of
US$0.76
, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, 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 that are 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.
SOURCE
Granada Gold Mine Inc.
View original content:
http://www.newswire.ca/en/releases/archive/April2020/24/c1427.html
%SEDAR: 00004087E
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 12:20e 24-APR-20