Granada to Continue In-Fill Deep Drill Program to Test High-Grade Gold Results of 107.9 g/t Over 4 Meters
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
Granada to Continue In-Fill Deep Drill Program to Test High-Grade Gold Results
of 107.9 g/t Over 4 Meters
Rouyn Noranda, Q.C., October 23, 2024 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt:
B6D) (the "Company" or "Granada") announces a comprehensive deep drill program to the north of the
current open pit resource in an area known as the Big Claim to define the extent of gold mineralization
within the 2 kilometer east -west strike length of the greater 5.5 kilometer defined mineralized gold
structure. Gold mineralization is expected to extend beyond 1600-meter vertical depth based on the last
drill program.
Drill Program aiming to Support an Updated Gold Resource at Depth
Select deep drilling results on the Big Claim confirming High Grade potential:
- 55.9 g/t gold over 1.00 meters in hole GR-16-14 included in 14.5 g/t gold over 4 meters from 881
to 885 meters.
- 45.7 g/t gold over 1.00 meters in hole GR-18-03 included in 8.39 g/t gold over 6 meters from 572
to 578 meters.
- 107.9 g/t gold over 4.00 meters in hole GR-20-21 from 617.4 to 621.4 meters
Figure 1: Granada Gold High-Grade Intersections
Showing Pit, High-Grade Intercepts and Prospective Zone for Future Exploration
Composite Section as of July 2023
The drill program is a continuation of a planned 120,000-meter drill program of which 20,000 meters has
been completed.
Frank J. Basa, President and CEO, commented, "The drill program will assess the potential for higher-grade
underground resources in line with historical production, which averaged between 9 and 10 grams per
tonne gold. This aligns with our strategy to systematically evaluate the property's high-grade potential at
depth."
Qualified person
The technical information in this news release was reviewed and approved by Matthew Halliday, P.Geo.,
Director of Granada Gold Mine Inc., and member of the Ordre des Géologues du Québec, who is a
Qualified Person in accordance with National Instrument 43-101.
Mineral Resource Estimate
On August 2 2, 2022 the Company filed an updated NI 43 -101 technical report supporting the resource
estimate update for the Granada Gold project (Please see July 6, 2022 news release ) reporting that the
Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit
constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for
underground mineral r esources within reasonably mineable volumes, of 543,000 ounces of gold
(8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and
456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inf erred category.
Please see Table 1 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. dated August 20th, 2022 and with an effective date of June 23rd,
2022.
Table 1: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Cut-Off
(g/t Au) Classification Type Tonnes Au (g/t) Gold Ounces
0.55 / 2.5 Measured1 InPit+UG 4,900,000 1.70 269,000
Indicated InPit+UG 3,320,000 2.57 274,000
Measured & Indicated InPit+UG 8,220,000 2.05 543,000
Inferred InPit+UG 3,010,000 4.71 456,000
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 20,000m out of 120,000m complete. The drills are currently paused to provide
the technical team with the necessary time to evaluate , assimilate existing data and wait for improved
market conditions.
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 struct ures 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 1990s, 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. More information
at https://granadagoldmine.com/
For further information, Contact:
Frank J. Basa, P.Eng. member of Professional Engineers Ontario
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Neither the TSX Venture Exchange nor its Regulation Services 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 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. The Company does not undertake to update any forward-looking
information in this news release or other communications unless required by law.