Innovexplo Begins Revised 43-101 Resource Study at Granada Mr. Frank Basa reports:
Innovexplo Begins Revised 43-101 Resource
Study at Granada
Mr.
Frank Basa
reports:
ROUYN NORANDA, QC
,
July 16, 2020
/CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada
Gold" or the "Company") is pleased to report that it has retained the services of
Innovexplo
with a
site visit this past week at the Granada Mine Site for a revised 43-101 resource.
Innovexplo -
Established in 2003, their mission is to contribute in an innovating, objective and
efficient manner to the evolution of mining projects by offering a complete and integrated range of
dependable and top-quality services at each phase of exploration and mining operations.
"
Granada
is currently drilling key holes to increase underground resources quality below existing pit
constrained mineral resources," said
Frank J. Basa
, P.Eng., Granada Gold's President and
CEO. "The company has decided that a revised 43-101 should be undertaken at this stage to better
reflect the potential of the resource."
Grab Sample
Granada
undertook a grab sample of about 1000 kilograms of mineralized material containing visible
gold in the vicinity of hole GR-19-A. Drilled in 2019 from surface, the interval from zero to 33 meters
core length returned 11.45 grams per tonne gold. Visible gold was present in the core. It is
estimated that the true width is 6.3 meters (see 2020-01-09 news release). The sample was sent to
Temiskaming Testing Laboratories in
Cobalt, Ontario
for gravity gold recovery.
Native Gold Surface (CNW Group/Granada Gold Mine Inc.)
Grab Sample (CNW Group/Granada Gold Mine Inc.)
Pit Constrained Mineral Resources
The current resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec
is detailed
in the 43-101 technical report filed on Sedar, titled: "Granada Gold Project Mineral Resource
Estimate
Rouyn-Noranda, Quebec, Canada
." The report, written by Independent Qualified Persons
Allan Armitage, PhD, P.Geo, and
Maxime Dupere, BSc
, P.Geo, of SGS Canada Inc., provides
support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate
1
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
M&I Total
22,267,000
1.06
762,000
Inferred
6,930,000
2.04
455,000
1
Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes
Qualified Persons
For the purposes of this announcement,
Claude Duplessis
, P. Eng., of Goldminds Geoservices Inc.,
a geological, environmental and mining consultant and qualified person in accordance with National
Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop 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 at 10 grams per tonne gold in the 1930's before a fire destroyed the surface
buildings. 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 mineralized structure. The highly prolific
Cadillac Trend
, the source of 50
million plus ounces of gold production in the past century, cuts right through the north part of the
Granada
property on a line running from
Val-d'Or
to
Rouyn-Noranda Quebec
.
The Company is in possession of all 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, capable of
producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is
available at
www.granadagoldmine.com
.
"Frank J. Basa"
Frank J. Basa P. Eng
.
Chief Executive Officer and Chairman
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.
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%SEDAR: 00004087E
For further information:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
CO: Granada Gold Mine Inc.
CNW 08:30e 16-JUL-20