Tetra Tech Begins Studies for On-Site Mill at Granada Mr. Frank Basa reports:
Tetra Tech Begins Studies for On-Site Mill at
Granada
Mr.
Frank Basa
reports:
ROUYN NORANDA, QC
,
July 2, 2020
/CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada Gold"
or the "Company") is pleased to report that it has retained the services of
Tetra Tech
to begin a
gap analysis to amend our current Certificate of Authorisation for an on-site mill at
Granada
.
Tetra Tech
is a leading provider of consulting and engineering services. The Company supports
government and commercial clients by providing innovative solutions focused on water, environment,
infrastructure, resource management, energy, and international development. With 20,000
associates worldwide, Tetra Tech's capabilities span the entire project life cycle.
Frank J. Basa
, P.Eng., Granada Gold's President and CEO, comments: "
Granada
has completed a
stage-one surface stripping program and has discovered at-surface mineralized structures with
significant visible gold. As such, the company has decided that the local mills for custom milling
would not be able to process this mineralized material without a significant modification of the
process flowsheet to recover this amount of visible gold".
Back-In Option
Canada Silver Cobalt will repurchase from Granada Gold a back-in option on five mining leases at
Castle East, forming part of the Castle mine property near
Gowganda, Ontario
.
In payment, Canada Silver Cobalt will issue 2,941,000 common shares to Granada Gold at a
deemed price of
$0.51
per share, for total deemed consideration of approximately
$1,500,000
.
Each of the shares will be accompanied by one common share purchase warrant. Each warrant will
entitle GGM to acquire one additional common share of Canada Silver Cobalt for
$0.55
for a period
of five years.
Closing of the transaction is expected to take place within the coming days. The shares and
warrants issued by Canada Silver Cobalt at closing will be subject to a four-month hold period under
applicable securities regulations and the policies of the TSX Venture Exchange.
Open Pit Resource
The current resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec
is detailed
in the report filed on Sedar, a technical report compliant with National Instrument 43-101 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.
View original content:
http://www.newswire.ca/en/releases/archive/July2020/02/c5994.html
%SEDAR: 00004087E
For further information:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
CO: Granada Gold Mine Inc.
CNW 16:30e 02-JUL-20