Update on Granada Gold Mine On-Site Sampling Plant
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
Update on Granada Gold Mine On-Site Sampling Plant
Rouyn Noranda, Q.C., January 9, 2025 - Granada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt:
B6D) (the "Company" or "Granada") is pleased to provide an update on the progress of an on-site sampling
plant. The potential installation of an on-site sampling plant is to further confirm the near-surface open
pit resource from the two 500-tonne bulk samples recently taken which correlates well with historic open
pit mining results of 3.5 to 5 grams per tonne gold. The current open pit resource of 2 grams per tonne
(Please see July 6, 2022 news release) and was calculated by cutting all the high-grade sample assays due
to fifty percent of the gold being in native form which lends to higher gold assays. The on-site sampling
plant would further confirm the true grade of the open pit resource.
Bulk Sampling Plant Highlights:
- Two products will be produced, a high-grade native gold gravity concentrate and a high-grade
sulfide gold concentrate. Sand by-product would be sold as aggregate.
- No chemicals will be used in the sampling plant. Any water usage will be closed-loop and recycled.
- Sampling plant daily average capacity would be rated at 550 tonnes per day.
Contractor Operator:
The Company has reviewed local mining contractors and project management companies for the mining
and primary crushing. Final processing and gold bullion doré bar pours and gold sulfide concentrate to be
done by third parties. The Company envisions minimal capital expenditures for equipment and
infrastructure requirements.
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 22, 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 resources 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 Inferred 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 structures 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.
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.