granada gold mine

Granada Gold Intersects Significant Gold Mineralization up to 2.77 g/t Au over 8.45m and 21.50 g/t Au over 0.70m Under Orphan Tailings

 

(TheNewswire)

  Granada Gold Mine Inc. 

  These new intercepts verify the continuity of mineralization under the Orphan Tailings of 1935 and confirm extension of the mineralized structure at depth  

 

Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the "Company" or "Granada") is pleased to announce additional results from its on-going drill program at its Granada Gold project with multiple new gold assays from its GR-21-15, GR-21-16, GR-21-17 & GR-21-18 drill holes with grades up to 21.50 gt over 0.70m, 15.15 gt over 1.50m, and 2.77 gt over 8.45m

 

  Drilling Highlights  

 
  •  

      - The drill holes GR-21-15, GR-21-16, GR-21-17 & GR-21-18 were designed to verify if gold mineralization was present beneath the Orphan Tailings pond. These new assays confirm that the gold mineralization is both present and continuous at depth.  

     

      - These results confirm the existence of localized, high-grade gold mineralization within the structure under the Orphan Tailings pond as seen in GR-21-17 which graded 15.15 g/t Au over 1.50m, and in GR-21-18 which graded 21.50g/t Au over 0.70m  

     

      - It also proves the continuity of the mineralization over broader intervals (and at depth) north of Pit #1 as seen in GR-21-16 which graded 3.16 g/t Au over 4.90m, GR-21-17 which graded   2.77g/t Au over 8.45m, and   GR-21-18 which graded 1   .02g/t Au over 13.80m.  

     

      - GR-21-15 intersected  

     
    •  

        - 1.05g/t Au over 3.05m  

       

        - 0.89g/t Au over 5.80m  

       

        - 4.38 g/t Au over 1.55m  

       
    •  

      - GR-21-16 intersected  

     
    •  

        - 3.16 g/t Au over 4.90m, including 11.90 g/t Au over 0.70m  

       

        - 1.15 g/t Au over 3.95m  

       
    •  

      - GR-21-17 intersected  

     
    •  

        - 2.77g/t Au over 8.45m,   including 15.15 g/t Au over 1.50m  

       

        - 1.37g/t Au over 2.95m  

       
    •  

      - GR-21-   18 intersected  

     
    •  

        - 0.75 g/t Au over 14.80  

       

        - 3.42 g/t Au over 0.60m  

       

        - 1   .02g/t Au over 13.80m,   including 4.69 g/t Au over 1.45m  

       

        - 4.70g   /t Au over 3.25m,   including 21.50g/t Au over 0.70m  

       
    •  
  •  

 

 

  "The assay results in these drill holes prove the continuity of mineralization along the main Granada central structure north of Pit #1 and at depth. The validation of gold existing under the orphan tailings highlights that any rehabilitation of the orphan tailings is not a restoration plan option as it would result in covering significant gold mineralization of economic grades. Again, this supports the view that our gold grades and occurrences are continuous, have substantial thickness to the zone, and show the potential to increase our existing mineral resources. Moreover, it clearly shows the previous operators did not extract all the near-surface gold in the central zone north of the pit#1 structure" said Frank J. Basa, P.Eng., President and CEO.  

 

  The historical orphan tailings amount to 52,000 tonnes from past mining of mineralized material grading 9 to 10 grams per tonne gold from shafts one and two. The responsibility for rehabilitation of the historical tailings belongs to the Province of Quebec.  

 

  Two open pit bulk samples were taken in the nineties around the number one mine shaft grading 3.5 to 5 grams per tonne gold to the immediate south of the orphan tailings. The previous operators never expanded the number one open pit due to the proximity of the orphan tailings.  The company will make a provision to have these tailings moved into a more secure holding area so that the mineralized material can be mined and processed.  

 

    
Click Image To View Full Size
 

 

  Figure 1:  Plan Map Showing Drill Hole and Assay Locations immediately North of Pit #1.  

 

  Table 1: Sample Details  

 

 

 

 

 

 

 
                                                                                                            
 

  Hole ID  

 
 

  Target Location  

 
 

  From (m)  

 
 

  To (m)  

 
 

  Length (m)  

 
 

  Au (g/t)  

 
 

  GR-21-15  

 
 

  North of Pit #1 & Under Orphan Tailings  

 
 

  229.0  

 
 

  232.05  

 
 

  3.05  

 
 

  1.05  

 
 

  GR-21-15  

 
 

  North of Pit #1 & Under Orphan Tailings  

 
 

  362.55  

 
 

  368.35  

 
 

  5.80  

 
 

  0.89  

 
 

  GR-21-15  

 
 

  North of Pit #1 & Under Orphan Tailings  

 
 

  391.45  

 
 

  393.00  

 
 

  1.55  

 
 

  4.38  

 
 

  GR-21-16  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  235.00  

 
 

  239.90  

 
 

  4.90  

 
 

  3.16  

 
 

  Including  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  237.70  

 
 

  238.40  

 
 

  0.70  

 
 

  11.90  

 
 

  GR-21-16  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  374.05  

 
 

  378.00  

 
 

  3.95  

 
 

  1.15  

 
 

  GR-21-17  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  395.25  

 
 

  397.25  

 
 

  2.00  

 
 

  1.49  

 
 

  GR-21-17  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  444.00  

 
 

  452.45  

 
 

  8.45  

 
 

  2.77  

 
 

  Including  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  444.00  

 
 

  445.50  

 
 

  1.50  

 
 

  15.15  

 
 

  GR-21-17  

 
 

  Northeast of Pit #1 Under Orphan Tailings  

 
 

  498.00  

 
 

  500.95  

 
 

  2.95  

 
 

  1.37  

 
 

  GR-21-18  

 
 

  Northeast of Orphan Tailings  

 
 

  364.75  

 
 

  379.55  

 
 

  14.80  

 
 

  0.75  

 
 

  GR-21-18  

 
 

  Northeast of Orphan Tailings  

 
 

  427.15  

 
 

  429.00  

 
 

  1.85  

 
 

  1.46  

 
 

  GR-21-18  

 
 

  Northeast of Orphan Tailings  

 
 

  517.55  

 
 

  520.20  

 
 

  2.70  

 
 

  1.91  

 
 

  GR-21-18  

 
 

  Northeast of Orphan Tailings  

 
 

  578.35  

 
 

  592.15  

 
 

  13.80  

 
 

  1.02  

 
 

  including  

 
 

  Northeast of Orphan Tailings  

 
 

  578.35  

 
 

  579.80  

 
 

  1.45  

 
 

  4.69  

 
 

  GR-21-18  

 
 

  Northeast of Orphan Tailings  

 
 

  879.00  

 
 

  882.25  

 
 

  3.25  

 
 

  4.70  

 
 

  Including  

 
 

  Northeast of Orphan Tailings  

 
 

  880.00  

 
 

  880.70  

 
 

  0.70  

 
 

  21.50  

 
 

  Please note: Bolded intervals represent assay composite calculations. Non-bolded intervals represent single assays. G/t refers to grams per tonne. Intervals are core length with no capping applied.  

 

  Location  

 

  The Granada Gold project is located near Rouyn-Noranda adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks, granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has historically produced 12.7 million Ounces of gold from 1935 to 2010 with an additional 5 million ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June 19, 2020).  

 

  Qualified person  

 

  The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member   of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-   101 standards.  

 

  Quality Control and Reporting Protocols  

 

  The 2021 assay results are from ALS laboratory in Val d'Or. The screen metallic fire assay method is pre-selected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance, quality control (QAQC), and interpretation of results is performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.  

 

  Mineral Resource Estimate  

 

  On March 15, 2021 the Company released an updated NI 43-101 resource estimate for the Granada Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured, indicated, and inferred for the underground. Please see Table 2 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. with an effective date of December 15, 2020 and signature date of March 15, 2021.  

 

  Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces  

 

 

 

 

 

 

 
                                       
 

  Type  

 
 

  Category  

 
 

  Tonnes  

 
 

  Avg Grade Au (g/t)  

 
 

  Gold Ounces  

 
 

  Open Pit  

 
 

  Measured  

 
 

  3,756,000  

 
 

  1.89  

 
 

  228,000  

 
 

  Indicated  

 
 

  1,357,000  

 
 

  2.55  

 
 

  111,000  

 
 

  Measured + Indicated  

 
 

  5,113,000  

 
 

  2.06  

 
 

  339,000  

 
 

  Inferred  

 
 

  34,000  

 
 

  11.29  

 
 

  12,000  

 
 

  Underground  

 
 

  Measured  

 
 

  37,000  

 
 

  4.22  

 
 

  5,000  

 
 

  Indicated  

 
 

  807,000  

 
 

  4.02  

 
 

  104,000  

 
 

  Measured + Indicated  

 
 

  844,000  

 
 

  4.03  

 
 

  109,000  

 
 

  Inferred  

 
 

  1,244,000  

 
 

  6.33  

 
 

  253,000  

 
 

  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 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.  

 

  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 1990's, 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.  

 

  "Frank J. Basa"  

 

  Frank J. Basa, P. Eng.  

 

  Chief Executive Officer  

 

  For further information, Contact:  

 

  Frank J. Basa, P.Eng.  

 

  Chief Executive Officer  

 

  P: 416-625-2342  

 

  Or:  

 

  Wayne Cheveldayoff,  

 

  Corporate Communications  

 

  P: 416-710-2410  

 

  E: waynecheveldayoff@gmail.com  

 

  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.  

 

Copyright (c) 2021 TheNewswire - All rights reserved.

 

News Provided by TheNewsWire via QuoteMedia

The Conversation (0)
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×