Announcement Date: 2022-08-22
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Granada Gold Mine Inc.
Project name: Granada
Location: Canada
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: July 6, 2022, Rouyn-Noranda, Quebec, Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to provide an updated mineral resources estimate at the Granada property, a past producer located adjacent to the prolific Cadillac Break in the Abitibi near Rouyn-Noranda and close to several gold deposits and operating mines in northwestern Quebec. The estimates combine in-pit constrained and underground mineral resources estimates and include the results of the 30,000-meter drill program conducted on the Big Claim at Granada since the last estimate was published in January 2021. The Granada property includes the former Granada Gold underground mine which produced more than 50,000 oz of gold at 9.7 g/t Au from two shafts before a fire destroyed the surface buildings. Bulk samples taken from the surface in the 1990s and since then have graded in the 3-5 g/t range (see May 10, 2022 news release). The 2022 mineral resource estimates in this news release represent the second estimate since the Company shifted its approach to the deposit by reducing the size of the pit in order to increase the pit grade to the range of 2 g/t Au from 1 g/t Au (and reduce the production of waste and overburden removal)to improve the potential economics of the deposit for future mining. The first estimate since the shift was published in a news release on January 29, 2021 and an associated National Instrument (NI) 43-101 technical report was released on March 15, 2021. The previous mineral resource estimate published in 2021 had reported a measured and indicated estimates for open pit of 5,113,000 tonnes grading
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