ROUYN NORANDA, QC, Nov. 8, 2018 /CNW/ - Granada Gold Mine
(TSXV: GGM) ("Granada Gold" or the "Company") is pleased to
announce its latest partial drill results at the Granada property located along the prolific
Cadillac Trend in Northern Quebec, Canada.
Highlights
- 5.07 G/T AU over 11 M in
hole GR-18-03
- 13.21 G/T AU over 1.5 M
including 37.3 G/T AU over 0.5
M in hole GR-18-04
- VG (visible gold) observed in hole GR -18-04
Hole GR-18-03 intersected gold mineralization at depth, tested
the Magnetic anomaly in the center of the property, and expands the
quality of the mineral resource along the plunge of the deposit. A
new finding in hole GR-18-04 shows an unusual geological context
with a strong reddish(hematised) silicified conglomerate with
disseminated sulfides including visible gold (VG) grains. The
discovery opens new ground at a much shallower depth than was
initially expected at this position on the Granada property. The new finding of Hole
GR-18-04 to the north-west is located at 600 metres from surface
which open new sector for exploration.
"The GR-18-03 high-grade intercept over a significant core
length continue expanding the quality of our mineralized zone at
Granada." stated Frank J. Basa P.Eng., President and Chief
Executive Officer of Granada Gold Mine.
At the time of this press release, three holes had been
completed for 2178 meters with a fourth in progress.
Partial Results Table
Hole
name
|
From(m)
|
To(m)
|
Length(m)
|
Au
g/t
|
Type
|
GR-18-03
|
567.00
|
578.00
|
11.00
|
5.07
|
FA
|
including
|
569.00
|
574.00
|
5.0
|
9.85
|
FA
|
including
|
573.00
|
574.00
|
1.0
|
45.7
|
FA
|
GR-18-04
|
662.00
|
663.50
|
1.5
|
13.21
|
SM
|
including
|
662.50
|
663.00
|
0.5
|
37.3
|
SM
|
•
|
Core length, not
capped FA=Standard Fire assay, SM Screen Metallic
1kg
|
Not all the core has been analyzed, these are partial results
only. The Company considers this discovery to be significant and a
potential game changer in the evolution of Granada and has taken the decision to disclose
the assays already received. As more results come in, a similar
determination will be made regarding immediate release.
QA/QC
Core samples were logged by GoldMinds geologists then cut in
half using a rock saw at the Granada site by Technominex technicians.
Standards and blanks were inserted in the sequence at every 20
samples. Standard preparation was completed at ALS Rouyn-Noranda
with gold analysis conducted in Val
d'Or while multi element assays were completed in
Vancouver. For the new gold
discovery, a special preparation with screen metallic of 1 kg was
used due to visible gold being observed within the core. The
standards and blanks are in line with expected values and allow for
the public disclosure of these analytical results.
Qualified Person
Dr. Merouane Rachidi P. Geo a
geological, environmental and mining consultant and Claude Duplessis, P. Eng., of GoldMinds
Geoservices Inc., are qualified persons in accordance with National
Instrument 43-101. Both have both 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. The property has
120,000 meters of drilling completed to date which has been focused
on the extended LONGBARS 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" to production
with stripping underway. Exploration drilling is ongoing with the
goal of increasing the mineral resource at Granada. Additional information is available
at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
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.