ROUYN NORANDA, QC,
Nov. 6, 2019 /CNW/ - Granada Gold
Mine Inc. (TSXV: GGM) (the "Company" or "Granada") is providing
ongoing results from its latest drill program at its 100% owned
Granada gold deposit in
Rouyn-Noranda. GR-19-C intersected
a high-grade zone with 7.67 grams per tonne gold over fifteen
meters of core length from near surface on the extended LONG Bars
zone. Results are pending for GR-19-A, for high-grade
verifications.
Highlights and key findings:
Hole Name
|
from
|
to
|
length
|
gold
|
|
|
|
|
|
GR-19-C
|
18.5
|
33.5
|
15 meters
|
7.67 grams per
tonne
|
GR-19-B
|
0.0
|
6.0
|
6.0 meters
|
3.41 grams per
tonne
|
The mineralized zone is composed of smoky quartz veins adjacent
to a porphyry dyke intruded by multiple quartz veinlets south of
the altered sheared conglomerate.
"These preliminary results highlight the potential of
near-surface, high-grade mineralization and continue to support
higher grades that are in line with historic production grades of 8
to 10 grams per tonne gold when it was mined in the 1930s from the
two shafts. The Company's earlier drill programs were designed to
define structures. Drill holes intersected the mineralized
structure perpendicularly. This recent program was designed
to unlock the higher-grade potential of mineralized intersections
near surface identified from previous drill holes," said
Frank J. Basa, P.Eng., Granada's President and Chief Executive
Officer.
Qualified Person
The technical information in this news release has been reviewed
by Claude Duplessis, P.Eng.,
GoldMinds Geoservices Inc. member of Quebec Order of Engineers and
a qualified person in accordance with National Instrument 43-101
standards.
Quality Control and Reporting Protocols
Assays are uncut except where indicated. True length is not
known at present time.
A detailed table of drill results will be disclosed once
received, validated and interpreted.
All NQ core assays reported were obtained by either one-kilogram
screen fire assay or standard 50-gram fire assaying AA (atomic
absorption) finish or gravimetric finish at (i) ALS Laboratories in
Val d'Or, Que., Thunder Bay, Ont., Sudbury, Ont., or Vancouver, B.C. The screen assay method is
selected by the geologist when samples contain visible gold. All
samples are also analyzed for multi-elements, using an aqua
regia-ICP-AES (inductively coupled plasma atomic emission
spectroscopy) method at ALS Laboratories. The drill program,
quality assurance/quality control (QA/QC) and interpretation of
results are performed by qualified persons employing a QA/QC
program consistent with NI 43-101 and industry best practices.
Standards and blanks are included with every 12 samples for QA/QC
purposes for this program in addition to the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop its Granada Gold
Property near Rouyn-Noranda,
Quebec which lies on the highly prolific Cadillac Break -the
source of more than 75 million plus ounces of gold production in
the past century, and which cuts through the north part of the
Granada property. The property
includes the former Granada Gold Mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold from vein zones 1,
2 and 5 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 of gold-mineralized structure. Drill intercepts have
been at close to perpendicular to the vein zones. Drilling
was focussed on defining lateral and depth extent of the structures
along an East-West trend. The mineralized package has been
determined to reach up to 400m thick
and contains between 9 and 22 distinct vein zones.
Three open pit bulk samples have been taken historically: in
1994, by KWG Resources Inc. subsidiary Granada Resources, 87,311
tonnes grading 5.15 g/t gold from Vein 1; in 1996, by KWG Resources
Inc. subsidiary Granada Resources, 22,095 tonnes grading 3.46 g/t
gold from Vein 2; and in 2007 by Gold Bullion Development Corp (now
Granada Gold Mine Inc.), 32,000 tonnes grading 1.62 g/t gold from
Vein 2A.
The Company has a 43-101 resource and is in possession of all
required 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. 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.