ROUYN NORANDA, QC, Jan. 14, 2020 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") will begin a bulk sampling
program this spring on the high-grade, mineralized structures
exposed at surface. The program will be designed to evaluate the
native gold component in the mineralized structures. A
metallurgical program was undertaken in 2012 at SGS Lakefield Gold
Metallurgical Testing Group, Ontario, and the study concluded that, based
on 29 composite samples, the native gold component ranged from
29.6% to 78%, with an average of 54.0% which can be recovered by
simple gravity means (NI 43-101 PEA, February 4, 2013, effective date December 21, 2012).
Highlights:
- A bulk sample of a minimum of 50 tonnes to maximum of 500
tonnes is proposed at this stage from Veins 1 and 2.
- A minimum of 6 holes will be drilled by percussion drilling
followed by thermal fragmentation to increase the sample size
- The holes will be drilled to a depth of 5 to 12 meters
- The recovered samples will be sent to Temiskaming Testing
Laboratories, Cobalt, Ontario for
processing
Frank J. Basa, P.Eng., Granada
Gold's President and Chief Executive Officer, comments: "The
current, ongoing drill program will be followed by these mini bulk
samples to get a better understanding of the native gold component.
Using a percussion drill followed by thermal fragmentation will
minimizes dilution of the bulk sample".
"If the Company's recently reported drill hole GR-19-A would be
taken within the calculation parameters of the proposed bulk
sampling program, the 15-meter interval from surface grades 21.71
g/t gold. Cutting the high-grade assay intercepts to 60 g/t
would result in a potential grade target undiluted of 10.86 g/t
gold. These grades are well within historical production and
bulk sample results outlined below", Frank
J. Basa, P.Eng., comments further.
Historical Production and Bulk Samples*:
Granada Gold Mines (1930's company) between 1930 to 1935
extracted 164,816 tonnes of mineralized material grading 9.7 g/t
gold and 1.5 g/t silver before the mill burnt down. The mineralized
material came primarily from Vein 2 underground.
Granada Resources, in 1994, extracted a bulk sample of 87,311
tonnes from surface grading 5.17 g/t gold from Vein 1. This bulk
sample generated 139,856 tonnes of waste rock.
Granada Resources, in 1996 extracted a bulk sample of 22,095
tonnes from surface grading 3.46 g/t gold from Vein 2. This bulk
sample generated 4,309 tonnes of waste rock.
*The above disclosure of the bulk sample size and grade is
extracted from the 43-101 Technical Report dated February 13, 2019 on the Granada Gold Project
Mineral Resource Estimate, Rouyn Noranda,
Quebec authored by the Qualified persons, Allan Armitage, Ph. D.., P. Geo and Maxime Dupere, B.SC., Geo both of SGS
Canada Inc. The Company has no reason to doubt it's
reliability.
Qualified person
The technical information in this news release has been reviewed
by Claude Duplessis, P.Eng.,
GoldMinds Geoservices Inc. member of Québec Order of Engineers and
a qualified person in accordance with National Instrument 43-101
standards.
Quality Control and Reporting Protocols
All NQ core assays reported were obtained by either 1-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, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Columbia. 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 method at ALS Laboratories. The drill program,
Quality Assurance/Quality Control ("QA/QC") and interpretation of
results is 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 the Granada Gold
Property near Rouyn-Noranda,
Quebec. 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 mineralized structure. Only 20 percent of the
property to date has been explored. The highly prolific Cadillac
Break, the source of more than 75 million plus ounces of gold
production in the past century, cuts through the north part of the
Granada property.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release
prepared by SGS independent QP stand at:
Category
|
Tonnes
|
Grade (g/t
AU)
|
Contained Gold
(oz.)
|
Measured
|
12,637,000
|
1.02
|
413,000
|
Indicated
|
9,630,000
|
1.13
|
349,000
|
Measured &
Indicated
|
22,267,000
|
1.06
|
762,000
|
Inferred
|
6,930,000
|
2.04
|
455,000
|
(43- 101 Technical
Report dated February 13, 2019 on the Granada Gold Project Mineral
Resource Estimate, Rouyn Noranda, Quebec)
|
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.
+ Pit constrained mineral resources are reported at a cut-off
grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades
are based on a gold price of US$1,300
per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Company is in possession of all mining permits that are
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 statemen
SOURCE Granada Gold Mine Inc.