ROUYN NORANDA, QC, June 9, 2021 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") is pleased to announce
that the Company has closed a flow-through private placement
financing raising gross proceeds of $1,000,000. The Company has issued
5,714,285 flow-through shares at a price of $0.175 per flow-through share, subject to TSX
Venture Exchange ("Exchange") approval.
GloRes Securities Inc., the lead finder for the financing, was
paid $70,000 in cash and 300,000
finder's warrants. An additional 100,000 finder warrants were
also paid. Each finder warrant is exercisable at $0.175 per share for two years from
closing. The finder's fees paid in connection with the
private placement are subject to Exchange approval.
All securities issued in connection with the private placement
are subject to a four-month and a day hold period expiring on
October 10, 2021, in accordance with
applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used
for surface exploration, trenching, and historical resampling of
drill core on the Company's Granada Gold Property in Québec.
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. 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, but is not
necessarily indicative of mineralization hosted on the company's
property.
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.
Updated Mineral Resource
The updated resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec was
estimated by SGS Canada and outlined in a January 29, 2021 news release. The final
report was filed March 15, 2021 with
an Effective date of December 15,
2020. The 43-101 Technical Report is titled: Granada Gold
Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by
Yann Camus, P.Eng. and Maxime
Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details
Between the Open Pit Portion and the Underground Portion
|
Type
|
Category
|
Tonnes
|
Au
(g/t)
|
Gold
Ounces
|
|
In Pit
|
Measured1
|
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
|
|
1.
|
Cut-off grades are
based on a gold price of US$1,600 per ounce, a foreign exchange
rate of US$0.76 for CA$1, a gold recovery of 93%
|
|
2.
|
Pit constrained
mineral resources are reported at a cut-off grade of 0.9 g/t Au
within a conceptual pit shell
|
|
3.
|
Underground
mineral resources are reported at a cut-off grade of 3.0 g/t Au
within reasonably mineable volumes
|
The Company is in possession of all mining 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.
