Newlox Gold’s Partners Begin Mining the Historic Boston Mine, Costa Rica
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (C NSX : LU X.CN ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce that its local mining partners have commenced operations at the historic Boston Mine. The miners have started actively mining at Boston to establish a stockpile of freshly sourced material in anticipation of the completion of Newlox Gold’s Boston Processing Plant.
The recovery plant at the Boston Project is the Company’s second environmentally and socially positive precious metals recovery plant. It will process feedstock newly extracted from the Boston Mine by the Company’s local mining partners. Newlox will operate the new mill at Boston capable of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to be split evenly between the parties.
The joint project benefits both parties, as Newlox will outsource all mining to its local partners while providing them with modern, environmentally sustainable, and effective mercury-free mineral processing. The Boston project is fully permitted under existing mining codes, inclusive of the use of necessary chemicals utilized in the gold and silver recovery process, while eliminating the use of mercury.
While construction at Boston was delayed in 2021 due to the pandemic and the associated global supply chain disruptions, excellent progress is now being made, with the operations team expected to complete construction, testing, and commissioning before the end of the year.
Throughout the summer of 2021, the Company’s local mining partners have refurbished the Boston Mine. The Company has assisted the rehabilitation effort by making available its in-house laboratory to test samples taken in collaboration with the miners from the Boston Mine as they evaluate areas for initial exploitation. Grab samples collected recently as part of the rehabilitation effort returned results as high as 77.1 grams per tonne gold .
Availability of Newlox Gold’s in-house analytical laboratory has assisted the local miners to confirm the location of high-grade mineralization in the historic Boston Mine and has assisted them to mine and establish a stockpile of quality mill feed for the new processing plant.
A Message from Ryan Jackson, President & CEO:
“We are delighted to announce that the Company’s mining partners at the Boston Project have completed the refurbishment of the first level at the Mine and are now actively producing feedstock for our joint project. Access to Newlox’s in-house lab has provided the Company’s partners with high-quality data to support their mining plan and will enhance their demonstrated ability to identify and mine quality feedstock.
With advancing construction at the Boston Processing Plant, we look forward to testing and optimization with an established stockpile of quality mill feedstock, which will precede full scale operation next year.
The ‘ Coexistence Model of Artisanal Mining ’ promoted by Dr. Marcello Veiga to the United Nations PlanetGOLD Initiative as a sustainable solution to the issue of artisanal mining, is superbly illustrated by Newlox’s providing a modern and environmentally friendly processing option to local miners at the Boston Mine.
Precious metals are an integral part of heritage and traditions around the world and persist today to be mined for both economic and cultural reasons. Now, impressively for this area, for the first time since the ancient introduction of the mercury amalgamation process, artisanal gold and silver will be recovered without the use of mercury and its associated environmental damage.
We are proud to be working partners with the local miners at Boston with whom management has established a strong bond. The Project will contribute substantially to the Company’s near-term growth while both supporting the local economy’s sustainable development goals and solving a decades-old environmental and social dilemma for the benefit of all stakeholders.”
Outlook
Newlox Gold has both a robust treasury, and an experienced technical team which has implemented numerous strategies to overcome supply chain challenges at operations. Our team is completing the ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow positive and improving each month. The team will complete the construction and commissioning of the Boston Project and will then be positioned to support both our regional growth strategy in Central America, and our recently announced planned expansion in Brazil.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: + 1 604 256 0493
- Published in Mining, Newlox Gold, News Home
Glen Eagle Resources Starts Drilling La Esperanza
Glen Eagle Resources – TheNewswire – October 26, 2021 – (TSX V :GER) (OTC: GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that it is completing the 2000 meters drilling program previously reported in a News Release dated May 7, 2020. The program was initially prepaid and has been reactivated with 1000 meters left for completion.
The Company has chosen the Esperanza deposit as the best area to finish its drilling program given the fact that the current location is feeding Cobra Oro gold processing plant. Cobra Oro operates in Honduras as a wholly owned subsidiary of Glen Eagle Resources.
Recent stripping over an area covering 15,000 square meters has exposed a network of quartz veins up to 2 meters in thickness. The veins are found within ankerite-limonite altered volcanic rocks returning occasionally values as high as 13 grams gold per ton from random samples analyzed at Cobra’s laboratory.
Based on the last dore production of recent weeks, an averaged of 2.5 grams gold was recovered from approximately 1000 tons excavated at large from the deposit. The drilling program aims at providing a better knowledge of the mineralization and bring a greater level of certainty regarding the ore being hauled to the plant. The program will also help to determine if an open pit operation can continue to be deployed on a larger scale that would warrant further exploration, drone surveys and geological studies.
Gilles Laverdière, P.Geo, has read and approved the technical content of this News Release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ”
Jean Labrecque,
President
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Canada Silver Cobalt Completes Fully-Subscribed $7.5 Million Marketed Public Offering
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has completed a fully-subscribed marketed public offering by raising total proceeds of approximately $7.5 million, including approximately $975,000 following the exercise in full of an over-allotment option by Research Capital Corporation and Canaccord Genuity Corp., the co-lead agents for the offering. At closing, Canada Silver Cobalt issued 20,884,109 units (“ Units” ) at a price of $0.21 per Unit for proceeds of $4,385,663 and 13,431,900 flow-through units (“ FT Units ”) at a price of $0.23 per FT Unit for proceeds of $3,089,337.
Canada Silver Cobalt intends to use the proceeds from the offering of the FT Units to incur Canadian Exploration Expenses on the Company’s Castle Silver Mine property in Haultain and Nicol Townships, Ontario and to use the net proceeds from the offering of the Units for continued exploration activities, working capital and general corporate purposes.
The offering was conducted on a “best efforts” agency basis and was co-led by Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Glen Eagle Reports Excellent Gold Recovery Results
TheNewswire – October 13, 2021 – Glen Eagle Resources Inc. ( TSXV:GER) (“Glen Eagle” or the “Company”) is pleased to announce additional information resulting from the ramp-up operation at Cobra Oro and the latest data received from the metallurgical balance produced by Armando Gabriel Aguilar, professor of metallurgy at the University of Guadalajara Polytechnic School. Mr. Gabriel Aguilar, an external consultant to several mining companies was recently hired by Glen Eagle to supervise Cobra Oro metallurgical process.
Results from the metallurgical balance indicates an average recovery of 87% throughout the system combined with an efficiency rate of 98% at the filter press. The Company is very pleased with these results and cannot expect to be much better due to the high silver content within the ore currently being processed. Silver recovery will be reported later this month.
To further improve Cobra’s operations, the Company is in progress to hire a Chief Mechanic and Head of Laboratory. They both will join a full time Canadian consultant who has been supervising Cobra’s operations in Honduras for the last two months. Karl Trudeau comments : « The Team that we have put in place to improve Cobra Oro ramp-up operations, including local employees is already making the difference and increased throughput will be facilitated greatly by the end of the rainy season later this month. latest smelting
Jean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Canbud Provides Updates on Progress on Psychedelics Operations
Canbud Distribution Corp. (CSE: CBDX) (FSE: CD0) (the “Corporation” or “Canbud”) Management would like to provide the following update on the developments in the Jamaican operations.
On December 7, 2020, Canbud announced that it had entered into a definitive agreement dated December 4, 2020 to acquire 100% of the issued and outstanding securities of 2688453 Ontario Ltd. in exchange for 7,600,000 common shares at a deemed price per share equal to 19.5 cents.
In furtherance of the agreement, the Company issued 1,520,000 shares (representing 20% of the consideration shares) on January 5, 2021. The agreement contemplated material capital investment (in excess of US$3.5 million) by the Company, over the course of a three-year period, to build and operate a commercial production supported by local staff and establish a retreat facility.
During the subsequent period, the company completed the manufacturing and installation of the initial production facility in Jamaica at a cost of US$49,000 and entered into an MOU with the College of Agriculture, Science and Education (“CASE”) to focus on the research and development of healing practices facilitated by psilocybin producing mushrooms.
Following a review process undertaken by management and approved by the Board, the Company has determined that the current and anticipated commercial state of the psychedelics market over the 18 to 24 month period will continue to remain sluggish and anticipated economic benefits of Canbud’s commercialization plan are not-conducive to continued financial commitment for the project at this time other than the research and development project which requires a financial commitment of up to CA$10,000 over the next 12-month period. As a result, Canbud and 2688453 Ontario Ltd. have agreed to a mutual termination of the ‘agreement’ entered into on December 4, 2020, whereby the Company has agreed to issue 3,040,000 common shares to cancel the agreement (at a deemed price per share equal to $0.05 or a total price of CA$152,000). The shares to be issued as part of the termination agreement will remain in escrow and released in 3 different tranches during 2022.
Canbud continues to monitor the potential opportunities in the psychedelics market, in keeping with its continued commitment to research and development at this time. The facility is currently on the site assigned by CASE, with management of the facility under the research in-charge at CASE. The Company expects a more focused and cautionary approach from a capital allocation perspective, which will enable the Company to support the high growth areas of the business
About Canbud Distribution Corp.
Canbud is a science and technology health and wellness company carrying on business in the plant based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoid (CBD) vertical markets.
www.mscience.ca
www.canbudcorp.com
https://www.instagram.com/canbudcorp/?hl=en
https://twitter.com/canbudcorp
Notice Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements in this news release include, but are not limited to the Corporation’s business and the industry and markets in which it operates. These statements are based upon assumptions that are subject to significant risks and uncertainties, including assumptions about the operations, financial condition, and future performance of the Corporation. Although the Corporation considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Although the Corporation’s management believes that the expectations reflected in forward-looking statements are reasonable, the Corporation can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
For further information please contact:
Robert Tjandra, COO,
(416) 847-7312
Email: ir@canbudcorp.com
- Published in Canbud Distribution, News Home
Sirona Biochem Announces Advancement of TFC-1067
Sirona Biochem Corp. (TSXV: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona“) is pleased to provide the following Q3 update to shareholders.
Dear shareholders,
We are providing this quarterly update with a particular focus on our TFC-1067 compound for skin lightening as it advances towards a second commercial license agreement.
The individual project updates are as follows:
TFC-1067
North America
As previously reported, our second clinical trial for TFC-1067 was supported by a top 10 pharmaceutical company, which included the right to complete due diligence in the months following. Our partner has successfully completed their analyses of the compound and we have moved into the next stage of licensing discussions. A global license with a highly respected partner is our preferred outcome for TFC-1067.
Rodan + Fields (R+F) continue sales of the add-on product, REVERSE Targeted Dark Spot Corrector which contains TFC-1067 as the active ingredient. R+F orders for raw material have been forecast for the remainder of 2021.They remain an excellent partner, successfully advancing the commercial use of TFC-1067 in their product. A first for Sirona.
Our manufacturing partner, WuXi AppTec has prepared an inventory of TFC-1067 that will be held in storage in China. This inventory will allow for zero delays in requests for orders as we move forward with anticipated partnerships. We are also maintaining manufacturing capabilities in France and exploring new manufacturing processes as we continually evolve our platform technology for this and all projects.
We believe, based on safety and efficacy data, that we possess the industry leading compound for lightening dark spots and balancing skin tone. We are confident TFC-1067 will have a strong commercial future.
Asia
Our business strategy for Asia continues to evolve due to challenging regulatory requirements. We will still advance and offer a second compound, TFC-1394, from our patented library for countries that have differing needs. Having either a global or regional partner will be critical to navigate commercialization in China and other Asian countries. With advanced discussions ongoing for a global license, we will scale back pursuing regional opportunities.
TFC-039
Human Diabetes
Wanbang Biopharmaceuticals has completed Phase I studies for diabetes drug candidate TFC-039 and is currently in the data analysis phase. We are awaiting further information for their plan to move forward. Some logistical challenges have caused delays and we will update shareholders as soon as we have material information on the project.
Animal Health
We have received clinical data from the cat studies which show TFC-039 to be safe and well tolerated. There is concern regarding manufacturing and the final cost of goods which are not yet fully defined. Our team is addressing this challenge with assistance from Wanbang and we have their full commitment.
Other Indications
The team at TFChem is investigating further indications for TFC-039 and have identified target diseases. We are putting in place the contract research organizations to evaluate these targets as well as developing the patents.
Anti-Aging
The lead compound from our anti-aging library is advancing to scale-up. This first batch will be developed for stability testing, formulation, and the clinical study. Preliminary results for some studies will be available in Q4 of 2021, however, due to the need to keep information confidential while patents are being written, only select information will be released.
Discussions with potential partners remain preliminary.
Antiviral
Our team in France has synthesized 16 novel antiviral compounds for testing. Information is currently limited as we develop IP around these compounds. We are encouraged by the recent successful Phase 3 clinical trial of a new antiviral from Merck & Co in the treatment of COVID-19 (Merck pill seen as ‘a huge advance’, raises hope of preventing COVID-19 deaths | Reuters).
Anti-Cellulite
Our recently announced discovery of a potential cellulite therapy is still in early-stage development. This discovery represents another major market opportunity for our company and has already garnered interest from a global pharmaceutical company.
Financing
Sirona’s last private placement financing was over 2 years ago, a similar financing is not being planned. Management will execute a strategy which will include non-dilutive sources.
With the completion of the due diligence of our top 10 global pharma partner, a decisive phase is approaching. While our scientists in France are making excellent progress in advancing our pipeline, management is fully focused on closing concrete agreements and sustainably increasing shareholder value.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/06/c3539.html
Contact:
Investor Enquiries: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in News Home
Glen Eagle Reports on Operations and Smelting
TheNewswire – October 5, 2021 Glen Eagle Resources Inc. – ( TSXV:GER) (“Glen Eagle” or the “Company”) is pleased to announce that the recent ramp-up of its operations at Cobra Oro’ s gold processing plant in Honduras, a wholly owned subsidiary of the Company, have yielded excellent results which are reflected by the least downtime ever since the inception of the plant five years ago.
Karl Trudeau, COO, comments: “All efforts have been put in place to properly ramp-up the plant in a professionnal way involving the revision of the primary crushing system, the realignment of the ball mill gear system and maintenance of the pumps, including the main vacuum pump system leading to the Merrill Crowe gold precipitation process.”
Indeed, downtime caused by mechanical failures has been very rare in the past two months and should improve further with a substantial amount of spare parts expected to be delivered in the near future. As a consequence of these major improvements, Cobra Oro is adding a third shift to production and working closely with its ore providers to increase tonnage and grade for better throughput.
In conjuction to the ramp-up, the Company was able to smelt a dore bar valued at approximately $170,000 Canadian dollars representing three weeks of production time. Additional data on gold-silver recoveries and production throughput will be released when the Company receives its upcoming metallurgical balance.
Jean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Granada Gold Intersects 1.11 g/t Gold over 109.60m and 53.70 g/t Au over 0.65m and 7.19 g/t Gold over 8.85m in 200-Series Drill Holes
These new intercepts verify the continuity of mineralization along the main Vein #2 high-grade gold-bearing structure up to 250m to the west of Pit #2.
Rouyn Noranda, Q.C. – TheNewswire – October 4, 2021 – Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional results from its on-going drill program at its Granada Gold project with multiple new assays from its 200-Series drill holes. These intervals include 1.11 g/t Au over 109.65m, 7.20 g/t Au over 8.85m, and with grades of up to 53.70 g/t Au over 0.65m, and 29.00 g/t Au over 0.50m.
Drilling Highlights
- – The 200-Series drill holes (GR-21-26 and GR-21-28) were designed to determine the variability of gold mineralization of the main vein zone within the western extension of Pit #2 by drilling down the dip of the structure – similar to the 200-series drill holes previously released on September 7, 2021, that were focusing on the area east of Pit #1.- These assay results confirm the significant extent of localized, high-grade gold mineralization within the structure as well as prove the continuity of the mineralization over much broader intervals (of up to 109m down-dip) of the main zone below surface west of Pit #2.- GR-21-26 intersected 1.11 g/t Au over 109.65m, including:
- – 15.35 g/t Au over 1.70m- 29.00 g/t Au over 0.50m – 7.13 g/t Au over 7.70m- 9.32 g/t Au over 1.75m- 53.70 g/t Au over 0.65m
- – 13.62 g/t Au over 2.30m- 28.10 g/t Au over 0.80m
“The assay results in these drill holes prove the continuity of mineralization along the main Granada footwall structure that is located between the Granada and Pontiac formations and confirm the extension to depth of high-grade gold mineralization. This supports the view that our gold grades and occurrences are continuous and have substantial thickness to the zone. Moreover, it clearly shows the previous operators did not extract all the gold near surface, particularly in the main footwall structure” said Frank J. Basa, P.Eng., President and CEO.
Click Image To View Full Size
Figure 1: Plan Map Showing Drill Hole and Assay Locations just West of Pit #2.
Table 1: Sample Details
The mineralized zone at the western extension of Pit #2 contains a collection of multiple veins with sulfide mineralized halos. The zone contains 2 distinct sub-parallel mineralized veins which connect with the former Pit #2 to the east. The true thickness of these mineralized structures varies between 2m and 11 m. The main zone of these 2 structures is what was tested with the 200-Series drill holes.
The 200-Series holes were designed with an azimuth of 10-30 degrees to the north attempting to drill down the vein structures as opposed to obliquely. Normally, the drill holes are aimed southward which are designed to intersect the structures at a high angle, with an azimuth in the general range of 170-190 degrees. Previous intercepts into this structure near these 2 holes have returned grades such as 4.04 g/t gold over 7.50 meters ( true thickness) in hole GR-10-13 , and 3 .99 g/t gold over 6.00 meters in hole GR-11-226. The results we see in these 200-Series drill holes validate the assays encountered previously in other drill programs (such as the ones in 2010 & 2011) and confirm the continuity of the gold mineralization. It also demonstrates that the system is a multi-vein system (as opposed to a single discrete vein). This is why the true thickness of the gold mineralization at Granada varies significantly from small high-grade intervals, such as example 95.00 g/t over 0.50m, to even 0.31 g/t over 301m (Press Release September 18, 2012) depending on the location within the property and cut-off grade used for the calculation.
Location
The Granada Gold project is located near Rouyn-Noranda adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks, granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has historically produced 12.7 million Ounces of gold from 1935 to 2010 with an additional 5 million ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June 19, 2020).
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43- 101 standards.
Quality Control and Reporting Protocols
All NQ core assays reported for Wedges of 2020 holes were obtained by either 1-kilogram screen metallic fire assay or standard 50-gram fire assay (with either atomic absorption or gravimetric finish). This was completed at the SGS Laboratory in Vancouver, British Columbia with the sample preparation completed in Val d’Or, Québec. The 2021 assay results are from ALS laboratory in Val d’Or. The screen metallic fire assay method is pre-selected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance, quality control (QAQC), and interpretation of results is performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI 43-101 resource estimate for the Granada Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured, indicated, and inferred for the underground. Please see Table 2 below for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. with an effective date of December 15, 2020 and signature date of March 15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
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.
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990’s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
- Published in Granada Gold Mine, Mining, News Home