Granada Gold Closes $1,350,000 Flow-Through and Unit Private Placement
Granada Gold Mine Inc. (TSXV:GGM ) (OTC:GBBFF) (the “Company” or “Granada”) announces that the Company has closed a non-brokered private placement by way of issuing 7,857,143 Quebec flow-through units (“QFT Units”) at a price of $0.14 per QFT Unit raising gross proceeds of $1,100,000. The Company will also be issuing 2,500,000 units (“Units”) at a price of $0.10 per Unit raising gross proceeds $250,000. The Company is raising a total of $1,350,000.
Each QFT Unit is comprised of one flow-through common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Each Unit is comprised of one common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share, for a period of three years from closing, subject to Exchange approval.
The proceeds of the FT and Unit Private Placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec and for general working capital purposes.
GloRes Securities Inc., the lead finder for the financing, was paid $94,500 in cash and 550,000 finder’s warrants. An additional 175,000 finder warrants were also paid. The finder’s warrants are on the same terms as the QFT warrants . 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 will be subject to a four‐month and a day hold period expiring on January 28, 2022 in accordance with applicable Canadian Securities Laws.
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
- 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 .
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Intersects up to 7.16 G/T over 5.60m and 95.00 G/T Gold over 0.50m in Drill Program Update
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional drill results from its on-going drill program at its Granada Gold project with multiple new assays from its 200-Series drill holes with grades of up to 7.16 g/t Au over 5.60m and 95.00 g/t Au over 0.50m.
Drilling Highlights
– The 200-Series drill holes (GR-21-05, GR-21-09, GR-21-10, and GR-21-11) were designed to determine the variability of gold mineralization of the main vein zone within the eastern extension of Pit #1 by drilling down the dip of the structure.
– 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 up to 263m down-dip of the main zone below Pit #1.
– Previously released results from GR-21-05 graded 3.49 g/t over 30.50m (including 66.54 g/t over 0.50m (Press release June 21, 2021), and 12.61 g/t over 16.50m (including 62.06 g/t over 0.50m), with new results grading 12.76 g/t over 1.00m, and 3.53 g/t over 1.50m.
– GR-21-09 intersected 4.11 g/t over 3.00m, 3.24 g/t over 1.50m, 34.20 g/t over 1.40m including 95.00 g/t over 0.50m.
– GR-21-10 intersected 3.73 g/t over 4.00m, 7.16 g/t over 5.60m, and 1.58 g/t over 3.25m.
– GR-21-11 intersected 2.65 g/t over 3.0m.
“The assay results in these drill holes proved the continuity along the main structure and confirmed the extent 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.” said Frank J. Basa, P.Eng., President and CEO.
The mineralized zone beneath the eastern extension of Pit #1 contains a collection of multiple veins with sulfide mineralized halos. The zone contains 3 distinct sub-parallel mineralized veins which connect with the former Pit #1 to the west. The true thickness of these mineralized structures varies between 2m and 11 m. The main zone of these 3 structures is what was tested with the 200-Series drill holes.
Click Image To View Full Size
Figure 1: Plan Map Showing Drill Hole and Assay Locations just East of Pit #1
Table 1: Sample Details
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 have returned 6.95 g/t gold over 3.50 meters ( true thickness) in hole GR-11-380 (Press release September 18, 2012), and 11.45 g/t gold over 33.00 meters in hole GR-19-A (Press Release January 9, 2020). The grades we see in the 200-Series drill holes validate the grades encountered previously in other drill programs 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 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
Granada Gold Hits 7.63 g/t Gold Over 5 Meters Including 53.5 g/t Over 0.65 Meters During Infill Drill Program
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF)) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional drill results from its on-going drill program at its Granada Gold Mine Project near Rouyn-Noranda along the prolific Cadillac Break in northwestern Quebec’s Abitibi region.
Drilling Highlights:
GR-16-14W1 intersected 2.82 g/t over 1.0 m at 852.65m
GR-16-14W2 intersected 4.26 g/t over 1.0m at 907.85m
GR-16-14W3 intersected 7.63 g/t over 5.0 m at 886.0 m
GR-21-01 intersected 7.55 g/t over 1.0 m at 314.75 m
GR-21-02 intersected 7.91 g/t over 1.0 m at 363.85 m
GR-21-12 intersected 4.68 g/t over 1.25 m at 457.45 m
“The objective was to drill under the pit-constrained resource and at depth – in order to increase the quantity and quality of the mineral resources. These latest drill results – from new holes and wedges off existing holes – show intersections of gold of economic grade near the surface, under the pit-constrained resource and at depth. This supports the view that a significant increase in our next resource update is possible,” said Frank J. Basa, P.Eng., President and CEO.
This news release presents available partial results of diamond drill wedge holes off GR-16-14 as well as infill holes between GR-11-362 and GR-11-393. The mineralized structures were intersected at various depth in each wedge showing the continuity of the structures with gold grade variability, confirming the continuation of mineralized veins.
Holes GR-21-01 and GR-21-02 were drilled to bridge a 100m gap between GR-11-362 and GR-11-393 under the pit-constrained resource. Partial results are disclosed. GR-21-12 was drilled to identify continuity of gold zones on the eastern edge of the orphan tailings.
Table 1: Structures intersected assay results
Lengths are core length, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method.
Table 2: DRILL HOLE LOCATION DATA – Wedges inserted at 424m depth and above
The 2021 Exploration program
The 2021 drill program is aiming to fill the gaps allowing additional mineral resources to be developed while simultaneously testing the continuity of the structures with the 200-series holes.
In addition, holes are being drilled to verify the extension of structure and gold mineralization under the orphan tailings area.
The drill program has completed 30,000 meters to date and will be paused to give the technical team the time to evaluate and assimilate all existing data as well as to incorporate the laboratory results which are lagging due to ongoing delays in turnaround times across the industry.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. m ember 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 for Wedges of 2020 holes were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at SGS Laboratory in Vancouver where sample preparation is done in Val d’Or, Québec. The 2021 assay results are from ALS laboratory in Val d’Or. The screen assay method is selected by the geologist or geological engineer when samples contain visible gold. 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 20 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 150,000 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.
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 for both the Open Pit Portion and the Underground Portion
- 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
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Mine Announces that Canada Silver Cobalt Begins Testwork Using Re-2Ox on Granada’s Rubidium Mineralized Material for the Storage Battery Market
Granada Gold Mines Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (“Granada” or “Granada Gold”) and Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (“Canada Silver Cobalt”) are pleased to jointly announce that Canada Silver Cobalt has begun preliminary test work at SGS, Lakefield, Canada on mineralized material from the Granada Gold Mine in Rouyn-Noranda, Quebec.
The planned test work was announced earlier this year (March 30, 2021 joint news release) after Granada Gold announced the unexpected discovery of a rare earth and alkali metals deposit at the Granada property in Quebec during exploration for gold.
Rubidium, one of the discovered alkali metals, showed particularly high assays and potential value based on quoted market prices (March 23 and May 12, 2021 Granada news releases) and therefore is an important part of the focus of the Re-2Ox test work.
Rubidium has numerous applications in various industries (see below), including in sodium-ion batteries which may see significant growth ahead due to their reported cost-effectiveness as stationary energy storage for homes, the grid and data centres.
Frank J. Basa, P.Eng., CEO, commented: “Granada currently expects that rubidium will be treated as a zero-cost, by-product alkali metal recovery from Granada’s gold mineralized resource. The preliminary test program will evaluate the potential recovery of rubidium mineralization and the subsequent amenability of the Re-2Ox process for the leaching and production of rubidium salts. Granada Gold intends to review the viability of suppling rubidium salts as a by-product of gold processing for evaluation into the new fast-evolving sodium-ion storage battery market.”
Planned Re-2Ox testing
A 10-kilogram drill core sample was sent to SGS, Lakefield for mineralogical studies to identify the minerals associated with rubidium. The studies indicated so far that rubidium is likely in the micas and/or K-feldspars. Analytical results returned a grade of 1,238.5 ppm for rubidium. Distinct rubidium minerals do not commonly occur in nature and are almost always associated with feldspars and micas.
The test program at SGS will be undertaken in two stages. The first stage will consist of straight forward flotation followed by leaching using the Re-2Ox process. The second stage is straight leaching using the Re-2Ox process. The test program was developed to target rubidium in the mineralized zones.
Rubidium at Granada
The Rubidium mineralized material at Granada has been found to be on top on the gold-bearing mineralized material that the company is targeting as a gold mineral resource and for mining. Drill hole GR-20-22 was drilled to a depth of 1,626 meters on the Big Claim 1.6 kilometers west on strike from the discovery drill hole GR-20-20 which was drilled to depth of 588 meters. Drill hole GR-20-22 intercepted 21 distinct mineralized zones ranging in core length from 177 meters to 2.8 meters. Rare earths and alkali metals of note identified to date are caesium (Cs), rubidium (Rb), scandium (Sc), zirconium (Zr), cerium (Ce), gallium (Ga), hafnium (Hf), neodymium (Nd) and strontium (Sr) — others pending. While still to be determined, the company may be in the position of mining the rare earth and alkali mineralized zones to access the gold-bearing mineralized material. The entire size of the rare earth and alkali metals deposit has not yet been determined.
Rubidium in Sodium-Ion Batteries
Rubidium salts have been commonly used as an electrolyte to improve the efficiency cycle of sodium-ion batteries. In recent years, it has been implemented into a larger scale for further technological advances to improve the performance rate and better cyclability in the batteries. Sodium-ion batteries have demonstrated about half the energy density of lithium-ion batteries and have applications as stationary storage like renewable energy for homes and the grid or backup power for data centers, where cost is more important than size and energy density. Currently available information places the cost of sodium-ion batteries to be about 10–20 percent less than lithium-ion batteries.
Sodium-ion batteries use abundant, cheap, and benign materials. In the Earth’s crust there is over one-thousand times more sodium than lithium. It also costs less to extract and purify. Sodium metal oxide cathodes are typically used in batteries and the anodes are carbon just like lithium-ion batteries but can be made from plentiful metals such as iron and manganese. The Department of Energy’s Advanced Research Projects Agency–Energy in September 2020 awarded Santa Clara, California-based Natron Energy $19.9 million US dollars as part of a new program to fast-track technologies, with the goal of advancing their commercialization efforts. The batteries are now in low-volume commercial production. Natron’s first customers are data centers and telecom companies. Sodium-ion batteries are also more stable and safer than lithium-ion. They have a wider temperature range, are nonflammable, and do not have thermal runaway.
Additional Applications of Rubidium in Industry
Applications for rubidium and its compounds include biomedical research, electronics, specialty glass, and pyrotechnics. Specialty glasses are the leading market for rubidium; rubidium carbonate is used to reduce electrical conductivity, which improves stability and durability in fiber optic telecommunications networks. Biomedical applications include rubidium salts used in antishock agents and the treatment of epilepsy and thyroid disorder; rubidium-82, a radioactive isotope used as a blood-flow tracer in positron emission tomographic imaging; and rubidium chloride, used as an antidepressant. Rubidium atoms are used in academic research, including the development of quantum-mechanics-based computing devices, a future application with potential for relatively high consumption of rubidium. Quantum computing research uses ultracold rubidium atoms in a variety of applications. Quantum computers, which have the ability to perform more complex computational tasks than traditional computers by calculating in two quantum states simultaneously, were expected to be in prototype phase by 2025. Rubidium’s photo-emissive properties make it useful for electrical-signal generators in motion-sensor devices, night vision devices, photoelectric cells (solar panels), and photomultiplier tubes. Rubidium is used as an atomic resonance-frequency-reference oscillator for telecommunications network synchronization, playing a vital role in global positioning systems. Rubidium-rich feldspars are used in ceramic applications for spark plugs and electrical insulators because of their high dielectric constant. Rubidium hydroxide is used in fireworks to oxidize mixtures of other elements and produce violet hues. (Source: USGS).
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., CEO of Granada Gold Mine Inc., a qualified person in accordance with National Instrument 43-101.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 140,000 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
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Intersects 12.61 g/t Gold Over 16.5 Meters and 3.49 g/t Gold Over 30.5 Meters Within a Greater 1.33 g/t Gold Over 273.75 Meters Drill Hole From Surface
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the 200-series drill Hole GR-21-05, drilled at 330 meters west from the 100-series drill Hole GR-19-A, intersected significant gold mineralization grading 11.45 g/t gold over 33 meters (Press Release January 9th, 2020).
Highlights:
- Gold at 1.33 g/t over core length of 273.75 meters from 4.5 meters to 278.25 meters from surface
- Gold at 12.61 g/t over core length of 16.5 meters from 37.5 meters to 54.0 meters from surface
- Gold at 3.49 g/t over core length of 30.50 meters from 79.0 meters to 109.5 meters from surface
The 200- and 100-series drill holes are drilled down dip to maximize the intersection of native gold in the mineralized veins. The 43-101 reports indicates that 50 percent of the gold in the resource is in the massive, native, or visible form (SGS May 2012 Technical Report, effective date April 2, 2012).
Table 1: Details of the first highlight interval at 12.61 g/t Gold uncut
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-21-05 | 37.50 | 38.25 | 0.75 | 1.27 |
GR-21-05 | 38.25 | 39.00 | 0.75 | 8.69 |
GR-21-05 | 39.00 | 39.75 | 0.75 | 9.28 |
GR-21-05 | 39.75 | 40.50 | 0.75 | 23.52 |
GR-21-05 | 40.50 | 41.00 | 0.50 | 5.37 |
GR-21-05 | 41.00 | 41.50 | 0.50 | 3.78 |
GR-21-05 | 41.50 | 42.00 | 0.50 | 5.82 |
GR-21-05 | 42.00 | 42.50 | 0.50 | 6.84 |
GR-21-05 | 42.50 | 43.00 | 0.50 | 9.50 |
GR-21-05 | 43.00 | 43.50 | 0.50 | 62.08 |
GR-21-05 | 43.50 | 44.00 | 0.50 | 11.39 |
GR-21-05 | 44.00 | 44.50 | 0.50 | 16.53 |
GR-21-05 | 44.50 | 45.00 | 0.50 | 23.64 |
GR-21-05 | 45.00 | 45.50 | 0.50 | 3.84 |
GR-21-05 | 45.50 | 46.00 | 0.50 | 1.02 |
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-21-05 | 46.00 | 46.50 | 0.50 | 5.26 |
GR-21-05 | 46.50 | 47.00 | 0.50 | 31.26 |
GR-21-05 | 47.00 | 47.50 | 0.50 | 19.69 |
GR-21-05 | 47.50 | 48.00 | 0.50 | 1.06 |
GR-21-05 | 48.00 | 48.50 | 0.50 | 0.08 |
GR-21-05 | 48.50 | 49.00 | 0.50 | 0.14 |
GR-21-05 | 49.00 | 49.50 | 0.50 | 2.32 |
GR-21-05 | 49.50 | 50.00 | 0.50 | 16.55 |
GR-21-05 | 50.00 | 50.50 | 0.50 | 15.21 |
GR-21-05 | 50.50 | 51.00 | 0.50 | 9.56 |
GR-21-05 | 51.00 | 51.50 | 0.50 | 27.86 |
GR-21-05 | 51.50 | 52.00 | 0.50 | 13.55 |
GR-21-05 | 52.00 | 52.50 | 0.50 | 14.71 |
GR-21-05 | 52.50 | 53.00 | 0.50 | 7.83 |
GR-21-05 | 53.00 | 53.50 | 0.50 | 23.40 |
GR-21-05 | 53.50 | 54.00 | 0.50 | 13.55 |
Table 2: Details of the second highlight interval at 3.49 g/t Gold uncut
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-21-05 | 79.00 | 80.00 | 1.00 | 3.87 |
GR-21-05 | 80.00 | 81.00 | 1.00 | 0.91 |
GR-21-05 | 81.00 | 81.75 | 0.75 | 6.40 |
GR-21-05 | 81.75 | 82.50 | 0.75 | 2.31 |
GR-21-05 | 82.50 | 83.50 | 1.00 | 1.86 |
GR-21-05 | 83.50 | 84.40 | 0.90 | 8.56 |
GR-21-05 | 84.40 | 85.10 | 0.70 | 1.26 |
GR-21-05 | 85.10 | 85.80 | 0.70 | 0.63 |
GR-21-05 | 85.80 | 86.60 | 0.80 | 2.09 |
GR-21-05 | 86.60 | 87.50 | 0.90 | 1.95 |
GR-21-05 | 87.50 | 88.50 | 1.00 | 5.30 |
GR-21-05 | 88.50 | 89.50 | 1.00 | 4.48 |
GR-21-05 | 89.50 | 90.50 | 1.00 | 5.99 |
GR-21-05 | 90.50 | 91.50 | 1.00 | 1.55 |
GR-21-05 | 91.50 | 92.50 | 1.00 | 0.04 |
GR-21-05 | 92.50 | 93.50 | 1.00 | 0.36 |
GR-21-05 | 93.50 | 94.55 | 1.05 | 0.16 |
GR-21-05 | 94.55 | 95.50 | 0.95 | 0.09 |
GR-21-05 | 95.50 | 96.50 | 1.00 | 0.16 |
GR-21-05 | 96.50 | 97.50 | 1.00 | 0.29 |
GR-21-05 | 97.50 | 98.50 | 1.00 | 3.51 |
GR-21-05 | 98.50 | 99.50 | 1.00 | 2.13 |
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-21-05 | 99.50 | 100.50 | 1.00 | 0.39 |
GR-21-05 | 100.50 | 101.50 | 1.00 | 0.60 |
GR-21-05 | 101.50 | 102.25 | 0.75 | 1.90 |
GR-21-05 | 102.25 | 103.00 | 0.75 | 7.40 |
GR-21-05 | 103.00 | 103.75 | 0.75 | 1.21 |
GR-21-05 | 103.75 | 104.30 | 0.55 | 0.31 |
GR-21-05 | 104.30 | 105.00 | 0.70 | 0.36 |
GR-21-05 | 105.00 | 105.55 | 0.55 | 10.57 |
GR-21-05 | 105.55 | 106.25 | 0.70 | 1.54 |
GR-21-05 | 106.25 | 107.00 | 0.75 | 2.31 |
GR-21-05 | 107.00 | 107.75 | 0.75 | 0.68 |
GR-21-05 | 107.75 | 108.50 | 0.75 | 2.75 |
GR-21-05 | 108.50 | 109.00 | 0.50 | 6.09 |
GR-21-05 | 109.00 | 109.50 | 0.50 | 66.54 |
This GR-21-05 hole crossed a zone previously intersected perpendicular to the vein in hole GR-09-02 which assayed 3.95 g/t gold over 8.8 meters true thickness from 39.2 meters to 48.0 meters downhole.
Table 3: Coordinates of the hole
Hole | UTME | UTMN | Elevation | Azimuth | Dip | Length (m) |
GR-21-05 | 646699 | 5338091 | 320 | 15 | -47 | 278.25 |
Frank J. Basa, P.Eng., President and CEO commented that, “The 200- and 100-series drill holes better represent the grade of the mineralization in the veins by increasing the probability of intersecting massive native gold drilling down dip versus drilling perpendicularly which best defines the vein structure position.”
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. 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 20 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, including 2 fully permitted Mining Leases (BM-852 and BM-813), near Rouyn-Noranda, Quebec. Approximately 140,000 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.
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Mine Gets 10 Year Extension on Mining Lease BM 852 at the Granada Mine Property and Takes 500 Tonne Bulk Sample
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that Mining Lease BM852 which is 24.8 hectares, was renewed for another 10 years till 2030. This Lease is part of the current resource and is part of the past-producing underground mine which was mined at a grade of 9.7 grams per tonne gold. The renewal keeps the current 26 permits in good standing for mining and shipping to a custom mill and allows the taking of bulk samples of up to 500 tonnes.
The extension required the closure plan to be revised and triggered an increase in financial assurances which was completed and paid. Another revised closure plan with revised bond will be necessary once Granada property goes into production.
Bulk Sample Highlight:
- A 500-tonne bulk sample of mineralized material and 900 tonnes of waste (low grade) were taken where diamond drill hole GR-19-A intersected 11.45 grams per tonne gold from 0 to 33 meters down hole (refer to Jan. 9, 2020, news release). A subsequent 1,220-kilogram mineralized material (blasted rock) sample was taken over a 3-metre strike length and returned 55.6 grams per tonne native gold (refer to Sept. 11, 2020, news release).
- A 100-kilogram mineralized material sample was sent to GEKKO in Australia to evaluate the amenability of upgrading using in-line pressure jigs. The company has visited GEKKO in Australia, and two plant installations using in-line pressure jigs, and found that using them to pre-concentrate the low-grade mineralized material may be viable for the Granada Mine Property. GEKKO has processed the material and has submitted a report on the findings of the testwork. The company is interpreting the results presently and is expecting to update the shareholders with a news release shortly.
- The 500-tonne bulk sample, obtained by drilling and blasting with rubber mats, has been crushed to smaller than 4 inches with a crusher set-up on the boom of the excavator and the company is currently looking to further process the mineralized material to get an overall assay. The bulk sample excavation site has been refilled and levelled for safety reasons.
Frank J. Basa, P.Eng., President and CEO: “Based on results from this bulk sample and the GEKKO pre-concentration test results, the company may rethink the resource grades and return to the original 43-101 historical in-situ Mineral Resources of 946,000 ounces gold at 1.02 grams per tonne Measured, 659,000 ounces gold at 1.09 grams per tonne Indicated and 1,033,000 ounces gold at 1.07 grams per tonne Inferred. A cut-off grade 0.4 grams per tonne gold was used”. (SGS NI 43-101 Technical Report PEA Granada Gold Project, February 4th 2013 by J. Gagné, G. Gagnon, C. Duplessis, G. Rousseau).
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.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 140,000 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 High-Grade (COG above 0.9 g/t) Pit-constrained 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
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Hits Massive Rare Earth and Alkali Metals Zone 1.6 Kilometers from Discovery Hole GR-20-20
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (the “Company” or “Granada”) is pleased to announce that Hole GR-20-22 drilled to a depth of 1626 meters on the Big Claim of the Granada Gold Mine property, in Quebec, Canada.
Results are preliminary and full core lengths have not yet been assayed in two holes drilled at the north of the Big Claim. The company encountered unusual facies of altered rock which has been sampled in portions of the drill core. The mineralized portions of the core have been assayed for 56 metals. Additional assays are pending. Initially, portions of drill holes GR-20-20 and GR-20-22 were sampled. The company has received preliminary assay results for GR-20-22. Based on recent assays for intervals sampled, the intervening intervals are being prepared and will be sent for assay to create a complete picture.
Highlights of drill hole GR-20-22 as of today:
- – Intercepted 21 distinct mineralized zones.
- – Zones range in core length from 177 meters to 2.8 meters.
- – Rare Earths and Alkali metals of note identified to date are Caesium (Cs), Rubidium (Rb), Scandium (Sc), Zirconium (Zr), Cerium (Ce), Gallium (Ga), Hafnium (Hf), Neodymium (Nd) and Strontium (Sr). Others pending.
Highlights of Select Drill Core Intercepts:
True widths are unknown at the moment.
Complete analysis of current 21 drill intercepts can be found on the GGM website ( REE Interval Table ).
Uses and Market Price Ranges of Rare Earths and Alkali Metals
Caesium is used to make special optical glass, as a catalyst promoter, in vacuum tubes and in radiation monitoring equipment. One of its most important uses is in the ‘caesium clock’ , or atomic clock. ( Royal Society of Chemistry ) with a price of 68,100 US dollars per kilogram ( Mineral Commodity Summaries 2019 ).
Rubidium ’s photoemissive properties make it useful for electrical-signal generators in motion-sensor devices, night vision devices, photoelectric cells (solar panels), and photomultiplier tubes. Rubidium is used as an atomic resonance-frequency-reference oscillator for telecommunications network synchronization, playing a vital role in global positioning systems with prices of 15,500 US dollars per kilogram ( USGS Mineral Commodity Summaries 2019 ).
Scandium is one of the most expensive of all the natural elements. Prices for 99.99% pure scandium (RE: 99% min. | Sc/TREM: 99.99% min.) have fluctuated between US$ 7000 and US$ 20,000 per kilogram over the past decade. Of course, because of the limited amount of material produced globally and the limited market for scandium, there is also a wide range of prices offered for the metal at any given time ( strategic-metal.com and phone conversation May 10, 2021). Applications for scandium were not developed until the 1970s, when the positive effects of scandium on aluminium alloys were discovered, and its use in such alloys remains its only major application.
The leading consumers of zirconium metal are the chemical process and nuclear energy industries. ( USGS zirconium-hafnium.pdf ) with a price of 37.1 US dollars per kilogram. ( Shanghai Metals Market ).
Cerium metal is used in ferrocerium lighters for its pyrophoric properties. Cerium-doped YAG phosphor is used in conjunction with blue light-emitting diodes to produce white light in most commercial white LED light sources. Recent prices are 4.71 US dollars per kilogram ( Shanghai Metals Market, cerium ).
Gallium as an arsenide is used in the manufacture of devices such as microwave frequency integrated circuits, monolithic microwave integrated circuits , infrared light-emitting diodes , laser diodes , solar cells and optical windows with a price of 5 34.4 US dollars per kilogram ( kitco.com strategic-metals ) .
The leading use of hafnium metal is in superalloys with a price of 1347.4 US dollars per kilogram ( kitco.com strategic-metals ) .
Neodymium is as a component in the alloys used to make high- strength neodymium magnets—powerful permanent magnets. These magnets are widely used in such pro ducts as microphones, professional loudspeakers, in-ear headphones, high performance hobby DC electric motors, and computer hard disks, where low magnet mass (or volume) or strong magnetic fields are required. Larger neodymium magnets are used in high-power-versus-weight electric motors (for example in hybrid cars) and generators (for example aircraft and wind turbine electric generators ). Price is 118.5 US dollars per kilogram ( kitco.com strategic-metals ).
Strontium is used in producing ferrite magnets and refining zinc. Modern ‘glow-in-the-dark’ paints and plastics contain strontium aluminate ( Royal Society of Chemistry – Strontium ). Recent prices are 6.68 US dollars per kilogram ( https://en.institut-seltene-erden.de/current-prices-of-strategic-metals/ ).
Equivalent Range Values of Intercepts
Equivalent Range Intercepts (I), (II), and (III) were calculated without Caesium and Rubidium as no active market for the metals could be identified at present. Inclusion into the Equivalent Range Value of intercepts would present values of 404.8 and 5,273.1 US dollars per tonne for Caesium and Rubidium respectively for Intercept (I). For comparison purposes, in gold equivalents 6.83 and 89.0 g/t over 53 meters respectively.
Equivalent Range Value for Intercept (I) is 80.8 to 93.8 US dollars per tonne.
In gold equivalents 1.36 g/t to 1.58 g/t over 53 meters. Gold 59.24 US dollars per gram ( https://www.jmbullion.com/charts/gold-price/ ).
Equivalent Range Value for Intercept (II) is 110.9 to 228.3 US dollars per tonne.
In gold equivalents 1.87 g/t to 3.85 g/t over 35 meters.
Equivalent Range Value for intercept (III) is 133.6 to 326.0 US dollars per tonne.
In gold equivalents 2.25 g/t to 5.50 g/t over 30 meters.
Ten other rare earths and/or alkali metals are pending for inclusion into Equivalent Range Values.
Currently gold is mined from underground at values down to 2 g/t gold in Ontario, Canada ( https://miningdataonline.com/property/1484/Young-Davidson-Mine.aspx#Geology ).
Granada Gold Mine target underground gold grade is 4 g/t over a mining width of 1.5 to 2 meters.
Processing and Refining Rare Earths and Alkali Metals
Conventional mining, milling, separations and finishing possible at a single site with a zero discharge. Mountain Pass Mine in California, USA, which is in operation now is producing rare earth metals.
“Granada’s rare earth and alkali metal discovery was encountered during our deep drilling program for gold on the defined gold zone that is dipping at 50 degrees to the north towards the renowned Cadillac Break. Our target depth for the gold mineralization extension in the north of the Big Claim is about 2,500 meters,” said Frank J. Basa, P.Eng., “The 1.6 kilometer step out along the Cadillac Break could potentially be a massive rare earth and alkali metals mineralized zone yet to be discovered which would greatly impact the value of the property. The company has 5.5 kilometers of east-west strike length to further explore along the Cadillac Break. Drill results to date are exceptionally encouraging.”
The company is taking action on characterizing the minerals of these elements. It has sent samples to SGS Minerals in Ontario for advanced mineral analysis under the direction of Tassos Grammatikopoulos, Mineralogist at SGS Lakefield Research
Results to date are from SGS independent laboratories where NQ core samples of hole GR-20-22 were analysed. The company will proceed with sampling of the entire hole to enable disclosure of mineralized lengths associated with grades as well as investigation on the mineralogy as the grades of interest are not confined to one geological unit.
Co-ordinates of the hole have been determined by handheld GPS and will be surveyed in spring.
GR-20-22: 647 624E, 5 339 218N, 291Z, Azimuth 360N, Dip -65 and length 1,626m
QA/QC
The insertion of blanks and standards by the technical team in the program were in line with expected values. The laboratory QA/QC results for these anomalous elements at the laboratory are in line with their expected values thereby allowing the public disclosure of the values.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. m ember of Québec Order of Engineers and a qualified person in accordance with National Instrument 43- 101 standards.
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
- 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
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Hits Massive Rare Earth and Alkali Metals Zone 1.6 Kilometers from Discovery Hole GR-20-20
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that Hole GR-20-22 drilled to a depth of 1626 meters on the Big Claim of the Granada Gold Mine property, in Quebec, Canada.
Results are preliminary and full core lengths have not yet been assayed in two holes drilled at the north of the Big Claim. The company encountered unusual facies of altered rock which has been sampled in portions of the drill core. The mineralized portions of the core have been assayed for 56 metals. Additional assays are pending. Initially, portions of drill holes GR-20-20 and GR-20-22 were sampled. The company has received preliminary assay results for GR-20-22. Based on recent assays for intervals sampled, the intervening intervals are being prepared and will be sent for assay to create a complete picture.
Highlights of drill hole GR-20-22 as of today:
- Intercepted 21 distinct mineralized zones.
- Zones range in core length from 177 meters to 2.8 meters.
- Rare Earths and Alkali metals of note identified to date are Caesium (Cs), Rubidium (Rb), Scandium (Sc), Zirconium (Zr), Cerium (Ce), Gallium (Ga), Hafnium (Hf), Neodymium (Nd) and Strontium (Sr). Others pending.
Highlights of Select Drill Core Intercepts:
Length | From | To | Cs | Rb | Sc | Zr | Ce | Ga | Hf | Nd | Sr |
metres | metres | metres | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm |
53.0 ( I ) | 1053.0 | 1106.5 | 6.55 | 340.2 | 0.96 | 724.3 | 123.0 | 32.5 | 18.3 | 34.4 | 150.9 |
35.0 ( II ) | 1291.0 | 1326.0 | 6.56 | 144.7 | 9.03 | 301.5 | 121.4 | 19.73 | 7.76 | 53.6 | 1285.4 |
30.0 ( III ) | 1596.0 | 1626.0 | 4.83 | 83.4 | 14.8 | 161.7 | 67.8 | 20.4 | 4.35 | 31.3 | 489.3 |
True widths are unknown at the moment.
Complete analysis of current 21 drill intercepts can be found on the GGM website (REE Interval Table).
Uses and Market Price Ranges of Rare Earths and Alkali Metals
Caesium is used to make special optical glass, as a catalyst promoter, in vacuum tubes and in radiation monitoring equipment. One of its most important uses is in the ‘caesium clock’ , or atomic clock. (Royal Society of Chemistry) with a price of 68,100 US dollars per kilogram (Mineral Commodity Summaries 2019).
Rubidium‘s photoemissive properties make it useful for electrical-signal generators in motion-sensor devices, night vision devices, photoelectric cells (solar panels), and photomultiplier tubes. Rubidium is used as an atomic resonance-frequency-reference oscillator for telecommunications network synchronization, playing a vital role in global positioning systems with prices of 15,500 US dollars per kilogram (USGS Mineral Commodity Summaries 2019).
Scandium is one of the most expensive of all the natural elements. Prices for 99.99% pure scandium (RE: 99% min. | Sc/TREM: 99.99% min.) have fluctuated between US$ 7000 and US$ 20,000 per kilogram over the past decade. Of course, because of the limited amount of material produced globally and the limited market for scandium, there is also a wide range of prices offered for the metal at any given time (strategic-metal.com and phone conversation May 10, 2021). Applications for scandium were not developed until the 1970s, when the positive effects of scandium on aluminium alloys were discovered, and its use in such alloys remains its only major application.
The leading consumers of zirconium metal are the chemical process and nuclear energy industries. (USGS zirconium-hafnium.pdf ) with a price of 37.1 US dollars per kilogram. (Shanghai Metals Market).
Cerium metal is used in ferrocerium lighters for its pyrophoric properties. Cerium-doped YAG phosphor is used in conjunction with blue light-emitting diodes to produce white light in most commercial white LED light sources. Recent prices are 4.71 US dollars per kilogram (Shanghai Metals Market, cerium).
Gallium as an arsenide is used in the manufacture of devices such as microwave frequency integrated circuits, monolithic microwave integrated circuits, infrared light-emitting diodes, laser diodes, solar cells and optical windows with a price of 534.4 US dollars per kilogram (kitco.com strategic-metals).
The leading use of hafnium metal is in superalloys with a price of 1347.4 US dollars per kilogram (kitco.com strategic-metals).
Neodymium is as a component in the alloys used to make high-strength neodymium magnets—powerful permanent magnets. These magnets are widely used in such products as microphones, professional loudspeakers, in-ear headphones, high performance hobby DC electric motors, and computer hard disks, where low magnet mass (or volume) or strong magnetic fields are required. Larger neodymium magnets are used in high-power-versus-weight electric motors (for example in hybrid cars) and generators (for example aircraft and wind turbine electric generators). Price is 118.5 US dollars per kilogram (kitco.com strategic-metals).
Strontium is used in producing ferrite magnets and refining zinc. Modern ‘glow-in-the-dark’ paints and plastics contain strontium aluminate (Royal Society of Chemistry – Strontium). Recent prices are 6.68 US dollars per kilogram (https://en.institut-seltene-erden.de/current-prices-of-strategic-metals/ ).
Equivalent Range Values of Intercepts
Equivalent Range Intercepts (I), (II), and (III) were calculated without Caesium and Rubidium as no active market for the metals could be identified at present. Inclusion into the Equivalent Range Value of intercepts would present values of 404.8 and 5,273.1 US dollars per tonne for Caesium and Rubidium respectively for Intercept (I). For comparison purposes, in gold equivalents 6.83 and 89.0 g/t over 53 meters respectively.
Equivalent Range Value for Intercept (I) is 80.8 to 93.8 US dollars per tonne.
In gold equivalents 1.36 g/t to 1.58 g/t over 53 meters. Gold 59.24 US dollars per gram (https://www.jmbullion.com/charts/gold-price/).
Equivalent Range Value for Intercept (II) is 110.9 to 228.3 US dollars per tonne.
In gold equivalents 1.87 g/t to 3.85 g/t over 35 meters.
Equivalent Range Value for intercept (III) is 133.6 to 326.0 US dollars per tonne.
In gold equivalents 2.25 g/t to 5.50 g/t over 30 meters.
Ten other rare earths and/or alkali metals are pending for inclusion into Equivalent Range Values.
Currently gold is mined from underground at values down to 2 g/t gold in Ontario, Canada (https://miningdataonline.com/property/1484/Young-Davidson-Mine.aspx#Geology).
Granada Gold Mine target underground gold grade is 4 g/t over a mining width of 1.5 to 2 meters.
Processing and Refining Rare Earths and Alkali Metals
Conventional mining, milling, separations and finishing possible at a single site with a zero discharge. Mountain Pass Mine in California, USA, which is in operation now is producing rare earth metals.
“Granada’s rare earth and alkali metal discovery was encountered during our deep drilling program for gold on the defined gold zone that is dipping at 50 degrees to the north towards the renowned Cadillac Break. Our target depth for the gold mineralization extension in the north of the Big Claim is about 2,500 meters,” said Frank J. Basa, P.Eng., “The 1.6 kilometer step out along the Cadillac Break could potentially be a massive rare earth and alkali metals mineralized zone yet to be discovered which would greatly impact the value of the property. The company has 5.5 kilometers of east-west strike length to further explore along the Cadillac Break. Drill results to date are exceptionally encouraging.”
The company is taking action on characterizing the minerals of these elements. It has sent samples to SGS Minerals in Ontario for advanced mineral analysis under the direction of Tassos Grammatikopoulos, Mineralogist at SGS Lakefield Research
Results to date are from SGS independent laboratories where NQ core samples of hole GR-20-22 were analysed. The company will proceed with sampling of the entire hole to enable disclosure of mineralized lengths associated with grades as well as investigation on the mineralogy as the grades of interest are not confined to one geological unit.
Co-ordinates of the hole have been determined by handheld GPS and will be surveyed in spring.
GR-20-22: 647 624E, 5 339 218N, 291Z, Azimuth 360N, Dip -65 and length 1,626m
QA/QC
The insertion of blanks and standards by the technical team in the program were in line with expected values. The laboratory QA/QC results for these anomalous elements at the laboratory are in line with their expected values thereby allowing the public disclosure of the values.
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.
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.
View original content: http://www.newswire.ca/en/releases/archive/May2021/12/c7376.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Granada Adds 3rd Drill for Deep Drilling of 10,000 Meters
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announced a 3rd drill has started a new deep hole in the North-East of the property on the Big Claim. This hole is collared 1.4 km SE of hole GR-20-20, the REE and alkali metal discovery hole (GGM press release March 23, 2021) and 225m west of GR-20-22 which has shown the highest rare earth and alkali metals mineralization with assays pending. With this drill hole, the company expects to cross the rare earth and alkali metals zone on its way to intersect the gold zone at depth as shown in Figure 1. Significantly, in the northern sector of the property, the company intersected 13.7 g/t Au over 1.5m at 662m in hole GR-18-04 and 8.25 g/t Au over 1.5m at 784.5m in hole DUP-12-02-W1 near the Genesis Target in 2018. This is in line with the targeted underground grade of 4 grams per tonne.
The company has hired Forage Lamontagne-Fortier Inc. for a first 10,000 meters. The drill is rated for holes up to 2500 meters. In addition to potentially intersecting the new REE and Alkali metal findings, the company is still aiming to intersect the gold mineralization at depth.
This allows the two other drills of Forage Multi-Drilling to continue to develop the underground Mineral Resources under the recent pit constrained Mineral Resources (GGM press release Jan 29, 2021). The company is also drilling at an angle with Multi Drilling to define an underexplored area under the orphan tailings.
CEO Frank J. Basa, P.Eng., commented that “This 3rd drill, with a 2500m depth capability, should allow us to reach the deep gold target. As we know the gold mineralization on the famous Cadillac Break did not come from the surface, as it comes from depth – we are hopefully heading towards the sweet spot on the property.”
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.
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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/27/c0699.html
Contact:
Frank J. Basa, P. Eng., President and CEO, at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Granada Gold Announces Appointment of New CFO
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that Mr. Ryan Webster has been appointed as Chief Financial Officer of the Company effective today, replacing the Company’s interim CFO, Mr. Robert Guanzon.
Mr. Webster brings over 15 years’ experience as a finance professional in the mining industry. Formerly Mr. Webster served as a consultant providing corporate finance services to a variety of clients, including contract CFO services to Blue Thunder Mining Inc. During his time at Blue Thunder he led the company through a qualifying transaction for public listing on the TSX Venture Exchange. Prior to his time as a consultant, Mr. Webster held the role of VP, Finance at Dominion Diamond Corporation (formerly Harry Winston Diamond Corporation and Aber Diamond Corporation) where he led and executed over CDN$2 billion in corporate M&A transactions including the purchase of BHP Billiton’s diamond business in 2013 for US$500 million and the sale of Dominion Diamond Corporation to the Washington Companies in 2017 for US$1.2 billion. He also helped raise over $1 billion in corporate credit facilities. Mr. Webster holds is a Chartered Professional Accountant (CMA) and Chartered Financial Analyst.
The Company thanks Mr. Guanzon for his contributions during the Company’s transition and wishes him well in his future endeavors.
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 two shafts and two 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 5 to 3.5 grams per tonne gold.
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.
View original content: http://www.newswire.ca/en/releases/archive/April2021/01/c0215.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home