Granada Hits 5.64 G/t Gold Over 6.86 Meters Including 20.4 g/t Gold Over 1.5 Meters
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to provide an update on its on-going drill program at Granada. This release contains drill results under the pit-constrained mineral resource.
Highlights:
- 5.64 g/t gold over 6.86m in GR-20-10 from 364.64 to 371.50m
- 4.26 g/t gold over 4.50m in hole GR-20-13 from 290.50 to 295.00m
The company completed the 6000-meter drill program and has begun another 6000-meter drill program with 2 drills on site. All drill holes intercepted mineralization which will be used in the updated resource calculation.
ASSAY RESULTS FROM BELOW PIT-CONSTRAINED MINERAL RESOURCE
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-20-10 | 364.64 | 371.50 | 6.86 | 5.64 |
Including | 364.64 | 365.84 | 1.20 | 4.47 |
Including | 370.00 | 371.50 | 1.50 | 20.40 |
GR-20-11 | 292.50 | 294.00 | 1.50 | 3.37 |
GR-20-12 | 338.70 | 341.70 | 3.00 | 3.07 |
Including | 339.70 | 340.20 | 0.50 | 14.40 |
GR-20-13 | 290.50 | 295.00 | 4.50 | 4.26 |
Including | 292.00 | 293.50 | 1.50 | 11.90 |
GR-20-14 | 304.90 | 306.00 | 1.10 | 4.51 |
AND | 324.15 | 324.65 | 0.50 | 11.65 |
AND | 430.90 | 431.40 | 0.50 | 5.92 |
AND | 445.30 | 446.80 | 1.50 | 4.41 |
GR-20-16 | 356.66 | 360.15 | 3.47 | 2.87 |
Including | 358.16 | 359.16 | 1.00 | 7.17 |
Lengths are core length and are close to true widths, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method. The assays still pending are for holes GR-20-15 and GR-20-17.
Frank J. Basa, P.Eng., “The drill hole data under the pit-constrained resource could potentially change the economics of developing the Granada Mine Property. Previously explored as a low-grade, open pit deposit, the company now envisions an open pit with a ramp from the bottom of the pit into the higher-grade mineralization below, significantly adding more ounces to the current resource.”
Holes GR-20-10 through GR-20-13 were drilled in front of GR-11-384 to enable definition of an underground mineral resources panel in that sector. GR-11-384 intersected 3.05m at 35.76 g/t Au at 425.45m. This interval is 225m up dip of GR-18-03 which intersected 8 meters at 6.65 g/t Au at a depth of 569m in vein 2 (footwall vein historical labelling within the LONG Bars Zone.)
Holes GR-20-14 and GR-20-15 were drilled 50 metres to the north of GR-11-377 to enable definition of underground mineral resources in that sector. GR-11-377 previously intersected the 3 veins: Vein 1, Vein 3 & Vein 2(foot wall) with high-grade individual assays of 3.64 g/t Au over 1.5m at 265.5m, 14.37g/t Au over 1.5m328.5m, and 6.65 g/t Au over 1.3m at 429.7m.
Holes GR-20-16 and GR-20-17 were then drilled on the same set-up as GR-11-393 with different dips to enable definition of underground mineral resources in that sector. GR-11-393 had intersected the 3 veins: Vein 1, Vein 3 & Vein 2 (foot wall) with high-grade individual assays of 12.14 g/t Au over 0.5m at 277.5m, 9.76g/t Au over 1.0m at 318.0m, and 12.73 g/t Au over 1.3m at 425.5m. As noted, assay results from GR-20-15 and GR-20-17 have not yet been received but will be disclosed after they are validated and interpreted. See drillhole location map further down in this press release for more details. The table presents the characteristics of the drill holes.
DRILL HOLE LOCATION DATA
Hole | UTME | UTMN | Elevation | Azimuth | Dip | Length (m) |
GR-20-10 | 647140.1 | 5338416.9 | 304.85 | 192.9 | -57.4 | 475 |
GR-20-11 | 647140.2 | 5338417.3 | 304.83 | 186.9 | -76.8 | 522 |
GR-20-12 | 647140.0 | 5338417.1 | 304.63 | 196.0 | -70.0 | 552 |
GR-20-13 | 647140.4 | 5338417.3 | 304.88 | 185.7 | -70.5 | 549 |
GR-20-14 | 647226.5 | 5338476.8 | 303.40 | 185.6 | -69.9 | 516 |
GR-20-15 | 647226.5 | 5338476.9 | 303.32 | 180.0 | -80.3 | 552 |
GR-20-16 | 647006.5 | 5338446.3 | 312.52 | 201.5 | -73.1 | 498 |
GR-20-17 | 647006.6 | 5338446.4 | 312.48 | 201.5 | -80.2 | 558 |
A total of 5,841.77meters were drilled. The information contained in this press release covers both completed and partial results for 3,664 meters of drilling.
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 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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP Maxime Dupéré Geo. & Allan Armitage P. Geo “Technical Report on the Granada Gold Project Mineral Resource Estimate, Rouyn-Noranda, Quebec, Canada.”stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
* Pit constrained mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell.
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 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 to download multimedia: http://www.newswire.ca/en/releases/archive/September2020/30/c9609.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 closes final tranche financing
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) announces that further to its press release dated August 27, 2020 whereby the Company raised $700,000 in its first tranche private placement closing, the Company has closed an additional $210,000 in its final tranche private placement financing. The Company has raised a total of $910,000 in both tranches.
The Company issued an additional 913,043 units (“Units”) at $0.23 per unit. Each Unit is comprised of one common share of the Company and 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 $0.28 per share, for a period of three years from closing, subject to TSX Venture Exchange (“Exchange”) final approval.
Proceeds of the 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 general working capital.
Finder’s fees totaling $9,668.05 and 42,035 finder warrants were paid in connection with the financing. Each finder warrant is exercisable at $0.28 per share for three years from closing. The finder’s fees paid in connection with the private placement are subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month and a day hold period, in accordance with applicable Securities Laws.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
- Published in Granada Gold Mine, Mining, News Home
Granada 55.56 g/t over 3 meters from 1220 kg surface grab sample. Adds second drill
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to provide an update of its 2020 High-Grade exploration and bulk sampling program.
Highlights:
- Grab sample returns 55.6 grams per tonne native gold from 1220 kilograms of mineralized material taken from surface over a 3-meter strike length on Vein No 1 structure where diamond drill hole GR-19-A intersected 11.45 g/t gold from 0 to 33 metres core length (refer to January 9, 2020, news release).
- Sample was processed at Temiskaming Testing Labs in Cobalt, Ontario. Conventional gravity concentration was used and therefore only native gold was recovered and quantified. The gold-bearing sulfides were not recovered.
- Native gold component has been defined for the Granada Gold Mine to represent an average of 50% percent of the recoverable gold from the mineralized deposit (43-101 Technical Report dated February 13, 2019 on the Granada Gold Project Mineral Resource Estimate, Rouyn Noranda, Quebec authored by the Qualified persons, Allan Armitage, Ph. D.., P. Geo and Maxime Dupere, B.SC., Geo both of SGS Canada Inc. – Section 13.1).
- Second drill rig focussing on the high-grade Vein No 1 structure. Stripping to the West to continue along strike. The mineralized structure has been traced on surface for over 115 meters on east-west trend by stripping. The structure extends over 500 meters when we connect the pierce points with the drill holes.
Frank J. Basa, P.Eng., Granada Gold’s President and CEO, comments: “Historically, the mill grades at Granada Mine were higher than drill grades. This is common with high-grade native gold concentration deposits on the Cadillac Trend – as it is with this deposit. The 1220-kg sample returned 4 times the drill grade of the core – using only the native gold component.”
Frank J. Basa, P.Eng., further comments: “A bulk sample is to be taken at this location to further quantify the grade of the mineralized material. The company is awaiting quotes from local contractors to take this bulk sample. The bulk sample is to be processed at Temiskaming Testing Labs, Cobalt, Ontario.”
Historical Recap:
- Historic underground production between 1930 and 1935, from 2 shafts had an average grade of 9.7 grams/tonne gold and 1.5 grams/tonne silver from 164,816 tonnes of mineralized material (51,476 ounces gold in 181,744 tons at 0.28 oz/ton) primarily from Vein No.2 underground *
- A 1994 surface bulk sample extracted 87,311 tonnes grading 5.17 g/t gold from Pit No.1 (on Vein No. 1) *
- A later, 1996 surface bulk sample extracted 22,095 tonnes grading 3.46 g/t gold from Vein No. 2.
- The Aukeko Shaft, 2300 metres east of the current bulk sample, and within the Auk Shear, saw an average of 7.00 ounces gold per Ton (240.0 grams per tonne) from 3 bulk samples taken just east of the Aukeko shaft in 1938 (from public files with MERN (Ministère d’Energie et Ressources Naturelles) GM52851). The Auk Shear zone was mapped over a one-kilometre length with an average width of 50 metres. The Aukeko gold mine is part of the east-west trending structure on the Granada Gold Mine property. It is two kilometres east from the extended LONG Bars zone where over 120,000 metres of drilling has been undertaken to date, including historical drilling from the 1990s. A further 1.9 kilometres east is the Austin-Rouyn Mine where grab samples in 1940 showed up to 6.57 ounces of gold per Ton (225.2 grams per tonne). Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
*The above disclosure of the bulk sample size and grade is extracted from the 43-101 Technical Report dated February 13, 2019 on the Granada Gold Project Mineral Resource Estimate, Rouyn Noranda, Quebec authored by the Qualified persons, Allan Armitage, Ph. D.., P. Geo and Maxime Dupere, B.SC., Geo both of SGS Canada Inc. The Company has no reason to doubt its reliability.
Drill programs in 2019 focussed on testing the gold grade continuity and variability within mineralized structures.
GR-19-C intersected a high-grade zone with 7.67 g/t gold over 15 meters of core length from near surface at downhole depth of 18.5 to 33.5 metres on the extended LONG Bars zone (refer to Nov 6, 2019, news release). Assays are uncut except where indicated. True width is not known at present time.
Coarse, native gold was observed in the drill core of hole GR-19-E which intersected a high-grade zone with 12.32 g/t Au over 2 metres core length at a depth of 35.5 metres on the extended LONG Bars zone (refer to Oct 15, 2019, news release). The core length reported is estimated to have intersected 85-90% of true thickness of the zone. Assays are uncut except where indicated
It is important to note that the current NI 43-101 resource calculation by SGS does not include the above mineralized zone as it was recently uncovered by stripping for a water sump.
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the report filed on Sedar, a technical report compliant with National Instrument 43-101 titled, “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes. |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has visited the Temiskaming Testing Labs, Cobalt, Ontario and has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
- Published in Granada Gold Mine, Mining, News Home
Granada closes FT private placement for $800,000
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the Company has closed a flow-through private placement financing raising gross proceeds of $800,000. The Company has issued 3,200,000 flow-through shares at a price of $0.25 per flow-through share, subject to TSX Venture Exchange (“Exchange”) approval.
Finder’s fees totaling $56,000 in cash and 224,000 finder warrants were paid connection with the financing. Each finder warrant is exercisable at $0.25 per share for two years from closing. The finder’s fees paid in connection with the private placement are subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month and a day hold period expiring on November 22, 2020, in accordance with applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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/July2020/21/c2764.html
Contact:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Innovexplo Begins Revised 43-101 Resource Study at Granada
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to report that it has retained the services of Innovexplo with a site visit this past week at the Granada Mine Site for a revised 43-101 resource.
Innovexplo – Established in 2003, their mission is to contribute in an innovating, objective and efficient manner to the evolution of mining projects by offering a complete and integrated range of dependable and top-quality services at each phase of exploration and mining operations.
“Granada is currently drilling key holes to increase underground resources quality below existing pit constrained mineral resources,” said Frank J. Basa, P.Eng., Granada Gold’s President and CEO. “The company has decided that a revised 43-101 should be undertaken at this stage to better reflect the potential of the resource.”
Grab Sample
Granada undertook a grab sample of about 1000 kilograms of mineralized material containing visible gold in the vicinity of hole GR-19-A. Drilled in 2019 from surface, the interval from zero to 33 meters core length returned 11.45 grams per tonne gold. Visible gold was present in the core. It is estimated that the true width is 6.3 meters (see 2020-01-09 news release). The sample was sent to Temiskaming Testing Laboratories in Cobalt, Ontario for gravity gold recovery.
Pit Constrained Mineral Resources
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the 43-101 technical report filed on Sedar, titled: “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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.
For further information: Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
Related Links
- Published in Granada Gold Mine, Mining, News Home
Granada Completes Sale of Back-In Option to Canada Silver Cobalt
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that it has completed its previously-announced sale to Canada Silver Cobalt Works Inc. of a back-in option on five mining leases forming part of the Castle Silver Cobalt Mine property in Ontario.
In payment, Canada Silver Cobalt issued 2,941,000 common shares to the Company at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant will entitle the Company to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years. The shares and warrants issued by Canada Silver Cobalt are subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
Under the policies of the TSX Venture Exchange, Granada Gold is a “Non Arm’s Length Party” to Canada Silver Cobalt in that Frank Basa, Jacques Monette, Robert Setter and Dianne Tookenay, each of whom is a director and/or officer of Canada Silver Cobalt, are also directors and/or officers of Granada Gold. In determining the purchase price, Canada Silver Cobalt relied on, among other things, a valuation opinion dated May 13, 2020 prepared by Watts, Griffis and McOuat Limited of Toronto. The sale of the back-in option is not a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, 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 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 that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2020/13/c7695.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
Tetra Tech Begins Studies for On-Site Mill at Granada
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to report that it has retained the services of Tetra Tech to begin a gap analysis to amend our current Certificate of Authorisation for an on-site mill at Granada.
Tetra Tech is a leading provider of consulting and engineering services. The Company supports government and commercial clients by providing innovative solutions focused on water, environment, infrastructure, resource management, energy, and international development. With 20,000 associates worldwide, Tetra Tech’s capabilities span the entire project life cycle.
Frank J. Basa, P.Eng., Granada Gold’s President and CEO, comments: “Granada has completed a stage-one surface stripping program and has discovered at-surface mineralized structures with significant visible gold. As such, the company has decided that the local mills for custom milling would not be able to process this mineralized material without a significant modification of the process flowsheet to recover this amount of visible gold”.
Back-In Option
Canada Silver Cobalt will repurchase from Granada Gold a back-in option on five mining leases at Castle East, forming part of the Castle mine property near Gowganda, Ontario.
In payment, Canada Silver Cobalt will issue 2,941,000 common shares to Granada Gold at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares will be accompanied by one common share purchase warrant. Each warrant will entitle GGM to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years.
Closing of the transaction is expected to take place within the coming days. The shares and warrants issued by Canada Silver Cobalt at closing will be subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
Open Pit Resource
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the report filed on Sedar, a technical report compliant with National Instrument 43-101 titled, “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes. |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east west over a potential 5.5 kilometers mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
- Published in Granada Gold Mine, Mining, News Home
Granada Closes 2nd and Final Tranche of Its Financing
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that further to the Company’s news release dated May 8, 2020, the Company has now closed its second and final tranche of the of its non-brokered private placement financing raising additional proceeds of $382,000 by the issuance of 3,820,000 units at a price of $0.10 per unit. The Company has raised total of $1,200,000 in both tranches.
Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of two years from closing at an exercise price of $0.12 cents per share subject to final TSX Venture Exchange (“Exchange”) approval.
Finder’s fees were paid in connection with the private placement in the amount of $15,715 cash and 157,150 broker warrants on the same terms as the purchaser warrants. The finder’s fees are subject to Exchange approval.
All securities issued are subject to a four-month-and-a-day hold period expiring on September 13, 2020, in accordance with applicable securities laws.
The proceeds of the 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.
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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, 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 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 that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/13/c8193.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 Closes 1st Tranche Financing
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the Company has closed the first tranche of its non-brokered private placement financing raising gross proceeds of $818,000.
A total of 8,180,000 units were issued at $0.10 per unit. Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of two years from closing at an exercise price of $0.12 cents per share.
Certain directors and officers (the “Insiders”) participated in the first tranche closing and purchased an aggregate of 825,000 units for aggregate gross proceeds of $82,500. Participation by Insiders of the Company in the private placement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the financing in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the private placement by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization.
All securities issued are subject to a four-month-and-a-day hold period expiring on September 9, 2020, in accordance with applicable securities laws. The private placement is subject to final Exchange approval.
The proceeds of the 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.
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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, 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 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 that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/08/c4651.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