Glen Eagle Intersects True Width of 5.65 g/t Au Over 18 meters at La Esperanza II
Glen Eagle Resources – December 9, 2021 (TSXV:GER) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce its latest drilling results on the gold enrichment zone discovered at La Esperanza II with drill hole LE-21- 003 intersecting 5.65 g/t Au over 18 meters of true width, including 9.21 g/t Au over 9 meters from surface. The new data confirms the thickness of the vein from previously reported drill hole LE-21-002, which intersected 3.04 g/t Au over 30.8 meters from surface while remaining open at depth as previously reported and detailed in a News Release dated November 24. 2021 along with drill hole LE-21-001 having intersected 6.4g/t Au over 8.2 meters.
The well defined gold formation, while remaining open in all directions, will provide Cobra Oro with an additional 2000 tons of good grade ore to supply its wholly owned gold processing plant based in Choluteca, Honduras.
The drilling results are presented in the table below and released as an update on the values that the Company has intercepted in the context of continuous and timely information regarding its current drilling. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrument NI 43-101 but deemed reliable supported by 5 years of reporting accurate results regarding its dore bars testing analysis.
Gilles Laverdière, P.Geo and a Qualified Person under NI 43-101 has read and approved the technical content of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Usha Resources Receives $883,330 From Warrant Exercises
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has received proceeds of $883,330 from the exercise of 4,207,000 warrants. The exercised warrants were originally issued as part of the Company’s go-public financing. All warrants issued as part of the go-public financing were exercised.
Navin Varshney, a director of the Company, exercised 364,300 warrants, increasing his shareholdings to a total of 2,440,600 common shares of the Company.
Deepak Varshney, CEO of the Company, exercised 163,400 warrants, increasing his shareholdings to a total of 1,568,800 common shares of the Company.
The Company has now raised $1,755,130.40 in the current quarter inclusive of the $890,300.40 in gross proceeds raised as part of the first tranche of the Company’s non-brokered private placement (the “Private Placement”) and other warrants exercised during the quarter, greatly strengthening its balance sheet moving forward as it continues to develop its Lost Basin Gold-Copper Project located in Mohave County, Arizona through ongoing exploration.
“We are very pleased with this strong show of support from our existing long-term shareholders as we continue to move forward with our strategy to further explore our Lost Basin Asset,” stated Deepak Varshney, P.Geo., CEO. “The proceeds from the warrant exercises and our initial tranche provide the Company with excellent financial footing and flexibility as we launch our 2022 exploration program. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Newlox Gold Moves Towards Definitive Agreement in Brazil
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (C NSX : LU X.CN ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce that its planned expansion into gold recovery in Brazil, comparable to its established operations in Costa Rica, has advanced through initial due diligence and underlying legal organization.
The initiative has also been greatly enhanced by the news that the Research Center for Responsible Mining of the Polytechnic School of the University of São Paulo ( NAP.Mineração/USP ) has received expanded World Bank funding for its ASGM – Coexistence in Brazil Project being undertaken in partnership with the Brazilian Cooperative Organization, various artisanal mining cooperatives, the University of British Columbia, and Newlox Gold ( Portuguese news release here ).
Newlox Gold, as announced on June 16, 2021 , has been working in partnership with NAP.Mineração/USP, the centre for small-scale responsible mining at the University of São Paulo, Brazil. This centre supports dissemination of responsible mining practices to artisanal and small-scale mining operations through applied research, training and education. The actions of NAP.Mineracao/USP foster responsible and integrated management of mineral exploration, mine development, mining, rehabilitation, governance, and sustainable development within the artisanal mining sector.
The objective is to “prepare miners for the long term by establishing safer and more efficient mining models and disseminating mercury-free gold recovery techniques, practices and principles of health and safety, ESG, economic management and gender equality”, commented Professor Giorgio De Tomi, the director of NAP.Mineração/USP and Newlox Gold’s head of Brazilian Operations.
The fostering of partnerships between artisanal miners and private companies is a vital part of SGM-Coexistence in Brazil initiative. Newlox Gold has been presented to the Brazilian artisanal sector as an example of a company implementing mutually beneficial business models for improving the economic, social, and environmental impacts of artisanal mining for all stakeholders. This is illustrated by Newlox having developed successful partnerships with local miners in Costa Rica.
Two attractive artisanal mining projects in Brazil have emerged from the Company’s due-diligence work over the fall. One of these provides a natural beachhead for Newlox Gold to expand into this vast and exciting market. The Company is working with its local partners with whom it has established close relationships. Newlox Gold looks forward to starting construction on its third project, and first in Brazil, next year.
“Over the fall, we completed our initial due diligence work and identified a project in Brazil as an obvious starting point in the country. Recently, several legal and regulatory prerequisites have been successfully completed, allowing the Company to move into the final stages toward signing a definitive agreement.”
“The Brazilian mining industry is several orders of magnitude larger than our operations in Costa Rica, representing a massive opportunity for the growth of Newlox Gold,” commented CEO Ryan Jackson.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
- Published in Mining, Newlox Gold, News Home
Granada Gold Mine Prepares to Extract Bulk Sample on Extension of High-Grade Zone on Mining Lease BM 813 in 2022
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce that it has initiated stripping of overburden and block sorting of historical broken mineralized material on mining lease BM 813 as part of its ongoing work to assess the grade on the structure East of former open pit #1.
Based on high-grade drill results, both down-dip within the structure and across the structure (see Press Release September 7, 2021 for detailed assay results), the company initiated the sorting and relocation of broken, mineralized material on mining lease BM 813 in September 2021. This work should enable extraction and sampling of the mineralized structures which links to the structure on the mining lease BM 852 where a previous bulk sample was taken 250m to the East (see Press Release June 16, 2021).
The ongoing stripping is expected to continue until the area is free of overburden. The second phase, consisting of cleaning the surface with a smaller excavator, will follow in spring to early summer of 2022.
Granada President and CEO Frank J. Basa, P.Eng., states: “The company is working on multiple fronts to enable development of its Granada asset. A portion of 500 tonnes of the mineralized material blasted on lease BM 852 has been shipped to the TTL laboratory in Cobalt, Ontario to assess the free gold content and the grade of the mineralization. This should allow the company to make comparisons to the adjacent drill results and the latest Mineral Resource block model from SGS Geostat. We are looking forward to having preliminary results from that extraction. The company will do the same for the structure on lease BM 813 in 2022”.
Location
The Granada Gold project is located in an established mining district 5 km south of 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.
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 Intersects 5.5 g/t Au Over 6 Meters Including 31.3 g/t Au Over 1 Meter During Infill Drilling
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional results from its on-going drill program at its Granada Gold project with multiple new gold assays from its GR-21-22, GR-21-23, GR-21-24 and GR-21-25 drill holes with grades up to 31.30 g/t over 1.00m, 11.70 g/t over 1.00m, and 10.05 g/t over 0.50m.
Drilling Highlights
- Drill holes GR-21-22, GR-21-23, GR-21-24 and GR-21-25 were designed to confirm the presence of gold mineralization at shallow depth.
- The drill holes were aimed to fill gaps in the SGS mineral resources envelopes, with the potential of increasing the tonnage of the high-grade, open-pit resource grade of 2 grams per tonne gold.
- GR-21-22 intersected
- 1.25g/t Au over 7.75m
- GR-21-23 intersected
- 5.54 g/t Au over 6.00m, including 31.30 g/t Au over 1.00m
- GR-21-24 intersected
- 0.78g/t Au over 11.70m, including 5.40 g/t Au over 0.60m
- GR-21- 25 intersected
- 1.14 g/t Au over 5.1m, including 10.05 g/t Au over 0.50m
“The assay results from these drill holes prove the continuity of mineralization along the main Granada central structure. Also, the 30,000-meter drill program we conducted over the past year has confirmed that the average assays of the down-dip results of the mineralized structure are consistently higher than the previous perpendicular-to-structure drill results. The company is planning another bulk sample similar in size as the previous one taken to get a better understanding of the correlation to drill data results. We expect the bulk sample results to give a more representative grade of the mineralized vein zone,” commented Frank J. Basa, P.Eng., President and CEO.
A 500-tonne bulk sample of mineralized material was taken in the fall of 2020 (Press Release June 16, 2021) based on drill holes GR-19-A, -B and -C. The processing of this bulk sample is progressing well at Temiskaming Testing Labs, in Ontario, Canada. To date, 400 tonnes have been processed with the remaining 100 tonnes to be processed by the first quarter of 2022. Visible gold has been encountered during processing. The previous sample of 1,220 kilograms returned 55.6 grams per tonne of physical gold (Press Release August 11, 2020). The company is targeting a minimum open-pit resource grade of 2 grams per tonne.
Figure 1: Plan Map Showing Drill Hole Traces and Significant Assay Locations Immediately Northeast of Pit #1.
Click Image To View Full Size
Table 1: Sample Details
Hole ID | Target Location | From (m) | To (m) | Length (m) | Au (g/t) |
GR-21-22 | Northeast of Pit#1 | 111.70 | 112.90 | 1.20 | 2.37 |
GR-21-22 | Northeast of Pit#1 | 165.90 | 173.65 | 7.75 | 1.25 |
GR-21-22 | Northeast of Pit#1 | 190.25 | 194.00 | 3.75 | 1.10 |
GR-21-23 | Northeast of Pit#1 | 135.50 | 141.50 | 6.00 | 5.54 |
Including | Northeast of Pit#1 | 135.50 | 136.50 | 1.00 | 31.30 |
GR-21-23 | Northeast of Pit#1 | 188.00 | 193.00 | 5.00 | 0.86 |
GR-21-23 | Northeast of Pit#1 | 214.50 | 221.60 | 7.10 | 2.44 |
Including | Northeast of Pit#1 | 214.50 | 215.50 | 1.00 | 11.70 |
GR-21-24 | Northeast of Pit#1 | 243.75 | 255.45 | 11.70 | 0.78 |
Including | Northeast of Pit#1 | 247.70 | 248.30 | 0.60 | 5.40 |
Including | Northeast of Pit#1 | 254.90 | 255.45 | 0.55 | 4.99 |
GR-21-24 | Northeast of Pit#1 | 336.30 | 340.70 | 4.40 | 0.57 |
GR-21-24 | Northeast of Pit#1 | 425.85 | 426.35 | 0.50 | 5.73 |
GR-21-25 | Northeast of Pit#1 | 169.05 | 170.20 | 1.15 | 2.82 |
GR-21-25 | Northeast of Pit#1 | 182.45 | 189.00 | 6.55 | 1.01 |
GR-21-25 | Northeast of Pit#1 | 201.00 | 206.10 | 5.10 | 1.14 |
Including | Northeast of Pit#1 | 205.60 | 206.10 | 0.50 | 10.05 |
GR-21-25 | Northeast of Pit#1 | 258.80 | 261.00 | 2.20 | 3.54 |
GR-21-25 | Northeast of Pit#1 | 273.20 | 276.70 | 3.50 | 2.43 |
GR-21-25 | Northeast of Pit#1 | 289.00 | 291.50 | 2.50 | 2.43 |
including | Northeast of Pit#1 | 290.00 | 290.55 | 0.55 | 10.75 |
Please note: Bolded intervals represent assay composite calculations. Non-bolded intervals represent single assays. G/t refers to grams per tonne. Intervals are core length with no capping applied.
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 and 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
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 which 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 1990s, 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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Glen Eagle is successfully ramping up operations in Honduras
Glen Eagle Resources, (TSX V :GER) (OTC:GERFF) ( “ Glen Eagle ” the “ Company”, or “ GER ”) is pleased to announce that the ramp-up operation has progressed very successfully throughout the month of October at Cobra Oro gold processing plant in Honduras according to Karl Trudeau, Glen Eagle newly elected COO.
Recovery results for gold were 88.99% and 67.55% for silver , allowing the Company to nearly cover its operation cost despite a GPT of 1.93 g/Au per ton, demonstrating to our shareholders that the ramp up plan is working well despite processing low grade ore with limited throughput in October, which has been offset by improved efficiency at all level of Cobra Oro operations. Feed grade in November had already increased to approximately 3.7 g/Au per ton with continued focus in ramping up Cobra’s operations and working to develop joint venture agreements with local concession owners currently working with the Company.
The drilling results announced last week with both drill holes LE-21-002 intersecting on surface 3.04 g/Au over 30.8 meters and drill hole LE-21-001 returning 6.04 g/t Au over 8.2 meters, the Company can expect GPT to increase significantly, allowing Cobra Oro to become cash flow positive in the very near term.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Newlox Gold Update & Quarterly Financials
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (C NSX : LU X.CN ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce it has filed its quarterly unaudited financial statements and management discussion and analysis on SEDAR ( www.sedar.com ), and to provide an update on operations.
During the period, the Company has been ramping-up operations at its first ESG-focused artisanal tailings remediation and precious metals recovery plant (Plant 1) while also undertaking the construction of its second processing plant, the Boston Project. Newlox Gold is pleased with progress at both projects and is in a strong cash position with growing quarterly earnings.
At Plant 1, revenues have increased each month in 2021 as throughput and productivity continue to advance towards the Company’s goals. However, growing monthly productivity has not accelerated as quickly as management intended. Slower than targeted growth has primarily resulted from supply chain interruptions, which have not allowed the operations team to fully implement operational circuit adjustments inherent to the ramp-up process as quickly as would usually be possible.
The processing plant has operated at a throughput level as high as 50 tonnes per day, representing a significant increase from previous operations. However, the processing plant’s efficiency decreased at that level of throughout, requiring some adjustments to the milling procedure and changes to reagent types.
After considerable analysis, the Company’s engineers have developed new procedures to maintain efficiency at higher levels of throughput, but the availability of the necessary supplies has slowed implementation. Typical reagent suppliers in Asia have not adequately supplied the domestic market in Central America. The Company has now successfully found alternate sources of the required reagents in South America.
Although throughput growth at Plant 1 has progressed slower than expected, the operations team has made consistent monthly progress this year and operations management remain confident they will achieve the Company’s goals. Plant 1 will process 80 tonnes per day of artisanal tailings feedstock at base-case full-scale, with gold recovery expected to exceed 6,500 ounces per year.
At the Boston Project, the Company has navigated the hurdles of the pandemic and the associated global supply chain disruptions to procure the crushing infrastructure, conveyor systems, and a large ball mill. Construction activities have accelerated since the end of the wet season in November, and Company’s construction contractors anticipate project completion at approximately the end of the year.
Newlox plans to operate the new Boston mill at 150 tonnes per day with a feed grade of +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to be split evenly between the parties. The Boston Project is expected to significantly contribute to the Company’s growing productivity in 2022.
In Brazil, the Company continues to make progress on its planned expansion following the successful application of recovery and rehabilitation procedures in Costa Rica. Further information on Newlox Gold’s regional growth strategy will be provided in upcoming news releases.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
- Published in Mining, Newlox Gold, News Home
Granada Gold Mine Engages GoldSpot Discoveries to Apply AI to Further Extend Granada Gold’s Resources Along Strike
Granada Gold Mines Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (“Granada” or “Granada Gold”) is pleased to announce that it has engaged GoldSpot Discoveries Corp. (TSXV:SPOT) (“GoldSpot”) to apply their proprietary machine learning technology and geoscience expertise to the Granada Property in the Abitibi Greenstone Belt near Rouyn-Noranda, Quebec.
The Granada property has a history of mining and exploration stretching back to the 1930s when it produced 51,476 oz Au. Over the years the property has been drilled by multiple companies with over 120,000m drilled and Granada Gold has drilled 30,000m of an additional 120,000m to expand on the existing resource.
The existing resource at Granada has an in-pit measured and indicated 5,113,000 tonnes at 2.06 g/t Au for 339,000 gold ounces and an underground measured and indicated 844,000 tonnes at 4.03 g/t Au for 109,000 gold ounces, as well as 1,244,000 tonnes at 6.33 g/t for 253,000 gold ounces inferred.
GoldSpot Discoveries will be working closely with the team at Granada to provide Smart Targeting for their ongoing drill program to help expand the existing resource as well as to provide additional exploration targets for new discoveries. The property at Granada, including the existing open pits and the previous Granada Mine shafts, covers 1,473.77 ha over 2 km of strike length and the potential for strike length to be extended to 5.5 km stretching to the Aukeko and Austin Rouyn Mine Shafts to the east.
“We are very excited to be working with Granada Gold Mine Inc. on their project in the Abitibi. GoldSpot has an extensive history working in the area and we look forward to building on our previous successes with the interesting and highly prospective project at Granada,” c omments GoldSpot Chief Executive Officer, Vincent Dubé-Bourgeois. “The Granada project is on the verge of production and GoldSpot plans on helping Granada expand their existing resource to be able to mine well into the future.”
Frank J. Basa, P.Eng, President and Chief Executive Officer, commented: “The Granada team is looking forward to working with the experienced team at GoldSpot to help maximize shareholder value – to expand existing resources and identify new targets.”
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, 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.
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
- 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%
- Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
- 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