Canada Silver Cobalt Works Inc. owns 11,454,000 shares of Granada Gold Mine Inc., equal to 8.34 per cent of the issued and outstanding share capital. The shares were acquired through private placements and on the open market.
The common shares were acquired by Canada Silver for investment purposes.
About Granada Gold Mine Inc.
Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac break.
The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000 metres (m) out of 120,000 m 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 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.
Mineral resource estimate
On March 15, 2021, the company released an updated National Instrument 43-101 resource estimate for the Granada gold project 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.
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 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (pit No. 1) of 87,311 tonnes grading 5.17 grams per tonne gold. It also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 grams per tonne gold.