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January 14, 2020 – Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) will begin a bulk sampling program this spring on the high-grade, mineralized structures exposed at surface. The program will be designed to evaluate the native gold component in the mineralized structures. A metallurgical program was undertaken in 2012 at SGS Lakefield Gold Metallurgical Testing Group, Ontario, and the study concluded that, based on 29 composite samples, the native gold component ranged from 29.6% to 78%, with an average of 54.0% which can be recovered by simple gravity means (NI 43-101 PEA, February 4, 2013, effective date December 21, 2012).

Highlights:

  • A bulk sample of a minimum of 50 tonnes to maximum of 500 tonnes is proposed at this stage from Veins 1 and 2.
  • A minimum of 6 holes will be drilled by percussion drilling followed by thermal fragmentation to increase the sample size
  • The holes will be drilled to a depth of 5 to 12 meters
  • The recovered samples will be sent to Temiskaming Testing Laboratories, Cobalt, Ontario for processing

Frank J. Basa, P.Eng., Granada Gold’s President and Chief Executive Officer, comments: “The current, ongoing drill program will be followed by these mini bulk samples to get a better understanding of the native gold component. Using a percussion drill followed by thermal fragmentation will minimizes dilution of the bulk sample”.

“If the Company’s recently reported drill hole GR-19-A would be taken within the calculation parameters of the proposed bulk sampling program, the 15-meter interval from surface grades 21.71 g/t gold.  Cutting the high-grade assay intercepts to 60 g/t would result in a potential grade target undiluted of 10.86 g/t gold.  These grades are well within historical production and bulk sample results outlined below”, Frank J. Basa, P.Eng., comments further.

Historical Production and Bulk Samples*:

Granada Gold Mines (1930’s company) between 1930 to 1935 extracted 164,816 tonnes of mineralized material grading 9.7 g/t gold and 1.5 g/t silver before the mill burnt down. The mineralized material came primarily from Vein 2 underground.

Granada Resources, in 1994, extracted a bulk sample of 87,311 tonnes from surface grading 5.17 g/t gold from Vein 1. This bulk sample generated 139,856 tonnes of waste rock.

Granada Resources, in 1996 extracted a bulk sample of 22,095 tonnes from surface grading 3.46 g/t gold from Vein 2. This bulk sample generated 4,309 tonnes of waste rock.

*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 it’s reliability.

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. All samples are also analyzed for multi-elements, using an Aqua Regia-ICP-AES method at ALS Laboratories. 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 12 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. Only 20 percent of the property to date has been explored. 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:

CategoryTonnesGrade (g/t AU)Contained Gold
(oz.)
Measured12,637,0001.02413,000
Indicated9,630,0001.13349,000
Measured & Indicated22,267,0001.06762,000
Inferred6,930,0002.04455,000

(43- 101 Technical Report dated February 13, 2019 on the Granada Gold Project Mineral Resource Estimate, Rouyn Noranda, Quebec)

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. 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 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

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

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 statement.

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