Granada Gold discovers high value rare earth and alkali metals in Quebec

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Granada Gold Mine Inc. [GGM-TSXV; GBBFF-OTC; B6D-FSE] has discovered scandium (Sc), rubidium (Rb) and cesium (Cs) on the Big claim of the Granada gold mine property in Quebec.

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. Portions of drill holes GR-20-20 and GR-20-22 were sampled. Assays for GR-20-22 are still pending. Based on recent assays for intervals sampled, the intervening intervals are being sent for assay to create a complete picture.

Highlights of drill hole GR-20-20 included 13.5 ppm Cs, 101.8 ppm Rb, 21.0 ppm Sc over 12.0 metres from 351.0 to 363.0 metres; 3.5 ppm Cs, 69.1 ppm Rb, 13.8 ppm Sc over 98.0 metres from 451.0 to 549.0 metres and 1.1 ppm Cs, 42.1 ppm Rb, 12.2 ppm Sc over 15.0 metres from 573.0 to 588.0 metres. Core lengths represent approximately 40% true width.

The potential value of the rare earths and alkali metals per ppm is as follows:

Cesium (Cs): US$63 per ppm; Rubidium (Rb) US$16.08 per ppm; Scandium (Sc) US$186 per ppm; Gold (Au) US$56 per ppm; and Silver (Ag) US$0.84 per ppm.

The company is reassured by significant results coming from 2 independent laboratories where NQ core samples of hole GR-20-20 and GR-20-22 were analysed at ALS and NQ core samples of hole GR-20-22 were analysed at SGS.

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.

Approximately 120,000 metres of drilling has been completed, focused mainly on the extended LONG Bars Zone which trends 2 km east-west over a potential 5.5 km of mineralized structure. The independent updated resource is as follows: In-pit Measured and Indicated Resources stand at 5,113,000 tonnes grading 2.06 g/t gold, for 339,000 ounces. Inferred Resources are 34,000 tonnes of 11.29 g/t gold, for 12,000 ounces. Underground M+I Resources are 844,000 tonnes of 4.03 g/t gold, for 109,000 ounces with Inferred Resources of 1,244,000 tonnes of 6.33 g/t gold, for 253,000 ounces.

The company has all mining permits required to commence initial mining up to 550 tonnes/day.

 


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