Granada Gold Mine Inc. [GGM-TSXV] provided another update on its continuing drill program atÂ the Granada gold property nearÂ Rouyn-Noranda, Quebec. This release contains drill results from the 100-series, part 3, near-surface drill program targeting Vein 1.
The program is progressing as expected with the intention of converting the current low-grade open pit resource at 1 gram per tonne to a smaller, higher grade open pit with the majority of the future potential ounces in a resource underground. The company has now increased the drill program to 18,000 metres with a target of 120,000 metres to be drilled.
Highlights include 7.9 g/t gold overÂ 3.0 metresÂ in hole GR-20-121 from 15.0 to 18.0 metres;
6.45 g/t gold overÂ 4.5 metresÂ in hole GR-20-122 from 0.0 toÂ 4.5 metres; and 3.43 g/t gold overÂ 20.5 metresÂ in hole GR-20-126 from 0.0 toÂ 20.5 metres.
Frank J. Basa, P.Eng., President and CEO, said, â€œThe short-hole drill program has been successful and the company will begin with a new 200-series program with the objective of identifying deeper, down-dip, near-surface mineralization to develop a higher-grade open pit. The current program has been focused on an over 500 metres east-west strike length of a potential 5.5 km mineralized strike length.â€
The 100-series holes were drilled to intersect the vein uncovered by stripping and to follow the high-grade corridor. Â Holes GR-20-118 to GR-20-125 are vertical holes drilled to intersect the mineralized vein structures and Hole GR-20-126 is drilled within the vein structure.
Drilling continues with two drills remaining on site at Granada.Â The goal is to complete 6000-meter drill program intervals with the objective of targeting 120,000 meters. The current program is focused on exploration on only 20 percent of the entire potential 5.5-kilometre mineralized structure.
Approximately 120,000 metres of drilling has been completed on the property, focused mainly on the extended LONG Bars zone which trends 2 km east-west over a potential 5.5 km of mineralized structure.
Measured and indicated Pit-Constrained Mineral Resources stand at762,000 ounces of gold with inferred resources at 455,000 ounces.
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/day.