Granada Gold Mine defines priority drill targets at Granada Gold Project, Quebec
Granada Gold Mine Inc. [TSXV-GGM; OTC-GBBFF; FSE-B6D] is progressing with its drill program, which aims to resume a 120,000-meter campaign at the Granada Gold Project, Quebec. To date, the company has completed 18,000 meters of deep drilling, primarily focused on defining high-grade structures at depth. The drill program confirmed the presence of multiple mineralized structures trending down dip to the north at 50 degrees for a measured down dip length of 1,920 metres. Mineralization is open to depth. To date the drill program has intercepted multiple high-grade structures to a vertical depth of 1922 metres, confirming the extension of the high-grade open pit resource of 543,000 ounces of gold at 2 g/t gold in the measured and indicated categories.
One of the key targets of this program is the Piché group, situated within silicified and brecciated, fuchsitic carbonate-altered rocks (altered ultramafic rocks). The drilling is recommended to test the continuity of mineralization around a diabase dyke that intersects the structure. The Piché group is an interesting gold-bearing unit and has seen successful targeting north of the Granada property.
Frank Basa, CEO, said, “The proximity of the historic Astoria Mine to our Granada project presents an exciting opportunity for Granada Gold Mine. The historical mining activity and recent exploration efforts underscore the immense potential of the region. We believe that leveraging the insights gained from Astoria mine drilling results will further enhance our exploration strategy and unlock additional value for shareholders. The Piché group has the potential to interact with the footwall to produce a high-grade treasure box of mineralization in the area.”
Located due north of Granada Gold Mine’s Granada project, the Astoria Mine site has a historic 515-metre-deep shaft and 5 km of lateral workings, indicating substantial historical mining activity in the area. Between 1990 and 1995, Astoria yielded results with a recovered grade of 5.32 g/t gold from a total of 163,122 tonnes of material. This historical production underscores the rich mineralization potential within the region.
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 km2 of land in a combination of mining leases and claims. The Company is undergoing a large drill program with 30,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
On August 20, 2022 the company released an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 oz gold (8,220,000 tonnes averaging 2.05 g/t Au) in the Measured and Indicated category, and 456,000 oz gold (3,010,000 tonnes averaging 4.71 g/t Au) in the Inferred category.
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.